TIRANA, Aug 13/ATA/ The Bank of Albania expects a further acceleration of the economic growth rate in the following quarters.
According to the quarterly monetary policy report published by the Bank of Albania-BoA, Gross Domestic Product -GDP increased by 5.5% during the first quarter of the year, exceeding expectations.
“The analysis of available information suggests a further acceleration of the economic growth rate in the following quarters. Moreover, the economic recovery is based on a wide range of factors and is present in almost all sectors of the economy,” the Governor of the Bank of Albania, Gent Sejko said during the presentation of the report.
The reduction of restrictions thanks to the vaccination process, the increase of business and consumer confidence, the improvement of partner economies, as well as the supportive monetary and fiscal policies, have led to an increase in household consumption, public and private investments, as well as exports.
Both the manufacturing and services sectors have benefited from this performance, giving businesses breathing space and creating opportunities for employment and wages growth in the future.
Sejko also said that, the stimulus course of monetary policy has provided an environment with low-cost financing, suitable credit conditions, and a relatively stable exchange rate.
This financial environment has enabled a steady growth of credit to the private sector, estimated at about 7.7% in the second quarter of this year.
“These positive trends have pushed us to conduct an upward review of our economic growth projections for 2021, and have further strengthened our expectations for inflation to return to target during 2022,” Sejko added. //a.i/
