TIRANA, May 13 /ATA/ – In the first quarter of 2022, private consumption increased at a rate similar to the previous quarter, Bank of Albania said on Friday.
According to central bank, the rise in private consumption at the end of last year was supported by increase in employment-related income, favourable financial conditions and the improved consumer confidence indicator following the post-pandemic recovery.
The annual growth of consumption by 5.3% in fourth quarter was mainly driven by growth in consumer spending in all categories of the private consumption, while the retail trade index for food products accelerated in the fourth quarter compared to the previous quarter.
The central bank’s consumer confidence survey sends signals of consumers’ prudent behaviour amid an uncertain environment caused by the ongoing war in Ukraine.
In this context, central bank expects a decline in consumption rate in the next quarter of 2022.
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