TIRANA, Aug 16 /ATA/ The private consumption of the population increased by 8.6% in the first quarter of the year, according to the Bank of Albania.
Same sources add that this increase was driven by the expansion of employment and wages, by the reduction of movement restrictions, as well as by favorable financial conditions and credit growth.
Based on indirect indicators, the growth of private consumption during this period was present in all its main categories. Households increased spending on consumer goods, major purchases and services.
The Central Bank notes that the available indicators for the second quarter of the year suggest continued growth in private consumption, but at lower rates.
“Quantitative data from the volume of goods imported for consumption purposes in the second quarter support this trend,” emphasizes BoA. While the slowdown in the growth rate is based on consumer confidence survey data, where consumer confidence remains at low levels, below the historical average, triggered by uncertainty at high levels.
The Bank of Albania foresees that the continuation of the positive growth rate of consumer credit and confidence in the services sector will support the growth of consumption throughout 2022. /j.p/sm/
