BoA-expansion-growth – Albanian  Telegraphic  Agency. https://en.ata.gov.al News Agency Wed, 22 Dec 2021 21:12:02 +0000 en-US hourly 1 Sejko: Gross Domestic Production expanded 11.7% in first half of the year https://en.ata.gov.al/2021/12/22/sejko-gross-domestic-production-expanded-11-7-in-first-half-of-the-year/ https://en.ata.gov.al/2021/12/22/sejko-gross-domestic-production-expanded-11-7-in-first-half-of-the-year/#respond Wed, 22 Dec 2021 18:10:39 +0000 http://en.ata.gov.al/?p=169072 TIRANA, Dec 22 /ATA/ The Governor of the Bank of Albania, Gent Sejko, announces that gross domestic product expanded by 11.7% in the first half of the year, driven by the growth of consumption and investments, private and public, as well as by the increase of exports of goods and services.

At the press conference on decision-making of monetary policy, Sejko said that economic activity has grown rapidly during 2021, and the sources of growth have are broad based.

“Although the new information remains partial and indirect, it suggests further economic growth in the second half of the year. However, while the strong effect of the comparative base with 2020 will be towards reduction, economic growth rates are expected to be lower and fluctuate around the potential level,” he said.

Sejko noted that the expansion of economic activity has been accompanied by improvement of the labor market.

“During the third quarter, employment increased by 0.7%, the unemployment rate dropped to 11.3%, while the average wage marked an annual increase of 6.9%. “Improving labor market indicators and increasing labor demand reported by businesses hint that wage growth pressures will continue to intensify in the future,” said the Governor.

Sejko also listed some of the factors that have supported economic growth.
“Economic growth has been supported by increased confidence in the economy, by the improvement of the foreign environment, as well as by stimulating domestic economic policies. “This wide range of factors promises a sustainable economic growth in the future,” he said. /j.p/

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