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Consumers expect a weak economy in the future, the economic sentiment indicator drops by 1.1 points

2024-06-03 12:56:13Biznes SHKRUAR NGA REDAKSIA VOX

Consumers expect a weak economy in the future, the economic sentiment indicator

Consumers are pessimistic about the state of the country's economy in the future, this is also influenced by their current financial situation, purchasing power in large amounts and the expectation of a higher level of unemployment.

According to the Bank of Albania's most recent survey on business and consumer confidence, the economic sentiment indicator has suffered a decrease of 1.1 points in May. This decline has come as a result of lower levels of confidence in the industry, construction and consumer sectors. The consumer confidence indicator registered a decrease of 4.9 percentage points in May, interrupting the upward trend of the last two months and staying close to the historical average level.

A slight drop of 0.6 percentage points was recorded in the industry confidence indicator in May. Its level is currently 6.4 percentage points above the historical average. This decline came as a result of lower estimates for current industrial production. Also, the level of orders from businesses has decreased slightly. Meanwhile, the latter expect industrial production to increase in the future. Expectations for future prices decreased compared to last month.

The construction confidence indicator followed a slight downward trend for the third month in a row, but its level remains 20 points above the historical average and near the historical maximum. The decline was largely driven by declining estimates for current construction activity. However, current orders are estimated to increase. Expectations for the prices they will set in the future have registered a slight increase this month.

On the other hand, confidence in the services and trade sectors have increased. More optimistic expectations for employment in the future have influenced the increase of 1.3 percentage points in the trade confidence indicator in May. Estimates for current business performance remained at the same level as last month, while an increase in prices is expected in the future.

The more optimistic assessments of businesses for the current progress of their activity and the level of demand have contributed to the increase of 2.1 percentage points in the indicator of trust in services. Expectations for future demand and employment levels have increased this month, while there may be a reduction in prices from ongoing businesses.


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