Confidence in the economy, tourism and trade the most encouraging factors - BoA: Positive assessment due to expectations from the summer season
Confidence in the economy appears to have improved during July. According to the Bank of Albania's monthly survey, the economic sentiment indicator increased by 2.9 points, mainly influenced by improved confidence in the services, trade and industry sectors.
Specifically, the services confidence indicator rose by 6.2 percentage points in July. Businesses in the services sector have given more positive assessments of the current performance of their activity and the current level of demand, mainly due to the summer tourist season. Meanwhile, expectations for future price developments have been revised downwards.
The industry confidence indicator also increased by 0.8 percentage points, influenced by more positive assessments of businesses regarding ordering contracts.
On the other hand, consumer confidence in the economy has registered a decline of 0.9 percentage points. Citizens are pessimistic about the general economic situation in the future. They were also less likely to make large purchases in July.
The construction confidence indicator has contracted by 1 percentage point. The decline in this indicator came mainly from more pessimistic assessments of current construction activity, but also from lower expectations for ordering contracts.
Meanwhile, confidence in trade increased by 3.3 percentage points in July. The increase in this indicator was mainly influenced by businesses' positive expectations for future employment and less by the current performance of their activity.
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