Confidence in the economy drops by 0.4 points - BSH: Business activity in the services and industry sector is in "crisis"
The economic sentiment indicator has suffered a decrease of 0.4 points in the month of November. Official data from the Bank of Albania show that this decline was mainly determined by the weakening of confidence in the services and industry sector.
Specifically, the indicator of confidence in services fell by 6.1 percentage points in November. This is due to the declining assessments of businesses for the current progress of their activity and for the current level of demand. Also, expectations for the level of employment and future price developments have been revised downwards. Even the industry confidence indicator fell by 0.9 percentage points, influenced by the more pessimistic estimates for business ordering contracts.
On the other hand, consumer confidence in the economy has increased by 2.3 percentage points. Citizens are optimistic about the general situation of the economy in the future and for purchases in large amounts, while expectations for their financial situation have been assessed with a slight increase this month.
Business confidence stands about 13 points above the historical average. The increase of this indicator was mainly influenced by the more optimistic assessment of the current business performance. Expectations for the level of future employment have continued to remain very close to last month's level, while expectations for future prices have been revised downward this month.
Also, the indicator of confidence in construction increased by 5.1 percentage points in November. The increase in TBN was mainly driven by more optimistic estimates of current construction activity. Order contracts and employment expectations are estimated to be up, while future price expectations followed the downward trend.
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