Businesses in industry, optimistic about exports - BoA: Confidence in the economy increased by 1.1 points in May. Services, high level of demand
After a decline in April, confidence in the economy returned to growth in May. According to the Bank of Albania's monthly report, the economic sentiment indicator increased by 1.1 points in May, with industry and services having the greatest impact on this increase, while confidence in the construction and trade sectors registered a slight decline.
Specifically, confidence in industry increased by 8 percentage points in April, as a result of optimistic assessments of business orders from exports. Its level this month is again above the historical average. Businesses in this sector expect falling prices in the future.
The services confidence indicator stands at around 16 percentage points above the historical average. Both components of the indicator, the current activity performance and the level of demand, have registered an increase. Among the reasons for this increase may be the approach of the summer season, where businesses in the service sector have the highest profits, while an increase in their prices is also expected.
Meanwhile, consumer confidence in the economy has not changed. Consumers have a negative attitude towards their financial situation and large purchases, while their assessment of the overall economic situation improved in May.
As for trade confidence, it fell by 1.8 percentage points in May. Its level currently stands at around 4 percentage points above the historical average. Its decline was mainly influenced by more pessimistic assessments of current business performance. To a lesser extent, the component of expectations for the level of employment in the future also had a downward effect.
For all three of these sectors, construction, services and trade, expectations for future prices are increasing.
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