“We expect price increases in the future” - BoA: Consumers, “pessimistic” about the economic situation. Confidence in services, on the rise
After an improvement in February and March, confidence in the economy has returned to the decline it experienced at the beginning of the year. According to the monthly report of the Bank of Albania, the economic sentiment indicator fell by 0.8 points in April, with industry having the greatest impact on this decline, while confidence in the construction, services and trade sectors registered a slight increase.
Specifically, confidence in industry fell by 6.7 percentage points in April, as a result of deteriorating assessments of domestic and especially export orders. The level of this indicator fell below the historical average. Businesses in this sector expect increasing employment and falling prices in the future.
Meanwhile, consumer confidence in the economy has also fallen by 1.3 percentage points. However, unlike the industry, its current level remains above the historical average. This decline in consumer confidence in the economy came about due to negative expectations about the general economic situation, the financial situation and current large purchases. Also, expectations about the general price level and employment in the future have been revised slightly downwards.
On the other hand, confidence in construction increased for the second month in a row. The increase this month was mainly determined by higher estimates for the level of current orders.
The services confidence indicator stands at around 14 percentage points above its long-term 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.
Meanwhile, confidence in trade increased by around 0.8 percentage points. This increase was mainly influenced by optimistic assessments of future employment.
For all three of these sectors, construction, services, and trade, expectations for employment and future prices are increasing.
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