"Large purchases expected from citizens" - BoA: Confidence in the economy is growing. Construction and services, the only ones with a decline
After a decline in the previous two months, confidence in the economy improved in February. According to the Bank of Albania survey, the economic sentiment indicator increased by 0.9 points in all sectors of the economy, with the exception of services and construction.
Specifically, consumer confidence in the economy increased by 2 percentage points in February, breaking the downward trend of the last two months. Citizens are optimistic about the general economic situation in the future, but also about large purchases. Consumers expect unemployment and lower prices in the future. The trade confidence indicator also increased by 3.2 percentage points, influenced by more positive assessments of the current performance of their business, but not only.
On the other hand, confidence in construction has decreased for the third time in a row. The decline in this indicator was mainly influenced by the more pessimistic assessment of current construction activity. Expectations for the prices that builders will set in the future, as well as for employment, have registered a decline.
The confidence indicator in services has also shrunk. This is due to less optimistic assessments by businesses about the current level of demand. Meanwhile, expectations for the level of employment and future price developments have also been revised downwards.
The industrial confidence indicator expanded by 1.1 percentage points in February, returning to growth after four months of contraction. This increase was driven by more positive business assessments of current industrial production and more optimistic expectations for export orders.
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