Are housing prices expected to fall in the future? - Confidence in the economy is improving. Trade, industry and construction, the most optimistic sectors
Businesses are more optimistic about the current state and future of the economy, while citizens are not. According to the latest survey by the Bank of Albania, the economic sentiment indicator increased by 1.9 points in October. This was due to increased confidence from businesses in trade, industry and construction, while consumers and businesses in the service sector expressed less optimism.
The construction confidence indicator rose by 2.4 percentage points in October. This increase was driven by assessments of current construction activity, as well as the level of new orders. This could lead to an increase in supply in the housing market, which is why construction businesses have expressed expectations for further price reductions.
Likewise, confidence in industry increased by about 6 percentage points, due to improved assessments of businesses' orders for exports. Businesses also gave better assessments of current industrial production.
The trade confidence indicator has shown the same trend. Its level currently stands at around 11 percentage points above average, being influenced in an upward direction by the best assessments of the current business performance. Businesses in trade expect an increase in prices and employment in the future, just like those in industry.
The opposite happened with confidence in services, which fell by 2 percentage points last month. The decline in the confidence indicator in services was mainly determined by the less positive balances of the current performance of their activity and the current level of demand. Businesses have revised downwards the expected performance of prices in the future.
Consumer confidence also registered a slight decline of 1 percentage point. Consumers are pessimistic about both the country's economic situation and their future financial situation. Their assessment of large purchases, both current and future, also fell in October, while they also expect price increases.
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