Tourism and wages "powered" consumption in the country - 10-month, domestic VAT revenues exceeded 88 million euros
Consumption throughout the year 2024 has played a very important role in the positive performance of the economy. The many tourists who have visited Albania, but also the Albanian citizens have not spared their expenses, making the income from the Value Added Tax collected in the country to be at the highest levels.
Official data from the Ministry of Finance show that the revenue from VAT collected (net) within the country amounted to ALL 49 billion, ALL 8.7 billion or 88 million euros more.
Expressed as a percentage, it is 21.7% more than the 10th month of 2023, making the tax with the highest increase compared to other taxes.
Also, the income from consumption has exceeded the plan for the 10th month by 1 billion ALL or 10 million euros. What it shows if we analyze the same period in the last 5 years, the growth is progressive and 2024 marks a record in VAT revenues.
Among the factors that have influenced this performance is the increase in the number of tourists in our country, who, in addition to the interest in the coastal areas, have had an increased interest in the historical and mountainous areas.
Since the atmospheric conditions have been favorable, tourism has continued to produce consumption throughout the autumn months.
The normalization of prices during this year has been another factor that has pushed citizens to increase demand and consumption, not only for basket products, but also more widely.
On the other hand, the salary reform in the administration has also had a major impact, where from July 1, 2024, salaries were increased again for a number of categories that are paid from the state budget, thus giving citizens many opportunities to spend.
This reform has also set the private sector in motion, indirectly encouraging movement in wages, which has also brought increased consumption. The total gross collected Value Added Tax for the 10th month, including import, resulted in 177 billion ALL.
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