The year 2024 ended with low confidence in the economy - BSH: Citizens, "pessimistic" about big purchases in the future
The year 2024 ended with low confidence in the economy. According to the monthly survey of the Bank of Albania, the economic sentiment indicator fell by 3.8 points in December. Despite the fact that confidence has fallen in all sectors of the economy, its level remains more than 8 percentage points above the historical average.
Specifically, the indicator of confidence in services contracted by 5.5 percentage points in December. This is due to the declining assessments of businesses for the current progress of their activity and for the current level of demand. Meanwhile, expectations for employment levels and future price developments have been revised upwards. The industry confidence indicator also fell by 1 percentage point, following the downward trend for the third month in a row, influenced by more pessimistic assessments of businesses for current industrial production.
On the other hand, consumer confidence in the economy has registered a decrease of 1.7 percentage points. Citizens view the general situation of the economy in the future with pessimism, as well as purchases in large amounts.
The trade confidence indicator decreased by 3.3 percentage points in December, after increasing by 2.5 percentage points in the other two months of this quarter. The decline of this indicator was mainly influenced by the more pessimistic assessment of the current business performance, expectations for employment in the future, while expectations for prices in the future were assessed as increasing.
Also, the indicator of confidence in construction has shrunk by 5.1 percentage points. The decline of this indicator came mainly from the most pessimistic estimates for the current construction activity. Expectations for the prices that builders will set in the future have registered growth, while those for employment appear to be slightly deteriorating.
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