Head of the Bank of Albania says the economy is performing well

Head of the Bank of Albania says the economy is performing well

Governor of the Bank of Albania, Gent Sejko declared on Wednesday that “in 2018, the Albanian economy and financial system made progress. Economic activity and employment continued to expand, wages and domestic inflationary pressures trended upward, main banking sector’s soundness indicators improved, and a series of indicators of domestic and external economic balances strengthened.”

Reporting in front of MPs about the annual report of the Bank of Albania in 2018, governor Sejko said that the pace of the economy in 2018 accelerated to 4,1%. “Economic growth was broad based; it reflected positive contributions from the expansion of households’ consumption, enterprises’ investments, and exports”, the head of the central bank added.

“Employment in the economy rose by 1.6%, whereas the unemployment rate at the end of the year fell to 12.3% from 13.4% a year earlier. The external position of the economy improved: the current account deficit declined at 6.7% of the GDP in 2018, and the indicators of external debt stability strengthened. Budget deficit and public debt continued on a downward trend, reflecting the consolidation path of the fiscal policy, the economic growth and the exchange rate appreciation. The main indicators of banking sector soundness – in particular liquidity, profitability and capitalisation – remained at satisfactory levels”, Gent Sejko, head of the Bank of Albania told MPs in parliament. /ibna/