As Greece is in the edge of the abyss due to its long economic crisis, experts of finances in Albania say that the crisis or a possible return of Greece to its old currency drachma will not have impact in Albania’s economy or bank system. They explain that Albania has been suffering the decrease of trade exchanges with Greece since five years ago and that private banks in the country which are Greek – owned, are not depended from Greek capital.
After the fall of communism, Greece and Italy became the most important and prior trade partners of Albania in imports and exports. Since in 2008 when several European Union member countries announced to be in an economic crisis such as Italy, Greece and Spain, the negative effects of this crisis have been felt even in the Albanian economy. But how did the trade exchanges with Greece have changed in the past five years?
After Greece announced publicly to be involved in a deep economic crisis in 2008, trade exchanges between Albania and Greece decreased dramatically and rated the country as the fourth trade partner of Albania.
The decrease of exports toward Greece has continued systematically during the past five years, particularly during 2011-2014 period. In 2013, Albanian exports to Greece reached the value of ALL 7.7 billion while Greek imports to Albania were estimated to be ALL 45.7 billion. Taking in consideration that during 2011-2014 period Albanian exports reached the value of ALL 35.8 billion, experts say that in 2013 Albania and Greece recorded the lowest amount of trade exchanges regarding exports and imports as well.
Here is a chart of Albania – Greece trade exchanges during 2011-2014 period, provided by the Albanian Institute of Statistics.
2011 – ALL 9.9 billion
2012 – ALL 9.4 billion
2013 – ALL 7.7 billion
2014 – ALL 8.8 billion
2011 – ALL 57.7 billion
2012 – ALL 50.1 billion
2013 – ALL 45.7 billion
2014 – ALL 55 billion
News source: Scan TV
Photo credits: Marabu / Pixabay