Albanian Economy Increased Over First Half of 2016

TIRANA, July 6

The Bank of Albania (BoA) will continue to hold the key rate unchanged at the level of 1.25percent following a decision of the Supervisory Council. Governor Gent Sejko confirmed this during a press conference he held on Wednesday. Sejko also highlighted that the Albanian economy marked a progressive increase during the first six months of 2016. Meanwhile, the economic growth projections for the future are positive.
The governor also stressed that BoA is preparing to precede every possible situation that can be created after the British leave from the European Union (EU). According to Sejko, the Albanian economy is immune from Brexit and the economic and financial indicators exhibited oscillations that remain within BoA’s expectation.
But, on the other hand, Albania has a higher exposure to possible indirect shocks that Brexit may have on the European economy and financial system. The latter is our main economic and trading partners. Any negative reaction to them would be transmitted to Albania as well.
“The economy performance is positive while private investments increased, public investments decreased. Trade surplus increased by 26.3 percent, but we are waiting for more public investments,” Governor Sejko said.
He also stated that the projection on economic growth for 2016 remain the same, while medium-termed projections haven’t changed.
“BoA is waiting for improvements. The Supervisory Council confirms once more the message, that in the absence of negative shocks, the medium-term development perspective of Albania remains positive,” governor Sejko concluded.

News Source: BoA