Consumer confidence up, businesses less optimistic about the economy

1 Shkurt 2023, 13:23Economy TEMA

Businesses have fewer expectations in the economy. This is the black and white picture of the Albanian economy for January according to a recent survey conducted by the Bank of Albania.

Construction is the sector where confidence has declined the most with 3,4% followed by industry with 1,3% and commerce with 1,1%. In all of these three sectors, the reason behind this drop in confidence has to do with the falling demand for purchases. The main factors causing this include the rise in the price of raw materials and the shortage of labour force.

On the other hand, consumers and service providers reacted positively when asked questions that had to do with prices, the financial situation and expenses. Consumer confidence grew by 0,9%, while confidence among companies providing services grew by 4,3%.

The growth of these two indicators last month has also had an impact on the overall level of confidence in the economy. For the third month in a row, the sentiment index continued to grow and now stands at 106.3 points, however, at a lower level than August last year.

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