TIRANA, August 11 – The first quarter of this year was characterized by rapid increases in the prices of food, energy products, transport costs and raw materials, stated the Governor of the Bank of Albania (BoA), Gent Sejko.
Sejko made that revelation in his remarks during the presentation of the report on the progress of the Albanian economy during the first term of 2022, and, according to him, the cause of the rising trend of prices was the military conflict in Ukraine, the sanctions imposed on Russia, as well as the problems with the production and trade chains.
These factors have led to a rapid increase in inflation across the globe, Sejko said, adding that Albania is no exception to the world reality.
Meanwhile, according to the top banker, the economy has had a relatively solid performance in the first half of 2022 as a result of the expansion of family consumption, private sector investments, as well as the export of goods and services.
BoA Governor said the economy has been relatively resistant to supply shocks in the foreign market and that economic growth in the country reached 6 percent in the first quarter, employment increased by 3.4 percent and the unemployment rate dropped to 11.3 percent.
Furthermore, the report presented by him emphasized that the increase in prices in the international markets has brought about a progressive increase in inflation in the first six months in Albania, culminating at the level of 7.4 percent in the month of June. On the other hand, the increase in demand for goods and services has led to an increase in production, sales, employment and wages, according to the report, helping the budget of families and Albanian business.
In conclusion, Sejko predicted that the Albanian economy would remain in positive territory during the following quarters, but, according to him, it was expected to make slower progress in the future.
/Argumentum.al
