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The indicator of confidence in the economy falls at the start of 2024, construction and services the most affected sectors

2024-02-02 10:50:33Biznes SHKRUAR NGA REDAKSIA VOX

The indicator of confidence in the economy falls at the start of 2024,

The economic sentiment indicator (TNE) fell by 1.8 points in January. According to the Bank of Albania, the decline in TNE this month was mainly influenced by the decline in confidence in the construction and services sector. To a lesser extent, the decline in consumer confidence also affected. On the other hand, confidence in the industry and trade sectors increased in January.

However, the current level of TNE is 7.6 percentage points above the historical average.

The confidence indicator in construction fell by 8.6 percentage points in January. The decline was largely driven by declining estimates for current construction activity. The estimate for the level of orders registered a decline, but to a lesser extent. Also, expectations for employment and prices that will set in the future have registered declines. However, its level continues to remain significantly above the historical average, by about 18 points.

The confidence indicator in services fell by 5.2 percentage points in January. The less optimistic assessments of businesses both for the current progress of their activity and for the current level of demand contributed to the decline. Also, the expectations for the demand, the level of employment and the progress of the prices in the future are evaluated downward by these businesses. The level of the indicator currently stands at 8.1 percentage points above the historical average.

The industry confidence indicator increased by 4 percentage points in January. The level of this indicator is currently 9 percentage points above the historical average. Industry businesses were more optimistic about export order contracts and the state of current industrial production. Expectations of industrial businesses for future production and employment registered a slight increase. Expectations for the prices of the products they will produce in the future have been assessed as falling this month.

The trade confidence indicator increased by 4.9 percentage points in January. The monthly growth was mainly influenced by the more optimistic assessment of businesses for the current performance of their business. Expectations for future employment also rose slightly. Expectations for future prices were downgraded. Currently, the level of the indicator is around 12 percentage points above the historical average.

The consumer confidence indicator registered a slight decrease of 0.9 percentage points in January, coming down close to the level of the historical average. Consumers negatively assessed their financial situation and the country's economic situation in the future. On the other hand, their rating for bulk purchases increased slightly in January.

 


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