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The drop in consumption "affirms" the high emigration, not even tourism compensates for it

2023-12-23 10:39:54Biznes SHKRUAR NGA REDAKSIA VOX

The drop in consumption "affirms" the high emigration, not even

The return of the country to a tourist destination, which boosted consumption in hotels, bars, restaurants, transport and many supporting industries, seems to have failed to compensate for the drop in traffic from the Albanian citizens themselves, a significant part of whom have left the country, especially in 2022.

INSTAT announced in the third quarter report on the progress of the Gross Domestic Product (GDP) that the final consumption of the population, which constitutes the main share of expenses in the economy, increased by 2.06%. This is the weakest growth since the pandemic period, when consumption fell due to restrictions that were dictated by the pandemic.

This year, Albania saw a significant increase in tourism, with foreign tourists being found in every corner of the country in the summer. According to INSTAT, in the third quarter of the year, 4.9 million foreign citizens entered the country, or almost 1 million (+27%), more than the same period of the previous year, culminating in August with 2 million entries. Their high influx brought revival to the activity of bar restaurants, which were suffering from the lack of local customers, especially young people, increased purchases in supermarkets, encouraged the renting of houses, gave a boost to transport, especially rental cars.

But, although there were more tourists in number, the increase in consumption does not seem to have been so high, as most of them were not big spenders, according to market operators. Attendances have been mostly from tourists with medium and low incomes, where up to 70% of them are adventure tourists, "with backpacks", who tend to spend a little.

The high informality in the sector is considered another factor that has influenced the non-declaration of the real activity of tourists.

On the other hand, Albania is suffering in recent years from a high flow of immigration, especially of young people. Many retail trade units have often stated to "Monitor" that the purchases of products consumed by young people, such as bread, sausages, sugar, etc., have decreased. The trend is visible especially in the northern regions.

In a positive development, tourism has extended beyond the traditional season and in November, around 500,000 foreign nationals entered the country, or in October, when arrivals almost doubled.

However, in the last quarter of the year, the effect of tourists on consumption was lower, as market operators claim that the shopping trend is decreasing.

INSTAT announced that the economy continued to grow at a slow pace even in the third quarter of the year, with 3.46%, from 3.38% which was the annual growth in the second quarter, failing to accelerate, despite the rather busy season. all tourist. Household consumption also increased minimally by only 2%, from 4.18% in the second quarter.


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