In the second quarter of this year, private consumption grew at a faster pace than the previous quarter, the Bank of Albania announced.
According to BoA, consumption growth was driven by improved employment indicators, increased wage income, expansion of remittances and consumer credit, as well as improved levels of confidence.
Private consumption increased by 4% in the second quarter, a higher rate as compared to the previous quarter. Private consumption continued to remain the main contributor to the expansion of aggregate demand (demand for goods and services).
BoA also informs that family expenses increased for short-term and long-term consumer goods and for services.
The Central Bank, based on the available data, predicts that private consumption is expected to grow at similar rates in the third quarter of 2023, positively impacting the country’s economic growth.