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News 18 Jul 12

Albanian Gloom About Economy Worsening

New Central Bank data show that consumer confidence has fallen to its lowest level in seven years. 

Besar Likmeta
BIRN
Tirana

According to the bank, consumer confidence in the economy slid by 1.3 point in the second quarter of 2012, compared with its last estimate.

The index registered the outlook of Albanian consumers towards the economy in three main areas, large expenditures, savings and general expectations about the economy.

The consumer confidence index, at -14.5, stands now at its lowest level since the first quarter of 2005.

Data published last week by the National Institute of Statistics, INSTAT, show the economy contracted by 0.2 per cent in the first quarter of the year - a downturn blamed mainly on the eurozone debt crisis.

The worst performing sectors of the economy were industry, construction and post-telecommunications.

The industrial sector alone contracted by 19.6 per cent during the first quarter of this year. 

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