Bi-Weekly Report 21 February-6 March 2017


Headline inflation reached double digits, for the first time in 6 years, in February

Unconventional monetary policy tightening to continue if deemed necessary -- at least until the mid-April referendum



The current account deficit rose sharply to 2.4% of GDP in FY:16 from 1.2% in FY:15, in line with stronger private consumption



A better trade performance and lower income outflows push up the current account surplus to a high 3.8% of GDP in FY:16 from 0.4% in FY:15

Tourism activity rebounded in FY:16, sustaining economic growth and boosting the CAS



FX-adjusted customer deposit growth reached a 7-year high of 10.5% y-o-y in December, reflecting strengthening confidence in the domestic economy

Credit activity growth (adjusted for FX movements and once-offs) accelerated to a 4-year high in 2016, supported by stronger loan supply and demand



Domestic political crisis escalates

The current account deficit widened to a 4-year high of 3.2% of GDP in 2016



The IMF Board approved the combined last two reviews, concluding Albania's EUR 370.6mn Extended-Fund Facility



Tourist receipts posted a 5-year high of EUR 2.4bn (13.4% of GDP) in 2016, mainly on the back of a strong rebound in arrivals from Russia

Unemployment eased in 2016 for a second consecutive year



The unemployment rate declined significantly, by 0.4 pps y-o-y to a 4-year low of 12.4% in Q2:16/17, following the return of confidence in the Egyptian economy

FX reserves have increased sharply, by USD 7.5bn to a 68-month high of USD 26.5bn, since the signing of a 3-year Extended Fund Facility with the IMF last November


Appendix: Financial Markets

Bi-Weekly Report 21 February-6 March 2017

Contact Us

We are always ready to respond to your requests for information or to answer your questions about our products and services.

Request more information

Please complete the following details so we can provide you the information you need. In case of fraud, please contact our call center directly at 210 484 8484.
Optional custom content that replaces the the entire default content.