Weekly Report 24-30 May 2016


Banking sector bottom line improves significantly in Q1:16, despite continued tight macro-prudential measures and persistent funding cost pressures



Current account deficit rises to 2.4% of GDP on a 4-quarter rolling basis in Q1:16 from 1.1% Q4:15, mainly due to higher income outflows



A better trade performance and lower income outflows push up the current account surplus to 1.6% of GDP on a 4-quarter rolling basis in Q1:16 from 1.4% in Q4:15



External rebalancing continues in Q1:16, with the 12-month rolling deficit declining to 4% of GDP, supported by favourable energy prices and buoyant exports



General elections unlikely to take place before December

Fiscal performance improves in 4M:16, with the 12-month rolling budget deficit narrowing to 3.2% of GDP from 3.5% at end-2015



IMF Executive Board approves the 7th review of Albania's Extended- Fund Facility

Customer deposit growth (FX-adjusted) moderates slightly in Q1:16 (up 1.5% y-o-y) compared with 2.1% at end-2015

Credit growth, adjusted for large write-offs and FX variations, is estimated to have posted robust growth of c. 3.0% in Q1:15



Tourist arrivals rise sharply in November-April, mainly due to heightening security concerns in neighbouring competitors -- Turkey and Egypt

Tourist receipts strengthen in November-February, but at a slower pace than arrivals



Real GDP growth moderated to 3.5% y-o-y in H1:15/16 (July- December 2015) from a multi-year high of 4.8% a year earlier



Weekly Report 24-30 May 2016

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