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Albania Country Report - June, 2016

  • July 2016
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 37 pages

This report covers the key macroeconomic and financial releases as well as the political events from Albania for the period of June 13, 2016 - July 11, 2016.

IMF warns Albania re-emergence of government arrears poses key challenge

Albania and Kosovo inaugurate 400kW power transmission line

Shell starts exploration of Shpiragu-3 well in Albania

Albania likely not to be directly affected by Brexit

BALKAN BLOG: Albania faces EU accession deadlock over stalled judicial reforms

Albania's opposition Democratic Party accuses PM Rama of illegally funding Obama campaign

EBRD provides EUR218mn loan to support restructuring of Albanian power producer KESH

UK court turns down Albanian request for Leyton Orient owner's extradition

Albanian central bank keeps key rate at 1.25%





Key points:

o Albania's inflation speeds up to 1.2% y/y in June

o Albania's trade deficit widens further through May

o Albania's jobless rate falls to 16.6% in Q1 - labour force survey

o Albania's registered jobless rate down 1.3pp y/y to 12% in Q1

o Albania turns to budget surplus in January-May

o Albania's loan portfolio drops further in May

o Albania's commercial bank deposits edge down at end-May

o Albania's foreign visitors up 15.3% y/y in Q1


Table Of Contents

Albania Country Report - June, 2016
EXECUTIVE SUMMARY4

MACROECONOMIC OVERVIEW5

Albanian central bank keeps key rate at 1.25%5

IMF warns Albania re-emergence of government arrears poses key challenge6

REAL SECTOR6

1.Inflation6

Albania's inflation speeds up to 1.2% y/y in June6

2.Unemployment7

Albania's jobless rate falls to 16.6% in Q1 - labour force survey7

Albania's registered jobless rate down 1.3pp y/y to 12% in Q18

3.Tourism9

Albania's foreign visitors up 15.3% y/y in Q19

4.Industry9

Turnover index of Albanian economy rises y/y in Q1, but turns negative q/q9

5.Construction10

Number of building permits in Albania rises sharply y/y in Q110

6.Retail sales10

Albania's retail sales growth slows to 4.7% y/y in Q1 201610

FISCAL SECTOR11

Albania raises over EUR107mn in one-year, six-month T-bills, target missed11

Albania raises EUR33.9mn in three-year T-bonds12

Albania's M3 money supply edges up 0.2% y/y at end-May12

Albania raises EUR21.7mn from two-year T-bonds12

Albania turns to budget surplus in January-May13

Albania's tax and customs duties revenues up 12.6% y/y in January-May13

Albania raises EUR37.1mn in one-year T-bills, yields up14

FINANCIAL INTERMEDIATION14

EBRD seeks consultant for Albania Agribusiness Support Facility14

Albania's avg interest rate on lek deposits falls further in May15

Albania's avg interest rate keeps declining tendency y/y in May15

Albania's commercial bank deposits edge down at end-May15

Loan portfolio of Albania's commercial banks drop further in May16

EBRD provides up to EUR15mn risk sharing facility to ProCredit Bank Albania17

EXTERNAL SECTOR17

Albania's trade deficit widens further through May17

STRUCTURAL REFORMS AND CORPORATE NEWS18

Bankers Petroleum oil production in Albania falls in Q218

Albania halts import of live animals and meat from countries affected by bovine animals disease19

EBRD provides EUR218mn loan to support restructuring of Albanian power producer KESH19

Online application for building permits in Albania to become mandatory as of September20

Albania and Kosovo inaugurate 400kW power transmission line20

Completion of Tirana-Durres railway line expected in 201921

Shell starts exploration of Shpiragu-3 well in Albania21

EIF provides EUR22mn to Albanian Fondi BESA to support employment, social innovation22

Albania's government to boost exports by easing VAT refunding procedures22

EBRD mulls lending Albania EUR34.5mn for railways upgrade22

Albanian transport ministry to decide on Milot-Morine road concession tender by end-June23

Restarting of Albanian oil refinery Ballsh expected soon23

Foreign tourists spend more money in Albania in Q124

Albanian competition watchdog agrees sale of Tirana airport24

POLITICS25

UK court turns down Albanian request for Leyton Orient owner's extradition25

Dozens arrested in trans-Balkan anti-drug operation26

Albania's opposition Democratic Party accuses PM Rama of illegally funding Obama campaign26

EU perilously close to three strikes after Brexit vote27

Security measures at Tirana airport increased following Istanbul attack29

Albania to strengthen criteria for foreigners seeking permanent residence permit29

Albania likely not to be directly affected by Brexit29

Albanian opposition boycotts committee's session on key judicial reforms30

BALKAN BLOG: Albania faces EU accession deadlock over stalled judicial reforms31

Albanian Court of Appeal overturns police chief suspension34

Tirana court replaces detention of outgoing Kavaja mayor with house arrest35

German foreign minister urges Albania to pass judicial reforms35

Albanian police arrests outgoing mayor of Kavaja for violation of decriminalization law36

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