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Albania Country Report - September, 2016

  • December 2016
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 32 pages

This report covers the key macroeconomic and financial releases as well as the political events from Albania for the period of September 13, 2016 – October 11, 2016.

OMNIX abandons 0mn tourist project in Albania after attack on executive
Albania became a new customer of Iranian petrochemical products
Albanian parliament adopts controversial law on waste imports despite protests
China’s Geo Jade wraps up deal to buy Albania-focused Bankers Petroleum
China Everbright Limited completes acquisition of Tirana International Airport
Albanian GDP growth expected to improve in 2016, World Bank says
Albania raises 13 spots to 80th in world economic competitiveness ranking



Key points:
- Albania’s GDP growth accelerates in Q2
- Inflation slows slightly to 1.8% y/y in September
- Albania posts budget surplus of €100mn through August
- Albania’s FDI down 11.6% y/y in H1
- Albania's Q2 current account gap more than doubled to €354m
- 8-mo trade gap deepens 19.7% y/y

Table Of Contents

Albania Country Report - September, 2016
Table of Contents

1. Executive Summary 4
2. Politics 5
Albanian parliament adopts six basic laws in judicial reform package 5
Albanian PM says only non-hazardous waste to be imported 5
Albanian parliament adopts controversial law on waste imports despite protests 6
International scientists urge Albanian PM to abandon HPP project on Vjosa river 7
Albanian ex-labour minister sentenced to prison for abuse of power 7
3. Macroeconomic overview 8
IMF keeps 2016 GDP projection for Albania unchanged at 3.4% 8
Albania raises 13 spots to 80th in world economic competitiveness ranking 8
Albanian GDP growth expected to improve in 2016, World Bank says 9
4. Real Sector 9
4.1. GDP 9
Albanian economic growth accelerates in Q2 9
4.2 Inflation 10
Albania's inflation slows slighty to 1.8% y/y in September 11
Albania's producer price deflation eases to 2% y/y in Q2 12
4.3 Industry and trade 12
4.3.1 Industrial turnover 12
Albania's industrial turnover growth slows in Q2 12
4.3.2 Construction 12
Number of building permits in Albania rises q/q in Q2 12
4.4 Investments 13
Albania's negative NIIP expands 6.2% in second quarter 13
4.5. Labour and retail 13
4.5.1 Unemployment and wages 13
Albania's registered jobless rate continues decline in Q2 13
4.5.2 Retail 13
Albania's retail sales growth accelerates to 6.2% y/y in Q2 2016 13
5. External sector and trade 14
5.1 Balance of payment and current account 14
Albania's Q2 current account gap more than doubled to €354mn 14
Remittance inflows to Albania fall 4.6% y/y in H1 15
5.2 Trade 16
Albania's 8-mo trade gap deepens 19.7% y/y 16
5.3 Foreign direct investments 17
Albania's FDI down 11.6% y/y in H1 17
5.4 External debt 18
Growth of Albania's gross external debt speeds up to 9% y/y at end Q2 18
5.5 Foreign reserves 18
Albania's reserve assets up 7% y/y at end-August 18
6. Public sector 19
6.1 Budget 19
Albania posts budget surplus of €100mn through August 19
6.2 Government debt 20
Albania's public debt rises at end-June 20
7. Foreign exchange 20
Albanian lek gains against euro in September 20
8. Financial sector and capital markets 21
8.1 Banking system 21
Interest rates on Albania's lek loans resume growth in August 21
Interest rates on Albania's lek deposits continue decline in August 21
Albania's lending resumes growth in August 22
Growth of Albania's commercial bank deposits accelerates in August 23
8.2 Interest rate and bond market 23
Albania sells out €18.2mn in ten-year T-bonds 23
Albania raises €4.7mn in two-year T-bonds, target missed 23
Albania raises €16.7mn in seven-year T-bonds, target missed 24
8.3 Money supply 24
Albania's M3 money supply growth accelerates in August 24
8.4 Credit rating 24
SandP rates Albania at 'B+/B' 24
9. Industry and sector news 25
Air passenger traffic in Albania up 2.2% y/y in Q2 25
Albania's foreign visitors up 6.7% y/y in Q2 25
TAP operator starts placing first gas pipes in Albania 25
Albania's OSHEE cuts electricity losses to 28.1% through August 26
Albania's 8-mo insurance market up 4.6% y/y 26
Tirana city calls tender for public transport terminal project 27
Albania extends deadline for oil exploration in two blocks until end October 27
Albania to buy Iranian petrochemical products 28
Albania plans to reduce power consumption by 8% by 2018 28
Albania's revenues from travel and tourism up 8% y/y in Q2 29
10. Major Corporate News 29
China Everbright Limited completes acquisition of Tirana International Airport 29
China's Geo Jade wraps up deal to buy Albania-focused Bankers Petroleum 30
Albania's Devoll Hydropower puts 73MW Banja HPP into operation 30
OMNIX abandons 0mn tourist project in Albania after attack on executive 31
Law firm advises Albania to appeal against compensation to Bankers Petroleum 31

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