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Albania Country Report - September, 2015

  • October 2015
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 42 pages

This report covers the key macroeconomic and financial releases as well as the political events from Albania for the period of September 9 - October 9, 2015.

The International Monetary Fund (IMF) cut its forecast for Albanian economic growth in 2015 to 2.7%, from 3% previously.

Albania's central bank governor Gent Sejko and Prime Minister Edi Rama have pledged to strengthen efforts to tackle the issue of bad loans.

Albania has been removed from a watchlist by the Council of Europe's monitoring body, MONEYVAL.

Albania started a roadshow at end-September on the possible issue of EUR300mn-EUR500mn Eurobond, which will only take place if conditions are suitable.

Albanian opposition tries to reopen CEZ dispute.

Albania hails success on war on drugs, but will it be enough?

Key points:

o Albania's economy grew by an annual 2.53% in the second quarter of 2015

o The CPI inflation accelerates to 2.2% y/y in September

o The number of arrivals of foreign citizens in Albania soared by 19.4% in Q2

o Consolidated budget gap plunged 47.4% y/y in the first eight months of 2015

o Albania's current account gap narrowed by 43% y/y to EUR181mn in Q2

o Commercial banks' loan portfolio shrank 1.1% y/y at the end of August

Table Of Contents

Albania Country Report - September, 2015



IMF cuts Albanian economic growth forecast for 2015 to 2.7%5



Economy grows by 2.53% y/y in Q25


CPI inflation accelerates to 2.2% y/y in Sept6

PPI down 1.2% y/y in Q27

Avg monthly consumption of households totals EUR494 in 20148

3.Industry and Trade9

Total turnover index of Albanian economy up 4.1% y/y in Q29

Retail sales growth speeds up slightly to 3.4% y/y in Q29

Number of new businesses in Albania up 28% y/y in Jan-Aug10

Number of building permits in Albania jumps sevenfold q/q in Q2 201511

4.Labour Market12

Registered jobless rate up 0.4pp y/y to 13.8% in Q212

Jobless rate edges up 0.1pp y/y to 17.3% in Q2 - labour force survey12


Foreign arrivals up 19.4% y/y in Q2 201513


Air passenger traffic in Albania rises 11.2% y/y in Q213

Rail passenger numbers in Albania down 5.4% y/y in Q214


Albania sells out EUR74.6mn in six-month, one-year T-bills, yields down15

Albania sells EUR28.8mn in three-month T-bills, yields down16

Albania sells EUR73.4mn in three-month, one-year T-bills16

Albania sells EUR20.8mn in three-year T-bonds on Oct 117

Albania sells out EUR18mn in two-year T-bonds17

Albania sells out EUR22.65mn in two-year T-bonds, misses target17

Albania raises EUR11.5mn in seven-year T-bonds18

Albania to start Eurobond roadshow on September 2818


Commercial bank loans reverse growth trend in August19

Average interest rate on new lek loans falls by 0.7pp y/y to 7.73% in August19

Growth of commercial bank deposits accelerates to 1.3% y/y at end-August19

Average interest rate on lek deposits down 0.58pp y/y to 1.31% in August20

Albania's insurance market up 18.8% y/y in 8-mo 201520

M3 money supply up 3% y/y at end-August21

Albania c-bank, PM pledge to strengthen measures for settling bad loan problems22


Eight-month trade gap deepens 2.2% y/y23

Imports of cigarettes fall 10% in Jan-Aug24

Q2 current account gap narrows 43% y/y24


Bankers Petroleum, operator of two Albanian oilfields, says Q3 avg production down 2%25

Albania's Durres port 9-mo passenger numbers flat26

Albania removes barriers for egg imports from Kosovo26

Albanian terminal operator EMS APO accuses competitors of deliberate blockade27

Tirana scans potential for tourism in Albanian Alps28

Albania leaps four places to 93rd in Global Competitiveness Report28

Albania awards concession for EUR15mn yacht port project in Durres28

US co eyes debt-ridden Albanian oil processing firm ARMO29

Albania's ALBtelecom picks Thomson Video Networks for expansion of IPTV services29

EU to support Albanian agricultural sector with EUR71mn by 202030

Swiss-Spanish tie-up wins consultancy contract for energy project in Albania30

Albania set to amend law on tax procedures, increase penalties31

Albania removed from money laundering watchlist31

TAP calls pre-qualification tender for SCADA system, optical network32

Four companies interested in idle airports in Albanian coastal cities Vlora and Saranda32

Albanian agricultural production up 52% y/y in H1- farm minister33

Albanian banks ordered to report businesses that use two financial statements33


Albanian parliament rejects opposition demand for accelerated procedure over CEZ investigation34

Albanian opposition tries to reopen CEZ dispute34

Head of Austria's Alpine Bau probed over highway deal in Albania36

Ex-director of Albania's OSHEE referred to prosecutors38

Albanian parliament turns down proposal to revise law on tourism38

Albania preparing to accept Syrian refugees39

Albania hails success on war on drugs, but will it be enough?40

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