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Albania Country Report - November, 2016

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

This report covers the key macroeconomic and financial releases as well as the political events from Albania for the period of November 12, 2016 - December 13, 2016.



Albanian bribery rate among highest in SEE

Albania warship joins Nato operation in Aegean Sea

Albanian president sets June 18 as election date

Novomatic completes acquisition of Albanian National Lottery

EU welcomes Venice Commission opinion on Albania's vetting law

Moody's says Albanian's high government debt remains key challenge







Key points:

o Albania's inflation speeds up in November

o Albanian households spend half of their budget on food, survey shows

o 10-mo trade gap widens 16.3% y/y

o Passenger traffic at Tirana airport up 8% in 2016

o Lending in Albania rises 0.5% y/y in October

o Albania's NPL ratio up to 21.35% at end-October

o Growth of Albania's gross external debt slows to 6.5% y/y at end Q3

o Albania's 9-mo FDI down 3% y/y




Table Of Contents

Albania Country Report - November, 2016
1. Executive Summary4

1.Politics5

EU welcomes Venice Commission opinion on Albania's vetting law5

Albania proposes amnesty for handing over illegal guns5

OSCE helps Albania to destroy toxic chemicals6

Albanian president sets June 18 as election date6

Albania warship joins Nato operation in Aegean Sea7

Albania to spend EUR170mn on justice reforms in next few years7

Albania organises first diaspora summit to strengthen national identity7

Albania launches campaign to collect illegal weapons8

Albania's bribery rate among highest in SEE region, suggests TI survey8

Bosnia, Albania and Macedonia among top 9 countries with highest emigration level9

2.Macroeconomic overview9

Moody's says Albanian's high government debt remains key challenge9

73.3% of Albanians are poor, Credit Swiss report shows10

Albania falls in Global Entrepreneurship Index 201710

4. Real Sector10

4.1. GDP10

Albanian economy expands by real 2.59% in 2015 - preliminary data10

4.2Inflation11

Albania's inflation speeds up in November11

Albanian households spend half of their budget on food, survey shows12

4.2.2 Producer price index12

Albania's producer price deflation eases to 2% y/y in Q212

4.3 Industry and trade13

4.3.1 Enterprise statistics13

Number of active enterprises up 22.7% in Albania in 201513

4.3.2 Construction13

Albania's construction cost index ticks up 0.1% y/y in Q313

4.4 Investments13

Albania's negative NIIP expands 6.2% in second quarter13

4.5. Labour and retail14

4.5.1 Unemployment and wages14

Albania's jobless rate falls to 14.7% in Q3, labour force survey shows14

4.5.2 Retail14

Albania's retail sales growth accelerates to 6.2% y/y in Q2 201614

5. External sector and trade15

5.1 Balance of payment and current account15

Albania's Q3 current account gap falls 33.5% y/y15

5.2 Trade16

Albania's 10-mo trade gap widens 16.3% y/y16

Albania's IPI down 1.6% y/y in Q316

5.3 Foreign direct investments (FDI)17

Albania's 9-mo FDI down 3% y/y17

5.4 External debt17

Growth of Albania's gross external debt slows to 6.5% y/y at end Q317

5.5 Foreign reserves18

Albania's reserve assets up 1.9% y/y at end-October18

6. Public sector18

6.1 Budget18

Albania posts budget surplus through October19

6.2 Government debt20

Albania's public debt reaches EUR7.84bn at end-September20

7. Foreign exchange21

Albanian lek down again against euro in November21

8. Financial sector and capital markets21

8.1 Banking system21

Interest rates on Albania's lek loans grow further in October21

Lending in Albania rises 0.5% y/y in October22

Albania's NPL ratio up to 21.35% at end-October23

8.2 Interest rate and bond market23

Albania sells EUR621mn in T-bonds this year24

8.3 Money supply24

Albania's M3 money supply up 2.6% y/y in October24

8.4 Credit rating24

SandP rates Albania at 'B+/B'24

9. Industry and sector news25

Call centers in Albania won't be closed, Italian ambassador says25

Albania and Hungary open way for Wizz Air to launch flights to Tirana25

Albanian microfinance institution Fondi BESA joins Agribusiness Support Facility26

Passenger traffic at Tirana airport up 8% in 201626

New Italian bill puts call centres in Albania at risk26

Growth of Albanian insurance market speeds up through October27

Serbian-Albanian joint chamber of commerce opens in Tirana28

World Bank provides $71mn for urban and tourism development project in Albania29

10. Major Corporate News29

Germany's Nexans autoelectric to open cabling system plant in Albania29

Novomatic completes acquisition of Albanian National Lottery30

Albania's OSHEE net profit falls 21% in January-September30

TAP project expected to inject EUR1.5bn in Albanian economy in next six years31


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