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Bank of Albania: economy projected to maintain upward trend

Xinhua, March 12, 2015 Adjust font size:

Albania's central bank, Bank of Albania, predicted Wednesday that flood-related damages in southern Albania would have a temporary effect on Albania's economy and it would remain in an upward trend in the medium term.

The Bank of Albania said economic growth in 2015 was expected to be higher than the previous year.

"The expansion of economic activity will continue to be driven, to a large extent, by private sector growth. Foreign demand is expected to play a small positive role and the speed of fiscal consolidation is expected to be reduced," Bank of Albania said in its latest monetary policy report.

Albanian Telegraphic Agency (ATA) quoted economic experts as saying the February floods in the south of Albania affected the demand for fresh agricultural products, which has consequently increased prices. According to the experts, growth of demand will continue to require stimulating policies.

According to the Albanian Institute of Statistics (INSTAT), the inflation rate in Albania was recorded at 2.3 percent in February of 2015, hitting the highest point in the past 12 months, but still well within the central bank's projections. Endite