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Albania's central bank expects further growth in 2017

Xinhua, December 22, 2016 Adjust font size:

Bank of Albania expects a further improvement of economic growth over the next two years where the main engine of growth will continue to be the recovery of private demand, the governor of the Bank of Albania Gent Sejko said Wednesday.

Sejko said the Albanian economy had shown signs of improvement in 2016 while the level of public debt had reduced.

Key interest rates were also left unchanged at 1.25 percent for the coming year, he added.

"The Bank of Albania expects a better economic performance next year, as we have had an improvement in non-performing loans during the year. We have had political stimulus and we expect better performance of credit for this year," said Sejko.

Albania's economic growth strengthened in the second half of 2016, after increasing by 3.1 percent in the first half, he added.

Growth was fueled by the recovery of private consumption and investment, supported by rising wages and employment, improved confidence and favorable financing conditions, the governor said.

He added that economic activity in the second half of the year was backed by acceleration of the pace of budget expenditures realization and increased foreign demand in the tourism sector. Enditem