Retail sales register moderate recovery

TIRANA, Sept. 29 – Retail sales continued their moderate upward trend even in the second quarter of 2014, hinting a sluggish recovery in domestic consumption, the key driver of Albania’s growth. Data published by the country’s state institute of statistics, INSTAT, show retail sales grew by 4.2 percent year-on-year in the second quarter of 2014, continuing their moderate upward trend for almost two years since the third quarter of 2012.
The volume of retail sales of “food, beverages and tobacco” in specialized and non-specialized stores was up by 17 percent compared to the second quarter of 2013, having the major impact on the positive performance of retail sales.
The volume of retail sales of “non-food products” in specialized and non-specialized stores excluding automotive fuel rose by 2.4 percent year-on-year in the second quarter of 2014.
Retail sales of automotive fuel in specialized units was up by 10.6 percent compared to the first quarter of 2014 and grew by 4 percent compared to the second quarter of 2013.
The publication of retail sales comes ahead of the GDP for the second quarter of 2014 which INSTAT is scheduled to publish in early October.
The Albanian economy registered a moderate recovery in the first quarter of 2014, signalling the country is on track to achieving its target of a 2 percent growth rate after an initial estimated growth of only 0.44 percent in 2013, which was the poorest in the past 16 years.
Fuelled by a recovery in agriculture, industry and services, the Albanian economy grew by 1.65 percent year-on-year in the first quarter of 2014, with the sluggish recovery affected by the long-ailing construction sector and a sharp contraction in the transport sector.
Short-term turnover statistics published by INSTAT ahead of the GDP for the second quarter of 2014 show the turnover index in industry, construction, trade and services grew by 2.8 percent year-on-year and was up by 12.8 percent compared to the first quarter of 2014.