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TIRANA (Albania), January 8 (SeeNews) – Albania’s economic confidence indicator fell by 3.9 percentage points to 110.7 points in the fourth quarter of 2017, after rising 1.8 percentage points in the previous quarter, the country's central bank said on Monday.
The drop in economic confidence reflected the fall in confidence indicators in construction by 12.4 percentage points, in trade by 9.9 percentage points, in industry by 2.5 percentage points, as well as a drop in consumer confidence by 0.7 percentage points, Bank of Albania said in a quarterly business and consumer confidence survey.
The confidence in the services sector was the only improving indicator, up 2.5 percentage points during the fourth quarter, the report added.
The confidence surveys of businesses and consumers are conducted by the Bank of Albania every three months, starting from 2002. Their results are used to supplement the data forwarded by the official statistics and the periodic analyses of the Department of the Monetary Policy, in forming the foregoing indicators as well as short-term forecasting models of economic growth.
Participation in the survey is not mandatory. The quality of the results depends on the businesses and consumers’ willingness to take part.
The methodology of conducting confidence surveys is timely updated in alignment with the methodology of other more developed countries and with the unified methodology of the European Commission (EC).
Starting from May 2016, the Bank of Albania started the organization of these surveys under the EC programme for the Harmonization of the Consumer and Business Confidence Surveys for member and candidate countries of the European Union.