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Sep 08, 2022 12:19 EEST
September 8 (SeeNews) - Kosovo's economic output is expected to increase by 3% in 2022, after growing by 10.5% in 2021, due to heightened risks caused by the war in Ukraine, the central bank said.
The events in Ukraine are expected to continue to impact energy, oil and food prices, which will have a negative effect on consumer confidence and purchasing power in Kosovo, the central bank said in a quarterly report on Kosovo's economy on Wednesday.
"Assuming that the geopolitical crisis does not end quickly and the most severe scenarios are materialized where the inflation rate rises further, the economic outlook for Kosovo will be more pessimistic than initially expected," the central bank said.
The average inflation rate in 2022 is projected at 11% as the accelerated trend of rising prices is expected to continue for the rest of the year, according to the report.
Kosovo’s harmonised index of consumer prices (HICP) rose 14.1% year-on-year in June, after increasing by 12.5% in May, according to the latest figures from the national statistical office.
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