Gent Sejko: In 2021 there was an economic recovery, an increase in employment and wages
The Governor of the Bank of Albania, Gent Sejko, presented today in the Assembly the report on the activity of the BoA during 2021.
Sejko said that during the year there has been an economic recovery that has led to increased employment, wages and profit margins. Also during his speech 2021 the recovery generated more income for Albanian families and improved their finances.
"The key word of the economic developments of 2021 was recovery and consolidation. Economic activity in the country marked a rapid and comprehensive recovery, while key indicators of economic and financial health were consolidated.
According to official data, the volume of economic activity increased by 8.5% compared to the previous year, exceeding the level recorded before the earthquake and pandemic. Economic growth was broad-based. It reflected the rapid recovery of household consumption, private investment, and exports of goods and services.
The fruits of this recovery were present in almost all sectors and major branches of the economy. Comprehensive demand recovery generated more income for Albanian businesses and households, improving their financial balances and increasing the sustainability of growth sources.
The economic recovery led to increased employment, wages and profit margins, which materialized in rising domestic inflationary pressures. As a result, inflation marked a gradual increase over the past year, although it continued to remain below target. The recovery was accompanied by the consolidation of economic and financial balances. "The external economic and financial position of the country improved," said Sejko.