Consumer credit increased the budget by 50 billion ALL
Even this year consumer credit did not disappoint the Albanians.
According to data from the Bank of Albania, at the end of November, the consumer loan portfolio amounted to ALL 50 billion or approximately EUR 406 million.
Compared to a year ago, consumer credit expanded by almost 6%. The highest growth has come in consumer credit, granted for the purchase of non-durable goods.
In the middle of this year, the bank loan portfolio for this purpose amounted to ALL 31.3 billion, up by 13% compared to the same period a year earlier. Credit for real consumption purposes accounts for about 63% of total consumer credit to households.
The rest consists of loans for durable goods, which means the loan usually given to households for investment in electronics, home furniture or vehicles.
This segment of consumer credit is worth about ALL 19 billion or about 37% of the total. Bank of Albania analysis place renewed private sector consumption as the most determining factor in expanding national output this year.
For the third quarter of this year, private consumption increased by 3.9%, showing the highest contribution to economic growth since the second quarter of 2016.
The growth of consumer credit has been one of the factors that has supported the expansion of consumption, along with increased tourism and improved labor market.