Economy

Imports from far-flung Colombia to Albania increased 136%

Imports from far-flung Colombia to Albania have experienced a strong growth over the last three years. According to INSTAT data, in 2018, goods worth about ALL 2 billion were imported from Colombia, with an increase of 136% compared to the previous year, whereas by 2015 they were negligible. Although in absolute terms, the goods we import from Colombia are low, ...

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2019 index of economic freedom: Albania in the moderately free countries

Albania gained 13 positions in the Heritage Foundation’s economic freedom index for 2019. This index is one of the most prestigious in terms of economic freedom and analyzes 180 countries around the world. Our country is ranked among the countries with moderate economic freedom, with a score of 66.5 points. Albania’s good performance is underlined in the report, where it ...

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S&P rates Albania’s public debt B +

The international finance giant, S&P rated Albania’s public debt B + describing the country’s finances with a sustainable perspective. The prestigious rating agency estimates that Albania’s public debt has decreased by 5 percentage points in the last three years, down to 67.9 percent of national output, supported by economic growth and government borrowing. According to Standard and Poor’s, if this ...

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Boosting access to finance for women-led small businesses in Albania

Women who run small businesses will benefit from a €5 million EBRD loan to Intesa Sanpaolo Bank Albania (ISBA), Albania’s fourth largest bank. Intended for on-lending to women-led small businesses in Albania, this loan will help to narrow the gender gap in access to finance and know-how that can hold women back from fuller participation in the economy. The five-year ...

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INSTAT: Consumption grew by almost 4%, the highest figure since the second quarter of 2016

Consumption has shown signs of revival in 2018, reflecting the effects of a significant increase in the number of tourists visiting the country. According to INSTAT data, in the third quarter, consumption grew by almost 4%, which is the highest since the second quarter of 2016. The number of foreign visitors who chose to visit Albania increased by about 16 ...

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Changes in the Law on PPP-s, IMF: A first positive step

Public Private Partnerships (PPPs) have once again come to the attention of the International Monetary Fund, warning fiercely about the fiscal risks they can bring to the budget and the domestic economy. In the recent report on Albania, this institution underlines that engagement of infrastructure projects through PPPs has resulted in increased potential liabilities while contracts are poorly designed and ...

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Finance Minister Denaj: Total investments in 2018 increased by about 3.89%

Total investments in 2018 increased by about 3.89%,” said Economy and Finance Minister Anila Denaj, while stressing that “only for the third quarter of 2018 the growth rate for investments expanded to 5.40%.” Reporting to the parliamentary committee of Economy and Finance, Denaj said that “even during this year, the economy continued to follow the accelerating pace of growth.” According ...

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Government forces small businesses and NGOs to make all bank statements

The Albanian government will force small businesses and NGOs to make all bank statements by eliminating the cash they use in the name of reducing tax evasion and combating money laundering and terrorist financing. This will become mandatory for all businesses over 2 million ALL and NGOs that should have bank accounts in the name of business, otherwise they will ...

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Oil giant Shell planning to invest in Albania

The world oil giant, Shell, has extended the investment plan to Albania in the fourth block, specifically in the south of the country. To understand the underground resource potential of this block, the company is carrying out a physical study there, which has no negative impact on the environment. The representative of Shell Rohan D’Souza declared ,  “We are exploring. ...

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Davos Forum 2019: Albania has had a “sustainable” development of the economy

Albania has had a “sustainable” development of the economy, but long-term prospects are threatened to remain low unless industrial infrastructure improves and the dependence on foreign funding decreases.These conclusions are presented in the report titled “The World Economic Outlook and Prospects” presented at the opening of the Davos Forum.For other Balkan countries, the report has more optimistic estimates. Serbia, the ...

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