31% of the economy goes to food/Albanians, a record in Europe for spending on bread, meat, fish, milk, fruit

2024-01-03 09:16:00, Ekonomi CNA

31% of the economy goes to food/Albanians, a record in Europe for spending on

Albanian families are so poor that they are forced to spend most of their income on food.

According to Eurostat, nominal expenditure on food (measured according to the standard of purchasing power), in Albania was as much as 31% of the Gross Domestic Product (GDP), or what the economy produces in a year, in 2022. This figure is the highest in Europe and much more than the average of 6.3% of the GDP of the European Union.

After Albania, in second place is Montenegro, with 22.7% of GDP, followed by Bosnia and Herzegovina (20.7%), North Macedonia (20.6) and the lowest is in Serbia, with 14.5% of GDP. (data for Kosovo are missing).

Food prices in Albania are 83.7% of the European Union average, the third most expensive in the region, after Serbia (89.7%) and Montenegro (85.8%). The cheapest in the region are the prices in North Macedonia, with 68.2% of the EU average.

For bread and cereals, 4.3% of GDP is spent in Albania, from 1.1%, which is the European average. Second behind us is Montenegro with 3.4% of GDP.

For milk, cheese and eggs, spending is again a record at 5.1% of GDP, down from just 1% which is the EU average. Albanian families buy these products 11.8% more expensive than the European average, among the most expensive in Europe, although we are a country where agriculture brings about 20% of the economy.

The record expenses are also for oils and fats, at 1.5% of GDP, from 0.2% which is the European average, while these products are bought almost 9% more than the European average.

11.8% of GDP is spent on fruits and vegetables, again the highest in Europe, from 1.4% which is the European average. Second behind us is Bosnia and Herzegovina with 7.1% of GDP. Fruits and vegetables cost 72% of the European average.

Even for meat, Albania leads, with expenses reaching 6% of GDP, from 1.4% which is the EU average. Meat costs as much as 73% of the European Union average.

For fish, expenses are 1.1% of GDP, from 0.4% EU average. Fish costs 81% of the European average. Although Albania is a coastal country, in North Macedonia you can find fish cheaper, 68.5% of the EU average, according to Eurostat./ Monitor Magazine