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Report for 2024 presented/ Governor Sejko: Stable growth, export performance was influenced by foreign markets

2025-10-13 15:56:00, Ekonomi CNA

Report for 2024 presented/ Governor Sejko: Stable growth, export performance was

The Governor of the Bank of Albania, Gent Sejko, was present today at the Parliament's Committee on Economy, Employment and Finance, where the annual report for 2024 was presented.

In his speech, Sekjo emphasized that the Albanian economy is expected to continue with stable growth rates in the medium term, creating conditions for improving the labor market, increasing wages and the well-being of citizens.

“One of the key moments of 2024 was Albania’s accession to the Single Euro Payments Area (SEPA), on November 21, marking a concrete step towards financial integration with the European Union. This development confirms the compliance of Albanian legislation with European standards in the field of payments and financial supervision. This decision marks a concrete step towards the country’s integration into the European market and confirms Albania’s high level of legal compliance with the European Union in the field of payments and financial supervision.

The volume of economic activity increased by 4% in 2024, supported by the expansion of household consumption, private investment, and the further increase in tourism revenues. The positive trend of economic development continued in 2025, with an economic growth of 3.6% for the first half of the year. This performance reflects the contribution of several factors, among which I find it appropriate to highlight the good financial situation of the private sector, the positive climate of confidence, and the favorable financing conditions.

The decline in prices in international markets, the slowdown in world trade, and high production costs have negatively affected export performance.

High demand for labor has led to an increase in the number of employees and a decrease in the unemployment rate to historic levels. Wages have increased by 8.6% in 2024 and by 9.5% in the first half of 2025.

Inflation has declined from 4.8% in 2023 to around 2.2% for 2024 and the first quarters of 2025. Total exports reached 9.1 billion euros in 2024, driven mainly by tourism, which accounted for 5 billion euros. Remittances and foreign direct investment have continued to grow, reaching 1 billion euros and 1.6 billion euros, respectively.

We undertook two cuts in the key interest rate, lowering it from 3.25% at the beginning of the year, to 2.75% at the end of 2024 and to 2.5% in July 2025. In parallel, we intensified foreign exchange purchases in the domestic market, withdrawing almost 914 million euros during 2024 and continuing at similar rates during 2025.

Credit quality continued to improve and the non-performing loan ratio fell to 4%, marking the lowest levels since 2008. Capitalization reached high levels of around 20%, liquidity remained above regulatory requirements, while our analyses suggest controlled levels of systemic risks.

This is expected to bring significant savings to the Albanian economy. The Bank of Albania's AIPS Euro system has saved around 140 million euros since its launch in January 2022.

The outlook for economic developments remains positive, with the expectation that sustainable growth will bring improvements in employment, wages and welfare, as well as low inflation and consolidation of macroeconomic balances. However, geopolitical tensions and structural challenges require further reforms in areas such as education, health, infrastructure, business climate and strategic investments”, said Sejko./CNA

 

 





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