{"id":10377,"date":"2021-04-14T06:46:29","date_gmt":"2021-04-14T06:46:29","guid":{"rendered":"http:\/\/euronews.al\/en\/?p=10377"},"modified":"2021-04-14T06:46:29","modified_gmt":"2021-04-14T06:46:29","slug":"bank-of-albania-report-on-the-effects-of-the-pandemic-the-least-affected-sector-agriculture","status":"publish","type":"post","link":"https:\/\/euronews.al\/en\/bank-of-albania-report-on-the-effects-of-the-pandemic-the-least-affected-sector-agriculture\/","title":{"rendered":"Bank of Albania report on the effects of the pandemic: The least affected sector, agriculture"},"content":{"rendered":"

The Bank of Albania has estimated that around 75% of the negative effect of the COVID-19 pandemic during 2020 was concentrated on the sectors of Accommodation, the Service-sector and the Processing Industry.<\/p>\n

The sector that suffered the least negative effect was agriculture, seeing that the activity of farmers wasn\u2019t that affected by the restrictive measures. The Bank of Albania also conducted an evaluation on the effects of this financial blow on unemployment that is estimated to about -3%, in regards to yearly average figures.<\/p>\n

This blow is estimated to have mainly affected employment in the activities like \u201cAccommodation\u201d, \u201cProcessing industry\u201d and \u201cOther services\u201d. According to the size of companies, the decline in their employment numbers was assessed respectively, 39.6% in companies with more than 50 employees, 39.5% in companies with 1-9 employees and 21% in smaller companies.<\/p>\n

The harshest setback was experienced by the exports sector, which dropped by a staggering 40.6%. Meanwhile, experts on local demand, private consumption and investments have fallen respectively by 4.5% and 5.8% in terms of yearly figures.<\/p>\n

The abruptness and severity of the impact of the restrictive measures imposed by the government, also negatively affected the trust of consumers and businesses, thus increasing their insecurity about the future. The measure of economic sensitivity was at its historical lowest, during the second trimester of this year.<\/p>\n

The Bank of Albania emphasized that consumers became more pessimistic about the future, affected mainly by the negative waitlists for employment. Meanwhile, their rise of caution before making a purchase was identified in the decline of large purchases. \u00a0According to data by INSTAT in 2020, the overall consumption of our population saw a decline of -2.34%, the lowest historic level in the data recorded after 1990.<\/p>\n

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