Annual Report 2011

The past year was another year of economic growth for Albania. Data from INSTAT reveal that economic growth during the first nine months of 2011 was about 2.7%, whereas indirect quantitative data suggest an acceleration of the economy during the fourth quarter of 2011. Economic growth was driven by foreign demand and a slight fiscal stimulus. Meanwhile, private investments and consumption remained weak, mainly as a result of uncertainty sourrounding consumers and businesses decisionmakingprocess. Monetary policy has been and is oriented towards respecting our core objective: achieving and maintaining price stability. The policy has been increasingly stimulating, which reflects developments in the real economy and the expected inflation performance.