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In 2020 the worldwide economy declined due to the negative impact given by the spread of the pandemic in its first year.
According to INSTAT data, the Albanian economy marked a decline of 4 percent, but paradoxically with the European data, instead of reducing the expenses of Albanian families, because the economy fell, they instead increased.
In 2020, Europe’s economy shrank by 6.4 percent, but meanwhile the average household spending shrank by an average of 8%, according to Eurostat data.
In Europe, household expenditures followed the same trajectory as economic developments, while in Albania the economy declined, but household expenditures for the pandemic year increased by 1.5% according to INSTAT reports. Compared to Eurostat data, Albania is the only European that although the economy declined, household expenditures increased.
Eurostat reported that in 2020, household consumption expenditures in the EU decreased by 8%, unprecedented compared to 2019. In fact, all EU member states marked a decline in household consumption expenditures.
This is the largest annual reduction recorded since the beginning of the Eurostat time series and it occurred due to the effects of the COVID-19 pandemic. Social distancing measures, government-imposed restrictions on the movement of people, and non-core economic activities severely affected household consumption expenditures.
Compared to 2019, household spending in 2020 suffered the largest decline in Malta (around -22%), followed by Croatia, Spain and Greece (around -16%).
On the other hand, the smallest decreases were recorded in Slovakia and Denmark (both about -2%), followed by Lithuania and Poland (both about -3%), while Albania had an increase of 1.5%.
According to INSTAT data in Albania, the average monthly consumption expenditure for a household, consisting of an average of 3.6 persons, was 83,475 ALL. The estimate of average monthly consumption expenditures of households in 2020 is 1.5% higher than in 2019. In Albania, according to INSTAT, consumption expenditures led the group “Health” with 28.0%. INSTAT reported that the increase in spending for this group came from the high increase in spending on vitamins during the pandemic !.
Expenditures made in the group “Restaurants and hotels” have increased by 17.1%, compared to 2019, an increase which has come as a result of increased expenditures for subgroups: “stays and services per night in hotels, hotel complexes , tourist villages, camping within the country ”as well as expenses for“ fast food including taxi services of food providers ”.
Expenditures made in the group “Transport” have marked an increase of 5.7%, compared to last year, an increase which has come mainly as a result of increased expenditures of subgroups: “costs for renting garages / parking spaces as and “taxi services” ./ Monitor /
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