IMF: each Albanian family's debt is 1800 euros

At absolute value, that amount is about 1.4 billion euros. It mainly includes bank loans and other debts of family members.

Given that in Albania, according to INSTAT, there are about 769 thousand families, the average debt for a family is about 1,800 euros.

Family debt levels have remained unchanged for the past two years, while the record has been reached in 2008, with about 13% of GDP, rapidly increasing since 2003 (see the graph). Later, the economy entered a slow cycle as a result of the global crisis, which seems to have led to the withdrawal of families to borrow.

Compared to other countries in the region, Albanian families have a low debt rate. In Croatia, yes, according to the IMF, this indicator is 34% GDP in Macedonia 24.5%. Data for Bosnia, Kosovo, Montenegro, Serbia is missing.

In developed countries, household debt is even higher, for example. in Germany is about 53% GDP, Italy 41.3%, Sweden 88%, while in the United States of America nearly 80%.

According to the Bank of Albania's survey of financial situation and household borrowing, buying late-paid goods from stores is a key debt of Albanian families. In all, families that had a loan to pay in the first half of this year accounted for 28% of the total families surveyed, the same weight as last year.

The main goals of borrowing households are buying or repairing property, developing business and consumption. The Bank of Albania estimates show debt burden is affordable. For 77% of households the monthly tranche of the loan accounts for less than 30% of monthly income.