4 minutes agoAlbanian karate, spent about 210m euros less for restaurants, clothing and travel
Periskopi(6 years ago)
(6 years ago)In about three months that most of the population were housebound because of strong quarantine to curb the spread of Covid-19, expenses were significantly reduced. Part of the people worked online and therefore had nothing to spend on abroad (where most stores were closed), [...]
In about three months that most of the population were housebound because of strong quarantine to curb the spread of Covid-19, expenses were significantly reduced.
Some of the people worked online and therefore had nothing to spend on (where most of the stores were closed), while another 50 thousand turned out unemployed in the second quarter, according to the INSTAs and had no income to spend.
INSTAT data shows that in the second quarter of 2020, the population's final consumption was reduced by 7.57%, that the same period a year ago, or absolute value is about 210m euros spent on coffee and restaurants, clothing, entertainment trips, or other products and services, which were either not necessary, or because of the closure were impossible to complete.
In total, in the second quarter of 2020, the population's final consumption was about 2.6 billion euros -- from 2.81 billion euros -- in the same period a year ago. This is the highest contraction in at least five years. Since 2015, consumption had grown steadily, according to INSTAT statistics.
INSTAT's other data on retail trade showed that the sectors that saw the highest drop in consumption were clothing and shoes, whose value index during April dropped by 88%; Books, newspapers, school items, entertainment products, sports equipment, toys, games and other industrial products in specialised commercial units, which contracted by nearly 70% in April.
As they did not move, fuel spending (-4.8%) declined and other non-food articles (-31%). The only ones that were on the rise, or at a minimum decline, were the expenses for basic foods, as well as those for computer equipment because of the online work transition to many enterprises.
In the second quarter of the year, the Albanian economy contracted by 10.2%, as a result of quarantine, marking the highest contraction since 1997. The hardest-hit sector was “Tradi, transport, acomoment and food service”, which fell by -28% year-based. In total, economic losses in the second quarter of the year, when almost everything was closed for almost two months, are estimated at about 59 billion dollars, or nearly 500m euros.
The sector that has been hit the most is “Tradia; transportation; accommodation and food service activities”, which has lost about 150m euros due to lack of travel, cancellation of tourist bookings, non-reference of bars and restaurants and consumer concentrations only in purchasing essential products. Much of this loss is inconsistent, for example, tourists who did not arrive in 2020 will not come twice in 2021, or the same as those who did not frequent restaurant bars.
The second most hit sector is industry, with a loss of nearly 100m euros, of which the processing industry is around 40m euros.
