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Quarantine of Albanians, about 210 million euros less for coffee, restaurants, clothing and travel

Politiko 2020-11-25 09:54:39

Quarantine of Albanians, about 210 million euros less for coffee, restaurants,

Illustrative Photo

In the almost three months that most of the population was confined to their homes due to strong quarantine to curb the spread of Covid-19, costs were significantly reduced. abroad (where most of the shops were closed), while about 50,000 others turned out to be unemployed in the second quarter, according to INSTAt, and had no income to spend.

INSTAT data show that in the second quarter of 2020, the final consumption of the population was reduced by 7.57%, that the same period a year ago, or in absolute value are about 210 million euros spent little on coffee and restaurants, clothing , entertainment trips, or other products and services, which were either not necessary or due to closure were impossible to perform.

In total, in the second quarter of 2020, the final consumption of the population was about 2.6 billion euros, up from 2.81 billion euros in the same period a year earlier. This is the highest contraction in at least five years. Since 2015, consumption had been steadily increasing, according to INSTAT statistics.

Other INSTAT data on retail trade showed that the sectors that saw the highest decline in consumption were clothing and footwear, whose value index for example during April fell by 88%; Books, newspapers, school supplies, entertainment products, sports equipment, toys, games and other industrial products in specialized trade units, which shrank in April by almost 70%. While not moving, fuel costs (-48% in April) and other non-food items (-31%) also decreased. The only ones that increased, or decreased minimally, were the costs for basic food as well as those for computer equipment due to the shift to working online for many ventures.

In the second quarter of the year, the Albanian economy shrank by 10.2%, as a result of quarantine, marking the highest contraction since 1997. The hardest hit sector was "Trade, transport, accommodation and food service", which fell by -28% on an annual basis. In total, the losses of the economy in the second quarter of the year, when for almost two months almost everything was closed, are estimated at about 59 billion ALL, or almost 500 million euros.

The sector that has been hit hardest is “Trade; transport; accommodation and food service activities ”, which has lost about 150 million euros, due to lack of travel, cancellation of tourist bookings, non-attendance of bars and restaurants and the focus of consumers only on the purchase of essential products. A large part of this loss is irreparable, as for example, tourists who did not come in 2020 will not come twice in 2021, or equally those who did not frequent bars and restaurants.

The second most affected sector is industry, with losses of almost 100 million euros, of which the processing industry about 40 million euros./ Monitor