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Lending to businesses has shown signs of revival in May, but for the first five months of the year the trend is down, reflecting a slowdown in business investment.
According to the statistics of the Bank of Albania, in May the new credit for businesses was ALL 15.4 billion, with an increase of 10% compared to the previous month and 13% more than May of the previous year.
But, for the 5th month, the trend is downward. The new loan granted to all business sectors was ALL 67 billion for January-May, with a contraction of 6.8% compared to the same period a year ago.
The detailed data show that for the 5th month the decline was influenced by the contraction of the construction sector. The latter had been a main factor that had encouraged bank lending in recent years, in line with the construction boom that marked this sector.
For the 5th month, banks gave 15 billion ALL to builders, or 13% less than the same period a year ago.
Construction is the second sector that receives the most loans, with 22.2% of the total.
The main borrower remains trade, whose businesses for the January-May period borrowed 24 billion ALL, with an increase of 21.4% on an annual basis, accounting for 35.6% of the total.
For the manufacturing industry, the new loan for 5 months increased by almost 5%.
Crediting to the tourism sector was in significant decline, which shrank by 18.2%. this sector has also increased the demand for loans in recent years, in line with the increase in the interest of foreigners in Albania, which encouraged the construction of hotels.
Other data from the Bank of Albania reveal that the total credit stock for the economy at the end of May was ALL 712 billion, with an increase of 0.26% compared to the previous month.
While compared to the same period a year ago, the loan stock for the economy increased by 2.3%. /Monitor
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