INSTAT/ Albanians Spend More on Food than Entertainment
Albanian Daily News
Published September 8, 2017
The last data of the Institute of Statistics (INSTAT) related to the citizens expenses show a drastic decrease of the entertainment expenses since 2008.
Until this year the expenditure on hotels, cafes and restaurants, clothing and footwear and entertainment and culture increased at very fast rate. The economy at that time grew rapidly; businesses had liquidity, while higher informality provided more cash in the hands of many. In 2008, the highest economic growth was achieved, at almost 8%.
Then things changed as the country experienced the economic crisis, driven by the global one, and the incomes were not so high making the Albanians to low the expenditures on things that were not indispensable. According to INSTAT the expenditures for hotels, cafeterias and restaurants drastically decreased since 2008 and were slightly reinvigorated in 2015.
The same tendency is registered even in the expenditures for clothing and shoes which keep going up but at slow rhythms.
On contrary the expenditures for food and alcoholic drinks have continued strong growth, reflecting the fact that consumers have had less money available, which they have spent for the indispensable needs. INSTAT data indicate that the foods expenditure went up with 3.4% during 2015, going up to 50% or the highest in Europe.
Even according to the data published by the European Institute of Statistics (Euro-Stat), the nominal costs for bread and cereals as a percentage of Gross Domestic Product (GDP) were 4.9%, the highest in Europe.