Expectations concerning the next six months indicate accelerating growth for domestically oriented industry and continued solid growth for the export industry. Higher growth is also expected in both household and corporate services. The solid growth in retail trade is expected to continue in Region North, while growth in the building and construction sector appears to be slowing somewhat. According to our regional network contacts in the region, employment has fallen somewhat in the manufacturing and public sectors. In the near term, employment in building and construction and the service sector is expected to increase, while employment in all other sectors is expected to remain unchanged. The supply of qualified labour in the region is satisfactory, and growth in profitability is solid, but moderating. The global economy Global economic growth is expected to be somewhat lower this year than in 2004. In the US, growth was solid during the first half of 2005, and it appears that this trend will persist. In the longer term, growth is expected to moderate somewhat. In the euro area, growth is expected to remain fairly weak during the next couple of years. In the UK, growth has slowed markedly and is expected to be moderate in the period ahead. In Sweden, growth has edged up following a couple of weak quarters and is expected to remain at approximately the same level. In Japan, there was a marked decline in growth from the first to the second quarter, and growth is expected to be fairly moderate in the period ahead.
Ardian Fullani: Overview of recent economic developments in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the press conference on the Monetary Policy Decision of the Bank of Albania Supervisory Council, Tirana, 27 July 2011. *  *  *  Today, on 27 July 2011, the Supervisory Council of the Bank of Albania reviewed and approved the Monetary Policy Statement for 2011 H1. Based on the analysis of Albania’s latest economic and financial developments and following discussions on their performance outlook, the Supervisory Council of the Bank of Albania decided to leave the key interest rate unchanged at 5.25 %. The Supervisory Council holds that the actual monetary conditions are appropriate for meeting the inflation target and for continuing to stimulate the economic activity. Let me now proceed with an overview of economic developments and main issues discussed at today’s meeting of the Supervisory Council. *** The Albanian economy continued to grow during 2011 H1, although in the presence of added challenges generated by the internal and external economic developments. Tensions in global economies and financial markets, as well as increased prices of raw materials and foodstuff led to shrinkage of Albania’s economic activity. The first factor raised the uncertainty of economic agents as well as risk premiums in financial markets, while high inflation imported from world markets decelerated domestic demand and increased inflation expectations at home. Despite unfavourable factors, Gross Domestic Product posted growth and main macroeconomic balances and financial stability remained stable.