Moreover, fixed investment in the petroleum sector has expanded sharply, which has led to rising demand for goods and services supplied by mainland enterprises. Mainland fixed investment also picked up after a period. Since the recovery started, quarter-on-quarter mainland GDP growth has averaged 3½ per cent annualised. Growth has been steady. The economic upturn has continued this year. On balance, demand is expected to remain relatively high in the near term. Expectations of continued low albeit rising interest rates and real income growth should support growth in household consumption and fixed investment ahead. Brisk investment growth in the petroleum industry, moderate wage growth and high profitability in many enterprises suggest further investment growth in the mainland enterprise sector. The economic upturn is now broadly based. In manufacturing, the order backlog is at a record-high level, which implies continued production growth over the next quarters. Statistics Norway’s business tendency survey for manufacturing points in the same direction. Activity has remained buoyant in the construction sector for a long period. New orders in this industry are rising, which points to a further increase in production. Growth in turnover in property management and commercial services has increased to a high level. Higher activity in goodsproducing industries and the prospect of solid growth in household demand provide a basis for continued growth in service industries. However, cost levels in the Norwegian business sector are high. This challenge may become more visible when the upturn slows.
Maintaining a stable macroeconomic environment, and the improvement of the level for a better law and order, and land and property rights, fair competition, are very important factors that will improve business financing in Albania. As supervisory authority we will try hard for microfinance future growth to be sound. The credit bureau project that our bank is undertaking shortly is also expected to boost credit through ameliorating information problems. Thank you for your kind attention. BIS Review 88/2005  3