Bank of Albania’s international reserve remained almost unchanged at EUR 1.9 billion, sufficient to cover 4.4 months of imports of goods and services. In line with the economic activity performance, employment figures showed gradual signs of recovery in 2011. According to INSTAT’s data, the average number of employed people increased by 1.7%, mainly as a result of higher employment in the private non-agricultural sector, while the number of people employed in the public sector maintained the downtrend that had begun in the last quarter of 2010. The number of unemployed people remained almost unchanged from the previous year. Despite the higher employment in the economy, unemployment rate dropped slightly by only 0.2 percentage points to 13.3% at end-2011. The presence of the negative output gap and the incomplete utilization of capacities kept the unemployment rate above 13% over 2011, thereby conditioning the dynamics of nominal wage increase in economy. Monetary indicators in 2011 were in line with the real-economy developments, featured by a moderate monetary supply growth, low demand of the economy for funding and steadily high propensity of consumers to save. The broad money increased by 9.2%, y-o-y. Stimulating measures taken by the Bank of Albania, along with good liquidity condition and well capitalisation of the banking system, supported the increase of lending to the economy in 2011. Private sector credit was up by 11.7% on average, improving from a year earlier. Nonetheless, the increase in bank lending remains contained due to supply and demand factors.
The coal and iron deposits found here were critical to the Industrial Revolution, and it was the output of nails and bolts, screws and fasteners produced from those ceaseless blast furnaces that made the Black Country synonymous with manufacturing prowess around the world. But that is not the whole story. Just as important were the innate qualities of doing it yourself and perseverance which characterise the Black Country. There is no finer example than the Iron Bridge – the world’s first – at Coalbrookedale, built in 1779. As one commentary noted, it stood as “indisputable proof of the abilities of our mechanics and workmen”. It reflected not just the local availability of coal and iron, but also the skills of those who built it. And it is those same skills that we celebrate tonight. Local business success, recognised by these ‘Best of the Black Country Awards’, is the story of the Black Country being born again. The products of the 21st century may not be the nails and bolts, screws and fasteners of the past, but they will require the use of manufacturing know-how and business ingenuity to service the needs of consumers. I have been struck, as I travel to a different part of the country each month, by how many firms are producing imaginative and innovative products for which there is a real demand around the world. By this I do not mean that all successful firms are making high tech products.