Credit for financing non-volatile goods of households, or as it is otherwise known, consumer credit, occupies 5.8% of the total loan, according to the data of the Bank of Albania.
Compared to a year ago, consumer credit has expanded by almost 25.3 %, reaching the value of ALL 31.2 billion, at the end of 2019.
In the total consumer credit for households, 13% occupies the credit for the purchase of non-durable goods.
While the rest consists of loans for durable goods, which means the loan that is usually given for household investments in electronic appliances, household furniture or vehicles that occupy 37% and 50% occupy loans for genuine consumption purposes to the total consumer credit to individuals.
The Bank of Albania considers consumption in the private sector as a potential factor in expanding national production.
According to the BoA, the growth of consumer credit has been one of the factors that has supported the expansion of consumption, along with the growth of tourism and the improvement of the labor market.