Retail sales, an early indicator of economic growth, performed well in the second quarter of 2024. Albania's retail sales increased by a real 5.9% year-on-year in the second quarter, after gaining 4.9% on the year in the first quarter, the country's statistical office, INSTAT, said on Friday.

On a quarterly comparison basis, retail sales increased by 2% in the April-June period, higher than the 1.7% quarterly growth rate in the January-March quarter of 2024, INSTAT said in a quarterly report. Consumption has been significantly helped by the increase in the number of tourists this year. In the first six months of the year, 4.5 million foreign visitors entered Albania, or 34% more than the same period of 2023.

In retail trade, excluding hydrocarbon retail trade, sales volume in the second quarter of 2024 has increased by 6.2%, compared to the second quarter of 2023.

In the group "Food, beverages, tobacco in non-specialized and specialized commercial units", the sales volume has increased by 5.6%, compared to the same quarter of 2023.

The volume of sales, for the group "Non-food items in specialized and non-specialized commercial units", has increased by 6.8%, compared to the same period of the previous year.

In the group "Hydrocarbon trade in specialized commercial units", the sales volume has increased by 5.3%, compared to the same quarter of 2023.

In the annual change of +5.9%, in the second quarter of 2024 compared to the second quarter of 2023, in retail trade, the groups have contributed as follows: "Non-food items in specialized and non-specialized trade units" with + 2.7 percentage points. The group "Food, beverages and tobacco in non-specialized and specialized commercial units" contributed +1.9 percentage points, and the group "Retail trade of hydrocarbons in specialized commercial units" with +1.3 percentage points.

In the second quarter of 2024, the seasonally adjusted sales volume in the group "Retail trade, excluding retail trade of hydrocarbons in specialized trade units", has increased by 1.2%, compared to the previous quarter.

In the group "Food, drinks, tobacco in non-specialized and specialized commercial units", the sales volume, seasonally adjusted, has increased by 1.4%, compared to the previous quarter.

The volume of sales, seasonally adjusted, in retail trade, for the group "Non-food items in specialized and non-specialized commercial units", has increased by 1.2%, compared to the previous quarter.

In the group "Hydrocarbon retail trade in specialized commercial units", the seasonally adjusted sales volume has increased by 4.8%, compared to the previous quarter.