Half of Albanian households suffer from deficit in expenses-income rate: Bank of Spain

More than half of Albanians spend more money than their income, says a recent study published by the Central Bank of Spain.

The study, entitled Financial Competence Survey, shows that 54% of Albanians state that over the past 12 months, their expenses were higher than their income.

Income, meanwhile, include, in addition to the salary, remittances, rents, or other sources.

Meanwhile, less than half of those who are in deficit, who spend more than what they earn, or 41 percent of them, declare that they are financing this deficit through debt.

This debt can be both in the form of bank lending or in the form of borrowing from relatives or friends.

The percentage refers in all cases to the total population and not just the adult population, which makes this figure even more alarming.

Albania is one of the few countries under analysis, and the only one in the Western Balkans, so the report does not provide a comparative basis.

However, in relation to other European countries, with 54% of its population in economic deficit, Albania offers the third highest rate in Europe after Georgia and Belarus.

Among other things, the average of countries surveyed is 35%, OECD countries average is at 28% and EU average is at 27%, half of Albania’s rate.

SCAN

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