volume 12 volume 12 number 4 number 4 December 2009 Economic Bulletin Economic Bulletin December 2009 E C O N O M I C December B U L L E T I N 2 0 0 9 B a n k o f A l b a n i a PB Bank of Albania Bank of Albania 1 volume 12 volume 12 number 4 number 4 December 2009 Economic Bulletin Economic Bulletin December 2009 If you use data from this publication, you are requested to cite the source. Published by: Bank of Albania, Sheshi “Skënderbej”, Nr.1, Tirana, Albania Tel.: 55-4-222220; 225568; 225569 Fax.: 55-4-222558 E-mail:
[email protected] www.bankofalbania.org Printed in: 70 copies Printed by Adel PRINT 2 Bank of Albania Bank of Albania volume 12 volume 12 number 4 number 4 December 2009 Economic Bulletin Economic Bulletin December 2009 content S MONETARY POLICY REPORT FOR THE SECOND HALF OF 2009 7 I. GOVERNOR’S SPEECH 7 II. DEVELOPMENTS IN THE WORLD ECONOMY 11 II.1 Economic growth and macroeconomic balances 11 II.2 Monetary Policy, Financial Markets and the Exchange rate 14 II. Oil and commodity price development 15 III. PRICE STABILITY AND BANK OF ALBANIA TARGET 16 III.1 Consumer price, inflation target and monetary policy 17 III.2 Price performance of Main CPI Basket Items 19 III. Main inflation trends 21 IV. MACROECONOMIC DEVELOPMENTS AND THEIR EFFECTS ON INFLATION 22 IV.1 Gross Domestic Product and performance of aggregate demand 2 IV.2 Labour market and wage 49 IV.