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Montenegro Country Report - Feb 2013

  • February 2013
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 15 pages

The World Bank and the EBRD kept their forecast for Montenegro's economic growth in 2013. The projection is much lower than the government's expectation for 2.5% growth this year. The country is still recovering from the effects of the crisis and has to deal with high current account deficit, volatile industrial production and negative annual credit growth.

In 2012, the average annual inflation stood at 4.1%, up from 3.1% in 2011. Oil and gas prices played a substantial role in the CPI dynamics last year as did food and tourism sector related prices, especially in the second half of 2012. Growth of the retail trade turnover decelerated to 4.3% in real terms in 2012 from 14% rise recorded in 2011 as household consumption remained weak, held back by continued credit contraction since May 2009 and high unemployment (at over 13%). At the same time, the foreign trade gap reached 43.7% of GDP in 2012 compared to 42.3% a year earlier. The deficit expanded by over 6% for the whole year as exports dropped by 19%, following a 38% rise in 2011.

Table Of Contents

Montenegro Country Report - Feb 2013
Executive Summary
Macroeconomy Overview
Real Sector
1. GDP
2. Inflation
3. Industry and Trade
4. Labour Market
5. Tourism
Fiscal Sector
Financial Intermediation
External Sector
Structural Reforms and Corporate News
Political News

Table 1 Montenegro: GDP
Table 2 CPI, %, y/y
Table 3 Montenegro: Industrial output, %, y/y
Table 4 Montenegro: Total assets of commercial banks, EUR mn, eop
Table 6 Montenegro: Deposits held at commercial banks, EUR mn, eop
Table 7 External Trade Montenegro

Figure 1 Montenegro Producer Price Index
Figure 2 Montenegro Industrial Output
Figure 3 Montenegro Average Wage
Figure 4 Montenegro Bank Assets
Figure 6 Montenegro Bank Deposits

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