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The EC revised down its forecast for Montenegro's economic growth in 2013 as tax increases are seen weighing on domestic demand. The Commission’s projection is also lower than the government's expectation for 2.5% growth this year. Still, recovery of bank lending or the opening of some large investments before end-2013 could support economic growth.
In January, the annual consumer and producer inflation slowed. Industrial output increased during the month on the back of improved utilities performance but the manufacturing sector continued to push the index down.
On the fiscal side, the IMF warned that Montenegro should urgently implement additional budget consolidation measures in order to tame public debt growth and achieve its budget deficit target in 2013.
Recent developments drew the attention to aluminium plant KAP at the end of February - CEAC, part of Russia's En+ Group of Oleg Deripaska, offered to transfer its 29.4% stake in KAP to the government, which also already holds 29.4%, and receive EUR 51mn in return.
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