Favorable macroeconomic trends in Montenegro continued in 2023, with high economic growth achieved in the first quarter of the year, which, according to Monstat’s preliminary data, amounted to 6.1 percent, despite the slowdown in the European and global economy.
– European and global economic activity is still characterized by a high degree of uncertainty and numerous risks to financial stability. One of the main challenges is still high inflation, which in Montenegro slowed down slightly to an average of 11.0% in the first half of 2023. The biggest contribution to the growth of inflation in this period was made by the prices of food and non-alcoholic beverages and the category “Housing, water, electricity, gas and other fuels” – the report says.
In the period January-May 2023, the export of goods decreased by 6.1%, compared to the same period of the previous year. According to the data from the Report, the total value of exports was 315.7 million euros, dominated by electricity worth 162.8 million, aluminum 39.4 million and medical and pharmaceutical products 16.9 million.
– At the same time, in the first five months of 2023, there was a strong increase in the import of goods by 17.2%, which amounted to 1,440.2 million euros, due to the growth of economic activity and private consumption. In the first five months of 2023, there was a decrease in the value of the net inflow of foreign direct investment in Montenegro by 34.4% (to EUR 193.1 million), due to a decrease in FDI inflow of 15.5% and a simultaneous increase in outflow of 26.2%. Investments by non-residents in real estate, which recorded a strong increase during 2022, achieved growth in the first five months of 2023 by 7.6% and amounted to EUR 171.0 million.
Budget revenues in the period January – June 2023 amounted to EUR 1,236.4 million or 20% of the estimated GDP and are higher by EUR 231.1 million or 23% compared to the planned ones, while compared to the comparative period in 2022. year higher by EUR 322 million or 35.2%.
