Montenegro, Recent Economic Developments, External Sector, Current Account, Business Environment
According to the preliminary data, in the period January-September 2021, the current account deficit was 249.2 million euro and was lower by 71.1 percent relative to the same period of 2020. Narrowing of the current account deficit is a consequence of the increase in surplus on the account of services, the primary and secondary income accounts.
In the period January-September 2021, the goods account deficit was 1.4 billion euro, or 13.5 percent more than in the same period of 2020. Total export of goods was 371 million euro, which represents an increase of 32.5 percent relative to the period January-September 2020; whereby the strongest contribution comes from export of electricity, non-ferrous metals, and specialised machinery for specific industrial sectors. Total import of goods amounted to 1.8 billion euro and was 17.0 percent higher year-on-year, as a consequence of increased imports of oil and oil derivatives, medicines and pharmaceutical products, and electricity.
In the observed period, the services account ended up in a surplus of 796.8 million euro, which is 493.9 percent more than in the same period of 2020, and is a result of improved revenues from travel and tourism services, as well as from transportation services. Total revenues from services were 1.2 billion euro or 148 percent more compared to the same period of 2020, while the incurred expenditures amounted to 438.2 million euro (a rise of 20.4 percent). Estimated revenues from travel and tourism in the period January-September 2021 were 699.7 million euro, which was 473.5 percent higher than during the same period of 2020.
The primary income account registered a surplus of 84 million euro, which is 34.7 percent more than in the same period of 2020. Revenues resulting from the primary income were 258.7 million euro, which is 21.6 percent higher year-on-year. During the observed period, the overall expenditures on this account of 174.7 million euro were recorded, which is an increase of 16.2 percent.
The secondary income account recorded a surplus of 281.6 million euro, which is 52.1 percent more compared to the period January September 2020. Total transfers inflow to Montenegro were higher by 38.3 percent year-on-year, and amounted to 341.2 million euro, of which majority is made of personal transfers from abroad in the amount of 252.3 million euro (increase of 42.5 percent). During the same period, total outflow on the account of transfers abroad was 59.6 million euro (decline of 3 percent).
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