Montenegro's industrial production swung to a 17.4% y/y fall in March from 9.1% y/y growth in February, as the performance of the manufacturing and utilities sectors worsened, the statistics office reported on April 25.
In 2017, the industrial sector is expected to attract foreign direct investment and boost economic growth along with tourism. Last year, it mostly declined mainly due to the worsening performance of the mining sector.
In March, output in the mining and quarrying sector jumped by more than 300% y/y – the same as in February, thanks to significantly higher mining of coal and lignite.
On the other hand, the manufacturing sector's output shrank 33.1% y/y, worsening from a 17.2% y/y fall in February, mainly due to the significantly worse performance of pharmaceuticals (down 90.2% y/y). Production in the utilities sector fell 15.3% y/y, swinging from a 13.6% y/y rise a month earlier.
Across the main industrial groups, growth was recorded for consumer durables (up 78.1% y/y), and intermediate goods (up 31.7% y/y). Consumer non-durables contracted by 66.8% y/y, followed by capital goods (down 34.8% y/y) and energy (down 11.5% y/y).
On a monthly basis, industrial output rose 4.1% in March.
In 2016, industrial output was down by 4.4% y/y.