Montenegro's industrial output dropped 12.7% y/y in August 2014, softening from a 16.5% y/y contraction the month before, on the back of higher mining production and a smaller decline in manufacturing production, statistics office data showed.
In monthly comparison terms, industrial output increased 5.4% in August following a 29.2% growth in July. It was by 14.2% lower compared to the 2013 average. In the first eight months of 2014, industrial output was down 15.1% y/y.
August’s manufacturing production shrank 19.7% y/y, improving from a 24.6% y/y contraction in July. The higher paper products, printing and reproduction of recorded media, other non-metallic mineral products, machinery and equipment, and furniture output partly offset the falling production of fabricated metal products, basic pharmaceutical products, rubber and plastic products and basic metals.
Production in the mining and quarrying sector increased 12.1% y/y last month, quickening from a 3.3% y/y growth in July. The utilities output, remained in the red for the ninth consecutive month in August, shrinking by 3.7% y/y at the same pace as in the previous month.
In 2013, Montenegro's industrial production rose 10.6% after declining 7.1% the year before, entirely on the back of higher electricity output.
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