Montenegro's industrial production growth cooled to 14.5% y/y in December 2013 from 21.4% y/y the month before as rising manufacturing and mining and quarrying output was partly offset by falling utilities production, the statistics office said on January 23.
In monthly terms, the industrial output rose 8.7% in December, likewise, slowing from a 27.6% m/m hike in November. It was by 34.0% higher compared to the 2012 average.
The industrial production last year rose 10.6% after declining 7.1% the year before, entirely on the back of higher electricity output.
December’s manufacturing production climbed 48.8% y/y, quickening from a 28.2% y/y hike the month before. The reading was supported by higher food, chemicals, pharmaceutical and other non-metallic mineral products output. On the other hand, falling basic metals, fabricated metal products and wood and wearing apparel production dented the overall index growth.
The mining and quarrying output swung to a 38% y/y increase in December from a 23.5% y/y contraction in November thanks to higher coal and lignite extraction and other mining and quarrying. Utilities output shrank by 16.1% y/y in December, following a 19.3% y/y hike the month before.
We expect weak metal sector activity to remain a drag on Montenegro's industrial output growth in the near term reflecting reduced production in bankrupt aluminium smelter KAP.
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