Montenegro's industrial production swung to a 2.9% annual growth in March, following three months of decline, the statistics office reported on April 25. The reading was supported by rising consumer non-durables and capital goods.
As expected, industrial production returned to growth this year and will contribute Montenegro’s economic growth, which is expected at between 2.9% and 4.0% in 2016.
The manufacturing sector posted a 0.3% annual decline last month, improving from a 1.7% y/y drop in February. The mining and quarrying sector shrank 53.1% y/y in March, softening from a 55.3% y/y fall in February. The utilities sector's production moved down 0.3% y/y in March, significantly improving from the 31.7% y/y contraction in February.
Across the main industrial groups, growth was recorded in consumer non-durables (up 43% y/y) and capital goods (up 13.8% y/y). Production decreased y/y in intermediate goods (down 12.8% y/y), energy (down 5.4% y/y) and consumer durables (down 3.2% y/y).
On a monthly basis, industrial output jumped 33.8% in February.