Montenegro's industrial sales plunge 53.2% y/y in February

Montenegro's industrial sales plunge 53.2% y/y in February
By Valentina Dimitrievska in Skopje and Denitsa Koseva in Sofia March 25, 2016

Montenegro’s industrial sales plunged by 53.2% y/y in February, accelerating from a 20.8% y/y decline in January, as sales in the mining and manufacturing sectors fell sharply, statistics office data indicated on March 25. On a monthly basis, industrial sales rose by 2.2% in February, reversing a 30% monthly decline in January.

Industrial sales have been declining since August last year, mainly due to the worsening performance of the manufacturing and utilities sectors, suggesting falling industral production. In the first two months of 2015, industrial sales were 41.4% lower y/y.

Montenegro's industrial production also declined 19% y/y in February, speeding from a 12.3% y/y fall the previous month. In the first two months of the year, industrial production was down by 15.8%.

Sales in the key manufacturing sector widened their annual decline to 38.8% y/y in February from 14.7% y/y the month before. Mining sales dropped by 84.1% y/y, deepening from the 44.1% y/y decline in January.

The annual decline in industrial turnover in February was mostly due to lower sales of capital goods (down 49.6% y/y).

Industrial sales fell 2.2% y/y in 2015.