Montenegro Country Report - June, 2016

July 17, 2016

This report covers the key macroeconomic and financial releases as well as the political events from Montenegro for the period of June 6-July 5, 2016.
The World Bank said in the June edition of its Global Economic Prospects report that Montenegro’s GDP is expected to grow by 3.7% in 2016, accelerating from an estimated 3.4% rise in 2015.
414 former employees of Montenegro’s aluminium smelter KAP have filed a claim against Prime Minister Milo Djukanovic, Economy Minister Vladimir Kavaric and former Finance Minister Radoje Zugic over unpaid severance. Meanwhile, the London Court of International Arbitration (LCIA) has dismissed arbitration on the claim filed by Russia’s VTB Bank against KAP.
Montenegro’s parliament approved the nominations for new agriculture minister from the opposition’s quota, as well as new deputy prime minister, also from the opposition. Azra Jasavic, the deputy leader of the opposition Pozitivna Crna Gora, will become a Deputy Prime Minister, while Budimir Mugosa will head the agriculture ministry.
Italy’s A2A has agreed to participate jointly with Montenegro’s government in the construction of a second unit at the Pljevlja thermal power plant, according to the Deputy Prime Minister Vujica Lazovic.
Montenegro’s parliament approved on June 28 an agreement with a consortium between Italy’s Eni and Russia’s Novatek on offshore oil and gas exploration.

Key points:

• The consumer prices declined by 1% y/y in May
• The number of foreign tourists visiting Montenegro increased by 8.1% y/y to 94,297 in May
• Industrial output increased by 9.1% in May
• Bank assets rose 7.9% y/y to €3.48bn as of the end of May

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