Montenegro Country Report - September, 2016

October 12, 2016

This report covers the main macroeconomic releases from September 1 until September 30, 2016 as well as the financial and political events that took place in Montenegro during this period.
Montenegro’s economic growth should remain stable at 3.2% in 2016, the same as last year, according to the World Bank’s latest Southeast Europe Regular Economic Report (SEERER), issued on September 27.
Three opposition parties in Montenegro - the Socialist People's Party (SNP), a party newly established by the former leader of the Democratic Front, Demos led by Miodrag Lekic and Reform Action (URA) - have agreed to run jointly in the October 16 general elections.
Montenegro’s ruling Democratic Party of Socialists (DPS) will not form a coalition with a new partner in advance of the October 16 general election. However, the DPS said it would include two representatives of its long-term coalition member, the Liberal Party (LP), on its list of parliamentary candidates, as in previous elections.
Montenegro will discuss a new loan worth $90mn for 2017 with representatives of the World Bank at the annual meetings of the International Monetary Fund (IMF) in October.
Montenegro’s tourism revenue is expected to exceed €1.5bn per year by 2026, according to the country’s Tourism Minister Branimir Gvozdenovic.
Montenegro’s President Filip Vujanovic has signed into law amendments to the law on conversion of Swiss franc loans to euro. Meanwhile, the Montenegrin arm of Addiko Bank (formerly Hypo Alpe-Adria Bank) said it will resort to international arbitration over amendments to the law on the conversion of Swiss franc loans.

Key points:
• CPI deflation softened to 0.5% y/y in August
• The working-day adjusted industrial production increased 8.1% y/y in August
• The foreign trade gap widened by 12.9% y/y to over €1bn in the first seven months of 2016


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