Montenegro’s GDP jumped by a real 19% y/y in the second quarter of 2021, after contracting 6.4% y/y in the previous quarter, according to preliminary data from the statistics office released on September 24.
Montenegro’s GDP growth was much higher than the EU average of 14.2%, according to statistics office data.
The nominal GDP growth was 25.3% y/y in the second quarter, versus the 5.7% y/y drop in Q1.
Measured at current prices, Montenegro's total economic output stood at €1.13bn, hugher than the €900.8mn reading in Q1. The statistics office did not provide a sector breakdown.
At current prices, household consumption stood at €889.3mn. The gross fixed capital formation totaled €305.5mn in the second quarter, while the net export/import was negative €372.4mn.
The statistics office said earlier that the Montenegro’s economy contracted by a revised 15.3% in 2020.
In 2020, Montenegro’s economy was the worst affected in Southeast Europe by the coronavirus (COVID-19) pandemic due to the collapse of its tourism sector, which typically contributes 25% of GDP.