| Montenegro's state budget posted a deficit of EUR 128.6mn in Jan-Nov 2012, slightly exceeding the plan and accounting for 3.9% of the full year GDP projection, data from the ministry of finance showed. Compared to a year earlier, the eleven-month gap more than doubled on the back of annual increases of costs and declining revenues. Total budget revenues edged down 0.5% y/y to EUR 1bn in Jan-Nov (97.8% of the plan for the period), mainly due to VAT revenues, which went down by 7.5% y/y to EUR 330mn. Budget expenditures increased by 4.5% on the year to EUR 1.13bn (98.1% of the plan), supported by a 6.5% annual rise of current expenses (at EUR 1.08bn). Capital expenditures dropped by 7.3% y/y to EUR 50.9mn and accounted for only 4.5% in total budget expenditures. In November alone, the budget gap increased to close to EUR 16mn from EUR 4.7mn a month earlier, mainly driven by rising wages and social contributions. The government expects a positive budget balance in December (EUR 17.8mn) supported by a rise in VAT revenues ahead of the end-year holidays. The cumulative budget deficit is thus projected to decline to EUR 110mn at the end-2012 (3.3% of full-year projected GDP).
Montenegro's government said it decided on Thursday, March 21, to reduce to EUR 220mn from EUR 250mn the amount it plans to borrow this year for financing its budget spending and servicing ... more
Montenegro's budget revenue increased by 11.5% y/y to EUR 195mn in the period from January 1 to March 20 due to higher profit tax, social contributions and VAT inflows, news service ... more
Mobile phone penetration in Montenegro dropped to 155.5% at the end of February 2013, from 159.81% at end-Dec 2012 and 163.66% a year earlier, the latest figures of the telecommunications agency ... more