Montenegro’s economy posts 8.4% y/y growth in 4Q21

Montenegro’s economy posts 8.4% y/y growth in 4Q21
By bne IntelliNews March 17, 2022

Montenegro’s GDP increased by a real 8.4% y/y in the fourth quarter of 2021, after expanding by 25.8% y/y in the previous quarter, according to preliminary data from the statistics office released on March 16.

Montenegro’s economy is recovering after in 2020 it was the worst affected in Southeast Europe and across the emerging Europe region by the coronavirus (COVID-19) pandemic due to the collapse of its tourism sector, which typically contributes 25% of GDP.

The nominal GDP growth was 14.4% y/y in the fourth quarter, versus the 30.7% y/y hike in Q3.

Measured at current prices, Montenegro's total economic output stood at €1.52bn, lower than the €1.52bn reading in Q3. The statistics office did not provide a sector breakdown.

At current prices, household consumption stood at €1.29mn. The gross fixed capital formation totalled €286.82mn in the fourth quarter, while the net export/import was negative -€351.48mn.

The statistics office said earlier that the Montenegro’s economy contracted by a revised 15.3% in 2020.