Montenegro’s economy posts strong 19% y/y growth in 2Q21, higher than EU average

Montenegro’s economy posts strong 19% y/y growth in 2Q21, higher than EU average
By bne IntelliNews September 25, 2021

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.

Data

Dismiss