Montenegr Country Report - January, 2016

February 12, 2016

This report covers the key macroeconomic and financial releases as well as the political events from Montenegro for the period of January 6-February 5, 2016.
Montenegro could become a full member of Nato very shortly and the good performance of its troops in Afghanistan is one of the reasons for this estimation, according to the alliance’s Supreme Allied Commander for Europe, Philip Breedlove.
After a marathon three-day debate, prime minister Milo Djukanovic won a vote of confidence in the Montenegrin parliament on January 27, despite losing the support of his party’s long-term coalition partner the Social Democratic Party (SDP).
Members of the European Parliament have called for pressure to be put on the Montenegrin authorities to start an investigation into First Bank (Prva Banka) over allegations the bank has been involved in money laundering.
Montenegro’s high court in Podgorica said on January 15 it has extended by two months the custody of the former president of Serbia and Montenegro, Svetozar Marovic. It provided no explanation on the decision.
The Montenegrin company of Canadian businessman Peter Munk - Adriatic Marinas – is in talks to sell the Porto Montenegro marina project to an Arab company for a sum ranging between €500mn and €800mn, Portalanalitika.me reported, quoting unofficial information of local daily Dan.
Montenegro’s government has decided to award a concession for oil and gas exploration to a consortium between Italy’s Eni and Russia’s Novatek.

Key points:

• The budget deficit deficit increased more than two times y/y to €287.7mn in 2015
• The number of foreign tourists visiting Montenegro increased by 25.5% y/y to 18,915 in December
• Industrial output declined 17.3% y/y in December
• Bank assets rose 10.9% y/y at end-December

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