This report covers the key macroeconomic and financial releases as well as the political events from Montenegro for the period of August 6-September 5, 2015.
Albania and Montenegro along with Iceland and Liechtenstein were included in the list of countries from which Russia bans imports of agricultural products.
The European Union has decided to grant Montenegro €45mn for infrastructure projects. On the other hand, the agriculture ministry has estimated that Montenegro will need billions of euros to protect the current quality of water and to implement all directives of the EU.
Bosnia and Montenegro signed a border demarcation agreement. The two countries are the first ex-Yugoslav republics to sign an agreement defining their borders.
Montenegro's police arrested several high-ranking municipal officials in the resort town of Budva, including the mayor, on suspicion of abuse of power and damaging the budget in the range of millions of euros.
Key points:
• The budget deficit increased by 52.3% y/y to €115.5mn in the first seven months of 2015
• The number of foreign tourists visiting Montenegro increased by 33.4% y/y to 417,894 in July
• Industrial output accelerated its growth to 33.6% y/y in July
• Bank assets rose 9.3% y/y to €3.33bn at end-July
Albania and Montenegro along with Iceland and Liechtenstein were included in the list of countries from which Russia bans imports of agricultural products.
The European Union has decided to grant Montenegro €45mn for infrastructure projects. On the other hand, the agriculture ministry has estimated that Montenegro will need billions of euros to protect the current quality of water and to implement all directives of the EU.
Bosnia and Montenegro signed a border demarcation agreement. The two countries are the first ex-Yugoslav republics to sign an agreement defining their borders.
Montenegro's police arrested several high-ranking municipal officials in the resort town of Budva, including the mayor, on suspicion of abuse of power and damaging the budget in the range of millions of euros.
Key points:
• The budget deficit increased by 52.3% y/y to €115.5mn in the first seven months of 2015
• The number of foreign tourists visiting Montenegro increased by 33.4% y/y to 417,894 in July
• Industrial output accelerated its growth to 33.6% y/y in July
• Bank assets rose 9.3% y/y to €3.33bn at end-July
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