A Positive Boost for Montenegro’s Economy Post Pandemic

Given that around 25% of Montenegro’s GDP is attributed directly to tourism it’s easy to see why their economy suffered enormously during the pandemic of the last 18 months, however, ease in restrictions, an excellent vaccine programme ...

Given that around 25% of Montenegro’s GDP is attributed directly to tourism it’s easy to see why their economy suffered enormously during the pandemic of the last 18 months, however, an ease in restrictions, an excellent vaccine programme and a better understanding of Covid along with their global partners has seen a huge turnaround in fortunes, and a much better outlook for the months and years ahead.

Newly released figures yesterday showed an 8.4% year on year increase in the GDP for the fourth quarter of 2021, which, although lower than the quarter before (25.8%) is still an excellent achievement given the time of year, and is the third consecutive increase in 2021. The first quarter showed a 6.4% decrease, the second quarter showed a 19% increase, the third quarter showed a 25.8% increase and the fourth quarter showed an 8.4% increase. Nominal GDP growth was 14.4% in the fourth quarter.

Gross fixed capital formation totalled €286.82mn in the fourth quarter of 2021 and Montenegro’s total economic output stood at €1.52bn.

Along with tourism, Montenegro’s other big GDP contributors include exports of non-ferrous metals, electricity, raw aluminium, aluminium and zinc ore, iron and steel, beverages, cork and timber. Export partners include Serbia, Hungary, Croatia, Greece, Germany, Italy, Albania and Turkey.

18.03.2022