Industry in Montenegro

Montenegro Industry | Economic News & Forecasts

Montenegro - Industry

The economy shrank sharply in Q2 as GDP plunged 20.2% year-on-year, following Q1’s 2.7% expansion. The blow dealt by the pandemic and its associated containment measures ravaged domestic demand, suppressing household spending and investment activity. Moreover, lockdowns abroad led to freefalling exports, with foreign sales of goods and services plummeting by over 50%. Figures for Q3 point to protracted economic weakness. Retail sales shrank at a steeper pace in July, while the unemployment rate climbed again in August, suggesting that consumer spending remained downbeat. Moreover, budget revenues fell by over a fifth in annual terms in July due to shrinking economic activity. Meanwhile, the new coalition government, which secured a narrow majority after August’s election, vowed to pursue EU membership by tackling corruption and organized crime, boding well for medium- to long-term economic prospects.

Montenegro - Industry Data

2015   2016   2017   2018   2019  
Industrial Production (annual variation in %)7.9  -4.4  -4.2  22.4  -6.3  

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Montenegro Industry Chart

Montenegro Industry
Note: Industrial production, annual variation in %.
Source: Statistical Office of Montenegro (MONSTAT)

Montenegro Facts

Value Change Date
Exchange Rate1.120.65 %Dec 31

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