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Sep 27, 2023 11:08 EEST
September 27 (SeeNews) - Montenegro's economy is expected to grow by 3.5% in 2023, the European Bank for Reconstruction and Development (EBRD) said on Wednesday, in what is an upward revision from its May projection of a 3.3% expansion.
Growth in 2024 is forecast to come in at 3.7%, EBRD said in its latest bi-annual growth forecast, citing the strong performance of Montenegro's hospitality sector.
The growth is being further bolstered by robust investment activity, a resurgence in electricity production, and a thriving tourism season, with arrivals in the first half of the year exceeding pre-pandemic 2019 levels by 13%.
Montenegro's economic output grew by a real 6.9% year-on-year in the second quarter of 2023, the country’s statistical office said in September, citing preliminary data.
In the Western Balkans, GDP is projected to grow by 2% in 2023 and reach 3.4% in 2024.
Overall, the EBRD region, spanning about 40 economies, is projected to achieve growth of 2.4% in 2023 and 3.2% in 2024.
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