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Oct 04, 2019 12:39 EEST
PODGORICA (Montenegro), October 4 (SeeNews) – Montenegro's economy is expected to grow by 3% in 2019, central bank governor Radoje Zugic has said.
The country's gross domestic product (GDP) expanded by 5.1% in the first half of 2019, driven by strong investment activity and positive trends in the tourism, energy and construction sectors, Zugic said in a statement on Thursday.
"All key indicators of bank operations are characterised by positive trends, which directly contribute to further strengthening the resilience of the banking sector," Zugic said during a meeting in Podgorica with the World Bank's Regional Director for Western Balkans, Linda Van Gelder.
In April, the World Bank said it expects Montenegro's economic growth to slow down to 2.9% in 2019 from 4.4% last year as private investment levels off after the strong rise in 2018 and the large public infrastructure investment projects gradually phase out.
After a moderation in 2019, due to the fiscal consolidation and the implementation of the public administration staff reduction plan, private consumption and employment growth are expected to rebound in 2020, the World Bank said in an Economic Update for Europe and Central Asia in April.
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