Montenegro's GDP up 4.4% y/y in Q1

The January-March GDP reached 1.354 billion euro in current prices, up from 1.232 billion euro in the first three months of 2023, the statistics office said in a statement.

In the first quarter of 2023, the Montenegrin GDP rose by a real 6.1% on the year, followed by a 6.9% expansion in the second quarter, of 6.6% in the third quarter and of 4.3% in the final three months of last year.

In May, the European Commission lifted its 2024 GDP forecast on Montenegro to 3.4% from the previously projected 2.7%. Also in May, the European Bank for Reconstruction and Development (EBRD) slashed by 0.2 percentage points to 3.5% its projections for Montenegro's 2024 economic growth.

In January, the government in Podgorica said it is targeting average annual economic growth of 3.2% from 2024 to 2026, mainly driven by domestic demand.