PODGORICA (Montenegro), March 31 (SeeNews) – Montenegro's gross domestic product (GDP) grew by a real 2.5% in 2016, following a 3.2% increase in the previous year, preliminary data from the country's statistical office indicated on Friday.
In the fourth quarter of 2016 alone, real GDP growth was 3.4% year-on-year.
Montenegro's GDP growth quickened to 4.1% in nominal terms in 2016, from 4.0% a year earlier, the statistical office said in a statement.
The country’s GDP totalled 3.773 billion euro ($4.031 billion) at current prices in 2016, up from 3.595 billion euro in 2015.
Final consumption totalled 3.715 billion euro in 2016, versus 3.529 billion euro in the previous year. Exports totalled 1.593 billion euro and imports amounted to 2.477 billion euro.
In January, the World Bank said Montenegro's economic growth was estimated at 3.2% in 2016 and was expected to accelerate to 3.6% in 2017.
Percentage share of GDP components (at current prices)
|
2016 |
2015 |
Q4 2016 |
Q4 2015 |
Final consumption |
98.5 |
98.2 |
113.9 |
110.5 |
-Household |
78.1 |
78.7 |
87.3 |
86.8 |
-Government |
20.4 |
19.5 |
26.5 |
23.7 |
Gross fixed capital formation |
24.7 |
20.2 |
24.2 |
20.6 |
Net export/import |
-23.4 |
-18.8 |
-38.8 |
-37.2 |
-Exports |
42.2 |
42.8 |
27.5 |
28.3 |
-Imports |
65.6 |
61.5 |
66.3 |
65.6 |
Quarterly Gross Domestic Product:
|
2016 |
2015 |
Q4 2016 |
Q4 2015 |
GDP at current prices, mln euro |
3,773 |
3,595 |
1,078 |
895 |
Nominal growth rate, y/y % |
4.1 |
4.0 |
4.7 |
3.1 |
Real growth rate y/y % |
2.5 |
3.2 |
3.4 |
1.4 |
($=0.936141 euro)