PODGORICA (Montenegro), September 30 (SeeNews) – Montenegro's gross domestic product (GDP) grew by a real 2.7% on the year in the second quarter of 2016 compared to a 1.1% increase in the previous quarter, preliminary data of the statistics office indicated on Friday.
In the second quarter of 2015, real GDP growth was 3.7%.
Montenegro's GDP growth slowed down nominally to 2.9% in the three months through June 2016, from 5.8% a year ago, the statistics office said in a statement.
The country’s GDP totalled 871 million euro ($973.4 million) at current prices in the second quarter of 2016, up from 847 million euro a year earlier.
GDP growth was boosted by a rise in final consumption expenditure, which totalled 928.97 million euro in the second quarter of the year. Exports totalled 312. 6 million euro and imports amounted to 700.4 million euro.
Structure of quarterly GDP at current prices, %
|
Q2 2016 |
Q2 2015 |
Final consumption expenditure |
106.6 |
105.2 |
-Household |
85.4 |
85.3 |
-Government |
21.2 |
19.9 |
Gross fixed capital formation |
35.6 |
25.6 |
Net export/import |
-44.5 |
-36.4 |
-Exports |
35.9 |
33.3 |
-Imports |
80.4 |
69.8 |
Quarterly Gross Domestic Product:
|
Q2 2016 |
Q2 2015 |
GDP at current prices, mill. EUR |
871 |
847 |
Nominal growth rate % |
2.9 |
5.8 |
Real growth rate % |
2.7 |
3.7 |
The World Bank recently decreased its 2016 GDP growth forecast for Montenegro to 3.2% from 3.7% projected in June, while lifting its 2017 projection to 3.6% from 3.1%.
($=0.894726 euro)