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UPDATE 1 - Montenegro's real GDP growth speeds to 2.7% y/y in Q2

UPDATE 1 - Montenegro's real GDP growth speeds to 2.7% y/y in Q2 antpkr/Shutterstock.com

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)

Author Maja Garaca
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