Montenegro Monthly Report - October, 2013

November 5, 2013

This report covers the main macroeconomic releases from early till end-October as well as the financial and political events that took place in Montenegro during this period. The EC said Montenegro meets the political criteria for EU membership but needs to boost its competitiveness.

Greek shipowner Victor Restis sold its Montenegrin lender First Financial Bank for EUR 500,460. Montenegro moved to cancel privatisation of Adriatic port operator to Latvian consortium and will open a new tender for the sale of cigarette maker NDKP.

September’s consumer price index (CPI) rose 1.8% year on year, slowing down from a 2.2% year on year increase the month before due to falling transport, restaurants and hotels and furnishing prices. The industrial production growth slowed to 3% year on year in September from 9% year on year in August, due to falling mining and quarrying output.

The foreign trade deficit narrowed 5.8% year on year to EUR 1.05bn in January-September thanks to rising exports (mainly energy) and falling imports.
Net inflow of FDI to Montenegro contracted 7.6% year on year to EUR 213.1mn in January-August.

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