- Government of Montenegro
Ministry of Finance Macroeconomic Trends Analysis in 2010
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Macroeconomic Trends Analysis in 2010
Published on: Mar 7, 2011 • 10:23 PM Author: Ivona Mihajlović
• Pursuant to the data available , macroeconomic trends for 2010 indicate that Montenegrin economy is in the adjusting and restructuring process, however still without a strong signs of growth.
• Positive trends, visible in the tourism and manufacturing sectors, especially in the sector of electricity generation and mining, likely to surpass the planned growth 0,5% in 2010 . Retail sales have a slight upward trend. Exports are also picking up strongly, primarily due to the stronger aluminum exports and recorded electricity exports, while the imports of goods are at the last year’s level.
• Negative trends are recorded in the following sectors: agriculture – due to unfavorable climate conditions, road transportation – due to the stagnation in the economic activity, construction – due to the declined demand.
• Following trends are worrying: credit activity downturn, growth in both the value and percent of blocked accounts, employment decline and unemployment increase.
• Fiscal revenues are slightly higher than the last year, with the direct taxes increase and stable or slightly lower indirect taxes.
• Government arrears (tax debt) at the end of 2010 halted to increase. Pursuant to the data of Tax Administration, at the end of 2010, tax debt was at around 124 million €, however, being by 51 million € higher than at the end of 2009.
• After stagnation during the most part of the year and first ever deflation recorded in August, the prices in last quarter recorded mild growth. Increase in CPI will be bellow 1 % annually.
• Positive trends, visible in the tourism and manufacturing sectors, especially in the sector of electricity generation and mining, likely to surpass the planned growth 0,5% in 2010 . Retail sales have a slight upward trend. Exports are also picking up strongly, primarily due to the stronger aluminum exports and recorded electricity exports, while the imports of goods are at the last year’s level.
• Negative trends are recorded in the following sectors: agriculture – due to unfavorable climate conditions, road transportation – due to the stagnation in the economic activity, construction – due to the declined demand.
• Following trends are worrying: credit activity downturn, growth in both the value and percent of blocked accounts, employment decline and unemployment increase.
• Fiscal revenues are slightly higher than the last year, with the direct taxes increase and stable or slightly lower indirect taxes.
• Government arrears (tax debt) at the end of 2010 halted to increase. Pursuant to the data of Tax Administration, at the end of 2010, tax debt was at around 124 million €, however, being by 51 million € higher than at the end of 2009.
• After stagnation during the most part of the year and first ever deflation recorded in August, the prices in last quarter recorded mild growth. Increase in CPI will be bellow 1 % annually.
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