Government projects Montenegro economy growth in 2013-2015

Podgorica, Montenegro (18 October 2012) -- Bearing in mind the uncertainty of the economic environment and its impact on the Montenegrin economy, the Government has designed two macroeconomic scenarios for the 2013-2015 period: a baseline scenario and a lower growth scenario.

According to the baseline scenario, the Montenegro’s GDP is projected to increase 2.5% in 2013, 3% in 2014 and 3.5% in 2015.

The macroeconomic scenario of lower growth is based on the continuation of the negative trends in euro zone which would affect the Montenegrin economy in terms of export, direct foreign investment and tourism. According to this scenario, the growth of the economic activities in Montenegro is projected to be 1% in 2013, 1.5% in 2014 and 2% in 2015.

The updated projections are the basis for drafting the 2013 budget and a starting point for creating a medium-term fiscal framework for the period 2013-2015. The microeconomic projections will also be the basis and the topic of two chapters of the 2012-2015 Montenegro’s Pre-Accession Economic Programme.

A slight recovery of the Montenegrin economy, which began in the second quarter of 2012, is continuing in the third quarter as well. The growth in tourism and agriculture will affect the settlement of negative rates and the achievement of earlier projections, which forecast the Montenegrin economy’s growth of 0.5% in 2012.