February 2012
Macroeconomic Outlook Gross Domestic Product (GDP)
According to estimations made by the Ministry of Finance, the Montenegrin GDP in 2011 amounted to € 3,273.4 million, thus recording a growth rate at a level of 2.5%.
Industrial production
Industrial production in Montenegro in December decreased: for the period JanuaryDecember of this year compared to the same period last year by 10,3%, compared to the average monthly production from last year 16.5%, compared to the same month last year, 37.1%, in comparison with the previous month it shows a 7.4% decrease. Observed by sectors, in the period January-December of this year compared to same period last year, two sectors recorded a growth of production: Mining and quarrying 6.3% and manufacturing 6.8%, while production of electricity, gas and water decreased in the period by 32.7%.
Budget
Current budget revenue in October 2011, according to estimates, amounted to €90.8 million, thus showing decrease of 9.5% in comparison with its planned value and 8.3% in comparison with last month level. This amount represents the 2.5% of estimated budget value. In the budget revenue structure, taxes accounted for the main share of 61.6%, followed by contributions with 30.1%. Revenues from the tax collection were 12% lower than planned, due to a decline in the collection of all tax revenues except legal persons’ tax and personal income tax.
communications (0.1%), while the fall in prices was recorded in groups: clothing and footwear (-0.9%), food and non-alcoholic beverages (-0.2%), transport (-0.2%), other goods and services (-0.2%). Prices of products and services in groups: alcoholic beverages and tobacco, hosting, health, culture and recreation, education, restaurants and hotels, remained at the level of average prices from the previous month.
Business Environment Macroeconomic Outlook Capital Market Banking Sector Privatization and Investments Economic Freedom Business News In the Spotlight Coming up... Graphic 1. Budget structure 2.2% 0.3% 4.4% 1.4%
Taxes Contributions
30.1%
Duties
Employment and Wages
The average number of employees from administrative sources in December 2011 was 162 450, which is 3% more than in December 2010. The unemployment rate in December was 11.56% and was lower compared to 12.1% in December 2010. The average salary in December 2011 in Montenegro amounted to €722, while the average salary without taxes and contributions amounted to € 484.
Fees
61.6%
Receipts from the repayment of loans Other revenues
* MONSTAT ** Estimates made by Ministry of Finance, October 2011
Compared to November 2011 the average (net) earnings in December 2011 recorded a Graphic 2. Inflation (CPI Index) growth of 0.2%. The average (net) earnings in December of 2011 compared to same month last year dropped by 6%, while compared to 3.7 3.7 3.6 3.6 3.5 3.4 the average (net) profit in 2010 grew by 1%. 3.3 3.0 At the level of 2011 the average gross salary 3.0 2.8 amounted to € 722, while the average net 2.0 Consolidated budget expenditures (total salary amounted to € 484. Average net earnings revenues less debt repayments) amounted to in 2011 year recorded a growth of 1% of the 1.1 € 90.6 million (2.8% of GDP), thus showing average net earnings in 2010. 0.7 year-on-year decrease in October 2011 of 18.8%. The decrease is explained by higher expenditures for position of other health Foreign Direct Investments (FDI) protection rights (by 39.6%), and substantial According to available data for the period expenditures (by25.8%), in relation to the same January-November 2011 the net foreign direct * MONSTAT period of 2010. In October 2011, the Budget of investment amounted to € 361.5 million and by Montenegro ran a surplus of € 0.2 million or 24.8% less than in the 2010 year due to less 0.01% of GDP, whereas the deficit in the first interest of foreign investors. The total inflow of foreign direct investment amounted to € 454,2 ten months of the current year amounted to million, while at the outflow recorded in the Graphic 3. Average salary without € 62.4 million or 1.9% of GDP. taxes and contributions (in €) amount of € 93 million.
Inflation
Annual inflation measured by consumer price index in December 2011 was 2.8%, and its lower in comparison to November 2011, an average of 0.2%. The growth rate of consumer prices in the period January-December 2011 compared to some period last year was 3.1%. When it comes to main groups of products and services by purpose of consumption in December 2011, compared to the previous month, the price increase was recorded in groups: furniture and accessories (0.1%),
Of the total inflow, equity investments were €316.9 million, while the inflow in the form of intercompany debt amounted to € 115.9 million, a decrease of 15% compared to same period last year. The structure of equity investments, investment companies and banks makes 33.9% and the structure of total inflows and investment in real estate amounts to 36.2%. The inflow of funds arising from the withdrawal of funds invested abroad by residents amounted to €19.4 million.
Dec-11
484 483
Oct-11
477 477 475 476 475 479 473
Aug-11 Jun-11 Apr-11
484
Feb-11
506 518 515
Dec-10 450
460
470
480
490
500
510
520
530
* MONSTAT
5