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2019/05/29 / Erste Group Research

Montenegro Macro Outlook: Growth to moderate in line with investment cycle

2018 GDP growth surprised to upside, surging 4.9% y/y, driven by strong investment and household spending. Net exports contributed negatively for fifth straight year due to strong pressure on imports. Public debt likely peaked last year and figure should gradually decrease.

After several refinancing operations last year, medium-term financing risks substantially subsided. Financial sector remained stable despite some woes for smaller banks.

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General information

AuthorErste Group Research
Product nameCEE Country Macro Outlook
Topic in focusFX, Macro/ Fixed income
Economy in focus-
Currency in focus-
Sector in focus-


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