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2017/10/31 / Erste Group Research

MN Macro Outlook, Montenegro: Beginning of period of stronger growth and fiscal consolidation?

2017 looks encouraging in terms of growth as 1H17 average growth figure landed at 4.2% y/y, supported by stronger consumption, investments and lower imports. External position also slightly improved but trade deficit is still on challenging levels. Monetary developments show gradual acceleration of lending activity, accompanied by better FSI indicators. As for the fiscal policy, adopted austerity package should mitigate part of highway-related pressures on public debt but could be harmful for consumption in the mid-run.

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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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