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2018/04/12 / Erste Group Research

MN Macro Outlook, Montenegro

Gradual stabilization of growth performance ahead; fiscal consolidation strategy in focus

2017 GDP growth figure landed at 4.4% y/y (preliminary), supported by strong investment dynamics and stable consumption footprint. Net exports had a negative contribution, due to strong pressures on imports. External position slightly deteriorated but we expect stabilization down the road. Monetary developments show gradual acceleration of lending activity, accompanied by better FSI indicators. As for the fiscal policy, adopted austerity package and liability management efforts should mitigate part of highway-related pressures on public debt.

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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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