Estimated GDP growth at 6.6 percent in the first half of the year

According to a report published by the Central Bank (CBCG), the estimated growth of the gross domestic product (GDP) stood at 6.6 percent in the first half of the year, mainly due to positive trends in tourism, industrial production, forestry and trade sectors, and most types of transport.

The Macroeconomic Report of the Central Bank of Montenegro Q2 2023, adopted at today’s CBCG Council meeting chaired by Governor Radoje Zugic, stated that inflation had slowed in this year’s H1, while the foreign trade deficit deteriorated due to the increased import.

“Banking operations data for nine months of this year show that all key balance sheet positions have seen year-on-year growth, i.e., bank assets were 11.08 percent higher, capital increased by 31.84 percent, loans by 8.92 percent and deposits by 11.24 percent,” stated a press release issued by the CBCG.

The liquid assets’ share in total assets exceeded 25 percent, while non-performing loans continued to trend down and accounted for 5.03 percent of total loans at the end of September.

The press release stated that the capital adequacy ratio at the system level stood at 20.71 percent, with the continued profitable operation of banks.

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