The Ministry of Finance welcomed the findings of the latest quarterly report of the European Commission, which confirms that Montenegro accelerated economic growth to 2,6 percent in the first quarter, with a strong contribution from personal consumption and investment in fixed assets.
“It is particularly encouraging that gross investments in fixed assets achieved growth of as much as 20,9 percent annually, which represents a strong signal of investor confidence and confirmation that conditions are being created for long-term and sustainable economic development,” the Ministry said in a statement.
In its report on the economies of candidate and potential candidate countries for membership in the European Union, the European Commission noted growth in industrial production, increased trade turnover, a stable and liquid banking sector, growth in credit activity, as well as an increase in budget revenues above plan.
“Budget revenues in the first five months of this year increased by 8,2 percent compared to the same period last year, while they were achieved 2,1 percent above plan, which confirms responsible management of public finances and strengthening of fiscal discipline,” the statement said.
At the same time, public debt was reduced to 59 percent of gross domestic product, which represents a significant step forward in preserving fiscal sustainability and creating additional space for financing development priorities.
The Ministry of Finance remains committed to implementing responsible economic policies that contribute to macroeconomic stability, improving the business environment, and accelerating economic growth, while preserving fiscal sustainability.
“At the same time, we continue to implement reforms aimed at increasing the competitiveness of the domestic economy, strengthening investment potential, improving public finance management and more efficient use of public funds,” the Ministry said.
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