Home Tourism Montenegro’s economy expected to grow by 3.5% in 2023

Montenegro’s economy expected to grow by 3.5% in 2023

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September 27 (VoirNews) – Montenegro’s economy is expected to grow by 3.5% in 2023, the European Bank for Reconstruction and Development (EBRD) announced on Wednesday, as part of an upward revision compared to its May projection of a 3.3% expansion.

Growth in 2024 is expected to reach 3.7%, the EBRD said in its latest biannual growth forecast, citing the strong performance of Montenegro’s hospitality sector.

Growth is further supported by robust investment activity, a resurgence in power generation and a thriving tourism season, with arrivals in the first half surpassing 2019 pre-pandemic levels by 13%.

Montenegro’s economic output increased by 6.9% year-on-year in the second quarter of 2023, the country’s statistics office said in September, citing preliminary data.

In the Western Balkans, GDP is expected to grow by 2% in 2023 and reach 3.4% in 2024.

Overall, the EBRD region, which includes around 40 economies, is expected to achieve growth of 2.4% in 2023 and 3.2% in 2024.

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