Import of goods and services, which amounted to €2,6 billion last year, had reduced GDP by 2,9%, reads the report of the second annex of the EC report on Montenegro.
Export (€415,5 million) is recording slower growth compared to a year earlier.
Official data on the economic growth last year will be published in the second half of the current year. In nine month-period, GDP has strengthened by 3,8%.
In 2018, Montenegro recorded 5,1% growth, the highest in the last decade.
The document states that the majority of economic branches have recorded growth. However, export of aluminum, electricity and pharmacy products has declined.
“Import of goods and services has “taken” 2,9 percentage points from the growth. GDP components on the expenditures side show that export of goods and services have made positive contribution to growth. Import of machines and transport means, with a 9,5% fall, has significantly reduced contribution to the overall import growth”, the document said.
The review of import and export by types of goods shows that we import everything, including products we could produce if we don’t count machines and transport devices that cost €577 million.
“Last year, import of food amounted to €474,3 million. Import of meat increased by 2,9%. Fruit and vegetable import has recorded 9,9% increase, whereas import of medical and pharmaceutical products has increased by 24%.
Last year, we imported €284 million of fuel, and exported €90 million. We paid €173 million for the import of machines and televisions and €6 million for export. We imported €103 million of pharmaceutical products and exported €22,6 million.
We spent €90 million for the import of meat, and exported 9% of the value.
We gave €48 million for dairy products.
The item referring to import of plastic products is very high as well (€81 million), whereas export of those products amounted to barely 5%.
Import of furniture amounted to €94,8 million, whereas export amounted to 1% of the amount.
The report states that trends are usually influenced by lower rates of electricity and pharmacy products import, as well as decrease in aluminum export.
“Increase in the overall import is the consequence of higher electricity import, import of chemical, food and different products”, the report states.
Great import activities are covered by services, as data shows 7% surplus in the international exchange. The main reason is growth in tourism revenues (9,3%) and transport revenues (17,9%).
Expenses on the grounds of services were by 15,6% higher.
According to the preliminary data, foreign investments amounted to €314,8 million, which is a 3,9% increase at annual level.
Total FDI inflow amounted to €712,8 million.
€12 million for pearls, gold and feathers
Around €11,5 million was spent on the import of pearls, jewels and noble metals. We exported €4,2 million of those products.
A total of €570.000 was spent on the import of feathers, artificial flowers and products made of human bone and we exported €150.000.
