Stable GDP Growth Contingent On Economic Diversification

February 2007 | Market Strategy

On the surface, during the first nine months of 2006, Montenegro's economy fired on all cylinders, as real GDP expanded by 6.3% y-o-y. The strong growth rate was mainly driven by a flourishing tourist industry (accounting for 16% of GDP in 2006), which experienced significant gains during the reporting period. The total number of tourist arrivals increased by 15.3% y-o-y to 936,247 during the first eleven months in 2006, while total overnight stays rose by 13.6% y-o-y to more than 5.8mn. Due to its prominence in the Montenegrin economy,

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