Page 109 - SE Outlook Regions 2023

In January-September 2022, the value added generated by agriculture
contracted by 17% y/y in Moldova, while the prices of the products
generated by the sector surged by over 30% y/y. The sector’s share in
total GDP decreased from 10.4% in the first three quarters of 2021 to
8.6% in the same period of 2022. Typically, agriculture accounts for
around 10% of the GDP in Moldova, but favourable weather pushed the
ratio to 11.9% in 2021.

3.7 Real economy - Montenegro

3.7.1 Retail

Montenegro’s retail sales suffered from surging inflation caused by the
economic consequences of the Russian war in Ukraine. Despite that,
retail trade has been on a positive trend in 2022, which is expected to
continue through 2023.

Montenegro's retail sales measured at constant prices rose by 7.1%
year on year in the third quarter of 2022, slowing from the 18.5% y/y
hike in Q2, according to the latest available statistics office data.
Measured at current prices, retail trade expanded 24.2% y/y in the third
quarter after increasing by 34.2% y/y in the second quarter.

All sectors posted growth in July-September. Fuel sales increased
44.9% y/y, after jumping by 43% y/y in Q1. Trade in food products
expanded by 20.9% y/y in Q3, after going up by 24.1% y/y. Trade in
other non-food products moved up by 41.7% y/y, after rising by 44.7%
y/y in Q2.

Sales of cosmetics and pharmaceuticals increased by 21.4% y/y, after
growing by 35.1% y/y in the previous quarter. On a quarterly
comparison basis, retail sales went up 21.9% at constant prices and by
35.9% at current prices in Q3.

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