Page 51 - SE Outlook Regions 2022

2.7.4 Industrial production

Montenegro’s industrial sector was affected by the coronavirus in the
second and third quarters of 2020 but started recovering in the last
three months of 2020 and this trend continued through 2021.

The industrial output increased 0.4% y/y in July-September 2021 after
rising 8.7% y/y in Q2, backed by the manufacturing sector, which
increased 13.6% y/y, according to the latest available statistics office
data.

Output in the mining and quarrying sector decreased 17.7% y/y in Q3. It
was affected by the mining of metal ore (-34.4% y/y) and other metals
and mining (-13% y/y), while the mining of coal increased by 10.1% y/y.
Production in the utilities sector fell 13.3% y/y in Q3.

Across the main industrial groups, declines were recorded for consumer
non-durables (down 12.2% y/y) and energy (down 11.1% y/y), while
there was an increase for capital goods (up 110.6% y/y), consumer
durables (up 18.1% y/y) and intermediate goods (up 12% y/y).

Through September, industrial output increased 7% y/y, backed by the
rise of the utilities sector by 20.3% y/y and of manufacturing by 4.7%
y/y.

Industrial sales also increased in Q3, by 22.9% y/y, due to the positive
performance of the manufacturing sector, which posted a 38.6% y/y
growth. In the mining and quarrying sector sales decreased by 23.7%
y/y.

The annual hike in industrial turnover in Q3 was mostly due to higher
sales of capital goods (up 73.3% y/y).

In the first nine months of 2021, industrial sales increased 14.8% y/y. In
2020, industrial sales decreased 4.8% y/y.

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