Page 42 - SE Outlook Regions 2024

2.8.2 Industrial production
Montenegro’s industrial sector, which was negatively affected by the coronacrisis and the Russian war in Ukraine, started recovering in the beginning of 2023, particularly in the first quarter when it increased by 9.5% y/y. In the second quarter, it fell by 1% y/y, according to the latest available statistics office data.
As the war in Ukraine is expected to continue through 2024, Montenegrin industry could start to decline again.
Although falling in the second quarter, it was on an upward trend in the first half of 2023, rising by 4.5% y/y.
Mining and quarrying increased by 4.2% y/y in the second quarter, while the output in the manufacturing sector fell by 8.8% y/y. The electricity, gas, steam and air conditioning supply sector increased by 43.8% y/y in the period under review.
In the second quarter, industrial production in Montenegro decreased by 17.3% compared with the previous quarter.
Industrial sales in Montenegro fell by 17% y/y in the second quarter and by 12% from the previous quarter. In the first half of 2023, industrial sales increased by 1.1% y/y.
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