Montenegro’s gross domestic product (GDP) grew by 2.5 percent in the first quarter of this year, totaling 1.43 billion euros, according to preliminary data from Monstat.

In terms of GDP composition, final consumption (encompassing household and government personal consumption) holds the largest share, amounting to approximately 1.6 billion euros in the first quarter (with household consumption at 1.3 billion and state consumption at 307 million). The trade balance showed a deficit of -629.4 million euros. Gross investments in fixed assets reached EUR 351.8 million, while changes in inventories were at 85.4 million.

Household personal consumption expenditures are calculated based on data from regular statistical surveys (including household consumption polls, agricultural statistics, industry data, foreign trade, and price statistics), alongside report data. These figures are derived through goods flow methods at a detailed classification level based on the classification of personal consumption by purpose (COICOP), as explained by MONSTAT.

Government final consumption expenditures are computed using data from the Ministry of Finance and are based on the ESA 2010 methodology. Individual state consumption includes expenses for education, health, social protection, as well as for sports, culture, and recreation.

Other expenditures are categorized as collective consumption (which covers general public services, defense, public order and safety, economic affairs, and environmental protection, etc.). The data regarding government final consumption is structured according to state function classifications (COFOG classification).

Gross investments in fixed assets are estimated using goods flow methods. Regular statistical surveys (including foreign trade statistics, construction work surveys, and fixed asset investment research) contribute to this data, along with information from income and customs administration.

Data pertaining to the exports and imports of goods and services are gathered from foreign trade management statistics (Monstat), income and customs administration data, and the balance of payments data from the Central Bank of Montenegro.

Ireland’s economy grows by 22.2%, while Germany and Norway experience declines

As reported by Eurostat, the largest economic growth in the first quarter was observed in Ireland, which recorded a significant increase of 22.2 percent. Denmark followed with a 4 percent rise, Poland at 3.6 percent, and Lithuania at 3.2 percent. Northern Macedonia, Malta, and Cyprus each noted a 3 percent growth. Croatia’s economy expanded by 2.9 percent, Bulgaria 2.8 percent, and both Iceland and Spain by 2.6 percent each.

Montenegro’s relatively modest GDP growth for the first quarter was accompanied by Turkey, Switzerland, and the Netherlands at 2 percent, Portugal at 1.8 percent, Belgium at 1.1 percent, Slovakia at 0.9 percent, Sweden at 0.4 percent, and both France and Italy at 0.3 percent. Hungary recorded no growth.

Economic contractions were noted in Finland (-0.1 percent), Germany (-0.2), Estonia and Latvia (-0.3), Norway (-0.4), and Slovenia (-0.7 percent).