GDP increasing due to tourism and highway construction

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Good results in sectors of tourism and construction led to an increase in GDP by 1.1 percent in first quarter of this year.

Increased volume of touristic services and intensifying works at construction of the priority section of the highway Bar-Boljare show that tourism and construction will have a positive impact on growth of the gross domestic product (GDP) in upcoming period, it was said from Economic chamber of Montenegro (PKCG), and reported by Dnevne newspaper.

Official data from Monstat show that GDP in first three months of this year was 696 million euros, 19 million euros more compared to the same period last year. Its growth was mostly caused, as they said from PKCG, by good results in sectors of tourism and construction.

“Number of arrivals of tourists is bigger by nine percent, and overnight stays by 11.9 percent. Realization of the investments that were started in last year was continued in first quarter of this year, which affected the value of the construction works which increased by 12.3 percent”, it was said from PKCG.

Direct foreign investments didn’t affect the GDP since the relatively big inflow of 223.2 million euros was followed by almost the same outflow of 211.6 million euros.

While commenting the foreign trade exchange for first five months of this year, which has exports coverage by imports of only 14.9 percent, from PKCG was said that this is mostly due to low level of production of basic metals.

Source: Cafe Del Montenegro