Quarterly Gross Domestic Product of Montenegro for period 1 st quarter rd quarter 2016

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1 Government of Montenegro Statistical Office of Montenegro Quarterly Gross Domestic Product of Montenegro for period 1 st quarter rd quarter 016 The release presents the final results of quarterly gross domestic product (QGDP), at current and constant prices, by approach for 015, as well as a preliminary data for quarterly gross domestic product (QGDP), at current and constant prices, by approach for the rd quarter of 016. Gross domestic product of Montenegro in the rd quarter of 016 was 1.41 million euros, while in the same period of the previous year it was 80 million euros. The real growth rate of gross domestic product in rd quarter of 016 was.4% 1. Table 1: Quarterly Gross Domestic Product Quarters GDP in current prices, in mil. EUR (p) IQ IIQ IIIQ IVQ IQ IIQ IIIQ GDP in prices of previous year, in mil. EUR Nominal growth, % Real growth rate, % Real growth rate compared with the same quarter of previous year. Preliminary data. Final data will be available after the publication of annual GDP data for

2 Graph 1: Real growth rates for period IQ015 - IIIQ016, in % IQ 015 IIQ 015 IIIQ 015 IVQ 015 IQ 016 IIQ 016 IIIQ 016 Table : Quarterly GDP by approach at current prices Value (in mil. EUR) IQ015 IIQ015 IIIQ015 IVQ015 IQ016(p) IIQ016(p) IIIQ016(p) 1= (+1.) 1 Final consumption Household final consumption Government final consumption Gross fixed capital formation Changes in = (- 4.) 4 Net export/import Export of goods Imports of goods = (1+++4) 5 GROSS DOMESTIC PRODUCT = (+1.) 1. Table : Structure of quarterly GDP at current prices, % 1 Final consumption Household final consumption 1. Government final consumption Gross fixed capital formation Changes in Structure QGDP (%) IQ015 IIQ015 IIIQ015 IVQ015 IQ016(p) IIQ016(p) IIIQ016(p) = (- 4.) 4 Net export/import Export of goods Imports of goods GROSS DOMESTIC = (1+++4) PRODUCT

3 1= (+1.) 1. Table 4: Quarterly GDP by approach at constant prices 1 Final consumption Household final consumption 1. Government final consumption Gross fixed capital formation Changes in Value (in mil. EUR) IQ015 IIQ015 IIIQ015 IVQ015 IQ016(p) IIQ016(p) IIIQ016(p) = (- 4.) 4 Net export/import = (1+++4) Export of goods 4. Imports of goods 5 GROSS DOMESTIC PRODUCT Table 5: Structure of quarterly GDP at constant prices, % Structure QGDP (%) 1= (+1.) 1. 1 Final consumption Household final consumption 1. Government final consumption Gross fixed capital formation Changes in IQ015 IIQ015 IIIQ015 IVQ015 IQ016(p) IIQ016(p) IIIQ016(p) = (- 4.) 4 Net export/import = (1+++4) Export of goods and services 4. Imports of goods 5 GROSS DOMESTIC PRODUCT

4 Graph : International overview of real growth rates of GDP for IIIQ016, in % Iceland Ireland Luxembourg Romania Spain Bulgaria Slovakia Malta Cyprus Croatia Sweden Slovenia Serbia Montenegro Netherlands FYR Macedonia Hungary Poland Lithuania Czech Republic European Union Finland United Kingdom Greece Germany Portugal Switzerland Belgium Estonia Austria Denmark France Italy Latvia -0.9 Norway

5 METHODOLOGICAL NOTES Statistical Office of Montenegro publish results of quarterly gross domestic product (QGDP), at current and constant prices, by approach. Applied methodology is harmonized with the System of National Accounts (SNA008) and European system of accounts (ESA 010). The quarterly GDP compilation by approach is based on the data from the official statistics of Montenegro. According to the Law on Official Statistics and System of Official Statistics (Official Gazette of Montenegro,18/1) and the Program of statistical surveys (Official Gazette of Montenegro, 1/14) as the main producers of official statistics for the basic components of gross domestic product are defined: Statistical Office of Montenegro for statistics of real sector and prices, Central Bank of Montenegro for monetary statistics and balance of payments statistics, Ministry of Finance for government finance statistics, Tax Authority for fiscal revenues statistics, Customs Administration for data on import and export of goods. The main GDP components are: Households final consumption, Government final consumption, Gross fixed capital formation, Changes in, Export and import of goods. Households final consumption was compiled on the basis of data from regular statistical surveys of MONSTAT (Household Budget Survey, statistics of agriculture, statistics of industry, external trade statistics and price statistics) as well as data from various administrative sources. Data compilation is based on commodity flow approach on the detailed level of Classification Of Individual Consumption Of households by Purpose (COICOP). Data on Government s were based on data from Ministry of Finance appliying ESA 010 methodology. Individual Government final consumption includes s on Education, Health and social security and Sport, Culture and recreation. Other s of the government are related to collective consumption (general public services, military and civil defence, residential and environmental services, etc). Data on Government final consumption s are in accordance with the Classification of the Functions of Government (COFOG). Gross fixed capital formation data are compiled by commodity flow approach. Compilation of gross fixed capital formation is based on data from regular statistical surveys (foreign trade statistics, construction statistics, survey on investments in fixed assets) as well as data from Tax authority. Data on exports and imports of goods are based on the MONSTAT's external trade statistics, data from Customs Administration and Balance of Payment data of Central Bank of Montenegro. QGDP calculation by approach is also compiled at constant prices. On the basis of available data extrapolation method is carried out for category - Government final consumption, and for other categories is applied deflation method. 5

6 Release No. 6 Podgorica, 0 December 016 Circulation: 0 copies Published and printed by Statistical Office of Montenegro (MONSTAT) Podgorica IV Proleterske, Phone (+8) ; Phone/Fax (+8) The release is prepared by: Department for macroeconomic statistics and national accounts Phone/Fax Web: contact@monstat.org When using these data please indicate the source 6

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