Download - FEAS

More documents

Recommendations

Info

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010MONTENEGRO STOCK EXCHANGEECONOMIC AND POLITICAL DEVELOPMENTSPolitical HistoryOn 21 May 2006 Montenegro organised areferendum on independence, in line with theprovisions of Article 60 of the ConstitutionalCharter of Serbia and Montenegro. Themodalities for referendum were agreed bypolitical parties following a mediation missionof Mr Miroslav Lajcak, the personalrepresentative of the High Representative forCFSP Javier Solana. The referendum wasconducted in line with OSCE and Council ofEurope commitments. On 31 May 2006 theRepublic Referendum Commissionconfirmed the results, according to which55.5% of voters expressed their support forindependence. On 3 June 2006 theMontenegrin Parliament adopted the“Declaration of Independence”.Recognising legitimacy of the whole processthe EU Council adopted on 12 June 2006Conclusions where the EU and its MemberStates decided to develop further theirrelations with the Republic of Montenegro asa sovereign, independent state.In the Declaration of Independence,Montenegro confirmed that it applies andadheres to international treaties andagreements to which the State Union ofSerbia and Montenegro was a party andwhich are relevant for Montenegro.Montenegro started the process of joininginternational organisations. In June 2006 itbecame a member of the UN and of theOSCE. In July and August it acceded to anumber of organisations including ILO, ITU,ICRC et al. Since May 2007, Montenegro isalso a member of the Council of Europe.Bilateral discussions on settling pendingissues between Serbia and Montenegro arebeing held in a constructive atmosphere andagreements have been reached on keyissues, notably on financial assets andmembership in IFIs.Since independence Montenegro has beenputting in place the legal and institutional setuprequired by its new competences as anindependent state. On 19 October 2007Montenegro adopted a Constitution that isbroadly in line with international standardsand the recommendations of the Council ofEurope and its Venice Commission. TheConstitution was adopted by the Parliamentwith the required qualified majority.Economic situationEconomic growth remained strong in 2008,expanding well above 8% in real terms,boosted by strong inflows of FDI and robustdomestic demand. Services, notably tourism,financial intermediation and real estate,remained the main driver of growth,generating some 70% of gross value added(GVA). Around 20% of total growth wasattributable to industrial output andconstruction. On the demand side,consumption remained solid as retail salesgrew by around 10% in real terms in 2008.Exports of goods decreased in 2008,reflecting the weak competitiveness of localproducts but also the volatile internationalprice of aluminium, which accounts foralmost half of total exports. FDI inflowscombined with a robust domestic demandinduced a widening of the trade deficit to62% of GDP.The stagnation on the domestic capitalmarket resulted in a significant outflow ofportfolio investments. Overall, the currentaccount deficit widened, driven by a stronginflow of imports while its coverage by netFDI declined, increasing vulnerability toexternal shocks.Montenegro unilaterally uses the Euro aslegal tender, without participating in the Euroarea. Consequently, its monetary policy islimited to operation of liquidity management.To counter the international financial crisisthe Montenegrin authorities have taken aseries of measures, including higher capitaladequacy requirements for domestic banks,an unlimited coverage for deposits insuranceas well as a guarantee scheme for intrabankinglending. Public Debt expanded to33.6% of GDP in 2008, as the share ofdomestic debt rose in the total.The WTO accession process will requirefurther reforms. To that end the Montenegrinauthorities established new centres formetrology, standardisation and intellectualproperty, which should also serve thepurpose of alignment of Montenegro'sforeign trade regime and customs policy withthe EU requirements.** Information provided by MSE.Key Information ContactsSecurities Commission of Montenegro www.scmn.cg.yuCentral Depository Agency www.cda.cg.yuCentral Bank of Montenegro www.cb-cg.orgMinistry of Finance www.ministarstvo-finansija.cg.yuMontenegro Statistical Office www.monstat.cg.yuGDP IN CURRENT PRICES(EUR billions)INFLATION(%)3.53.02.52.01.51.00.50.002 03 04 05 06 07 08 0910987654321002 03 04 05 06 07 08 09PAGE 126
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010MONTENEGRO STOCK EXCHANGEMONTENEGRO ECONOMIC CHARTS AND TABLES2002 2003 2004 2005 2006 2007 2008 2009GDP in current prices* 1,360.1 1,510.1 1,669.8 1,815.0 2,149.0 2,680.5 3,085.6 3,083.0Real GDP in mil. EUR 1,319.8 1,394.1 1,577.0 1,739.6 1,970.5 2,378.0 2,866.0BDP – real growth, % 1.9 2.5 4.4 4.2 8.6 10.7 6.9 -5.3Population (000) mid-year assessment 617.1 620.3 622.1 623.3 624.2 626.2 628.8 630.1GDP-pc 2,208 2,435 2,684 2,912 3,443 4,280 4,908 4,893Inflation, %** 9.2 6.2 1.5 2.4 2.8 7.7 7.2 1.5Number of employees*** 113,775 111,856 143,485 144,358 150,800 156,408 166,221 174,152Number of unemployees**** 80,582 71,678 64,968 54,457 43,190 34,396 29,535 28,385Growth of employment (persons) % -0.3 -1.7 28.3 0.6 4.5 3.7 6.3 4.8Unemployment rate, %**** 30.4 26.7 22.4 18.5 14.7 11.9 10.7 11.4Number of pensioners***** 88,300 90,778 91,936 92,991 93,569 93,692 97,324 110,545Average earnings 251 271 303 327 433 497 609 643Surplus / deficit of the public sector, %BDP****** -2.40 -1.98 -1.96 2.94 6.65 -0.39 -3.37Opsti Specijalnisistem sistemExports of goods and services, current prices, mil. EUR******* 480.97 461.90 701.68 790.41 1,066.36 1,217.47 1,273.37 851.10 832.70Growth rates of exports of goods and services, %******* 24.6 -4.0 51.9 12.6 34.9 14.2 4.6 -20.6 -19.3Imports of goods and services, current prices, mil. EUR******* 814.49 709.57 969.94 1,108.53 1,718.59 1,936.66 2,359.89 1,201.10 1,437.07Growth rates of imports of goods and services, %******* 4.5 -12.9 36.7 14.3 55.0 12.7 21.9 -35.2 -36.4Balance of exchange of goods and services, current prices, mil. EUR******* -333.52 -247.67 -268.26 -318.11 -652.23 -719.19 -1,086.52 -349.61 -604.37Balance of exchange of goods and services, % GDP******* -24.5 -16.4 -16.1 -17.5 -30.4 -26.8 -35.2 -13.1 -22.6Current account balance, current prices, mil. EUR******* -174.99 -102.06 -119.64 -154.05 -531.21 -642.79 -1,005.66 -335.0 -589.8Current account balance, % GDP******* -12.9 -6.8 -7.2 -8.5 -24.7 -24.0 -32.6 -12.5 -22.1Gross capital formation, at current prices, mil. EUR******** 198.9 200.8 286.1 326.3 469.8 867.1 1,180.2 883.0Gross capital formation, % of the GDP******** 14.6 13.3 17.1 18.0 21.9 32.3 38.3 23.8External debt, mil. EUR 893.6 461.5 488.3 513.3 504.0 462.1 481.7 699.9External debt, % BDP 65.7 30.6 29.2 28.3 23.5 17.2 15.6 22.7Net foreign direct investment, current prices, mil. EUR******* 38.7 50.6 380.9 466.7 524.9 567.6 766.7Net foreign direct investment, % BDP******* 2.6 3.0 21.0 21.7 19.6 18.4 28.7Source: Monstat, with the GDP at current prices for 2007. Revision but not revised GDP at constant prices and real rates for the year. Data for 2009. year's estimate of the Ministry of Finance ofMontenegro.** Source Monstat: Inflation measured by the cost of living by 2008, and consumer prices for 2009. year - the annual change.*** Source: Monstat, since 2004. The applied methodology.**** Source: Department for employment of Montenegro, data on the number of unemployed is the annual average, and unemployment for the last three years the rate in December for the previousyear, data from the National Employment Strategy for the period 2007 - 2010. year.***** Data for 2009. refers to the day 30/09/2009.****** Source: Law on the final account of the budget of Montenegro. The information includes the budget of Montenegro with state funds and local government.******* GDP data for 2009. year relating to the period from January to September, in 2007. of 2008 and the goods are shown by the general system of trade.******** Source: Monstat, data for 2007. year are revised. Data for 2009. year's estimate of the Ministry of Finance of Montenegro.EXPORTS OF GOODS AND SERVICES,CURRENT PRICES (EUR millions)IMPORTS OF GOODS AND SERVICES,CURRENT PRICES (EUR millions)1.4001.2001.000800600400200002 03 04 05 06 07 08 092,5002,0001,5001,000500002 03 04 05 06 07 08 09PAGE 127
Page 6 and 7:
FEDERATION OF EURO-ASIAN STOCK EXCH
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21:
Page 22:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 32 and 33:
Page 36 and 37:
Page 38 and 39:
Page 41 and 42:
Page 43:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
Page 186 and 187:
Page 188 and 189:
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196 and 197:
Page 198 and 199:
Page 200 and 201:
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212:
show all

Download - FEAS

Create successful ePaper yourself

Delete template?

Save as template?