November 24, 2020 - Montenegro's income from foreign tourists from the beginning of the year to the end of September amounted to EUR 100 million, while in the same period last year it was EUR 978 million, according to new data from the Central Bank (CBCG) on the balance of payments with foreign countries.
Foreign income from tourism is the most relevant item in the calculation of exports of goods and services, which, according to the Monstat methodology, makes up one-third of the value of the gross domestic product (GDP), Vijesti writes.
With the drastic reduction in income from tourism, the overall decline in the economy could be close to 20 percent.
That would push the state's public debt to about 100 percent of GDP.
Exports of services for the nine months were EUR 491 million, while last year they were worth EUR 1.5 billion for the same period.
Due to vast imports of goods, Montenegro only in the third quarter - July, August, September, has positive figures in the balance of goods and services precisely because of higher income from foreign tourists.
Last year, for these three months, Montenegro exported goods in the value of EUR 120 million, and services of EUR 927 million, while at the same time the import of goods was worth EUR 690 million and services for EUR 178 million.
As a result, the total balance was positive by EUR 179 million.
In the third quarter, which carries the Montenegrin economy, exports of goods were worth 97m euros and services 201m, while imports of goods were worth 510m and services 111m euros. As a result, the total balance is now negative by EUR 323 million.
Source: Boka News