C O N T E N T S 

• Introduction 
• Macroeconomic Environment in Montenegro 
• Real Sector Developments 
• Monetary Developments 
• Financial Market 
• Fiscal Developments 
• Public Debt 
• External Developments
• EU Topics 
• International Economy 
• Important Events in 2005 
• Annex: 
  • Annex A 
  • Annex B 
  • Annex C 
  • Annex D 
  • Annex E