C O N T E N T S  

• Overview of Macroeconomic Developments 
• Real Sector Developments 
• Monetary Developments 
• Financial Market 
• Fiscal Developments 
• External Developments 
• Topic of the Report: Oil Shocks and their Impact on the Montenegrin Economy 
• EU Topics 
• International Economy 
• Important Events 
• Annexes: 
  • Annex A 
  • Annex B 
  • Annex C 
  • Annex D 
  • Annex E 
  • Annex F