Electricity, gas and steam production accounted for the strongest industrial growth in Montenegro during the first eight months of 2026, with output increasing by 59.3%. Mining and quarrying recorded a 15.7% rise, while manufacturing output grew by just 0.8%.
The difference between the sectors was also evident in the latest monthly figures. Industrial production increased by 12.1% in August compared with July, supported by a 17.5% monthly rise in electricity output.
The scale of the increase in the electricity, gas and steam category has made its performance a major factor in Montenegro’s overall industrial production figures. Changes in this segment can substantially influence the national index, even when manufacturing activity records limited growth or declines across individual branches.
Electricity production also has implications beyond the measurement of industrial output, given its relationship with energy-intensive economic activity and corporate performance. A decline in generation could weigh on the headline industrial index, just as stronger output can raise the aggregate figure.
The Central Bank data do not identify the reasons behind the increase in electricity production. They provide no basis for attributing the growth to specific power plants or hydrological conditions, but demonstrate the extent to which Montenegro’s industrial production statistics depend on developments in the electricity, gas and steam sector.
