PODGORICA (Montenegro), July 3 (SeeNews) – Montenegro’s general government gross debt rose to 2.356 billion euro ($2.679 billion) at the end of 2016, from 2.219 billion euro at the end of the previous year, according to finance ministry data.

General government gross debt was equivalent to 62.4% of Montenegro’s 2016 gross domestic product (GDP), compared to 61.7% of GDP at the end of December 2015, the Montenegrin finance ministry said in its spring macroeconomic report.

The country's general government gross debt increased as a result of the issue of bonds worth 300 million euro and borrowing to finance investment projects, including a 10.3 million funding for the Bar-Boljare motorway, the finance ministry said.

The debt of local authorities in Montenegro came in at 143.1 million euro at the end of December and accounted for 3.8% of GDP, versus 142.2 million euro in 2015, when it was equivalent to 3.95% of GDP.

Montenegro's GDP grew by a real 2.5% in 2016, following a 3.2% increase in the previous year.

($ = 0.8794 euro)