Integrated Annual Report 2012
In 2012 GDP in Serbia contracting by 2%.
Cement consumption is estimated to have shrunk by more than 8% in 2012, due to the decline of private investments in real estate and the stagnation of commercial sector projects. On the other hand, some important infrastructure projects commenced during the year, which could fuel growth of construction activity in 2013, if they proceed as planned.
In Montenegro, an important market for TITAN Cementara Kosjeric, cement consumption also declined by an estimated 7% compared to 2011, further impacting the overall financial performance of our operations.