Montenegro’s Deputy Prime Minister Vujica Lazovic said the country’s economy shrank 4% in the first three quarters of 2009, a worse contraction than previously expected. The country is still in recession, state network RTCG TV quoted Lazovic as saying in a broadcast. Global crisis came to Montenegro late and is expected to leave us with a delay. The revised budget adopted in July forecast a contraction of 2.6%. He said that the recession is mainly associated with a drop in industrial output of 31%, reduced construction business of 21% and negative turnover in trade of 11%. Lazovic forecast 1% growth next year. In 2007 and 2008 Montenegro’s GDP, driven by revenues from tourism and real estate development, reached 10.7% and 7.5% respectively. It slumped in 2009 as investors and real estate developers pulled out amidst the global downturn. To boost revenues, Montenegro in September sold a stake in its power company Elektroprivreda Crne Gore to Italy’s A2A for € 197 million.