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Includes historical data for Montenegro’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.

Tourism Powers Economy Despite Corruption And Instability

A former Yugoslav republic, Montenegro has made significant headway in transitioning to an open-market economy through comprehensive structural reforms and the privatization of nearly all state-owned enterprises. Montenegro business environment benefits from low labor costs, a favorable corporate tax rate and its strategic location in the heart of the Balkans. Additionally, while not a member of the EU, Montenegro has adopted the euro as its domestic currency. Tourism, which accounts alone for roughly a quarter of the GDP, hydropower and agriculture are the primary drivers of the economy.

Still, while the government welcomes foreign investors, political instability and corruption, a sizable informal economy, and a shortage of skilled labor, are persistent issues. Furthermore, Montenegro grapples with one of the highest public debt-to-GDP ratios in the region. The economy remains scarcely diversified, weakening the export base. 

Macroeconomy & Sovereign Data

Type of Government Parliamentary republic
Capital Podgorica; note – Cetinje retains the status of “Old Royal Capital”
Sovereign Ratings S&P: B
Moody’s: B1
Fitch: Not rated
Total Population 0.6 million
Median Age 39.0
Adult Per Capita Income (PPP) 31,265.17
Total GDP (2023) 8.0 billion

Montenegro GDP & Economic Overview

Most Recent Content

Banking & Finance

Trade & Investment

Total Exports USD 4.5 billion (2023)
Leading Exports Copper Ore
Dried Legumes
Packaged Medicines
Scrap Iron
Total Imports USD 2.2 billion (2022)
Leading Imports Refined Petroleum
Packaged Medicines
Recreational Boats
Source: World Integrated Trade Solution

Montenegro Leading Companies

Voli Consumer Discretionary, Broadline Retail
Prva banka Crne Gore Financials
Jugopetrol AD Integrated Oil & Gas
Trebiesa Brewerv Consumer Staples, Brewers
Plantaže Consumer Staples, Wineries
Crnogorski Elektroprenosni Sistem Electric Utilities
Air Montenegro Airlines

Major Trade Partners — Import

Serbia 20%
China 10%
Germany 9%
Italy 6%
Greece 6%

Source: World Integrated Trade Solution

Major Trade Partners — Export

Serbia 25%
Switzerland 12%
Bosnia and Herzegovina 8%
Unspecified 7%
Italy 6%

Source: World Integrated Trade Solution

Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings


Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000