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
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Trade & Investment
| Total Exports | USD 4.5 billion (2023) |
|---|---|
| Leading Exports |
Copper Ore Aluminum Electricity Dried Legumes Packaged Medicines Lead Scrap Iron |
| Total Imports | USD 2.2 billion (2022) |
| Leading Imports |
Refined Petroleum Cars Packaged Medicines Recreational Boats Cigarettes |
| 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
Global Finance Rankings & Awards
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
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