Includes Montenegro real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Montenegro economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Montenegro best banks and safest banks are also available.
Basic Information
Government Type: Parliamentary republic
Capital City: Podgorica; note – Cetinje retains the status of “Old Royal Capital”
GDP & Economic Information
Macroeconomy & Sovereign Data
Central Bank | Central Bank of Montenegro |
---|---|
Currency | Euros (EUR) |
International Reserves |
USD 2.13 billion (2020) World Bank, last updated 12/16/2021 |
Gross Domestic Product – GDP |
USD 5.49 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP (Purchasing Power Parity) |
USD 13.30 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP Data
Real GDP growth |
2017 4.7% 2018 5.1% 2019 4.1% 2020* -15.2% 2021* 7% *Estimate |
---|---|
GDP per capita – current prices |
USD 8,837.58 (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP per capita – PPP |
USD 21,386.95 (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP (PPP) – share of world total | 0.01% (2021 estimate) |
GDP – composition by sector |
Agriculture: 6.4% Industry: 16.1% Services: 58.7% (2019 estimate) |
Gross domestic expenditure on R&D; (% of GDP) | N/A |
Inflation |
2017 2.4% 2018 2.6% 2019 0.4% 2020* -0.2% 2021* 2% *Estimate |
Montenegro
Inflation & Debt
Inflation |
2017 2.4% 2018 2.6% 2019 0.4% 2020* -0.2% 2021* 2% *Estimate |
---|---|
Government Bond Ratings |
Standard & Poor’s: B Moody’s: B1 Standard & Poor’s / Moody’s (Updated January 2017) |
Unemployment rate | N/A |
Household saving rates |
2017 4.7% 2018 4.3% 2019 3.7% 2020 -7% 2021 4.5%* |
Public debt (General government gross debt as a % of GDP) |
2017 66.2% 2018 71.9% 2019 78.8% 2020* 107.2% 2021* 93.4% *Estimate |
Public deficit (General government net lending/borrowing as a % of GDP) |
2017 –4.4% 2018 –4% 2019 0.4% 2020* -8.2% 2021* -2.4% *Estimate |
Market value of publicly traded shares |
USD 3.8 billion (2012) World Bank / Market capitalization |
Largest Companies | N/A |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
26% (2020) World Bank – World Development Indicators (updated Feb 2022) |
---|---|
Shares in world total merchandising export | 0.002% (2020) |
Shares in world total commercial services export |
0.02% (2020) Compiled by GFMag – Based on World Bank – World Development Indicators |
Total exports | USD 1.2 billion (2020 estimate) |
Export commodities | Aluminum, packaged medicines, cars, zinc, wine (2019) |
Total imports |
USD 2.9 billion (2020 estimate) |
Import commodities | Refined petroleum, cars, packaged medicines, recreational boats, cigarettes (2019) |
Exports – major partners |
Serbia 17%, Hungary 15%, China 11%, Russia 7%, Bosnia and Herzegovina 6%, Germany 6%, Italy 5%, Poland 5% (2019) |
Imports – major partners | Serbia 30%, Bosnia and Herzegovina 8%, Croatia 8%, Italy 6%, Greece 6%, Germany 5% (2019) |
Competitiveness & Trade
Current account balance |
USD -1.2 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
---|---|
Current account balance by percentage of GDP |
-21% (2021 estimate) IMF – World Economic Outlook, October 2021 |
FDI inflows |
2019 USD 490 million 2020 USD 417 million 2021 USD 529 million |
FDI Outflows |
2019 USD 109 million 2020 USD 75 million 2021 USD –5.2 million |
Value of cross-border M&A, by country of purchaser | N/A |
Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 50 out of 190 countries (2020) Subcategories: Starting a Business: 101 out of 190 countries Dealing with Construction Permits: 40 out of 190 countries Getting Electricity: 134 out of 190 countries Registering Property: 83 out of 190 countries Getting Credit: 15 out of 190 countries Protecting Minority Investors: 61 out of 190 countries Paying Taxes: 75 out of 190 countries Trading across Borders: 41 out of 190 countries Enforcing Contracts: 44 out of 190 countries Resolving Insolvency: 43 out of 190 countries World Bank – Doing Business 2020 |
Global competitiveness ranking |
75 out of 141 countries (2019) |
Index of Economic Freedom |
Ranking: 103 / Score: 57.8 (Mostly Unfree) The Heritage Foundation – 2022 Index of Economic Freedom |
Population & Geographic Data
Total Area | 13,812 sq km |
---|---|
Total Population |
1990 0.61 Million 2000 0.60 Million 2010 0.62 Million 2015 0.62 Million 2020 0.62 Million |
Urban population as % of total population |
1960 18.8% 1980 36.8% 2000 58.5% 2020 67.5% |
Population median age |
39.6 (2022 estimate) CIA World Factbook / Population median age |
Population growth rate | -0.41% (2022 est.) |
Life expectancy |
77.8 years CIA World Factbook / Life expectancy |
% of population living on less than $3.10 a day | 6.4% (last available estimate, 2018) |
Inequality of wealth distribution (Gini index) | 36.8 (last available estimate, 2018) |
Freedom House rating |
Total score: 67/100 Status: Partly Free Political Rights: 26/40 Civil Liberties: 41/60 (2022) |
Total telephone subscribers as % of population |
Fixed: 30.5% Mobile: 172.0% (2020) (fixed-telephone subscribers and mobile-cellular subscri |
Internet users as % of total population | 77.6% (2020) |
Language & Religon
Languages | Serbian 42.9%, Montenegrin (official) 37%, Bosnian 5.3%, Albanian 5.3%, Serbo-Croat 2%, other 3.5%, unspecified 4% (2011 est.) |
---|---|
Literacy |
Total population: 98.8% Male: 99.5% Female: 98.3% (2018) Definition: age 15 and over can read and write |
Religions | Orthodox 72.1%, Muslim 19.1%, Catholic 3.4%, atheist 1.2%, other 1.5%, unspecified 2.6% (2011 est.) |
World Rankings
Population | 0.62 million |
---|---|
Mercer Cost of living index | N/A |
C02 Emissions per capita | 4.0 metric tons per capita (2018) |
Global Finance Rankings & Awards: Montenegro
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
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