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Montenegro Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Montenegro Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Montenegro's economy is transitioning to a market system. Around 90% of Montenegrin state-owned companies have been privatized, including 100% of banking, telecommunications, and oil distribution. Tourism, which accounts for more than 20% of Montenegro’s GDP, brings in three times as many visitors as Montenegro’s total population every year. Several new luxury tourism complexes are in various stages of development along the coast, and a number are being offered in connection with nearby boating and yachting facilities. In addition to tourism, energy and agriculture are considered two distinct pillars of the economy. Only 20% of Montenegro’s hydropower potential is utilized. Montenegro plans to become a net energy exporter, and the construction of an underwater cable to Italy, which will be completed by the end of 2018, will help meet its goal.

Montenegro uses the euro as its domestic currency, though it is not an official member of the euro zone. In January 2007, Montenegro joined the World Bank and IMF, and in December 2011, the WTO. Montenegro began negotiations to join the EU in 2012, having met the conditions set down by the European Council, which called on Montenegro to take steps to fight corruption and organized crime.

The government recognizes the need to remove impediments in order to remain competitive and open the economy to foreign investors. Net foreign direct investment in 2017 reached $848 million and investment per capita is one of the highest in Europe, due to a low corporate tax rate. The biggest foreign investors in Montenegro in 2017 were Norway, Russia, Italy, Azerbaijan and Hungary.

Montenegro is currently planning major overhauls of its road and rail networks, and possible expansions of its air transportation system. In 2014, the Government of Montenegro selected two Chinese companies to construct a 41 km-long section of the country’s highway system, which will become part of China’s Belt and Road Initiative. Cheaper borrowing costs have stimulated Montenegro’s growing debt, which currently sits at 65.9% of GDP, with a forecast, absent fiscal consolidation, to increase to 80% once the repayment to China’s Ex/Im Bank of a €800 million highway loan begins in 2019. Montenegro first instituted a value-added tax (VAT) in April 2003, and introduced differentiated VAT rates of 17% and 7% (for tourism) in January 2006. The Montenegrin Government increased the non-tourism Value Added Tax (VAT) rate to 21% as of January 2018, with the goal of reducing its public debt.

GDP (purchasing power parity):
$11.08 billion (2017 est.)
$10.63 billion (2016 est.)
$10.32 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 160
[see also: GDP country ranks ]

GDP (official exchange rate):
$4.784 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.3% (2017 est.)
2.9% (2016 est.)
3.4% (2015 est.)
country comparison to the world: 69
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,800 (2017 est.)
$17,100 (2016 est.)
$16,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 99
[see also: GDP - per capita country ranks ]

Gross national saving:
13.2% of GDP (2017 est.)
9.9% of GDP (2016 est.)
9.1% of GDP (2015 est.)
country comparison to the world: 144
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 76.8% (2016 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.6% (2016 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.2% (2016 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.9% (2016 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 40.5% (2016 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -63% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 7.5% (2016 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 15.9% (2016 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 76.6% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
tobacco, potatoes, citrus fruits, olives and related products, grapes; sheep, wine

Industries:
steelmaking, aluminum, agricultural processing, consumer goods, tourism

Industrial production growth rate:
-4.2% (2017 est.)
country comparison to the world: 194
[see also: Industrial production growth rate country ranks ]

Labor force:
273,200 (2017 est.)
country comparison to the world: 167
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 17.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 75% (2017 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
16.1% (2017 est.)
17.1% (2016 est.)
country comparison to the world: 176
[see also: Unemployment rate country ranks ]

Population below poverty line:
8.6% (2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 25.7% (2014 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
31.9 (2014 est.)
32.3 (2013 est.)
country comparison to the world: 122
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 1.78 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 2.05 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
37.2% (of GDP) (2017 est.)
country comparison to the world: 55
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.6% (of GDP) (2017 est.)
country comparison to the world: 175
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
67.2% of GDP (2017 est.)
66.4% of GDP (2016 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
country comparison to the world: 55
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.4% (2017 est.)
-0.3% (2016 est.)
country comparison to the world: 120
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
6.81% (31 December 2017 est.)
7.45% (31 December 2016 est.)
country comparison to the world: 123
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.284 billion (31 December 2016 est.)
$1.072 billion (31 December 2015 est.)
country comparison to the world: 150
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.37 billion (31 December 2016 est.)
$2.235 billion (31 December 2015 est.)
country comparison to the world: 137
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.239 billion (31 December 2017 est.)
$2.547 billion (31 December 2016 est.)
country comparison to the world: 137
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$3.425 billion (31 December 2017 est.)
$3.027 billion (31 December 2016 est.)
$3.246 billion (31 December 2015 est.)
country comparison to the world: 90
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$780 million (2017 est.)
-$710 million (2016 est.)
country comparison to the world: 133
[see also: Current account balance country ranks ]

Exports:
$422.2 million (2017 est.)
$362 million (2016 est.)
country comparison to the world: 181
[see also: Exports country ranks ]

Imports:
$2.618 billion (2017 est.)
$2.29 billion (2016 est.)
country comparison to the world: 155
[see also: Imports country ranks ]

Reserves of foreign exchange and gold:
$1.077 billion (31 December 2017 est.)
$846.5 million (31 December 2016 est.)
country comparison to the world: 131
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.516 billion (31 December 2017 est.)
$2.224 billion (31 December 2016 est.)
country comparison to the world: 149
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$737.7 million (31 December 2017 est.)
$763.4 million (31 December 2016 est.)
country comparison to the world: 125
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$39.77 million (31 December 2017 est.)
$213.1 million (31 December 2016 est.)
country comparison to the world: 115
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)


NOTE: 1) The information regarding Montenegro on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Montenegro Economy 2019 information contained here. All suggestions for corrections of any errors about Montenegro Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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