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Montenegro Economy 2017
https://theodora.com/wfbcurrent/montenegro/montenegro_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Montenegro Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Montenegro's economy is transitioning to a market system. From the beginning of the privatization process in 1999 through 2015, around 85% of Montenegrin state-owned companies have been privatized, including 100% of banking, telecommunications, and oil distribution. Tourism brings in twice 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.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 EC in June, 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. The biggest foreign investors in Montenegro are Italy, Norway, Austria, Russia, Hungary and the UK. Net foreign direct investment in 2014 reached $483 million and investment per capita is one of the highest in Europe.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. Construction will cost around $1.1 billion. 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. In May 2013, the Montenegrin Government raised the higher level VAT rate to 19%.

GDP (purchasing power parity):
$10.61 billion (2016 est.) $10.1 billion (2015 est.) $9.789 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 159
[see also: GDP country ranks ]

GDP (official exchange rate):
$4.242 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.1% (2016 est.) 3.2% (2015 est.) 1.8% (2014 est.)
country comparison to the world: 35
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,000 (2016 est.) $16,200 (2015 est.) $15,700 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 98
[see also: GDP - per capita country ranks ]

Gross national saving:
5.4% of GDP (2016 est.) 5.1% of GDP (2015 est.) 4.6% of GDP (2014 est.)
country comparison to the world: 165
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 81.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 21.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 42.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -64.5% (2013 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 8.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 70.5% (2013 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
4.5% (2013 est.)
country comparison to the world: 42
[see also: Industrial production growth rate country ranks ]

Labor force:
263,200 (2014 est.)
country comparison to the world: 165
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 17.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 76.8% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
18.5% (2014 est.) 19.1% (2013 est.)
country comparison to the world: 166
[see also: Unemployment rate country ranks ]

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

Distribution of family income - Gini index:
26.2 (2013 est.) 24.3 (2010)
country comparison to the world: 137
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.56 billion
[see also: Budget revenues country ranks ]
expenditures: $1.63 billion (2014 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
36.8% of GDP (2014 est.)
country comparison to the world: 49
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.7% of GDP (2014 est.)
country comparison to the world: 62
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
59.5% of GDP (31 December 2014 est.) 57.9% of GDP (2013 est.)
note: data cover general government debt and include 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 int
country comparison to the world: 65
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.5% (2016 est.) 1.6% (2015 est.)
country comparison to the world: 49
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
9.22% (31 December 2014 est.) 9.36% (31 December 2013 est.)
country comparison to the world: 92
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$749 million (31 December 2011 est.) $783.3 million (31 December 2010 est.)
country comparison to the world: 158
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.982 billion (31 December 2011 est.) $2.01 billion (31 December 2010 est.)
country comparison to the world: 156
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.63 billion (31 December 2014 est.) $2.682 billion (31 December 2013 est.)
country comparison to the world: 133
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$7.532 billion (31 December 2014 est.) $3.827 billion (31 December 2012 est.) $3.322 billion (31 December 2011 est.)
country comparison to the world: 78
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$437 million (2016 est.) -$387 million (2015 est.)
country comparison to the world: 100
[see also: Current account balance country ranks ]

Exports:
$370.2 million (2014 est.) $489.2 million (2012 est.)
country comparison to the world: 178
[see also: Exports country ranks ]

Exports - partners:
Croatia 22.7%, Serbia 22.7%, Slovenia 7.8% (2012 est.)

Imports:
$1.982 billion (2014 est.) $2.4 billion (2012 est.)
country comparison to the world: 160
[see also: Imports country ranks ]

Imports - partners:
Serbia 29.3%, Greece 8.7%, China 7.1% (2012 est.)

Reserves of foreign exchange and gold:
$599.6 million (31 December 2014 est.)
country comparison to the world: 144
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.576 billion (31 December 2014 est.) $1.433 billion (31 December 2013 est.)
country comparison to the world: 156
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$483 million (31 December 2014 est.) $446.5 million (31 December 2013 est.)
country comparison to the world: 116
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$133 million (31 December 2014 est.)
country comparison to the world: 98
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.9214 (2016 est.) 0.885 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.) 0.78 (2012 est.)


NOTE: The information regarding Montenegro on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Montenegro Economy 2017 information contained here. All suggestions for corrections of any errors about Montenegro Economy 2017 should be addressed to the CIA.




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