Montenegro Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

upper middle-income Balkan economy; unsanctioned euro user; controversial religious property ownership law; persistent corruption; major infrastructure investments and high expenditures; growing offshore banking destination

Real GDP (purchasing power parity)

$12.757 billion (2021 est.)

$11.346 billion (2020 est.)

$13.397 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

12.43% (2021 est.)

-15.31% (2020 est.)

4.06% (2019 est.)

Real GDP per capita

$20,600 (2021 est.)

$18,300 (2020 est.)

$21,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$5.486 billion (2019 est.)

Inflation rate (consumer prices)

2.41% (2021 est.)

-0.26% (2020 est.)

0.36% (2019 est.)

Credit ratings

Moody's rating: B1 (2016)

Standard & Poors rating: B+ (2014)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 7.5% (2016 est.)

industry: 15.9% (2016 est.)

services: 76.6% (2016 est.)

GDP - composition, by end use

household consumption: 76.8% (2016 est.)

government consumption: 19.6% (2016 est.)

investment in fixed capital: 23.2% (2016 est.)

investment in inventories: 2.9% (2016 est.)

exports of goods and services: 40.5% (2016 est.)

imports of goods and services: -63% (2016 est.)

Agricultural products

milk, potatoes, grapes, vegetables, tomatoes, watermelons, wheat, apples, cabbages, barley

Industries

steelmaking, aluminum, agricultural processing, consumer goods, tourism

Industrial production growth rate

1.39% (2021 est.)

Labor force

277,400 (2021 est.)

Labor force - by occupation

agriculture: 7.9%

industry: 17.1%

services: 75% (2017 est.)

Unemployment rate

18.49% (2021 est.)

17.9% (2020 est.)

15.12% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 31.6%

male: 28.3%

female: 36.7% (2021 est.)

Population below poverty line

24.5% (2018 est.)

Gini Index coefficient - distribution of family income

36.8 (2018 est.)

Average household expenditures

on food: 27.5% of household expenditures (2018 est.)

on alcohol and tobacco: 6.8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.5%

highest 10%: 25.7% (2014 est.)

Budget

revenues: $2.051 billion (2020 est.)

expenditures: $2.568 billion (2020 est.)

Budget surplus (+) or deficit (-)

-5.6% (of GDP) (2017 est.)

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

Taxes and other revenues

37.2% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$540.073 million (2021 est.)

-$1.237 billion (2020 est.)

-$796.134 million (2019 est.)

Exports

$2.502 billion (2021 est.) note: data are in current year dollars

$1.247 billion (2020 est.) note: data are in current year dollars

$2.424 billion (2019 est.) note: data are in current year dollars

Exports - partners

Serbia 17%, Hungary 15%, China 11%, Russia 7%, Bosnia and Herzegovina 6%, Germany 6%, Italy 5%, Poland 5% (2019)

Exports - commodities

copper ore, aluminum, electricity, dried legumes, packaged medicines, lead, scrap iron, lumber (2021)

Imports

$3.637 billion (2021 est.) note: data are in current year dollars

$2.917 billion (2020 est.) note: data are in current year dollars

$3.6 billion (2019 est.) note: data are in current year dollars

Imports - partners

Serbia 30%, Bosnia and Herzegovina 8%, Croatia 8%, Italy 6%, Greece 6%, Germany 5% (2019)

Imports - commodities

refined petroleum, cars, packaged medicines, recreational boats, cigarettes (2019)

Reserves of foreign exchange and gold

$1.982 billion (31 December 2021 est.)

$2.135 billion (31 December 2020 est.)

$1.529 billion (31 December 2019 est.)

Debt - external

$2.516 billion (31 December 2017 est.)

$2.224 billion (31 December 2016 est.)

Exchange rates

euros (EUR) per US dollar -

0.845 (2021 est.)

0.877 (2020 est.)

0.893 (2019 est.)

0.847 (2018 est.)

0.885 (2017 est.)

NOTE: The information regarding Montenegro on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Montenegro 2023 information contained here. All suggestions for corrections of any errors about Montenegro 2023 should be addressed to the CIA or the source cited on each page.