Economy of Montenegro

Economy of Montenegro
Central Bank of Montenegro
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
CEFTA, WTO
Country group
Statistics
PopulationIncrease 633,158 (2023)[3]
GDP
GDP rank
GDP growth
  • +6.4% (2022)[4]
  • +6.0% (2023)[4]
  • +3.7% (2024)[4]
GDP per capita
  • Increase $12,800 (nominal, 2024 est.)[4]
  • Decrease $31,860 (PPP, 2024 est.)[4]
GDP per capita rank
GDP by sector
Agriculture: 7.5%
4.3% (2024 est.)[7]
Population below poverty line
  • 8.6% (2013 est.)[6]
  • Positive decrease 31.4% at risk of poverty or social exclusion (2022)[8]
  • Negative increase 18.1% on less than $5.50/day (2020f)[9]
Positive decrease 31.5 medium (2022, Eurostat)[10]
Increase 46 out of 100 points (2023)[13] (63th)
Labour force
  • Decrease 257,387 (2019)[14]
  • Increase 59.8% employment rate (2018)[15]
Labour force by occupation
Unemployment
  • Positive decrease 16.1% (2017 est.)[6]
  • Positive decrease 30.7% youth unemployment (2018)[16]
Average gross salary
€995 / $1053 monthly (August, 2023)
€799 / $845 monthly (August, 2023)
Main industries
steelmaking, aluminum, agricultural processing, consumer goods, tourism
External
ExportsIncrease $2.502 billion (2021 est.)[17]
Export goods
Copper ore, aluminum, electricity, dried legumes, packaged medicines, lead, scrap iron, lumber
Main export partners
ImportsIncrease $3.637 billion (2021 est.)[19]
Import goods
Refined petroleum, cars, packaged medicines, recreational boats, cigarettes
Main import partners
FDI stock
  • Decrease $737.7 million (31 December 2017 est.)[6]
  • Decrease Abroad: $39.77 million (31 December 2017 est.)[6]
Positive decrease −$540.073 million (2021 est.)[21]
Negative increase $3.66 billion (2021)[6]
Public finances
Positive decrease 65.76% of GDP (2023 est.)[22]
−3.1% (of GDP) (2024 est.):[23]
Revenues1.78 billion (2017 est.)[6]
Expenses2.05 billion (2017 est.)[6]
Increase $1.982 billion (31 December 2021 est.)[26]
All values, unless otherwise stated, are in US dollars.
Part of a series on
Montenegro
History
Geography
Politics
Economy
Society

The economy of Montenegro is currently in a process of transition, as it navigates the impacts of the Yugoslav Wars, the decline of industry following the dissolution of the Yugoslavia, and economic sanctions imposed by the United Nations. Montenegro joined the World Trade Organization on 29 April 2012.[27] Montenegro joined the North Atlantic Treaty Organization on 5 June 2017.[28]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
  4. ^ a b c d e f "World Economic Outlook Database". IMF.org. International Monetary Fund.
  5. ^ "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 16 April 2020.
  6. ^ a b c d e f g h i "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 23 January 2019.
  7. ^ "Estimated inflation rate Montenegro". IMF. Retrieved 2 March 2024.
  8. ^ "Persons at risk of poverty or social exclusion by age and sex". Eurostat. Retrieved 2 March 2024.
  9. ^ Europe Central Asia Economic Update, Spring 2020 : Fighting COVID-19. World Bank. 9 April 2020. pp. 61, 62. ISBN 9781464815645. Retrieved 9 April 2020.
  10. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". Retrieved 2 March 2024.
  11. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 12 October 2022.
  12. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 12 October 2022.
  13. ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  14. ^ "Labor force, total - Montenegro". data.worldbank.org. World Bank. Retrieved 27 November 2019.
  15. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 25 May 2019.
  16. ^ "Youth unemployment rate by sex, age (15-24) and country of birth". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 26 December 2019.
  17. ^ "Montenegrin exports". CIA. Retrieved 2 March 2024.
  18. ^ "Export partners of Montenegro". The Observatory of Economic Complexity. Retrieved 14 April 2023.
  19. ^ "Montenegrin imports". CIA. Retrieved 2 March 2024.
  20. ^ "Import partners of Montenegro". The Observatory of Economic Complexity. Retrieved 14 April 2023.
  21. ^ "Montenegrin current account". CIA. Retrieved 2 March 2024.
  22. ^ "Montenegrin national debt to GDP". Statista. Retrieved 2 March 2024.
  23. ^ "Montenegro budget balance 2024 estimate". Standard & Poor's. 1 March 2024. Retrieved 2 March 2024.
  24. ^ "Montenegro rating 2024". Standard & Poor's. 1 March 2024. Retrieved 2 March 2024.
  25. ^ "Country credit opinion 2023". Moody's. 12 September 2023. Retrieved 2 March 2024.
  26. ^ "Reserves of foreign exchange and gold". CIA. Retrieved 2 March 2024.
  27. ^ "Members and Observers". World Trade Organization. 24 August 2012. Archived from the original on 10 September 2011. Retrieved 10 September 2011.
  28. ^ "Montenegro to Formally Join NATO on June 5 – Independent.mk". Retrieved 6 June 2017.