A Window Of Opportunity For The Frontier Market
Montenegro tries to keep the foreign direct investment environment as simple as possible.
Montenegro GDP and Economic Data
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.
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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
Source
GDP (Purchasing Power Parity)
USD 13.30 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
Real GDP growth
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 4.7% | 5.1% | 4.1% | –15.2% | 7% |
*Estimate
Source
GDP per capita - current prices
USD 8,837.58 (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
GDP per capita - PPP
USD 21,386.95 (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
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GDP - composition by sector
- Agriculture: 6.4%
- Industry: 16.1%
- Services: 58.7%
(2019 estimate)
Inflation
| 2017 | 2018 | 2019 | 2020* | 2021* |
| 2.4% | 2.6% | 0.4% | -0.2% | 2% |
*Estimate
Source
Household saving rates
| 2017 | 2018 | 2019 | 2020 | 2021 |
| 4.7% | 4.3% | 3.7% | -7% | 4.5%* |
*Estimate
Source
Public debt (General government gross debt as a % of GDP)
| 2017 | 2018 | 2019 | 2020* | 2021* |
| 66.2% | 71.9% | 78.8% | 107.2% | 93.4% |
*Estimate
Source
Public deficit (General government net lending/borrowing as a % of GDP)
| 2017 | 2018 | 2019 | 2020* | 2021* |
| –4.4% | –4% | 0.4% | -8.2% | –2.4% |
*Estimate
Source
Government bond ratings
Standard & Poor's: B
Moody's: B1
Standard & Poor's / Moody's (Updated January 2017)
Source
Market value of publicly traded shares
USD 3.8 billion (2012)
World Bank / Market capitalization
Source
Current account balance
USD -1.2 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
Current account balance by percentage of GDP
-21% (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
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
Export commodities
Aluminum, packaged medicines, cars, zinc, wine (2019)
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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)
FDI inflows
| 2019 | 2020 | 2021 |
| USD 490 million | USD 417 million | USD 529 million |
FDI outflows
| 2019 | 2020 | 2021 |
| USD 109 million | USD 75 million | 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
Source
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
Source
Source
Capital
Podgorica; note - Cetinje retains the status of "Old Royal Capital"
Source
Languages
Serbian 42.9%, Montenegrin (official) 37%, Bosnian 5.3%, Albanian 5.3%, Serbo-Croat 2%, other 3.5%, unspecified 4% (2011 est.)
Religions
Orthodox 72.1%, Muslim 19.1%, Catholic 3.4%, atheist 1.2%, other 1.5%, unspecified 2.6% (2011 est.)
Total population
| 1990 | 2000 | 2010 | 2015 | 2020 |
| 0.61 million | 0.60 million | 0.62 million | 0.62 million | 0.62 million |
Source
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2020 |
| 18.8% | 36.8% | 58.5% | 67.5% |
Literacy
Total population: 98.8%
Male: 99.5%
Female: 98.3% (2018)
Definition: age 15 and over can read and write
% 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)
Source
Freedom House rating
Total score: 67/100
Status: Partly Free
Political Rights: 26/40
Civil Liberties: 41/60 (2022)
Source
Total telephone subscribers as % of population
Fixed: 30.5%
Mobile: 172.0% (2020)
(fixed-telephone subscribers and mobile-cellular subscribers)