Economy of Montenegro

Economy of Montenegro
	Central Bank of Montenegro
Currency	Euro (EUR, €)
Fiscal year	Calendar year
Trade organisations	CEFTA, EFTA, WTO
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	633,158 (2023)
GDP	$8.011 billion (nominal, 2024 est.); $18.812 billion (PPP, 2024 est.);
GDP rank	158th (nominal, 2023 est.); 152th (PPP, 2023 est.);
GDP growth	+13.0% (2021); +6.4% (2022); +3.2% (2023);
GDP per capita	$12,645 (nominal, 2024 est.); $29,695 (PPP, 2024 est.);
GDP per capita rank	79th (nominal, 2023 est.); 68th (PPP, 2023 est.);
GDP by sector	Agriculture: 7.5% Industry: 15.9%; Services: 76.6%; (2016 est.);
Inflation (CPI)	4.3% (2024 est.)
Population below poverty line	8.6% (2013 est.); 31.4% at risk of poverty or social exclusion (2022); 18.1% on less than $5.50/day (2020f);
Gini coefficient	31.5 medium (2022, Eurostat)
Human Development Index	0.832 very high (2021) (49th); 0.756 high IHDI (40th) (2021);
Labour force	257,387 (2019); 59.8% employment rate (2018);
Labour force by occupation	agriculture: 7.9%; industry: 17.1%; services: 75%; (2017 est.);
Unemployment	16.1% (2017 est.); 30.7% youth unemployment (2018);
Average gross salary	€995 / $1053 monthly (August, 2023)
Average net salary	€799 / $845 monthly (August, 2023)
Main industries	steelmaking, aluminum, agricultural processing, consumer goods, tourism
External
Exports	$2.502 billion (2021 est.)
Export goods	Copper ore, aluminum, electricity, dried legumes, packaged medicines, lead, scrap iron, lumber
Main export partners	Serbia 15.7%; Spain 11.3%; Pakistan 9.4%; Switzerland 7.6%; South Korea 5.7%; Bosnia and Herzegovina 4.8%; Germany 4.7%; Italy 4.1%; Russia 3.9%; Turkey 3.7% (2021);
Imports	$3.637 billion (2021 est.)
Import goods	Refined petroleum, cars, packaged medicines, recreational boats, cigarettes
Main import partners	Serbia 25.7%; Greece 9.5%; Croatia 7.4%; China 7.1%; Bosnia and Herzegovina 6.2%; Italy 4.9%; Germany 4.3%; Turkey 3.3%; Slovenia 3.01%; Hungary 1.8% (2021);
FDI stock	$737.7 million (31 December 2017 est.); Abroad: $39.77 million (31 December 2017 est.);
Current account	−$540.073 million (2021 est.)
Gross external debt	$3.66 billion (2021)
Public finances
Government debt	65.76% of GDP (2023 est.)
Budget balance	−3.1% (of GDP) (2024 est.):
Revenues	1.78 billion (2017 est.)
Expenses	2.05 billion (2017 est.)
Credit rating	Standard & Poor's:; B (Domestic); B (Foreign); AAA (T&C Assessment); Outlook: Positive; Moody's:; B1; Outlook: Stable;
Foreign reserves	$1.982 billion (31 December 2021 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

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.^[26] Montenegro joined the North Atlantic Treaty Organization on 5 June 2017.^[27] The accession of Montenegro to the European Union is planned for 2025.^[28]

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
^ ^a ^b ^c ^d ^e ^f "World Economic Outlook Database". IMF.org. International Monetary Fund.
^ "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 16 April 2020.
^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 23 January 2019.
^ "Estimated inflation rate Montenegro". IMF. Retrieved 2 March 2024.
^ "Persons at risk of poverty or social exclusion by age and sex". Eurostat. Retrieved 2 March 2024.
^ Europe Central Asia Economic Update, Spring 2020 : Fighting COVID-19. World Bank. 9 April 2020. pp. 61, 62. ISBN 9781464815645. Retrieved 9 April 2020.
^ "Gini coefficient of equivalised disposable income - EU-SILC survey". Retrieved 2 March 2024.
^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 12 October 2022.
^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 12 October 2022.
^ "Labor force, total - Montenegro". data.worldbank.org. World Bank. Retrieved 27 November 2019.
^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 25 May 2019.
^ "Youth unemployment rate by sex, age (15-24) and country of birth". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 26 December 2019.
^ "Montenegrin exports". CIA. Retrieved 2 March 2024.
^ "Export partners of Montenegro". The Observatory of Economic Complexity. Retrieved 14 April 2023.
^ "Montenegrin imports". CIA. Retrieved 2 March 2024.
^ "Import partners of Montenegro". The Observatory of Economic Complexity. Retrieved 14 April 2023.
^ "Montenegrin current account". CIA. Retrieved 2 March 2024.
^ "Montenegrin national debt to GDP". Statista. Retrieved 2 March 2024.
^ "Montenegro budget balance 2024 estimate". Standard & Poor's. 1 March 2024. Retrieved 2 March 2024.
^ "Montenegro rating 2024". Standard & Poor's. 1 March 2024. Retrieved 2 March 2024.
^ "Country credit opinion 2023". Moody's. 12 September 2023. Retrieved 2 March 2024.
^ "Reserves of foreign exchange and gold". CIA. Retrieved 2 March 2024.
^ "Members and Observers". World Trade Organization. 24 August 2012. Archived from the original on 10 September 2011. Retrieved 10 September 2011.
^ "Montenegro to Formally Join NATO on June 5 – Independent.mk". Retrieved 6 June 2017.
^ "Montenegro Targets 2025 to be Ready for EU Accession". Balkan Insight. 2021-03-26. Retrieved 2021-04-12.

[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.

[IMFWEOME-4] ^ ^a ^b ^c ^d ^e ^f "World Economic Outlook Database". IMF.org. International Monetary Fund.

[2020/01-5] "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 16 April 2020.

[CIAWFMJ-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.

[Spring2020-9] 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] "Labor force, total - Montenegro". data.worldbank.org. World Bank. Retrieved 27 November 2019.

[14] "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 25 May 2019.

[15] "Youth unemployment rate by sex, age (15-24) and country of birth". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 26 December 2019.

[16] "Montenegrin exports". CIA. Retrieved 2 March 2024.

[OECexport-17] "Export partners of Montenegro". The Observatory of Economic Complexity. Retrieved 14 April 2023.

[18] "Montenegrin imports". CIA. Retrieved 2 March 2024.

[OECimport-19] "Import partners of Montenegro". The Observatory of Economic Complexity. Retrieved 14 April 2023.

[20] "Montenegrin current account". CIA. Retrieved 2 March 2024.

[21] "Montenegrin national debt to GDP". Statista. Retrieved 2 March 2024.

[22] "Montenegro budget balance 2024 estimate". Standard & Poor's. 1 March 2024. Retrieved 2 March 2024.

[23] "Montenegro rating 2024". Standard & Poor's. 1 March 2024. Retrieved 2 March 2024.

[24] "Country credit opinion 2023". Moody's. 12 September 2023. Retrieved 2 March 2024.

[25] "Reserves of foreign exchange and gold". CIA. Retrieved 2 March 2024.

[memberlist-26] "Members and Observers". World Trade Organization. 24 August 2012. Archived from the original on 10 September 2011. Retrieved 10 September 2011.

[auto-27] "Montenegro to Formally Join NATO on June 5 – Independent.mk". Retrieved 6 June 2017.

[bi2025-28] "Montenegro Targets 2025 to be Ready for EU Accession". Balkan Insight. 2021-03-26. Retrieved 2021-04-12.

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