Montenegro's Macroeconomic Analysis:
Nominal GDP of USD 7.5 billion in 2023.
Nominal GDP of USD 6.2 billion in 2022.
GDP per capita of USD 10,011 compared to the global average of USD 10,589.
GDP per capita of USD 11,894 compared to the global average of USD 10,589.
Average real GDP growth of 3.3% over the last decade.
Average real GDP growth of 2.4% over the last decade.
Sector Analysis
In 2021, services accounted for 75% of overall GDP, manufacturing 4%, other industrial activity 15%, and agriculture 6%. Looking at GDP by expenditure, private consumption accounted for 74% of GDP in 2021, government consumption 20%, fixed investment 26%, and net exports -20%.International trade
In 2021, manufactured products made up 27% of total merchandise exports, mineral fuels 19%, food 14%, ores and metals 33% and agricultural raw materials 8%, with other categories accounting for -1% of the total. In the same period, manufactured products made up 62% of total merchandise imports, mineral fuels 11%, food 24%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 1 billion in 2022, while total imports were USD 4 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 2.4% in the decade to 2022. To read more about GDP growth in Montenegro, go to our dedicated page.
Fiscal policy
Montenegro's fiscal deficit averaged 5.0% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 18.0% in the decade to 2022. For more information on Montenegro's unemployment click here.
Inflation
Inflation averaged 2.5% in the decade to 2022. Go to our Montenegro inflation page for extra insight.
Monetary Policy
Montenegro's monetary policy rate ended 2022 at 5.64%, down from 9.56% a decade earlier. See our Montenegro monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the euro weakened by 11.1% vs the U.S. dollar. For more info on the euro, click here.
Economic situation in Montenegro
Annual GDP growth slowed in Q2 due to a smaller expansion in public consumption and a marked rebound in imports. Turning to Q3, the data at hand paints a mixed picture. Industrial production declined at a softer pace relative to Q2, and goods exports rebounded. On the flip side, growth in tourist arrivals slowed to a near-halt, and retail sales lost steam. Heading into Q4, a five-month-high reading for economic sentiment in October hints that the economy is gathering momentum. In the fiscal arena, in mid-November, the cabinet approved the 2025 budget, which envisages a deficit amounting to 3.5% of GDP, slightly below our Consensus of 3.7%, but above 2024’s government projection of 3.3%. In other news, the country recently signed a deal with Bahrain to enhance cooperation in innovation, science and technology, boding well for investment.Montenegro Economic Forecasts
Projections out to 2034.45 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 10 expert analysts.
Want to get insight on the economic outlook for Montenegro in the coming years? FocusEconomics collects projections out to 2034 on 45 economic indicators for Montenegro from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Montenegro economy. To download a sample report on the Montenegro's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.