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Montenegro's economy in numbers:
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.
Economic structure:
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.Economic growth:
The 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.
45 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 9 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 9 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.