Montenegro Economy

Montenegro's economy in numbers:

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.

Average real GDP growth of 2.4% over the last decade.

Share of the region's population
Share of the region's GDP

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%.

GDP by economic sector
GDP by type of expenditure

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.

Key exports
Key imports
Key export partners
Key import partners

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.


The unemployment rate averaged 18.0% in the decade to 2022. For more information on Montenegro's unemployment click here.


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.
The pace of year-on-year GDP expansion slowed marginally but remained upbeat in the third quarter of 2023 from Q2, amid softer albeit still-strong increases in exports and household spending. Available data for Q4 2023 is encouraging. Industrial production rose by a near double-digit pace in year-on-year terms, as did the number of tourist arrivals. Moreover, inflation fell in the quarter, likely boosting household purchasing power and supporting consumer spending. Additionally, economic sentiment gained some ground compared to Q3’s average, sustained by somewhat stronger sentiment in the services sector, despite a considerable deterioration in the industrial sector. Less positively, merchandise exports dived year on year in October.
Projections out to 2033.

44 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 11 expert analysts.

Want to get insight on the economic outlook for Montenegro in the coming years? FocusEconomics collects projections out to 2033 on 44 economic indicators for Montenegro from a panel of 11 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 .

Montenegro Datos económicos

2018 2019 2020 2021 2022
Población (millones) 0.6 0.6 0.6 0.6 0.6
PIB (en millones de dólares) 5.5 5.5 4.8 5.9 6.1
PIB per cápita (USD) 8,845 8,909 7,684 9,417 9,796
PIB (en millones de euros) 4.7 5.0 4.2 5.0 5.8
PIB per cápita (EUR) 7,497 7,959 6,740 7,966 9,320
Crecimiento económico (PIB nominal, var. anual) 8.5 6.2 -15.5 18.4 17.0
Crecimiento económico (PIB, var. anual) 5.1 4.1 -15.3 13.0 -
Consumo privado (% var. anual) 4.6 3.1 -4.6 4.0 -
Consumo público (var. anual) 6.3 1.0 0.8 0.5 -
Inversión fija (% var. anual) 14.7 -1.7 12.0 -12.3 -
Producción industrial (% var. anual) 22.4 0.0 -0.8 4.9 -
Desempleo (% de la población activa, aop) 15.2 15.1 17.9 16.7 14.7
Saldo fiscal (% del PIB) -3.6 -2.9 -10.2 -2.0 -
Deuda pública (% del PIB) 67.6 74.9 103.5 83.3 -
Inflación (IPC, % var. anual, aop) 2.6 0.4 -0.3 2.4 13.0
Balanza por cuenta corriente (en millones de euros) -0.8 -0.7 -1.1 -0.5 -0.8
Balanza por cuenta corriente (% del PIB) -17.0 -14.3 -26.1 -9.2 -13.3
Balanza comercial de mercancías (en millones de euros) -2.0 -2.1 -1.6 -1.9 -2.7
Exportaciones de mercancías (en millones de euros) 0.44 0.47 0.41 0.53 0.76
Importaciones de mercancías (en millones de euros) 2.49 2.53 2.05 2.44 3.44
Exportaciones de mercancías (% var. anual) 14.0 6.8 -12.2 28.6 45.2
Importaciones de mercancías (% var. anual) 10.8 1.8 -19.0 19.0 40.9
Inversión extranjera directa (en millones de euros) 0.4 0.4 0.4 0.6 -
Reservas internacionales (en millones de euros) 1.1 1.4 1.7 1.7 1.9
Reservas internacionales (meses de importaciones) 5.1 6.5 10.2 8.6 6.7
Deuda externa (en millones de euros) 6.9 7.5 9.4 8.9 -
Deuda externa (% del PIB) 147.4 152.3 223.8 179.6 -

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