Economy of Montenegro
Population: 0.62 M (2018)
GDP per Capita: 8,844 USD (2018)
5,500 M.

GDP USD

(2018)

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2,360 M.

EXPORTS USD

(2018)

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3,670 M.

IMPORTS USD

(2018)

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70.80 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 5.08 % (2018)
GDP of 2010 USD USD 5.10 B. (2018)
GDP Current USD USD 5.50 B. (2018)
GDP per Capita Current USD USD 8,844 (2018)
GDP per capita, PPP USD 17,315 (2018)
GDP per Capita, 2010 USD USD 8,244 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 18.50 % (2018)
Government Spending USD 1.02 B. (2018)
Government Debt % GDP 70.80 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 Montenegro
Trade Openness 109.61 % (2018)
Exports of Goods and Services % GDP 42.88 % (2018)
Exports Goods & Services USD 2.36 B. (2018)
Exports Annual Growth 6.89 % (2018)
Imports as % GDP 66.73 % (2018)
Total Imports USD 3.67 B. (2018)
Foreign Direct Investment % GDP 8.82 % (2018)
Foreign Direct Investment USD 0.49 B. (2018)
Current Account Balance % GDP USD -17.13 % (2018)
Current Account Balance USD -0.94 B. (2018)
Trade Balance % GDP -23.86 % (2018)
Trade Balance USD -1.32 B. (2018)
Foreign Exchange Reserves incl Gold USD 1.20 B. (2018)
Remittances % GDP 10.70 % (2018)
Remittances USD 269 M. (2018)
Balance of Payments USD 121 M. (2018)

Labor Market

Indicator Value
Labor Force 0.26 M. (2019)
Unemployment Rate 15.78 % (2019)
Unemployment Rate Females 15.73 % (2019)
Unemployment Rate Males 14.23 % (2019)
Youth Unemployment (ages 15-24) 29.71 % (2019)
Labor Force Participation Rate 50.47 % (2019)
Labor Force (Percent Female) 43.69 % (2019)
Female Labor Force Participation Rate 43.47 % (2019)
Male Labor Force Participation Rate 57.81 % (2019)
Dependent People 49.67 % (2018)

Agriculture Sector

Indicator Value
Forest Area 61.50 % (2016)
Forest Area km² 8,270 km² (2016)
Agricultural Land 18.96 % (2016)
Agricultural Land km² 2,550 km² (2016)
Employment 7.76 % (2019)
Value added % GDP 6.73 % (2018)
Agriculture Value added USD 0.37 B. (2018)
Crop Production Index 54.10 (2016)
Precipitation 241 mm (2012)
Arable Land 1 % (2016)
Cereal Yield 3,323 kg/hectare (2017)
Food production index 63 (2016)
Rural Population 33 % (2018)
Fertilizer use of Arable Land 285 kg/hectare (2016)
Livestock Production Index 71 (2016)
Economy of Montenegro

According to the World Bank and its latest published data, the economy of the Montenegro presents a growth rate of 5.08 % (2018) to the previous year.

With a population that reaches 0.62 M (2018) and a gross domestic product of USD 5.50 B. (2018), it translates a Gross Domestic Product per Capita of USD 8,844 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Montenegro also has a workforce of 0.26 M. (2019) with an unemployment rate of 15.78 % (2019), where women represent 15.73 % (2019) and men 14.23 % (2019), the unemployment rate for young people between 15-24 years old stood at 29.71 % (2019). The total number of dependent people stands at 49.67 % (2018).

The central government spent 18.50 % (2018) of its gross domestic product that year, which in absolute terms is USD 1.02 B. (2018). Its consolidated public debt reached 70.80 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Montenegro exported USD 2.36 B. (2018), which represents 42.88 % (2018) of its gross domestic product, in that same sense its imports reached USD 3.67 B. (2018) with a direct foreign investment of USD 0.49 B. (2018).

Montenegro has a forest area of 8,270 km² (2016), which represents 61.50 % (2016) of its total area, an average rainfall of 241 mm (2012) per year and a population of 33 % (2018) living in rural areas. With a total area of 2,550 km² (2016) available for agriculture and 7.76 % (2019) of its employments, the agricultural sector contributes to the economy of the Montenegro about USD 0.37 B. (2018) (6.73 % (2018) of its GDP).