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Montenegro

Headline economic indicators for Montenegro, with the most recent official readings.

Prices

Prices — Montenegro
Indicator Value Change
Inflation rate · 3.9% +0.56 (+16.9%)
Consumer price index · 157.2 +5.90 (+3.9%)
Inflation rate (monthly) · 5.5% +0.90 (+19.6%)
Harmonised consumer price index · 151.9 +0.38 (+0.3%)
GDP deflator inflation · 4.0% -0.80 (-16.5%)

GDP

GDP — Montenegro
Indicator Value Change
GDP growth rate · 2.7% -0.42 (-13.3%)
GDP per capita · 14,816.84 +1,547 (+11.7%)
GDP growth, quarter on quarter · 0.8% +0.10 (+14.3%)
GDP growth, year on year (quarterly) · 3.0% +0.10 (+3.4%)
Industrial production, year on year (monthly) · 50.5% +22.80 (+82.3%)
Retail sales volume, year on year (monthly) · 4.9% +1.00 (+25.6%)
Economic sentiment indicator (monthly) · 102.7 -6.00 (-5.5%)
Consumer confidence (monthly) · -1.1 +5.60 (+83.6%)
GDP per capita, long-run history · 20,942 +1,285 (+6.5%)
GDP · 9,232,801,464.79 +958,510,959 (+11.6%)
GDP, PPP · 22,072,877,345 +833,854,894 (+3.9%)
GDP per capita, PPP · 35,423 +1,360 (+4.0%)
GDP per capita growth · 2.8% -0.35 (-11.2%)
GNI per capita · 14,150 +1,940 (+15.9%)
Agriculture to GDP · 3.4% -0.13 (-3.6%)
Industry to GDP · 11.3% -0.93 (-7.6%)
Manufacturing to GDP · 3.3% +0.44 (+15.1%)
Services to GDP · 63.4% -0.39 (-0.6%)
Household consumption to GDP · 81.3% +2.38 (+3.0%)
Gross capital formation to GDP · 26.9% +1.05 (+4.1%)
Gross savings to GDP · 7.1% -1.73 (-19.7%)

Labour

Labour — Montenegro
Indicator Value Change
Unemployment rate · 13.6% +0.37 (+2.8%)
Labour force participation rate · 58.0% -0.27 (-0.5%)
Female labour force participation rate · 51.2% -0.18 (-0.4%)
Youth unemployment rate · 24.4% +0.49 (+2.0%)
Employment to population ratio · 50.1% -0.45 (-0.9%)
Employment in agriculture · 4.2% -0.15 (-3.5%)
Employment in industry · 18.2% -0.06 (-0.3%)
Employment in services · 77.6% +0.22 (+0.3%)

Money

Money — Montenegro
Indicator Value Change
Real interest rate · 2.2% +0.51 (+30.4%)
Broad money to GDP · 58.4% +1.57 (+2.8%)
Private sector credit to GDP · 45.3% +2.89 (+6.8%)
Lending rate · 6.3% -0.28 (-4.2%)
Bank deposit rate · 0.3% +0.02 (+8.3%)
Stock market capitalization to GDP · 93.0% +15.15 (+19.5%)
Bank nonperforming loans · 3.0% -1.05 (-25.6%)
Official exchange rate · 0.89 -0.04 (-4.0%)

Trade

Trade — Montenegro
Indicator Value Change
Current account to GDP · -20.4% -3.41 (-20.1%)
Exports to GDP · 40.1% -3.68 (-8.4%)
Imports to GDP · 65.7% -0.49 (-0.7%)
Trade to GDP · 105.8% -4.17 (-3.8%)
Exports of goods and services · 3,698,908,466.48 +79,147,734 (+2.2%)
Imports of goods and services · 6,066,976,621.68 +589,642,755 (+10.8%)
Trade balance, goods and services (annual) · -2,411,294,156.76 -563,981,914 (-30.5%)
Current account balance (annual) · -1,881,832,424.4 -477,440,646 (-34.0%)
Foreign direct investment to GDP · 7.3% +0.08 (+1.1%)
Remittances received to GDP · 9.7% -0.62 (-6.0%)
Total reserves, including gold · 2,196,370,744.61 +454,876,208 (+26.1%)
Reserves in months of imports · 3.9 +0.47 (+13.7%)
External debt to GNI · 108.6% -5.32 (-4.7%)

Government

Government — Montenegro
Indicator Value Change
Government consumption to GDP · 17.4% -0.23 (-1.3%)
Health spending to GDP · 9.7% -0.54 (-5.3%)

Demography

Demography — Montenegro
Indicator Value Change
Population · 623,129 -396.00 (-0.1%)
Population, long-run history · 610 -0.76 (-0.1%)
Population growth · -0.1% -0.06 (-9,795.6%)
Life expectancy · 77.9 +0.30 (+0.4%)
Fertility rate · 1.80 +0.06 (+3.4%)
Birth rate · 11.2 +0.00 (+0.0%)
Death rate · 10.2 +0.10 (+1.0%)
Urban population share · 65.6% +0.07 (+0.1%)
Population aged 65 and over · 18.3% +0.46 (+2.6%)
Under-five mortality rate · 2.4 -0.10 (-4.0%)
Population density · 46.4 -0.00 (-0.0%)
Net migration · -9,279 -7,593 (-450.4%)
Gini index · 34.3 -1.10 (-3.1%)

Source: Bolt, J. and van Zanden, J.L. (2024), Maddison style estimates of the evolution of the world economy: A new 2023 update, Journal of Economic Surveys, 1-41, DOI 10.1111/joes.12618. Licensed under CC BY 4.0. The original sources are listed on each page.

All data sources

Original sources of these estimates

GDP pc: 2008 - 2022: Total Economy Database the Conference Board for all countries included in TED. Otherwise UN national accounts statistics

Montenegro

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