Page last updated on February 11, 2013
Economy - overview:
Montenegro's economy is transitioning to a market system, but the state sector remains large and additional institutional changes are needed. The economy relies heavily on tourism and the export of refined metals. Unprofitable state-owned enterprises weigh on public finances. Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and maintained its own central bank, adopted the deutsch mark, then the euro - rather than the Yugoslav dinar - as official currency, collected customs tariffs, and managed its own budget. The dissolution of the loose political union between Serbia and Montenegro in 2006 led to separate membership in several international financial institutions, such as the European Bank for Reconstruction and Development. In January 2007, Montenegro joined the World Bank and IMF. Montenegro became the 156th member of World Trade Organization in December 2011. The European Council (EC) granted candidate country status to Montenegro at the December 2010 session. Montenegro began negotiations to join the EC in June, 2012, having met the conditions set down by the European Council, which called on Montenegro to take steps to fight corruption and organized crime. Unemployment and regional disparities in development are key political and economic problems. Montenegro has privatized its large aluminum complex - the dominant industry - as well as most of its financial sector, and has begun to attract foreign direct investment in the tourism sector. The global financial crisis had a significant negative impact on the economy, due to the ongoing credit crunch, a decline in the real estate sector, and a fall in aluminum exports. In 2012, real GDP growth slipped to 0.2%, reflecting the general downturn in most of Europe.
GDP (purchasing power parity):
$7.288 billion (2012 est.)
country comparison to the world: 157
$7.273 billion (2011 est.)
$7.099 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$4.332 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
0.2% (2012 est.)
country comparison to the world: 182
2.5% (2011 est.)
2.5% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$11,700 (2012 est.)
country comparison to the world: 105
$11,700 (2011 est.)
$11,000 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 0.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
11.3%
services:
87.9% (2011)
Labor force:
251,300 (2011 est.)
country comparison to the world: 167
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 6.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
20.9%
services:
72.8% (2011 est.)
Unemployment rate:
11.5% (2011 est.)
country comparison to the world: 124
14.7% (2007 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
6.6% (2010 est.)
[see also: Population below poverty line country ranks ]
Distribution of family income - Gini index:
24.3 (2010)
country comparison to the world: 135
30 (2003)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
22% of GDP (2011 est.)
country comparison to the world: 70
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $1.7 billion
[see also: Budget revenues country ranks ]
expenditures:
$1.9 billion (2011 est.)
Taxes and other revenues:
39.2% of GDP (2011 est.)
country comparison to the world: 54
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-4.6% of GDP (2011 est.)
country comparison to the world: 148
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
45% of GDP (2011 est.)
country comparison to the world: 75
38% of GDP (2006 est.)
note:
data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
3% (2011)
country comparison to the world: 77
3.4% (2007)
[see also:
Inflation rate (consumer prices) country ranks ]
Commercial bank prime lending rate:
9.69% (31 December 2011 est.)
country comparison to the world: 95
9.53% (31 December 2010 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$749 million (31 December 2011 est.)
country comparison to the world: 156
$783.3 million (31 December 2010 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$1.982 billion (31 December 2011 est.)
country comparison to the world: 149
$2.01 billion (31 December 2010 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$3.29 billion (31 December 2009)
country comparison to the world: 128
$3.771 billion (31 December 2008)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$3.322 billion (31 December 2011)
country comparison to the world: 89
$3.604 billion (31 December 2010)
$4.289 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
Agriculture - products:
tobacco, potatoes, citrus fruits, olives, grapes; sheep
Industries:
steelmaking, aluminum, agricultural processing, consumer goods, tourism
Current account balance:
-$1.927 billion (2011 est.)
country comparison to the world: 135
-$1.102 billion (2007 est.)
[see also:
Current account balance country ranks ]
Exports:
$640 million (2011 est.)
country comparison to the world: 168
$171.3 million (2003)
[see also:
Exports country ranks ]
Exports - partners:
Serbia 17.5%, Hungary 16.9%, Croatia 10.1% (2011 est.)
Imports:
$2.5 billion (2011 est.)
country comparison to the world: 156
$601.7 million (2003)
[see also:
Imports country ranks ]
Imports - partners:
Serbia 28.4%, Greece 7.9%, Bosnia and Herzegovina 7.6% (2011 est.)
Reserves of foreign exchange and gold:
$400 million (31 December 2011)
country comparison to the world: 149
[see also: Reserves of foreign exchange and gold country ranks ]
Debt - external:
$1.2 billion (2011 est.)
country comparison to the world: 152
$650 million (2006 est.)
[see also:
Debt - external country ranks ]
Exchange rates:
euros (EUR) per US dollar -
0.7838 (2012 est.)
0.7185 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Fiscal year:
calendar year
NOTE: The information regarding Montenegro on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Montenegro Economy 2013 information contained here. All suggestions for corrections of any errors about Montenegro Economy 2013 should be addressed to the CIA.
- Please bookmark this page (add it to your favorites).
- If you wish to link to this page, you can do so by referring to the URL address below this line.
http://www.theodora.com/wfbcurrent/montenegro/montenegro_economy.html
This page was last modified 11-Mar-13
Copyright © 1995-2013
ITA all rights reserved.
