Economy of Montenegro

Economy of Montenegro
	Podgorica, the capital and financial centre of Montenegro
Currency	Euro (EUR, €)
Fiscal year	Calendar year
Trade organisations	CEFTA, WTO
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	633,158 (2023)
GDP	$10.23 billion (nominal, 2026 est.); $22.56 billion (PPP, 2026 est.);
GDP rank	158th (nominal, 2023 est.); 152th (PPP, 2023 est.);
GDP growth	3.2% (2024); 3.2% (2025); 3.2% (2026);
GDP per capita	$16,380 (nominal, 2026 est.); $36,130 (PPP, 2026 est.);
GDP per capita rank	79th (nominal, 2023 est.); 68th (PPP, 2023 est.);
GDP by sector	Agriculture: 7.5% Industry: 15.9%; Services: 76.6%; (2016 est.);
Inflation (CPI)	4.3% (2024 est.)
Population below poverty line	8.6% (2013 est.); 31.4% at risk of poverty or social exclusion (2022); 18.1% on less than $5.50/day (2020f);
Gini coefficient	31.5 medium (2022, Eurostat)
Human Development Index	0.862 very high (2023) (48th); 0.756 high IHDI (40th) (2021);
Corruption Perceptions Index	46 out of 100 points (2023) (63th)
Labour force	245,288 (2024); 59.8% employment rate (2018);
Labour force by occupation	agriculture: 7.9%; industry: 17.1%; services: 75%; (2017 est.);
Unemployment	14.1% (2024 est.); 30.7% youth unemployment (2018);
Average gross salary	€1210 / $1252 monthly (December, 2024)
Average net salary	€1012 / $1047 monthly (December, 2024)
Main industries	steelmaking, aluminum, agricultural processing, consumer goods, tourism
External
Exports	$1.254 billion (2024)
Export goods	Copper ore, aluminum, electricity, dried legumes, packaged medicines, lead, scrap iron, lumber
Main export partners	EU 50.77% Italy 27.1%; Spain 3.43%; Germany 2.97%; Sweden 2.91%; Slovenia 2.86%; ; Serbia 16.5%; South Korea 7.57%; Bosnia and Herzegovina 5.22%; Switzerland 3.40%; China 3.30% (2024);
Imports	$5.41 billion (2024)
Import goods	Refined petroleum, cars, packaged medicines, recreational boats, cigarettes
Main import partners	EU 42.34% Germany 6.97%; Croatia 6.05%; Italy 5.85%; Greece 4.90%; Poland 2.55%; ; Serbia 24.3%; China 9.67%; Bosnia and Herzegovina 6.09%; Turkey 3.7%; Albania 1.77% (2024);
FDI stock	$737.7 million (31 December 2017 est.); Abroad: $39.77 million (31 December 2017 est.);
Current account	−$540.073 million (2021 est.)
Gross external debt	$3.66 billion (2021)
Public finances
Government debt	65.76% of GDP (2023 est.)
Foreign reserves	$1.982 billion (31 December 2021 est.)
Budget balance	−3.1% (of GDP) (2024 est.):
Revenues	1.78 billion (2017 est.)
Expenses	2.05 billion (2017 est.)
Credit rating	Standard & Poor's:; B (Domestic); B (Foreign); AAA (T&C Assessment); Outlook: Positive; Moody's:; B1; Outlook: Stable;
	All values, unless otherwise stated, are in US dollars.

The economy of Montenegro is a developing transition economy. Its small size and independence movement has largely defined its economic trajectory in the 21st century. It seeks to develop a diversified mixed economy through regional trade and investment. Its large agricultural and energy sectors have contributed to overall economic growth, supported by a burgeoning tourism sector. Montenegro's public finances remain challenged with high levels of public debt developing a regionally high debt-to-GDP ratio since the 2010s.