Economic growth slowed markedly at the turn of 2016, largely because of a surge in imports. It recovered in the course of the year and is now poised to return to 3% or thereabouts in the medium term. Political risks also contributed to economic volatility, though a degree of stability should have returned following the early elections. The economy will continue to rely even more on services, i.e. on tourism.

map Montenegro
Main Economic Indicators201420152016201720182019
Population, 1000 persons.622622625...
GDP, real change in %
GDP per capita (EUR at PPP)113001210012400...
Gross industrial production, real change in %-11.47.9-4.4...
Unemployment rate - LFS, in %, average18.017.617.717.016.516.5
Average gross monthly wages, EUR723725751...
Consumer prices, % p.a.-
Fiscal balance in % of GDP-3.0-8.0-1.6...
Public debt in % of GDP56.262.863.7...
Current account in % of GDP-15.2-13.3-19.0-16.4-20.7-19.8
FDI inflow, EUR mn375630205...
Gross external debt in % of GDP45.254.053.1...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


MONTENEGRO: Growth returns

Vladimir Gligorov
in: Cautious Upturn in CESEE: Haunted by the Spectre of Uncertainty
wiiw Forecast Report No. Spring 2017, , pp. 96-98
Details and Buy


Monthly Report No. 7-8/2016

Vasily Astrov, Serkan Çiçek, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Simona Jokubauskaite, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8,
25 pages including 1 Table and 1 Figure