map Montenegro
Montenegro continued with its impressive growth in 2022, thanks to rising private consumption. This was a result of a tax reform that increased people’s incomes, but which poses a serious threat to the state and the healthcare budget. The future will bring more inflation, which will act as a drag on consumption. Although not yet at pre-pandemic levels, tourism is on a solid path to recovery. The lack of political will to unblock the judiciary is extending the already lengthy road towards EU integration. Fresh parliamentary elections may be on the horizon.
Main Economic Indicators201920202021202220232024
Population, 1000 persons622621619...
GDP, real change in %4.1-15.313.
GDP per capita (EUR at PPP)157001336015370...
Gross industrial production, real change in %-6.3-0.94.9...
Unemployment rate - LFS, in %, average15.117.916.615.214.913.9
Average gross monthly wages, EUR773783793...
Consumer prices, % p.a.0.4-0.32.412.56.02.0
Fiscal balance in % of GDP-2.0-11.1-1.9-8.1-7.5-7.1
Public debt in % of GDP76.5105.384.0...
Current account in % of GDP-14.3-26.1-9.2-11.7-12.0-10.7
FDI inflow, EUR m372466590...
Gross external debt in % of GDP167.4221.6191.5...

Basic data are continuously updated.

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


Executive summary

Branimir Jovanović
in: Bracing for the Winter
wiiw Forecast Report No. Autumn 2022, October 2022 , pp. I-VIII


Monthly Report No. 7-8/2022

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Bernhard Moshammer, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 7-8, July-August 2022
58 pages including 4 Tables and 21 Figures