Montenegro

map Montenegro
In autumn 2025, Montenegro is faced with a dichotomy: on the one hand, economic growth is broadly in line with expectations, unemployment has reached an all-time low, and households are benefiting from a strong increase in real wages. On the other hand, the economy’s vulnerabilities are becoming more sharply defined, with inflation again picking up, the trade deficit widening and the Pension Fund sinking deeper into deficit. EU accession is advancing more slowly than expected: Chapter 5 on public procurement was provisionally closed in June, but much of the negotiation agenda is still stalled.
        FORECAST*
Main Economic Indicators202320242025202620272028
Population, 1000 persons624624....
GDP, real change in %6.53.23.33.43.2.
GDP per capita (EUR at PPP)1990021360....
Gross industrial production, real change in %6.40.2....
Unemployment rate - LFS, in %, average13.111.59.59.09.0.
Average gross monthly wages, EUR9871082....
Consumer prices, % p.a.8.73.64.13.63.0.
Fiscal balance in % of GDP0.6-3.1-3.4-3.0-3.0.
Public debt in % of GDP58.459.859.0...
Current account in % of GDP-11.2-17.1-17.8-15.8-15.5.
FDI inflow, EUR m487554....
Gross external debt in % of GDP128.2126.6133.0...


Basic data are continuously updated.

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

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Monthly Report No. 7-8/2025

Vasily Astrov, Alexandra Bykova, Selena Duraković, Meryem Gökten, Richard Grieveson, Maciej Grodzicki, Ioannis Gutzianas, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Dzmitry Kruk, Sebastian Leitner, Isilda Mara, Emilia Penkova-Pearson, Olga Pindyuk, Sandor Richter, Marko Sošić, Bernd Christoph Ströhm and Marina Tverdostup
wiiw Monthly Report No. 7-8, July-August 2025
38 pages including 5 Tables and 3 Figures

Details

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Executive summary

Olga Pindyuk
in: The Crisis is Over, but its Scarring Effects are Hindering Recovery
wiiw Forecast Report No. Spring 2024, April 2024 , pp. I-VII Details

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