In 2018, GDP is estimated to have grown by 4% and was mostly driven by surging investment and growing exports. Employment increased considerably, but unemployment still remains high. The high government debt burden represents the largest challenge for policy-makers, which pursue an ambitious fiscal consolidation plan. During 2019-2021, economic growth will gradually slow down with an average rate of around 2.2%. In 2019, the government started the Montenegro Citizenship by Investment Programme.

map Montenegro
Main Economic Indicators201620172018201920202021
Population, 1000 persons622622625...
GDP, real change in %
GDP per capita (EUR at PPP)130001370014400...
Gross industrial production, real change in %-2.9-4.222.4...
Unemployment rate - LFS, in %, average17.416.115.214.313.813.6
Average gross monthly wages, EUR751765766...
Consumer prices, % p.a.-
Fiscal balance in % of GDP-3.6-5.3-2.9...
Public debt in % of GDP60.861.168.3...
Current account in % of GDP-16.2-16.1-17.2-16.9-16.8-14.0
FDI inflow, EUR mn205494415...
Gross external debt in % of GDP50.651.559.8...

Basic data are continuously updated.

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


MONTENEGRO: Gradual growth deceleration expected

Goran Vuksic
in: Moving Into the Slow Lane
wiiw Forecast Report No. Spring 2019, March 2019 , pp. 112-115
Details and Buy


Monthly Report No. 6/2018

Vasily Astrov, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 6, June 2018
27 pages including 1 Table and 1 Figure