In the medium term, growth should return to somewhere above 3%. Improved prospects in the EU and in Russia are supportive of the growth of tourism, which should compensate for the necessary macroeconomic adjustments. If the region as a whole does better – which is likely e.g. in the case of Croatia, if not Serbia – that will also help. So overall, Montenegro could see its growth rate fulfil its potential, which is about 4%.

map Montenegro
Main Economic Indicators201420152016201720182019
Population, 1000 persons622622622...
GDP, real change in %
GDP per capita (EUR at PPP)113001220012900...
Gross industrial production, real change in %-11.47.9-3.7...
Unemployment rate - LFS, in %, average18.017.617.416.015.015.0
Average gross monthly wages, EUR723725751...
Consumer prices, % p.a.-
Fiscal balance in % of GDP-3.0-8.0-3.4...
Public debt in % of GDP56.262.360.8...
Current account in % of GDP-15.2-13.2-18.1-19.8-19.8-19.6
FDI inflow, EUR mn375630205...
Gross external debt in % of GDP45.253.550.6...

Basic data are continuously updated.

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


MONTENEGRO: Better than expected

Vladimir Gligorov
in: CESEE Back on Track to Convergence
wiiw Forecast Report No. Autumn 2017, November 2017 , pp. 96-98
Details and Buy


Monthly Report No. 7-8/2017

Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, 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. 7-8, July-August 2017
27 pages including 1 Table and 2 Figures