map Montenegro
From Q2 2021, the economy has been enjoying a big increase in industrial production, retail sales, exports of goods and tourism. Accordingly, a high rate of GDP growth is expected in 2021. All the same, the huge contraction in 2020 means that the pre-crisis level will not be reached this year. Public debt and the budget deficit are falling but are still high, limiting fiscal space in the coming years. Despite improvements in economic activity, the unemployment rate remains high.
Main Economic Indicators201820192020202120222023
Population, 1000 persons622622621...
GDP, real change in %5.14.1-15.311.44.82.4
GDP per capita (EUR at PPP)145901570013360...
Gross industrial production, real change in %22.4-6.3-0.9...
Unemployment rate - LFS, in %, average15.215.117.916.915.515.3
Average gross monthly wages, EUR766773783...
Consumer prices, % p.a.2.60.4-
Fiscal balance in % of GDP-3.9-2.0-11.1-3.4-4.0-3.0
Public debt in % of GDP70.176.5105.3...
Current account in % of GDP-17.0-14.3-26.1-13.5-16.9-17.3
FDI inflow, EUR m415372463...
Gross external debt in % of GDP163.7169.0224.1...

Basic data are continuously updated.

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


Executive summary

Vasily Astrov
in: Recovery Beating Expectations
wiiw Forecast Report No. Autumn 2021, October 2021 , pp. I-VI


Monthly Report No. 7-8/2021

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Maryna Tverdostup
wiiw Monthly Report No. 7-8, July-August 2021
42 pages including 4 Tables and 15 Figures