Economy - overview:
Montenegro's economy is slowly transitioning to a market system, but the state sector remains large and additional institutional changes are needed. The economy relies heavily on foreign tourism and the export of refined metals. Unprofitable state-owned enterprises, especially the Podgorica Aluminum Kombine, the country�?"s largest exporter, weigh heavily on public finances. During the MILOSEVIC era, Montenegro severed its economy from Serbia, maintained its own central bank, adopted the Deutsche Mark, then shifted to the euro - rather than the Yugoslav dinar - as official currency, collected customs tariffs, and managed its own budget. The 2006 dissolution of the loose political union between Serbia and Montenegro led to separate memberships in several international financial institutions, such as the European Bank for Reconstruction and Development. In January 2007, Montenegro joined the World Bank and IMF. Montenegro became the 156th member of World Trade Organization in December 2011. The European Council (EC) granted candidate country status to Montenegro at the December 2010 session. Montenegro began negotiations to join the EC in June, 2012, having met the conditions set down by the European Council, which called on Montenegro to take steps to fight corruption and organized crime. Unemployment and disparities in regional development, especially in the north, remain key political and economic problems. The global financial crisis had a significant negative impact on the economy, due to a credit crunch, a decline in the real estate sector, and a fall in aluminum exports. The Government of Montenegro increased value added tax (VAT) from 17% in 2012 to 19% in 2013 and raised income tax rates from 9% to 15% for those earning over '?480 a month. In 2013, the government also retrenched by freezing pensions and limiting salary increases for public enterprises and members of the parliament.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - partners: Imports: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$7.429 billion (2013 est.)
country comparison to the world: 159
$7.318 billion (2012 est.)
$7.358 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$4.518 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
1.5% (2013 est.)
country comparison to the world: 163
-0.5% (2012 est.)
3.2% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$11,900 (2013 est.)
country comparison to the world: 107
$11,800 (2012 est.)
$11,900 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
household consumption:
84.4%
government consumption:
22.1%
investment in fixed capital:
18.4%
investment in inventories:
1.1%
exports of goods and services:
40.2%
imports of goods and services:
-66.2%
(2011 est.)
agriculture:
0.8%
industry:
11.3%
services:
87.9% (2011)
tobacco, potatoes, citrus fruits, olives, grapes; sheep
steelmaking, aluminum, agricultural processing, consumer goods, tourism
251,300 (2011 est.)
country comparison to the world: 166
[see also: Labor force country ranks ]
agriculture:
6.3%
industry:
20.9%
services:
72.8% (2011 est.)
19.1% (2012 est.)
country comparison to the world: 159
11.5% (2011 est.)
[see also: Unemployment rate country ranks ]
6.6% (2010 est.)
[see also: Population below poverty line country ranks ]
24.3 (2010)
country comparison to the world: 139
30 (2003)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$1.68 billion
expenditures:
$1.58 billion (2012 est.)
37.2% of GDP (2012 est.)
country comparison to the world: 55
[see also: Taxes and other revenues country ranks ]
2.2% of GDP (2012 est.)
country comparison to the world: 16
[see also: Budget surplus (+) or deficit (-) country ranks ]
52.1% of GDP (2012 est.)
country comparison to the world: 61
45% of GDP (2011 est.)
note:
data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
[see also: Public debt country ranks ]
calendar year
4% (2012)
country comparison to the world: 137
3% (2011)
[see also: Inflation rate (consumer prices) country ranks ]
9.69% (31 December 2011 est.)
country comparison to the world: 89
9.53% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]
$749 million (31 December 2011 est.)
country comparison to the world: 154
$783.3 million (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]
$1.982 billion (31 December 2011 est.)
country comparison to the world: 151
$2.01 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
$3.29 billion (31 December 2009)
country comparison to the world: 123
$3.771 billion (31 December 2008)
[see also: Stock of domestic credit country ranks ]
$3.827 billion (31 December 2012 est.)
country comparison to the world: 84
$3.322 billion (31 December 2011)
$3.604 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
-$1.938 billion (2012 est.)
country comparison to the world: 140
-$1.927 billion (2011 est.)
[see also: Current account balance country ranks ]
$489.2 million (2012 est.)
country comparison to the world: 176
$640 million (2011 est.)
[see also: Exports country ranks ]
Croatia 22.7%, Serbia 22.7%, Slovenia 7.8% (2012 est.)
$2.4 billion (2012 est.)
country comparison to the world: 157
$2.5 billion (2011 est.)
[see also: Imports country ranks ]
Serbia 29.3%, Greece 8.7%, China 7.1% (2012 est.)
$400 million (31 December 2011)
country comparison to the world: 149
[see also: Reserves of foreign exchange and gold country ranks ]
$1.7 billion (2012 est.)
country comparison to the world: 147
$1.2 billion (2011 est.)
[see also: Debt - external country ranks ]
euros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)