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World Factbook

Montenegro

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated

revenues

$1.463 billion (2015 est.)

expenditures

$1.491 billion (2015 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2022

$3.177 billion (2022 est.)

Exports 2023

$3.769 billion (2023 est.)

Exports 2024

$3.629 billion (2024 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2022

$4.614 billion (2022 est.)

Imports 2023

$5.167 billion (2023 est.)

Imports 2024

$5.478 billion (2024 est.)

Industries

steelmaking, aluminum, agricultural processing, consumer goods, tourism

Labor force

245,300 (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

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 intragovernmental debt; intragovernmental 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

Public debt 2017

67.2% of GDP (2017 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2022

13.3% of GDP (2022 est.)

Remittances 2023

10.7% of GDP (2023 est.)

Remittances 2024

10.6% of GDP (2024 est.)

Exchange rates

note

note: Montenegro, which is neither an EU member state nor a party to a formal EU monetary agreement, uses the euro as its de facto currency

Currency

euros (EUR) per US dollar -

Exchange rates 2020

0.877 (2020 est.)

Exchange rates 2021

0.845 (2021 est.)

Exchange rates 2022

0.951 (2022 est.)

Exchange rates 2023

0.925 (2023 est.)

Exchange rates 2024

0.924 (2024 est.)

Debt - external

note

note: present value of external debt in current US dollars

Debt - external 2023

$3.643 billion (2023 est.)

Economic overview

upper-middle-income, small Balkan economy; uses euro as de facto currency; reduced growth due to slowdown in tourism and industrial production; new impetus for EU accession under Europe Now government; energy price cap and declining food and services prices easing inflation rate

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

14.9% (2022 est.)

Unemployment rate 2023

14.7% (2023 est.)

Unemployment rate 2024

14.1% (2024 est.)

Exports - partners

Italy 38%, Serbia 13%, Spain 6%, Slovenia 5%, Bosnia & Herzegovina 4% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

Serbia 21%, China 10%, Germany 8%, Croatia 6%, Italy 6% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$25,400 (2022 est.)

Real GDP per capita 2023

$27,000 (2023 est.)

Real GDP per capita 2024

$27,900 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

6.4% (2022 est.)

Real GDP growth rate 2023

6.3% (2023 est.)

Real GDP growth rate 2024

3% (2024 est.)

Agricultural products

milk, potatoes, watermelons, grapes, sheep milk, cabbages, oranges, eggs, goat milk, figs (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

electricity, aluminum, copper ore, aluminum ore, packaged medicine (2023)

note: top five export commodities based on value in dollars

Imports - commodities

refined petroleum, cars, electricity, packaged medicine, aluminum (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2022

-$817.858 million (2022 est.)

Current account balance 2023

-$851.525 million (2023 est.)

Current account balance 2024

-$1.406 billion (2024 est.)

GDP (official exchange rate)

$8.07 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

76.3% (2024 est.)

government consumption

17.9% (2024 est.)

investment in inventories

8.3% (2024 est.)

investment in fixed capital

20.2% (2024 est.)

exports of goods and services

44.9% (2024 est.)

imports of goods and services

-67.5% (2024 est.)

Population below poverty line

20.3% (2021 est.)

note: % of population with income below national poverty line

Average household expenditures

on food

24.8% of household expenditures (2022 est.)

on alcohol and tobacco

5.6% of household expenditures (2022 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

13% (2022 est.)

Inflation rate (consumer prices) 2023

8.6% (2023 est.)

Inflation rate (consumer prices) 2024

3.3% (2024 est.)

Industrial production growth rate

-1.7% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$15.857 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$16.862 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$17.375 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

27.5% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

25.9% (2024 est.)

female

23.6% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$2.041 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$1.574 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$1.741 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

11.6% (2024 est.)

services

62.1% (2024 est.)

agriculture

5.2% (2024 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

2.1% (2021 est.)

highest 10%

24.7% (2021 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2021

34.3 (2021 est.)