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Economy of Bulgaria vs Montenegro compared: GDP & Debt

Updated on by Georank team

Bulgaria has a GDP of $113B compared to $8.27B for Montenegro, ranking 67/197 and 155/197 by economy size, respectively.

Bulgaria has $27.3B in government debt (24.1% of GDP), compared to $5.02B (60.8% of GDP) in Montenegro.

Bulgaria vs Montenegro GDP by year

Bulgaria
Montenegro
1x
Year GDP, current $
Bulgaria Montenegro
2024 $113,343,355,780 $8,270,016,671
2023 $102,199,231,385 $7,644,389,160
2022 $90,506,153,294 $6,251,215,144
2021 $84,374,613,233 $5,823,715,810
2020 $70,486,877,546 $4,723,571,498
2019 $68,507,731,354 $5,483,476,883
2018 $66,097,226,262 $5,433,467,175
2017 $59,167,647,388 $4,803,962,016
2016 $53,929,397,039 $4,357,469,330
2015 $50,765,918,159 $4,010,885,991
2014 $57,080,897,012 $4,579,636,602
2013 $55,819,262,375 $4,422,097,763
2012 $54,297,052,002 $4,071,829,462
2011 $57,681,293,007 $4,507,126,949
2010 $50,689,051,382 $4,136,936,189
2009 $52,023,801,230 $4,142,640,317
2008 $54,480,684,188 $4,540,861,726
2007 $44,431,257,129 $3,677,910,895
2006 $34,380,536,496 $2,717,702,923
2005 $29,868,657,858 $2,257,174,481
2004 $26,157,743,369 $2,073,234,418
2003 $21,144,957,990 $1,707,710,053
2002 $16,403,043,850 $1,284,685,051
2001 $14,183,446,026 $1,159,869,246
2000 $13,245,990,274 $984,293,044
1999 $13,637,098,579 $828,950,327
1998 $15,031,055,047 $854,261,161
1997 $11,316,127,379 $838,288,806
1996 $12,294,964,838 -
1995 $18,991,484,420 -
1994 $9,709,240,034 -
1993 $10,832,064,942 -
1992 $8,602,887,623 -
1991 $7,628,738,475 -
1990 $20,632,090,909 -
1989 $21,988,444,444 -
1988 $22,555,941,176 -
1987 $28,101,000,000 -
1986 $20,249,294,118 -
1985 $17,155,421,053 -
1984 $17,594,944,444 -
1983 $16,563,666,667 -
1982 $19,342,000,000 -
1981 $19,870,000,000 -
1980 $19,839,230,769 -

Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

GeoRank.org/economy/bulgaria/montenegro | CC BY

GDP per capita in Bulgaria vs Montenegro by year

Bulgaria
GDP per capita

GDP per capita, PPP
Montenegro
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bulgaria Montenegro
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $17,596 $41,969 $13,263 $34,063
2023 $15,853 $38,829 $12,260 $31,863
2022 $13,999 $36,320 $10,025 $28,050
2021 $12,966 $30,959 $9,317 $23,690
2020 $10,760 $27,352 $7,539 $20,625
2019 $10,354 $26,766 $8,749 $23,706
2018 $9,849 $23,998 $8,674 $21,084
2017 $8,697 $22,317 $7,674 $19,357
2016 $7,822 $20,746 $6,968 $18,030
2015 $7,269 $18,896 $6,421 $16,092
2014 $8,070 $17,991 $7,342 $15,276
2013 $7,796 $16,894 $7,103 $14,692
2012 $7,432 $16,327 $6,552 $13,793
2011 $7,850 $15,747 $7,266 $14,347
2010 $6,854 $14,954 $6,679 $13,612
2009 $6,988 $14,188 $6,700 $12,976
2008 $7,271 $14,347 $7,360 $13,802
2007 $5,889 $12,822 $5,972 $12,452
2006 $4,523 $11,406 $4,419 $10,440
2005 $3,900 $10,291 $3,675 $8,314
2004 $3,390 $9,200 $3,380 $7,841
2003 $2,719 $8,416 $2,789 $7,340
2002 $2,093 $7,786 $2,107 $7,100
2001 $1,771 $6,960 $1,910 $6,772
2000 $1,621 $6,424 $1,627 $6,004
1999 $1,661 $5,808 $1,368 $5,684
1998 $1,820 $6,178 $1,406 $6,170
1997 $1,361 $5,751 $1,375 $5,798
1996 $1,470 $6,849 - -
1995 $2,259 $7,743 - -
1994 $1,150 $7,338 - -
1993 $1,279 $7,032 - -
1992 $1,007 $6,917 - -
1991 $884 $7,215 - -
1990 $2,367 $7,548 - -
1989 $2,477 - - -
1988 $2,511 - - -
1987 $3,132 - - -
1986 $2,260 - - -
1985 $1,915 - - -
1984 $1,964 - - -
1983 $1,853 - - -
1982 $2,169 - - -
1981 $2,235 - - -
1980 $2,239 - - -

Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

GeoRank.org/economy/bulgaria/montenegro | CC BY

Bulgaria's GDP per capita is $17,596, ranking 64/197, compared to $13,263 in Montenegro, ranking 77/197. Adjusted for purchasing power (GDP per capita PPP), Bulgaria ranks 54th at $41,969, while Montenegro ranks 65th at $34,063.

Economic indicators

Bulgaria Montenegro
Gross domestic product
$113B
2024
$8.27B
2024
GDP rank
67/197
2024
155/197
2024
GDP growth
3.39%
2023-2024
3.16%
2023-2024
GDP per capita
$17,596
2024
$13,263
2024
GDP per capita rank
64/197
2024
77/197
2024
GDP per capita, PPP
$41,969
2024
$34,063
2024
GDP per capita PPP rank
54/197
2024
65/197
2024
Government debt
$27.3B
2024
$5.02B
2024
Debt-to-GDP ratio
24.1%
2024
60.8%
2024
Government debt per person
$4,237
2024
$8,058
2024
Government debt per person rank
90/185
2024
64/185
2024
Average annual personal income after taxes
$14,263
2026
$11,119
2026
Market capitalization of domestic companies
$8.41B
2024
$3.79B
2012
Number of billionaires
2
2025
n/a
Income share by richest 10%
31.1%
2023
24.7%
2021
Income share by poorest 10%
2.1%
2023
2.1%
2021
Government expenditure, % of GDP
36.7%
2024
43.5%
2024
Consumer prices inflation
2.6%
2023-2024
3.3%
2023-2024
Central bank interest rate
1.81%
2025
n/a
Unemployment rate
4.17%
2024
13.1%
2023
Population
6359449
612312

Spending and national debt comparison by year

Bulgaria
Spending

Debt
Montenegro
Spending

Debt
1x
Year % of GDP
Bulgaria Montenegro
Government spending Government debt Government spending Government debt
2024 36.7% 24.1% 43.5% 60.8%
2023 37.4% 22.9% 39.7% 59.6%
2022 37.6% 22.5% 42.2% 70.3%
2021 38.4% 23.8% 45.1% 86.2%
2020 37.6% 22.7% 54.9% 108.4%
2019 36% 18.4% 44.4% 79.6%
2018 34.4% 20.1% 47.8% 72.9%
2017 32% 22.9% 47.6% 66.9%
2016 32.7% 27% 47.7% 66.7%
2015 37.3% 25.4% 46.9% 69.5%
2014 37.1% 26.3% 44.3% 63.6%
2013 35.5% 17.2% 46.3% 59.2%
2012 32.5% 16.5% 45.9% 57.1%
2011 32% 14.3% 45.7% 49%
2010 34.6% 14.1% 46.7% 45.1%
2009 33.8% 14.5% 51.5% 43.9%
2008 33.5% 14.7% 51.2% 34.2%
2007 33.1% 17.6% 43.9% 31.8%
2006 32.5% 22.6% 42.6% 36.7%
2005 34% 28.5% 38.2% 38.6%
2004 34.6% 37.8% 40% 45.4%
2003 35.8% 45.4% 43.3% 48.6%
2002 35.1% 53.4% 37.5% 85.7%
2001 36.5% 67.1% - -
2000 37.1% 73.3% - -
1999 36.2% 78.7% - -
1998 30.6% 67.3% - -
1997 32.9% 88.4% - -
1996 44% 113.8% - -
1995 45.4% 72% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1997, retrieved 2026-02-20).

GeoRank.org/economy/bulgaria/montenegro | CC BY

In 2024, Bulgaria's government spending was $41.5B, accounting for 36.7% of its GDP, while Montenegro spent $3.6B, or 43.5% of GDP.

Debt-to-GDP ratio is 24.1% in Bulgaria and 60.8% in Montenegro, ranking 169/185 and 76/185, respectively.

Government deficit by year

Deficit/surplus
Bulgaria

Montenegro
1x
Year Deficit/surplus, % of GDP
Bulgaria Montenegro
2024 -3.04% -2.81%
2023 -3.03% 0.85%
2022 -0.8% -4.07%
2021 -2.8% -1.72%
2020 -2.92% -11%
2019 -0.96% -1.74%
2018 0.12% -6.3%
2017 0.82% -6.89%
2016 1.54% -6.21%
2015 -2.77% -6.03%
2014 -3.65% -0.7%
2013 -1.75% -4.54%
2012 -0.43% -5.87%
2011 -1.83% -6.79%
2010 -3.77% -4.88%
2009 -0.86% -6.74%
2008 2.73% -2.3%
2007 3.09% 8.44%
2006 3.22% 4.34%
2005 2.19% -1.42%
2004 1.59% -2.45%
2003 0.003% -4.06%
2002 -0.61% -1.44%
2001 -0.58% -
2000 -0.6% -
1999 0.15% -
1998 1.08% -
1997 0.83% -
1996 -10.1% -
1995 -7.98% -
1994 - -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 0% -
1943 0% -
1942 -0.3% -
1941 3.96% -
1940 0.75% -
1939 0.72% -
1938 1% -
1937 1.41% -
1936 1.17% -
1935 1.34% -
1934 -0.12% -
1933 -0.56% -
1932 -2.14% -
1931 -3.07% -
1930 -5.48% -
1929 -6.67% -
1928 -1.09% -
1927 -0.02% -
1926 -0.25% -
1925 -0.97% -
1924 1.26% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-02-20).

GeoRank.org/economy/bulgaria/montenegro | CC BY

In 2024, Bulgaria's government deficit, the difference between spending and revenue, was $3.44B, equivalent to 3.04% of GDP. This compares to Montenegro's deficit of $232M, or 2.81% of GDP.

Over the past 23 years, Bulgaria recorded a fiscal deficit in 14 of those years, while Montenegro ran a deficit in 20 years. On average, Bulgaria posted an annual deficit equal to 0.61% of GDP, compared to deficit of 3.23% of GDP for Montenegro.

Inflation comparison by year

Inflation
Bulgaria

Montenegro
1x
Year Consumer prices inflation
Bulgaria Montenegro
2024 2.6% 3.3%
2023 8.6% 8.6%
2022 13% 13%
2021 2.8% 2.4%
2020 1.2% -0.3%
2019 2.5% 0.4%
2018 2.6% 2.6%
2017 1.2% 2.4%
2016 -1.3% -0.3%
2015 -1.1% 1.5%
2014 -1.6% -0.7%
2013 0.4% 2.2%
2012 2.4% 4.1%
2011 3.4% 3.5%
2010 3% 0.4%
2009 2.5% 3.6%
2008 12% 9%
2007 7.6% 3.4%
2006 7.4% 2.1%
2005 6% 3.4%
2004 6.1% 3.1%
2003 2.3% 7.5%
2002 5.8% 19.7%
2001 7.4% 23.7%
2000 10.3% 29.9%
1999 2.6% -
1998 18.7% -
1997 1,061% -

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

GeoRank.org/economy/bulgaria/montenegro | CC BY

Over the past 25 years, Bulgaria has recorded an average annual inflation rate of 4.28%, compared with 5.94% in Montenegro. In 2024, inflation was 2.6% in Bulgaria and 3.3% in Montenegro.

Top exports between countries

Bulgaria
Export category Export value
Processed food, beverages & tobacco $7.37M
Machinery & equipment $5.34M
Textiles & consumer goods $4.76M
Chemicals & pharma $2.35M
Metals $1.04M
Raw materials & minerals $880K
Wood & paper products $733K
Raw agricultural goods $514K
Miscellaneous $266K
Animal & marine products $57K
Montenegro
Export category Export value
Transport & tourism services $7.1M
Business & finance services $1.18M
IT & IP services $1.18M
Machinery & equipment $834K
Metals $511K
Raw agricultural goods $357K
Processed food, beverages & tobacco $186K
Textiles & consumer goods $115K
Weapons & explosives $89K
Wood & paper products $88K

Balance of trade

Bulgaria Montenegro
Current account balance
-$1.74B
2024
-$1.4B
2024
Current account balance ranking
138/190
2024
131/190
2024
Current account balance, % of GDP
-1.54%
2024
-17%
2024
Goods imports
$52.8B
2024
$4.29B
2024
Goods exports
$47.3B
2024
$714M
2024
Service imports
$8.26B
2024
$1.19B
2024
Service exports
$16.6B
2024
$2.92B
2024
Imports of goods and services, % of GDP
53.9%
2024
66.2%
2024
Exports of goods and services, % of GDP
56.4%
2024
43.7%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Bulgaria Montenegro
Economic freedom 68.9 63.8
Economic freedom ranking 44/197 78/197
Property rights 75.8 60.9
Government integrity 48.4 49.9
Judicial effectiveness 58.5 51.5
Tax burden 89.1 88.7
Government spending 58.4 47.6
Fiscal health 90.4 86.2
Business freedom 78.2 68.4
Labor freedom 62.4 59.4
Monetary freedom 75.8 75.2
Trade freedom 79.4 78.4
Investment freedom 60 50
Financial freedom 50 50

Economic freedom comparison by year

Bulgaria
Montenegro
1x
Year Economic freedom index
Bulgaria Montenegro
2026 68.9 63.8
2025 68.8 63.8
2024 68.5 59.7
2023 69.3 60.9
2022 71 57.8
2021 70.4 63.4
2020 70.2 61.5
2019 69 60.5
2018 68.3 64.3
2017 67.9 62
2016 65.9 64.9
2015 66.8 64.7
2014 65.7 63.6
2013 65 62.6
2012 64.7 62.5
2011 64.9 62.5
2010 62.3 63.6
2009 64.6 58.2
2008 63.7 -
2007 62.7 -
2006 64.1 -
2005 62.3 -
2004 59.2 -
2003 57 43.5
2002 57.1 46.6
2001 51.9 -
2000 47.3 -
1999 46.2 -
1998 45.7 -
1997 47.6 -
1996 48.6 -
1995 50 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/bulgaria/montenegro | CC BY

The Economic Freedom Index for Bulgaria is 68.9, ranking 44/197, compared to 63.8 for Montenegro, ranking 78/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bulgaria Montenegro
Services, % of GDP
63.8%
2024
63.8%
2024
Industry, % of GDP
21.1%
2024
12.2%
2024
Agriculture, forestry, and fishing, % of GDP
2.35%
2024
3.49%
2024
GNI, Atlas method
$99B
2024
$7.61B
2024
GNI per capita, PPP
$39,850
2024
$33,970
2024
Total reserves including gold
$43.7B
2024
$1.74B
2024
Total reserves ranking
47/177
2024
130/177
2024
Net foreign direct investment
-$2.22B
2024
-$532M
2024
Net inflows of foreign direct investment
$3.55B
2024
$599M
2024
Net outflows of foreign direct investment
$1.13B
2024
$67.8M
2024
Servicing debt to the IMF, % of GNI
6.8%
2024
15%
2024
Poverty at national poverty lines
21.7%
2023
20%
2023
Gross capital formation, % of GDP
20.4%
2024
25.9%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/bulgaria/montenegro | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.