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Economy of Bulgaria vs Montenegro compared: GDP & Debt

Updated on by Georank team

Bulgaria has a GDP of $112B compared to $8.07B for Montenegro, ranking 68/197 and 156/197 by economy size, respectively.

Bulgaria has $26.2B in government debt (28% of GDP), compared to $5.05B (60.3% of GDP) in Montenegro.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Bulgaria
GDP, current $

GDP, constant 2015 $
Montenegro
GDP, current $

GDP, constant 2015 $
Year GDP
Bulgaria Montenegro
Current $ Constant $ Current $ Constant $
1980 $19,839,230,769 $30,380,971,166 - -
1981 $19,870,000,000 $31,869,687,928 - -
1982 $19,342,000,000 $32,613,706,697 - -
1983 $16,563,666,667 $33,732,456,606 - -
1984 $17,594,944,444 $34,878,160,477 - -
1985 $17,155,421,053 $35,814,095,245 - -
1986 $20,249,294,118 $37,321,009,834 - -
1987 $28,101,000,000 $39,580,615,539 - -
1988 $22,555,941,176 $43,912,592,027 - -
1989 $21,988,444,444 $42,467,919,536 - -
1990 $20,632,090,909 $38,595,959,168 - -
1991 $7,628,738,475 $35,336,393,321 - -
1992 $8,602,887,623 $32,766,593,697 - -
1993 $10,832,064,942 $32,281,577,705 - -
1994 $9,709,240,034 $32,868,460,441 - -
1995 $18,991,484,420 $33,809,162,070 - -
1996 $12,294,964,838 $35,569,061,581 - -
1997 $11,316,127,379 $30,548,353,201 $838,288,806 $2,736,010,100
1998 $15,031,055,047 $31,705,867,020 $854,261,161 $2,870,074,755
1999 $13,637,098,579 $29,043,813,498 $828,950,327 $2,600,287,782
2000 $13,245,990,274 $30,376,118,720 $984,293,044 $2,680,896,704
2001 $14,183,446,026 $31,537,611,700 $1,159,869,246 $2,710,382,244
2002 $16,403,043,850 $33,389,478,558 $1,284,685,051 $2,761,986,207
2003 $21,144,957,990 $35,138,136,848 $1,707,710,053 $2,830,556,913
2004 $26,157,743,369 $37,425,778,955 $2,073,234,418 $2,955,838,797
2005 $29,868,657,858 $40,066,672,613 $2,257,174,481 $3,079,410,727
2006 $34,380,536,496 $42,792,243,672 $2,721,903,149 $3,343,205,923
2007 $44,431,257,129 $45,639,805,450 $3,680,711,744 $3,570,883,265
2008 $54,480,684,188 $48,437,324,161 $4,545,674,528 $3,828,799,329
2009 $52,023,801,230 $46,816,058,447 $4,159,330,370 $3,606,916,694
2010 $50,689,051,382 $47,544,216,522 $4,142,983,843 $3,705,541,738
2011 $57,681,293,007 $48,537,973,978 $4,544,428,421 $3,825,173,339
2012 $54,297,052,002 $48,901,433,558 $4,087,526,242 $3,720,983,620
2013 $55,819,262,375 $48,636,020,243 $4,465,772,400 $3,853,040,581
2014 $57,080,897,012 $49,097,794,444 $4,593,853,291 $3,921,767,212
2015 $50,765,918,159 $50,765,918,159 $4,054,730,078 $4,054,730,078
2016 $53,929,397,039 $52,302,414,125 $4,376,930,578 $4,174,315,434
2017 $59,167,647,388 $53,738,599,947 $4,856,599,481 $4,371,195,572
2018 $66,251,582,036 $55,108,646,394 $5,506,942,238 $4,593,160,023
2019 $68,634,004,792 $57,196,630,544 $5,542,054,181 $4,779,777,588
2020 $70,550,652,467 $55,357,337,084 $4,769,996,866 $4,048,142,111
2021 $84,414,122,840 $59,664,478,254 $5,861,427,505 $4,576,160,080
2022 $90,509,236,929 $62,074,193,827 $6,229,801,581 $4,869,340,027
2023 $102,396,840,296 $63,245,418,927 $7,530,593,375 $5,177,944,070
2024 $112,211,952,704 $65,023,138,714 $8,069,536,126 $5,335,369,922

Economic indicators

Bulgaria Montenegro
Gross domestic product
$112B
2024
$8.07B
2024
GDP rank
68/197
2024
156/197
2024
GDP growth
9.59%
2023-2024
7.16%
2023-2024
GDP per capita
$17,412
2024
$12,935
2024
GDP per capita rank
64/197
2024
78/197
2024
GDP per capita, PPP
$41,086
2024
$33,380
2024
Government debt
$26.2B
2024
$5.05B
2024
Debt-to-GDP ratio
28%
2025
60.3%
2025
Government debt per person
$4,067
2024
$8,103
2024
Government debt per person rank
90/185
2024
65/185
2024
Average annual personal income after taxes
$12,784
2025
$12,008
2025
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
39%
2025
44%
2025
Consumer prices inflation
3.6%
2024-2025
4.1%
2024-2025
Central bank interest rate
1.82%
2025
n/a
Unemployment rate
4.17%
2024
13.1%
2023
Population
6403235
618209

GDP per capita in Bulgaria vs Montenegro

Bulgaria's GDP per capita is $17,412, ranking 64/197, compared to $12,935 in Montenegro, ranking 78/197. Adjusted for purchasing power (GDP per capita PPP), Bulgaria ranks 57th at $41,086, while Montenegro ranks 66th at $33,380.

Bulgaria
GDP per capita

GDP per capita, PPP
Montenegro
GDP per capita

GDP per capita, PPP
Year Current $
Bulgaria Montenegro
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1980 $2,239 - - -
1981 $2,235 - - -
1982 $2,169 - - -
1983 $1,853 - - -
1984 $1,964 - - -
1985 $1,915 - - -
1986 $2,260 - - -
1987 $3,132 - - -
1988 $2,511 - - -
1989 $2,477 - - -
1990 $2,367 $7,546 - -
1991 $884 $7,213 - -
1992 $1,007 $6,915 - -
1993 $1,279 $7,030 - -
1994 $1,150 $7,335 - -
1995 $2,259 $7,738 - -
1996 $1,470 $6,846 - -
1997 $1,361 $5,749 $1,375 $5,797
1998 $1,820 $6,178 $1,406 $6,168
1999 $1,661 $5,808 $1,368 $5,683
2000 $1,621 $6,423 $1,627 $6,003
2001 $1,771 $6,961 $1,910 $6,772
2002 $2,093 $7,786 $2,107 $7,100
2003 $2,719 $8,417 $2,789 $7,341
2004 $3,390 $9,202 $3,380 $7,843
2005 $3,900 $10,291 $3,675 $8,314
2006 $4,523 $11,408 $4,426 $10,459
2007 $5,889 $12,822 $5,976 $12,462
2008 $7,271 $14,347 $7,368 $13,817
2009 $6,988 $14,181 $6,727 $13,022
2010 $6,854 $14,956 $6,688 $13,634
2011 $7,850 $15,747 $7,326 $14,466
2012 $7,432 $16,327 $6,578 $13,846
2013 $7,796 $16,894 $7,173 $14,837
2014 $8,070 $17,991 $7,365 $15,323
2015 $7,269 $18,901 $6,491 $16,272
2016 $7,822 $20,745 $6,999 $18,110
2017 $8,697 $22,317 $7,758 $19,569
2018 $9,872 $24,053 $8,791 $21,368
2019 $10,373 $26,814 $8,842 $23,958
2020 $10,770 $27,377 $7,613 $20,827
2021 $12,972 $30,974 $9,377 $23,843
2022 $14,000 $35,816 $9,990 $27,597
2023 $15,884 $37,508 $12,077 $30,601
2024 $17,412 $41,086 $12,935 $33,380

Spending and national debt comparison

In 2024, Bulgaria's government spending was $41.1B, accounting for 39% of its GDP, while Montenegro's spent $3.61B, or 44% of GDP.

Debt-to-GDP ratio is 28% in Bulgaria and 60.3% in Montenegro, ranking 162/185 and 77/185, respectively.

Bulgaria
Government spending

Government debt
Montenegro
Government spending

Government debt
Year % of GDP
Bulgaria Montenegro
Government spending Government debt Government spending Government debt
1995 45.4% 72% - -
1996 44% 113.8% - -
1997 32.9% 88.4% - -
1998 30.6% 67.3% - -
1999 36.2% 78.7% - -
2000 37.1% 73.3% - -
2001 36.5% 67.1% - -
2002 35.1% 53.4% 37.5% 76.7%
2003 35.8% 45.4% 43.2% 40.9%
2004 34.6% 37.8% 39.9% 45.4%
2005 34% 28.5% 38.2% 38.6%
2006 32.5% 22.6% 42.5% 36.7%
2007 33.1% 17.6% 43.9% 31.8%
2008 33.5% 14.7% 51.1% 34.2%
2009 33.8% 14.5% 51.3% 43.7%
2010 34.6% 14.1% 46.6% 45%
2011 32% 14.3% 45.3% 48.6%
2012 32.5% 16.5% 45.7% 56.9%
2013 35.5% 17.2% 45.8% 58.7%
2014 37.1% 26.3% 44.2% 63.4%
2015 37.3% 25.4% 46.4% 68.8%
2016 32.7% 27% 47.5% 66.4%
2017 32% 22.9% 47.1% 66.2%
2018 34.4% 20.1% 47.2% 71.9%
2019 36% 18.4% 44% 78.8%
2020 37.6% 22.7% 54.4% 107.3%
2021 38.4% 22.4% 44.8% 85.6%
2022 37.6% 21.5% 42.3% 70.6%
2023 37.4% 21.9% 40.3% 60.5%
2024 36.6% 23.4% 44.7% 62.6%
2025 39% 28% 44% 60.3%

Government deficit by year

In 2024, Bulgaria's government deficit, the difference between spending and revenue, was -$3.4B, equivalent to -3.03% of GDP. This compares to Montenegro's deficit of -$226M, or -2.8% 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 -3.21% of GDP for Montenegro.

Deficit/surplus
Bulgaria

Montenegro
Year Deficit/surplus, % of GDP
Bulgaria Montenegro
1924 1.26% -
1925 -0.97% -
1926 -0.25% -
1927 -0.02% -
1928 -1.09% -
1929 -6.67% -
1930 -5.48% -
1931 -3.07% -
1932 -2.14% -
1933 -0.56% -
1934 -0.12% -
1935 1.34% -
1936 1.17% -
1937 1.41% -
1938 1% -
1939 0.72% -
1940 0.75% -
1941 3.96% -
1942 -0.3% -
1943 0% -
1944 0% -
1945 0% -
1946 0% -
1947 0% -
1948 0% -
1949 0% -
1950 0% -
1951 0% -
1952 0% -
1953 0% -
1954 0% -
1955 0% -
1956 0% -
1957 0% -
1958 0% -
1959 0% -
1960 0% -
1961 0% -
1962 0% -
1963 0% -
1964 0% -
1965 0% -
1966 0% -
1967 0% -
1968 0% -
1969 0% -
1970 0% -
1971 0% -
1972 0% -
1973 0% -
1974 0% -
1975 0% -
1976 0% -
1977 0% -
1978 0% -
1979 0% -
1980 0% -
1981 0% -
1982 0% -
1983 0% -
1984 0% -
1985 0% -
1986 0% -
1987 0% -
1988 0% -
1989 0% -
1990 0% -
1991 0% -
1992 0% -
1993 0% -
1994 0% -
1995 -7.98% -
1996 -10.1% -
1997 0.83% -
1998 1.08% -
1999 0.15% -
2000 -0.6% -
2001 -0.58% -
2002 -0.61% -1.44%
2003 0.003% -4.05%
2004 1.59% -2.45%
2005 2.19% -1.41%
2006 3.22% 4.33%
2007 3.09% 8.43%
2008 2.73% -2.3%
2009 -0.86% -6.71%
2010 -3.77% -4.87%
2011 -1.83% -6.73%
2012 -0.43% -5.84%
2013 -1.75% -4.49%
2014 -3.65% -0.7%
2015 -2.77% -5.96%
2016 1.54% -6.18%
2017 0.82% -6.81%
2018 0.12% -6.21%
2019 -0.96% -1.72%
2020 -2.92% -10.9%
2021 -2.8% -1.71%
2022 -0.8% -4.08%
2023 -3.03% 0.86%
2024 -3.03% -2.8%
2025 -3.03% -3.38%

Inflation comparison by year

Over the past 26 years, Bulgaria has recorded an average annual inflation rate of 4.26%, compared with 5.87% in Montenegro. In 2025, inflation was 3.6% in Bulgaria and 4.1% in Montenegro.

Inflation
Bulgaria

Montenegro
Year Inflation
Bulgaria Montenegro Bulgaria Montenegro
1996 123% -
1997 1,061% -
1998 18.7% -
1999 2.6% -
2000 10.3% 29.9%
2001 7.4% 23.7%
2002 5.8% 19.7%
2003 2.3% 7.5%
2004 6.1% 3.1%
2005 6% 3.4%
2006 7.4% 2.1%
2007 7.6% 3.4%
2008 12% 9%
2009 2.5% 3.6%
2010 3% 0.4%
2011 3.4% 3.5%
2012 2.4% 4.1%
2013 0.4% 2.2%
2014 -1.6% -0.7%
2015 -1.1% 1.5%
2016 -1.3% -0.3%
2017 1.2% 2.4%
2018 2.6% 2.6%
2019 2.5% 0.4%
2020 1.2% -0.3%
2021 2.8% 2.4%
2022 13% 13%
2023 8.6% 8.6%
2024 2.6% 3.3%
2025 3.6% 4.1%

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
-$2.01B
2024
-$1.4B
2024
Current account balance ranking
142/189
2024
130/189
2024
Current account balance, % of GDP
-1.79%
2024
-17.4%
2024
Goods imports
$51.8B
2024
$4.29B
2024
Goods exports
$46B
2024
$714M
2024
Service imports
$8.2B
2024
$1.19B
2024
Service exports
$16.6B
2024
$2.92B
2024
Imports of goods and services, % of GDP
53.5%
2024
67.5%
2024
Exports of goods and services, % of GDP
55.8%
2024
44.9%
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 68.8 63.8
Economic freedom ranking 43/197 75/197
Property rights 75.7 58.8
Government integrity 48.5 48.9
Judicial effectiveness 56.6 50.1
Tax burden 94.2 88.7
Government spending 56.7 45.2
Fiscal health 91.1 87.9
Business freedom 74.9 70.9
Labor freedom 68 64.4
Monetary freedom 70.8 70.9
Trade freedom 79.6 79.6
Investment freedom 60 50
Financial freedom 50 50

Economic freedom by year comparison

The Economic Freedom Index for Bulgaria is 68.8, ranking 43/197, compared to 63.8 for Montenegro, ranking 75/197. The chart below displays a comparison of annual changes in economic freedom indexes.

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

More economic indicators

Bulgaria Montenegro
Services, % of GDP
62.6%
2024
62.1%
2024
Industry, % of GDP
22.5%
2024
11.6%
2024
Agriculture, forestry, and fishing, % of GDP
2.07%
2024
5.16%
2024
GNI, Atlas method
$98.7B
2024
$7.5B
2024
GNI per capita, PPP
$39,130
2024
$33,280
2024
Total reserves including gold
$43.7B
2024
$1.74B
2024
Total reserves ranking
47/177
2024
130/177
2024
Net foreign direct investment
-$2.47B
2024
-$532M
2024
Net inflows of foreign direct investment
$3.5B
2024
$599M
2024
Net outflows of foreign direct investment
$1.03B
2024
$67.8M
2024
Servicing debt to the IMF, % of GNI
n/a
10.3%
2023
Poverty at national poverty lines
21.7%
2023
20%
2023
Gross capital formation, % of GDP
20.4%
2024
28.5%
2024

GDP per capita map

GDP per capita

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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.