Skip to content

Economy of Bulgaria vs Montenegro compared: GDP & Debt

Updated on by Georank

Bulgaria has a GDP of $131B compared to $9.23B for Montenegro, ranking 63/197 and 155/197 by economy size, respectively.

Bulgaria has $35.4B in government debt (27.1% of GDP), compared to $6.19B (67.1% of GDP) in Montenegro.

Bulgaria vs Montenegro GDP by year

Bulgaria
Montenegro
1x
Year GDP, current $
Bulgaria Montenegro
2025 $130,777,235,530 $9,232,801,465
2024 $113,349,149,167 $8,274,290,506
2023 $102,204,457,335 $7,643,318,276
2022 $90,510,784,778 $6,259,721,790
2021 $84,378,926,047 $5,822,908,964
2020 $70,490,478,088 $4,734,192,593
2019 $68,511,235,459 $5,483,622,632
2018 $66,100,606,677 $5,433,469,311
2017 $59,170,671,046 $4,803,964,684
2016 $53,932,152,154 $4,357,467,226
2015 $50,768,512,173 $4,010,884,107
2014 $57,083,817,240 $4,579,635,404
2013 $55,822,115,861 $4,422,097,042
2012 $54,299,825,600 $4,071,828,832
2011 $57,684,243,980 $4,507,127,585
2010 $50,691,645,231 $4,136,936,244
2009 $52,026,461,290 $4,159,063,347
2008 $54,483,464,293 $4,559,410,049
2007 $44,433,521,725 $3,682,586,459
2006 $34,382,295,487 $2,719,979,875
2005 $29,870,182,425 $2,258,016,380
2004 $26,159,078,743 $2,077,046,942
2003 $21,146,038,619 $1,708,196,981
2002 $16,403,880,783 $1,286,314,054
2001 $14,184,170,319 $1,159,869,246
2000 $13,246,669,554 $984,293,044
1999 $13,637,793,854 $828,950,327
1998 $15,031,821,788 $854,261,161
1997 $11,316,706,412 $838,288,806
1996 $12,295,588,924 -
1995 $18,992,388,645 -
1994 $9,709,230,161 -
1993 $10,832,041,595 -
1992 $8,602,874,120 -
1991 $7,628,764,750 -
1990 $20,726,605,649 -
1989 $21,746,286,447 -
1988 $23,003,003,708 -
1987 $28,428,718,531 -
1986 $20,261,546,635 -
1985 $17,562,270,447 -
1984 $17,410,894,971 -
1983 $16,959,180,922 -
1982 $19,803,624,625 -
1981 $20,055,685,481 -
1980 $20,039,544,133 -

Data sources: World Bank | Economy & Growth (1980–2025, retrieved 2026-07-08).

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
2025 $20,328 - $14,817 -
2024 $17,597 $41,969 $13,270 $34,063
2023 $15,854 $38,829 $12,258 $31,863
2022 $14,000 $36,320 $10,038 $28,050
2021 $12,967 $30,959 $9,316 $23,690
2020 $10,761 $27,352 $7,555 $20,625
2019 $10,354 $26,766 $8,749 $23,706
2018 $9,850 $23,998 $8,674 $21,084
2017 $8,697 $22,317 $7,674 $19,357
2016 $7,823 $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 $6,989 $14,188 $6,727 $12,976
2008 $7,272 $14,347 $7,390 $13,802
2007 $5,889 $12,822 $5,979 $12,452
2006 $4,523 $11,406 $4,423 $10,440
2005 $3,900 $10,291 $3,676 $8,314
2004 $3,390 $9,200 $3,386 $7,841
2003 $2,720 $8,416 $2,790 $7,340
2002 $2,093 $7,786 $2,109 $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 $1,821 $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 $2,377 $7,548 - -
1989 $2,450 - - -
1988 $2,561 - - -
1987 $3,169 - - -
1986 $2,262 - - -
1985 $1,960 - - -
1984 $1,943 - - -
1983 $1,897 - - -
1982 $2,221 - - -
1981 $2,256 - - -
1980 $2,261 - - -

Data sources: World Bank | Economy & Growth (1980–2025, retrieved 2026-07-08).

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

Bulgaria's GDP per capita is $20,328, ranking 58/197, compared to $14,817 in Montenegro, ranking 71/197. 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
$131B
2025
$9.23B
2025
GDP rank
63/197
2025
155/197
2025
GDP growth
3.1%
2024-2025
2.74%
2024-2025
GDP per capita
$20,328
2025
$14,817
2025
GDP per capita rank
58/197
2025
71/197
2025
GDP per capita, PPP
$41,969
2024
$34,063
2024
GDP per capita PPP rank
54/197
2024
65/197
2024
Government debt
$35.4B
2025
$6.19B
2025
Debt-to-GDP ratio
27.1%
2025
67.1%
2025
Government debt per person
$5,507
2025
$9,942
2025
Government debt per person rank
79/185
2025
61/185
2025
Average annual personal income after taxes
$16,126
2026
$12,768
2026
Market capitalization of domestic companies
$11.2B
2025
$3.79B
2012
Number of billionaires
2
2026
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
38.9%
2025
43.9%
2025
Consumer prices inflation
3.5%
2024-2025
3.9%
2024-2025
Central bank interest rate
1.81%
2025
n/a
Unemployment rate
3.5%
2025
11.5%
2024
Population
6390149
613759

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
2025 38.9% 27.1% 43.9% 67.1%
2024 36.3% 23.8% 44.1% 60.8%
2023 37.5% 22.9% 40.4% 59.6%
2022 37.6% 22.5% 42.2% 70.3%
2021 38.5% 23.9% 45.1% 86.2%
2020 37.7% 22.7% 54.9% 108.4%
2019 36.1% 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 (1998–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1997, retrieved 2026-07-08).

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

In 2025, Bulgaria's government spending was $50.8B, accounting for 38.9% of its GDP, while Montenegro spent $4.05B, or 43.9% of GDP.

Debt-to-GDP ratio is 27.1% in Bulgaria and 67.1% in Montenegro, ranking 164/185 and 63/185, respectively.

Government deficit by year

Deficit/surplus
Bulgaria

Montenegro
1x
Year Deficit/surplus, % of GDP
Bulgaria Montenegro
2025 -3.01% -3.61%
2024 -3.01% -3.44%
2023 -3.04% 0.38%
2022 -0.8% -4.05%
2021 -2.8% -1.37%
2020 -2.92% -10.9%
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 (1998–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-07-08).

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

In 2025, Bulgaria's government deficit, the difference between spending and revenue, was $3.94B, equivalent to 3.01% of GDP. This compares to Montenegro's deficit of $334M, or 3.61% of GDP.

Over the past 24 years, Bulgaria recorded a fiscal deficit in 15 of those years, while Montenegro ran a deficit in 21 years. On average, Bulgaria posted an annual deficit equal to 0.7% of GDP, compared to deficit of 3.27% of GDP for Montenegro.

Inflation comparison by year

Inflation
Bulgaria

Montenegro
1x
Year Consumer prices inflation
Bulgaria Montenegro
2025 3.5% 3.9%
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 (1997–2025, retrieved 2026-07-08).

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

Over the past 26 years, Bulgaria has recorded an average annual inflation rate of 4.25%, compared with 5.86% in Montenegro. In 2025, inflation was 3.5% in Bulgaria and 3.9% in Montenegro.

Top exports between countries

Bulgaria
Export category Export value
Processed food, beverages & tobacco $7.96M
Machinery & equipment $5.84M
Textiles & consumer goods $5.62M
Chemicals & pharma $2.45M
Metals $1.02M
Raw materials & minerals $870K
Raw agricultural goods $717K
Wood & paper products $607K
Miscellaneous $258K
Weapons & explosives $46K
Montenegro
Export category Export value
Transport & tourism services $17.4M
IT & IP services $1.08M
Business & finance services $1.05M
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
-$7.64B
2025
-$1.88B
2025
Current account balance ranking
170/190
2025
140/190
2025
Current account balance, % of GDP
-5.84%
2025
-20.4%
2025
Goods imports
$58.5B
2025
$4.91B
2025
Goods exports
$47.9B
2025
$663M
2025
Service imports
$9.42B
2025
$1.24B
2025
Service exports
$18.6B
2025
$3.07B
2025
Imports of goods and services, % of GDP
51.8%
2025
65.7%
2025
Exports of goods and services, % of GDP
50.7%
2025
40.1%
2025

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 2026-07-08).

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
63.3%
2025
63.4%
2025
Industry, % of GDP
21.2%
2025
11.3%
2025
Agriculture, forestry, and fishing, % of GDP
2.47%
2025
3.37%
2025
GNI, Atlas method
$114B
2025
$8.82B
2025
GNI per capita, PPP
$42,170
2025
$35,700
2025
Total reserves including gold
$47.1B
2025
$2.2B
2025
Total reserves ranking
51/177
2025
126/177
2025
Net foreign direct investment
-$3.37B
2025
-$601M
2025
Net inflows of foreign direct investment
$3.05B
2024
$599M
2024
Net outflows of foreign direct investment
$1.21B
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
21.7%
2025
26.9%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

Data sources:

  1. World Bank | Economy & Growth (1980–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1998–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2022–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.