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Economy of Indonesia vs Montenegro compared: GDP & Debt

Updated on by Georank team

Indonesia has a GDP of $1.4T compared to $8.27B for Montenegro, ranking 16/197 and 155/197 by economy size, respectively.

Indonesia has $561B in government debt (40.2% of GDP), compared to $5.02B (60.8% of GDP) in Montenegro.

Indonesia vs Montenegro GDP by year

Indonesia
Montenegro
1x
Year GDP, current $
Indonesia Montenegro
2024 $1,396,300,098,191 $8,270,016,671
2023 $1,371,169,301,564 $7,644,389,160
2022 $1,319,101,183,380 $6,251,215,144
2021 $1,186,509,691,087 $5,823,715,810
2020 $1,059,054,842,698 $4,723,571,498
2019 $1,119,099,871,350 $5,483,476,883
2018 $1,042,271,532,989 $5,433,467,175
2017 $1,015,618,744,160 $4,803,962,016
2016 $931,877,364,038 $4,357,469,330
2015 $860,854,232,686 $4,010,885,991
2014 $890,814,755,534 $4,579,636,602
2013 $912,524,136,718 $4,422,097,763
2012 $917,869,913,333 $4,071,829,462
2011 $892,969,104,563 $4,507,126,949
2010 $755,094,157,622 $4,136,936,189
2009 $539,580,085,612 $4,142,640,317
2008 $510,228,634,992 $4,540,861,726
2007 $432,216,737,775 $3,677,910,895
2006 $364,570,515,618 $2,717,702,923
2005 $285,868,619,196 $2,257,174,481
2004 $256,836,875,295 $2,073,234,418
2003 $234,772,463,824 $1,707,710,053
2002 $195,660,611,165 $1,284,685,051
2001 $160,446,947,785 $1,159,869,246
2000 $165,021,012,078 $984,293,044
1999 $140,001,351,215 $828,950,327
1998 $95,445,547,873 $854,261,161
1997 $215,748,998,610 $838,288,806
1996 $227,369,679,375 -
1995 $202,132,028,723 -
1994 $176,892,143,932 -
1993 $158,006,700,302 -
1992 $128,026,966,580 -
1991 $116,621,996,217 -
1990 $106,140,727,334 -
1989 $94,451,427,877 -
1988 $84,300,174,486 -
1987 $75,929,617,558 -
1986 $79,954,072,545 -
1985 $85,289,488,375 -
1984 $84,853,700,028 -
1983 $81,052,283,384 -
1982 $90,158,449,295 -
1981 $85,518,233,419 -
1980 $72,482,337,397 -
1979 $51,400,186,343 -
1978 $51,455,719,076 -
1977 $45,808,915,663 -
1976 $37,269,156,627 -
1975 $30,463,855,422 -
1974 $25,802,409,639 -
1973 $16,273,253,012 -
1972 $10,997,590,361 -
1971 $9,333,536,370 -
1970 $9,150,684,932 -
1969 $8,337,423,313 -
1968 $7,076,465,300 -
1967 $5,667,756,628 -

Data sources: World Bank | Economy & Growth (1967–2024, retrieved 2026-04-06).

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

GDP per capita in Indonesia vs Montenegro by year

Indonesia
GDP per capita

GDP per capita, PPP
Montenegro
GDP per capita

GDP per capita, PPP
1x
Year Current $
Indonesia Montenegro
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $4,925 $16,448 $13,263 $34,063
2023 $4,876 $15,416 $12,260 $31,863
2022 $4,731 $14,285 $10,025 $28,050
2021 $4,287 $12,757 $9,317 $23,690
2020 $3,854 $11,729 $7,539 $20,625
2019 $4,107 $11,986 $8,749 $23,706
2018 $3,861 $11,372 $8,674 $21,084
2017 $3,799 $10,688 $7,674 $19,357
2016 $3,521 $10,263 $6,968 $18,030
2015 $3,288 $10,028 $6,421 $16,092
2014 $3,441 $10,065 $7,342 $15,276
2013 $3,567 $9,866 $7,103 $14,692
2012 $3,632 $9,530 $6,552 $13,793
2011 $3,579 $8,937 $7,266 $14,347
2010 $3,066 $8,353 $6,679 $13,612
2009 $2,218 $7,868 $6,700 $12,976
2008 $2,125 $7,569 $7,360 $13,802
2007 $1,823 $7,096 $5,972 $12,452
2006 $1,558 $6,583 $4,419 $10,440
2005 $1,238 $6,134 $3,675 $8,314
2004 $1,127 $5,700 $3,380 $7,841
2003 $1,043 $5,353 $2,789 $7,340
2002 $881 $5,076 $2,107 $7,100
2001 $732 $4,849 $1,910 $6,772
2000 $764 $4,639 $1,627 $6,004
1999 $657 $4,386 $1,368 $5,684
1998 $455 $4,356 $1,406 $6,170
1997 $1,045 $5,037 $1,375 $5,798
1996 $1,119 $4,807 - -
1995 $1,011 $4,451 - -
1994 $900 $4,096 - -
1993 $817 $3,793 - -
1992 $674 $3,538 - -
1991 $624 $3,305 - -
1990 $578 $3,044 - -
1989 $524 - - -
1988 $477 - - -
1987 $438 - - -
1986 $470 - - -
1985 $511 - - -
1984 $520 - - -
1983 $508 - - -
1982 $578 - - -
1981 $561 - - -
1980 $487 - - -
1979 $353 - - -
1978 $362 - - -
1977 $331 - - -
1976 $275.7 - - -
1975 $231.1 - - -
1974 $200.7 - - -
1973 $129.9 - - -
1972 $90.1 - - -
1971 $78.5 - - -
1970 $79.1 - - -
1969 $74.1 - - -
1968 $64.7 - - -
1967 $53.2 - - -

Data sources: World Bank | Economy & Growth (1967–2024, retrieved 2026-04-06).

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

Indonesia's GDP per capita is $4,925, ranking 121/197, compared to $13,263 in Montenegro, ranking 77/197. Adjusted for purchasing power (GDP per capita PPP), Indonesia ranks 107th at $16,448, while Montenegro ranks 65th at $34,063.

Economic indicators

Indonesia Montenegro
Gross domestic product
$1.4T
2024
$8.27B
2024
GDP rank
16/197
2024
155/197
2024
GDP growth
5.03%
2023-2024
3.16%
2023-2024
GDP per capita
$4,925
2024
$13,263
2024
GDP per capita rank
121/197
2024
77/197
2024
GDP per capita, PPP
$16,448
2024
$34,063
2024
GDP per capita PPP rank
107/197
2024
65/197
2024
Government debt
$561B
2024
$5.02B
2024
Debt-to-GDP ratio
40.2%
2024
60.8%
2024
Government debt per person
$1,978
2024
$8,058
2024
Government debt per person rank
120/185
2024
64/185
2024
Average annual personal income after taxes
$3,371
2026
$11,119
2026
Market capitalization of domestic companies
$758B
2023
$3.79B
2012
Number of millionaires
178,605
2025
n/a
Number of billionaires
33
2025
n/a
Income share by richest 10%
28.8%
2024
24.7%
2021
Income share by poorest 10%
3.5%
2024
2.1%
2021
Government expenditure, % of GDP
16.8%
2024
43.5%
2024
Consumer prices inflation
2.18%
2023-2024
3.3%
2023-2024
Central bank interest rate
4.75%
2025
n/a
Unemployment rate
3.31%
2023
13.1%
2023
Population
288551776
612312

Spending and national debt comparison by year

Indonesia
Spending

Debt
Montenegro
Spending

Debt
1x
Year % of GDP
Indonesia Montenegro
Government spending Government debt Government spending Government debt
2024 16.8% 40.2% 43.5% 60.8%
2023 16.6% 39.6% 39.7% 59.6%
2022 17.3% 40.1% 42.2% 70.3%
2021 18.1% 41.1% 45.1% 86.2%
2020 18.4% 39.7% 54.9% 108.4%
2019 16.4% 30.6% 44.4% 79.6%
2018 16.6% 30.4% 47.8% 72.9%
2017 16.4% 29.4% 47.6% 66.9%
2016 16.9% 28% 47.7% 66.7%
2015 17.6% 27% 46.9% 69.5%
2014 18.4% 24.6% 44.3% 63.6%
2013 18.8% 24.9% 46.3% 59.2%
2012 18.8% 23% 45.9% 57.1%
2011 17.7% 23.1% 45.7% 49%
2010 16.9% 26.4% 46.7% 45.1%
2009 17% 26.5% 51.5% 43.9%
2008 19.4% 30.3% 51.2% 34.2%
2007 18.7% 38.1% 43.9% 31.8%
2006 18.4% 35.8% 42.6% 36.7%
2005 17.4% 42.6% 38.2% 38.6%
2004 17.8% 51.3% 40% 45.4%
2003 18.2% 55.6% 43.3% 48.6%
2002 16.9% 62.3% 37.5% 85.7%
2001 19.5% 73.7% - -
2000 15.3% 87.4% - -
1999 15.1% 95.9% - -
1998 15.1% 72.5% - -
1997 15.2% 26.4% - -
1996 11.5% 27.5% - -
1995 11.9% 32% - -
1994 13.5% 37% - -
1993 14.1% 40.4% - -
1992 16.8% 42.6% - -
1991 15% 39.2% - -
1990 15.8% 40.8% - -
1989 16.5% 42.5% - -
1988 17.3% 45.6% - -
1987 18% 49.7% - -
1986 20.9% 38.3% - -
1985 18.5% 28% - -
1984 16.1% 23.5% - -
1983 18.2% 23.1% - -
1982 18.8% 18.6% - -
1981 24.4% 16.4% - -
1980 22.1% 17.3% - -
1979 20.9% 22% - -
1978 20.1% 30.3% - -
1977 19.5% 27.7% - -
1976 21.8% 38.1% - -
1975 20.5% 36.7% - -
1974 17.3% 34.4% - -
1973 16.3% 43.1% - -
1972 15.7% 51.2% - -
1971 14.5% 50.5% - -
1970 13.8% 46.7% - -
1969 12.8% - - -
1968 8.82% - - -
1967 10.4% - - -
1966 9.18% - - -
1965 10.7% - - -
1964 9.55% - - -
1963 10.3% - - -
1962 7.89% - - -
1961 15.1% - - -
1960 14.4% - - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1993–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1999, retrieved 2026-02-20).

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

In 2024, Indonesia's government spending was $235B, accounting for 16.8% of its GDP, while Montenegro spent $3.6B, or 43.5% of GDP.

Debt-to-GDP ratio is 40.2% in Indonesia and 60.8% in Montenegro, ranking 132/185 and 76/185, respectively.

Government deficit by year

Deficit/surplus
Indonesia

Montenegro
1x
Year Deficit/surplus, % of GDP
Indonesia Montenegro
2024 -2.3% -2.81%
2023 -1.64% 0.85%
2022 -2.31% -4.07%
2021 -4.4% -1.72%
2020 -6.07% -11%
2019 -2.09% -1.74%
2018 -1.69% -6.3%
2017 -2.26% -6.89%
2016 -2.56% -6.21%
2015 -2.72% -6.03%
2014 -1.8% -0.7%
2013 -1.96% -4.54%
2012 -1.59% -5.87%
2011 -0.7% -6.79%
2010 -1.24% -4.88%
2009 -1.64% -6.74%
2008 0.05% -2.3%
2007 -0.95% 8.44%
2006 0.45% 4.34%
2005 0.46% -1.42%
2004 -0.26% -2.45%
2003 -1.08% -4.06%
2002 -0.58% -1.44%
2001 -1.76% -
2000 -1.87% -
1999 -0.96% -
1998 -1.89% -
1997 -1.03% -
1996 0.96% -
1995 0.64% -
1994 0.005% -
1993 -0.59% -
1992 -2.95% -
1991 -0.87% -
1990 -0.55% -
1989 -1.72% -
1988 -2.68% -
1987 -0.9% -
1986 -2.94% -
1985 -0.45% -
1984 1.83% -
1983 -1% -
1982 -1.11% -
1981 -0.69% -
1980 -0.82% -
1979 -0.67% -
1978 -2.03% -
1977 -0.38% -
1976 -2.63% -
1975 -2.33% -
1974 -0.35% -
1973 -1.33% -
1972 -1.82% -
1971 -2.51% -
1970 -3.02% -
1969 -2.8% -
1968 0% -
1967 -0.35% -
1966 -5.06% -
1965 -6.62% -
1964 -5.58% -
1963 -5.24% -
1962 -3.1% -
1961 -4.57% -
1960 -1.65% -
1959 -4.06% -
1958 -6.67% -
1957 -2.92% -
1956 -1.38% -
1955 -1.6% -
1954 -3.16% -
1953 -2.33% -
1952 -3.66% -
1951 1.52% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1951–1992, retrieved 2026-02-20).

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

In 2024, Indonesia's government deficit, the difference between spending and revenue, was $32.1B, equivalent to 2.3% of GDP. This compares to Montenegro's deficit of $232M, or 2.81% of GDP.

Over the past 23 years, Indonesia recorded a fiscal deficit in 20 of those years, while Montenegro ran a deficit in 20 years. On average, Indonesia posted an annual deficit equal to 1.69% of GDP, compared to deficit of 3.23% of GDP for Montenegro.

Inflation comparison by year

Inflation
Indonesia

Montenegro
1x
Year Consumer prices inflation
Indonesia Montenegro
2024 2.18% 3.3%
2023 3.67% 8.6%
2022 4.21% 13%
2021 1.56% 2.4%
2020 1.92% -0.3%
2019 3.03% 0.4%
2018 3.2% 2.6%
2017 3.81% 2.4%
2016 3.53% -0.3%
2015 6.36% 1.5%
2014 6.39% -0.7%
2013 6.41% 2.2%
2012 4.28% 4.1%
2011 5.36% 3.5%
2010 5.13% 0.4%
2009 4.39% 3.6%
2008 10.2% 9%
2007 6.41% 3.4%
2006 13.1% 2.1%
2005 10.5% 3.4%
2004 6.06% 3.1%
2003 6.76% 7.5%
2002 11.9% 19.7%
2001 11.5% 23.7%
2000 3.69% 29.9%
1999 20.5% -
1998 58.5% -
1997 6.23% -

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06); International Monetary Fund (IMF) | World Economic Outlook (2000–2024, retrieved 2026-02-20).

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

Over the past 25 years, Indonesia has recorded an average annual inflation rate of 5.82%, compared with 5.94% in Montenegro. In 2024, inflation was 2.18% in Indonesia and 3.3% in Montenegro.

Top exports between countries

Indonesia
Export category Export value
Metals $2.47M
Processed food, beverages & tobacco $1.98M
Raw materials & minerals $247K
Wood & paper products $136K
Textiles & consumer goods $107K
Machinery & equipment $74K
Chemicals & pharma $47K
Raw agricultural goods $17K
Precious metals & jewellery $3K
Miscellaneous $2K
Montenegro
Export category Export value
Machinery & equipment $176K
Processed food, beverages & tobacco $25K
Textiles & consumer goods $4K
Wood & paper products $2K

Balance of trade

Indonesia Montenegro
Current account balance
-$8.72B
2024
-$1.4B
2024
Current account balance ranking
174/190
2024
131/190
2024
Current account balance, % of GDP
-0.62%
2024
-17%
2024
Goods imports
$223B
2024
$4.29B
2024
Goods exports
$263B
2024
$714M
2024
Service imports
$57.6B
2024
$1.19B
2024
Service exports
$39B
2024
$2.92B
2024
Imports of goods and services, % of GDP
20.4%
2024
66.2%
2024
Exports of goods and services, % of GDP
22.2%
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.

Indonesia Montenegro
Economic freedom 65.1 63.8
Economic freedom ranking 67/197 78/197
Property rights 39.7 60.9
Government integrity 42 49.9
Judicial effectiveness 43.1 51.5
Tax burden 81.5 88.7
Government spending 91.4 47.6
Fiscal health 89.8 86.2
Business freedom 69.2 68.4
Labor freedom 56.8 59.4
Monetary freedom 79.4 75.2
Trade freedom 78.6 78.4
Investment freedom 50 50
Financial freedom 60 50

Economic freedom comparison by year

Indonesia
Montenegro
1x
Year Economic freedom index
Indonesia Montenegro
2026 65.1 63.8
2025 65.2 63.8
2024 63.5 59.7
2023 63.5 60.9
2022 64.4 57.8
2021 66.9 63.4
2020 67.2 61.5
2019 65.8 60.5
2018 64.2 64.3
2017 61.9 62
2016 59.4 64.9
2015 58.1 64.7
2014 58.5 63.6
2013 56.9 62.6
2012 56.4 62.5
2011 56 62.5
2010 55.5 63.6
2009 53.4 58.2
2008 53.2 -
2007 53.2 -
2006 51.9 -
2005 52.9 -
2004 52.1 -
2003 55.8 43.5
2002 54.8 46.6
2001 52.5 -
2000 55.2 -
1999 61.5 -
1998 63.4 -
1997 62 -
1996 61 -
1995 54.9 -

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

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

The Economic Freedom Index for Indonesia is 65.1, ranking 67/197, 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

Indonesia Montenegro
Services, % of GDP
43.8%
2024
63.8%
2024
Industry, % of GDP
39.3%
2024
12.2%
2024
Agriculture, forestry, and fishing, % of GDP
12.6%
2024
3.49%
2024
GNI, Atlas method
$1.39T
2024
$7.61B
2024
GNI per capita, PPP
$16,010
2024
$33,970
2024
Total reserves including gold
$156B
2024
$1.74B
2024
Total reserves ranking
20/177
2024
130/177
2024
Net foreign direct investment
-$15.9B
2024
-$532M
2024
Net inflows of foreign direct investment
$24.2B
2024
$599M
2024
Net outflows of foreign direct investment
$8.39B
2024
$67.8M
2024
Servicing debt to the IMF, % of GNI
5.65%
2024
15%
2024
Poverty at national poverty lines
9%
2024
20%
2023
Gross capital formation, % of GDP
31.4%
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/indonesia/montenegro | CC BY

Compare countries by 7 more topics

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Data sources:

  1. World Bank | Economy & Growth (1967–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1951–1999, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2023–2024, 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.