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Economy of Lesotho vs Montenegro compared: GDP & Debt

Updated on by Georank team

Lesotho has a GDP of $2.27B compared to $8.27B for Montenegro, ranking 175/197 and 155/197 by economy size, respectively.

Lesotho has $1.29B in government debt (56.8% of GDP), compared to $5.02B (60.8% of GDP) in Montenegro.

Lesotho vs Montenegro GDP by year

Lesotho
Montenegro
1x
Year GDP, current $
Lesotho Montenegro
2024 $2,271,759,455 $8,270,016,671
2023 $2,117,962,445 $7,644,389,160
2022 $2,354,980,960 $6,251,215,144
2021 $2,412,130,057 $5,823,715,810
2020 $2,053,699,864 $4,723,571,498
2019 $2,390,702,296 $5,483,476,883
2018 $2,556,247,292 $5,433,467,175
2017 $2,306,741,672 $4,803,962,016
2016 $2,114,426,452 $4,357,469,330
2015 $2,359,686,725 $4,010,885,991
2014 $2,441,063,054 $4,579,636,602
2013 $2,367,112,932 $4,422,097,763
2012 $2,477,702,216 $4,071,829,462
2011 $2,579,409,620 $4,507,126,949
2010 $2,234,754,242 $4,136,936,189
2009 $1,740,894,965 $4,142,640,317
2008 $1,766,902,709 $4,540,861,726
2007 $1,682,131,785 $3,677,910,895
2006 $1,800,092,564 $2,717,702,923
2005 $1,682,343,527 $2,257,174,481
2004 $1,511,236,656 $2,073,234,418
2003 $1,157,825,435 $1,707,710,053
2002 $775,777,239 $1,284,685,051
2001 $825,706,961 $1,159,869,246
2000 $887,291,688 $984,293,044
1999 $912,773,681 $828,950,327
1998 $928,460,893 $854,261,161
1997 $998,004,259 $838,288,806
1996 $946,112,493 -
1995 $1,001,894,000 -
1994 $878,250,945 -
1993 $835,582,062 -
1992 $831,029,862 -
1991 $704,325,367 -
1990 $596,410,264 -
1989 $495,409,233 -
1988 $470,395,801 -
1987 $402,768,324 -
1986 $318,858,423 -
1985 $268,629,926 -
1984 $333,163,670 -
1983 $386,699,309 -
1982 $348,741,684 -
1981 $434,188,034 -
1980 $431,542,537 -
1979 $290,134,593 -
1978 $266,570,067 -
1977 $193,315,048 -
1976 $147,660,037 -
1975 $149,558,896 -
1974 $150,851,317 -
1973 $121,188,716 -
1972 $80,913,200 -
1971 $76,480,285 -
1970 $68,739,973 -
1969 $65,967,974 -
1968 $61,445,975 -
1967 $59,261,976 -
1966 $56,699,977 -
1965 $54,879,978 -
1964 $51,939,979 -
1963 $47,039,981 -
1962 $41,859,983 -
1961 $35,699,986 -
1960 $34,579,986 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Lesotho vs Montenegro by year

Lesotho
GDP per capita

GDP per capita, PPP
Montenegro
GDP per capita

GDP per capita, PPP
1x
Year Current $
Lesotho Montenegro
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $972 $3,001 $13,263 $34,063
2023 $916 $2,881 $12,260 $31,863
2022 $1,030 $2,761 $10,025 $28,050
2021 $1,067 $2,545 $9,317 $23,690
2020 $919 $2,559 $7,539 $20,625
2019 $1,082 $2,568 $8,749 $23,706
2018 $1,171 $2,632 $8,674 $21,084
2017 $1,069 $2,619 $7,674 $19,357
2016 $992 $2,942 $6,968 $18,030
2015 $1,121 $3,035 $6,421 $16,092
2014 $1,174 $2,771 $7,342 $15,276
2013 $1,151 $2,538 $7,103 $14,692
2012 $1,218 $2,291 $6,552 $13,793
2011 $1,281 $2,279 $7,266 $14,347
2010 $1,119 $2,153 $6,679 $13,612
2009 $879 $2,036 $6,700 $12,976
2008 $898 $2,064 $7,360 $13,802
2007 $861 $1,932 $5,972 $12,452
2006 $925 $1,813 $4,419 $10,440
2005 $861 $1,681 $3,675 $8,314
2004 $767 $1,561 $3,380 $7,841
2003 $583 $1,484 $2,789 $7,340
2002 $389 $1,385 $2,107 $7,100
2001 $413 $1,350 $1,910 $6,772
2000 $443 $1,273 $1,627 $6,004
1999 $456 $1,199 $1,368 $5,684
1998 $465 $1,179 $1,406 $6,170
1997 $502 $1,154 $1,375 $5,798
1996 $480 $1,103 - -
1995 $513 $1,037 - -
1994 $456 $995 - -
1993 $439 $932 - -
1992 $444 $893 - -
1991 $382 $830 - -
1990 $330 $764 - -
1989 $279 - - -
1988 $270.4 - - -
1987 $236.5 - - -
1986 $191.4 - - -
1985 $165.4 - - -
1984 $211 - - -
1983 $252 - - -
1982 $233.9 - - -
1981 $299.8 - - -
1980 $307 - - -
1979 $212.4 - - -
1978 $200.8 - - -
1977 $149.9 - - -
1976 $117.8 - - -
1975 $123.2 - - -
1974 $128.7 - - -
1973 $107 - - -
1972 $74 - - -
1971 $72.4 - - -
1970 $67.4 - - -
1969 $67.1 - - -
1968 $64.8 - - -
1967 $64.8 - - -
1966 $64.3 - - -
1965 $64.3 - - -
1964 $62.6 - - -
1963 $58.4 - - -
1962 $53.5 - - -
1961 $47 - - -
1960 $47 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Lesotho's GDP per capita is $972, ranking 181/197, compared to $13,263 in Montenegro, ranking 77/197. Adjusted for purchasing power (GDP per capita PPP), Lesotho ranks 180th at $3,001, while Montenegro ranks 65th at $34,063.

Economic indicators

Lesotho Montenegro
Gross domestic product
$2.27B
2024
$8.27B
2024
GDP rank
175/197
2024
155/197
2024
GDP growth
2.85%
2023-2024
3.16%
2023-2024
GDP per capita
$972
2024
$13,263
2024
GDP per capita rank
181/197
2024
77/197
2024
GDP per capita, PPP
$3,001
2024
$34,063
2024
GDP per capita PPP rank
180/197
2024
65/197
2024
Government debt
$1.29B
2024
$5.02B
2024
Debt-to-GDP ratio
56.8%
2024
60.8%
2024
Government debt per person
$552
2024
$8,058
2024
Government debt per person rank
164/185
2024
64/185
2024
Average annual personal income after taxes
$6,545
2026
$11,119
2026
Market capitalization of domestic companies n/a
$3.79B
2012
Income share by richest 10%
32.9%
2017
24.7%
2021
Income share by poorest 10%
1.7%
2017
2.1%
2021
Government expenditure, % of GDP
53.5%
2024
43.5%
2024
Consumer prices inflation
6.11%
2023-2024
3.3%
2023-2024
Central bank interest rate
6.5%
2025
n/a
Unemployment rate
18.7%
2024
13.1%
2023
Population
2396633
612312

Spending and national debt comparison by year

Lesotho
Spending

Debt
Montenegro
Spending

Debt
1x
Year % of GDP
Lesotho Montenegro
Government spending Government debt Government spending Government debt
2024 53.5% 56.8% 43.5% 60.8%
2023 49.4% 61.5% 39.7% 59.6%
2022 50.8% 64.4% 42.2% 70.3%
2021 53.8% 58% 45.1% 86.2%
2020 54.4% 54.7% 54.9% 108.4%
2019 53.6% 58.2% 44.4% 79.6%
2018 51.9% 48.2% 47.8% 72.9%
2017 50.4% 41% 47.6% 66.9%
2016 54.1% 41.5% 47.7% 66.7%
2015 51.7% 45.8% 46.9% 69.5%
2014 50.1% 41.5% 44.3% 63.6%
2013 58.4% 41.2% 46.3% 59.2%
2012 58.1% 39.8% 45.9% 57.1%
2011 60.2% 36.2% 45.7% 49%
2010 55.3% 33.8% 46.7% 45.1%
2009 66.4% 35.9% 51.5% 43.9%
2008 54.1% 47% 51.2% 34.2%
2007 48.1% 49.6% 43.9% 31.8%
2006 43.2% 43.7% 42.6% 36.7%
2005 37.6% 41% 38.2% 38.6%
2004 36.3% 49.4% 40% 45.4%
2003 39.8% 52.6% 43.3% 48.6%
2002 41.2% 79.6% 37.5% 85.7%
2001 41.4% 108.7% - -
2000 39.3% 88.5% - -
1999 50.8% 83% - -
1998 51.4% 79.4% - -
1997 44.6% 65.7% - -
1996 41.5% 71.6% - -
1995 42.1% 62.8% - -
1994 40.2% 67% - -
1993 36% 71.2% - -
1992 35.3% 64.4% - -
1991 31.3% 11.9% - -
1990 32.9% 18% - -
1989 35.8% 112.5% - -
1988 35.3% 105.2% - -
1987 40.3% 97.4% - -
1986 33.2% 92.5% - -
1985 32.8% 86.3% - -
1984 26.8% 57.2% - -
1983 27.2% 56.7% - -
1982 29.9% 61.4% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

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

In 2024, Lesotho's government spending was $1.22B, accounting for 53.5% of its GDP, while Montenegro spent $3.6B, or 43.5% of GDP.

Debt-to-GDP ratio is 56.8% in Lesotho and 60.8% in Montenegro, ranking 92/185 and 76/185, respectively.

Government deficit by year

Deficit/surplus
Lesotho

Montenegro
1x
Year Deficit/surplus, % of GDP
Lesotho Montenegro
2024 9.04% -2.81%
2023 7.31% 0.85%
2022 -6.41% -4.07%
2021 -4.95% -1.72%
2020 1.18% -11%
2019 -5.72% -1.74%
2018 -4.41% -6.3%
2017 -2.02% -6.89%
2016 -9.43% -6.21%
2015 -1.38% -6.03%
2014 3.16% -0.7%
2013 -2.58% -4.54%
2012 4.56% -5.87%
2011 -9.85% -6.79%
2010 -1.49% -4.88%
2009 -4.16% -6.74%
2008 8.1% -2.3%
2007 10.8% 8.44%
2006 11.6% 4.34%
2005 4.46% -1.42%
2004 6.05% -2.45%
2003 0.89% -4.06%
2002 -2.44% -1.44%
2001 -2.76% -
2000 -0.95% -
1999 -15.3% -
1998 -11.8% -
1997 0.27% -
1996 2.11% -
1995 5.13% -
1994 5.69% -
1993 7.55% -
1992 4.65% -
1991 9.74% -
1990 8.78% -
1989 3.88% -
1988 -1.87% -
1987 -2.85% -
1986 0.87% -
1985 1.68% -
1984 4.82% -
1983 1.85% -
1982 -2.03% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

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

In 2024, Lesotho's government surplus, the difference between spending and revenue, was $205M, equivalent to 9.04% of GDP. This compares to Montenegro's deficit of $232M, or 2.81% of GDP.

Over the past 23 years, Lesotho recorded a fiscal deficit in 12 of those years, while Montenegro ran a deficit in 20 years. On average, Lesotho posted an annual surplus equal to 0.53% of GDP, compared to deficit of 3.23% of GDP for Montenegro.

Inflation comparison by year

Inflation
Lesotho

Montenegro
1x
Year Consumer prices inflation
Lesotho Montenegro
2024 6.11% 3.3%
2023 6.34% 8.6%
2022 8.27% 13%
2021 6.05% 2.4%
2020 4.98% -0.3%
2019 5.19% 0.4%
2018 4.75% 2.6%
2017 4.45% 2.4%
2016 6.6% -0.3%
2015 3.22% 1.5%
2014 5.37% -0.7%
2013 4.87% 2.2%
2012 6.05% 4.1%
2011 5.04% 3.5%
2010 -2.41% 0.4%
2009 -16.9% 3.6%
2008 10.7% 9%
2007 8.01% 3.4%
2006 6.07% 2.1%
2005 3.44% 3.4%
2004 5.02% 3.1%
2003 6.63% 7.5%
2002 33.8% 19.7%
2001 -9.62% 23.7%
2000 6.13% 29.9%

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

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

Over the past 25 years, Lesotho has recorded an average annual inflation rate of 5.13%, compared with 5.94% in Montenegro. In 2024, inflation was 6.11% in Lesotho and 3.3% in Montenegro.

Balance of trade

Lesotho Montenegro
Current account balance
$89.2M
2024
-$1.4B
2024
Current account balance ranking
68/190
2024
131/190
2024
Current account balance, % of GDP
+3.93%
2024
-17%
2024
Goods imports
$1.67B
2024
$4.29B
2024
Goods exports
$965M
2024
$714M
2024
Service imports
$415M
2024
$1.19B
2024
Service exports
$15.4M
2024
$2.92B
2024
Imports of goods and services, % of GDP
98.6%
2023
66.2%
2024
Exports of goods and services, % of GDP
42.9%
2023
43.7%
2024

Economic freedom indices

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

Lesotho Montenegro
Economic freedom 54.9 63.8
Economic freedom ranking 130/197 78/197
Property rights 41.7 60.9
Government integrity 39.6 49.9
Judicial effectiveness 43.6 51.5
Tax burden 76.4 88.7
Government spending 21.3 47.6
Fiscal health 93.5 86.2
Business freedom 50.6 68.4
Labor freedom 57 59.4
Monetary freedom 74.8 75.2
Trade freedom 65.4 78.4
Investment freedom 55 50
Financial freedom 40 50

Economic freedom comparison by year

Lesotho
Montenegro
1x
Year Economic freedom index
Lesotho Montenegro
2026 54.9 63.8
2025 54.1 63.8
2024 51.9 59.7
2023 51.6 60.9
2022 48.1 57.8
2021 53.5 63.4
2020 54.5 61.5
2019 53.1 60.5
2018 53.9 64.3
2017 53.9 62
2016 50.6 64.9
2015 49.6 64.7
2014 49.5 63.6
2013 47.9 62.6
2012 46.6 62.5
2011 47.5 62.5
2010 48.1 63.6
2009 49.7 58.2
2008 52.1 -
2007 53.2 -
2006 54.7 -
2005 53.9 -
2004 50.3 -
2003 52 43.5
2002 48.9 46.6
2001 50.6 -
2000 48.4 -
1999 48.2 -
1998 48.4 -
1997 47.2 -
1996 47 -

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Lesotho is 54.9, ranking 130/197, 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

Lesotho Montenegro
Services, % of GDP
48%
2024
63.8%
2024
Industry, % of GDP
30.9%
2024
12.2%
2024
Agriculture, forestry, and fishing, % of GDP
6.5%
2024
3.49%
2024
GNI, Atlas method
$2.75B
2024
$7.61B
2024
GNI per capita, PPP
$3,580
2024
$33,970
2024
Total reserves including gold
$1.01B
2024
$1.74B
2024
Total reserves ranking
142/177
2024
130/177
2024
Net foreign direct investment
$12.6M
2024
-$532M
2024
Net inflows of foreign direct investment
-$12.6M
2024
$599M
2024
Net outflows of foreign direct investment
$0
2024
$67.8M
2024
Servicing debt to the IMF, % of GNI
4.06%
2024
15%
2024
Poverty at national poverty lines
49.7%
2017
20%
2023
Gross capital formation, % of GDP
27.2%
2023
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/lesotho/montenegro | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.