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Economy of Luxembourg vs Montenegro compared: GDP & Debt

Updated on by Georank

Luxembourg has a GDP of $101B compared to $9.23B for Montenegro, ranking 75/197 and 155/197 by economy size, respectively.

Luxembourg has $27.3B in government debt (27% of GDP), compared to $6.19B (67.1% of GDP) in Montenegro.

Luxembourg vs Montenegro GDP by year

Luxembourg
Montenegro
1x
Year GDP, current $
Luxembourg Montenegro
2025 $101,157,829,491 $9,232,801,465
2024 $93,279,851,863 $8,274,290,506
2023 $88,788,881,539 $7,643,318,276
2022 $80,801,680,397 $6,259,721,790
2021 $86,386,759,695 $5,822,908,964
2020 $73,670,782,100 $4,734,192,593
2019 $69,872,035,114 $5,483,622,632
2018 $71,085,623,495 $5,433,469,311
2017 $65,712,180,343 $4,803,964,684
2016 $62,216,885,436 $4,357,467,226
2015 $60,071,584,216 $4,010,884,107
2014 $68,804,814,555 $4,579,635,404
2013 $65,203,276,467 $4,422,097,042
2012 $59,776,383,527 $4,071,828,832
2011 $61,696,281,326 $4,507,127,585
2010 $56,213,985,987 $4,136,936,244
2009 $54,467,289,898 $4,159,063,347
2008 $58,844,277,702 $4,559,410,049
2007 $51,587,401,416 $3,682,586,459
2006 $42,910,153,830 $2,719,979,875
2005 $37,672,311,223 $2,258,016,380
2004 $35,064,843,793 $2,077,046,942
2003 $29,667,268,248 $1,708,196,981
2002 $23,649,832,387 $1,286,314,054
2001 $21,387,550,720 $1,159,869,246
2000 $21,230,200,538 $984,293,044
1999 $21,899,317,599 $828,950,327
1998 $20,150,055,568 $854,261,161
1997 $19,563,836,265 $838,288,806
1996 $20,895,314,658 -
1995 $20,853,093,870 -
1994 $17,701,798,891 -
1993 $15,925,521,222 -
1992 $15,518,702,635 -
1991 $13,834,219,728 -
1990 $12,778,792,854 -
1989 $10,037,674,038 -
1988 $9,418,167,855 -
1987 $8,320,902,215 -
1986 $6,685,595,088 -
1985 $4,577,211,767 -
1984 $4,438,435,493 -
1983 $4,524,217,751 -
1982 $4,602,316,793 -
1981 $5,053,665,797 -
1980 $6,019,805,490 -
1979 $5,516,982,664 -
1978 $4,718,539,772 -
1977 $3,789,321,328 -
1976 $3,423,586,207 -
1975 $3,123,333,333 -
1974 $3,183,637,117 -
1973 $2,609,875,802 -
1972 $1,901,697,370 -
1971 $1,518,773,421 -
1970 $1,457,768,455 -
1969 $1,245,432,991 -
1968 $1,075,561,623 -
1967 $983,052,315 -
1966 $976,717,015 -
1965 $929,477,285 -
1964 $910,877,686 -
1963 $797,902,154 -
1962 $747,846,862 -
1961 $710,163,719 -
1960 $709,941,874 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Luxembourg vs Montenegro by year

Luxembourg
GDP per capita

GDP per capita, PPP
Montenegro
GDP per capita

GDP per capita, PPP
1x
Year Current $
Luxembourg Montenegro
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $147,252 - $14,817 -
2024 $137,782 $155,941 $13,270 $34,063
2023 $133,231 $150,508 $12,258 $31,863
2022 $123,720 $146,919 $10,038 $28,050
2021 $134,966 $136,772 $9,316 $23,690
2020 $116,860 $122,067 $7,555 $20,625
2019 $112,697 $121,372 $8,749 $23,706
2018 $116,927 $116,638 $8,674 $21,084
2017 $110,193 $114,986 $7,674 $19,357
2016 $106,899 $113,365 $6,968 $18,030
2015 $105,462 $107,860 $6,421 $16,092
2014 $123,679 $105,296 $7,342 $15,276
2013 $120,000 $100,925 $7,103 $14,692
2012 $112,585 $96,636 $6,552 $13,793
2011 $119,025 $94,475 $7,266 $14,347
2010 $110,886 $90,336 $6,679 $13,612
2009 $109,420 $86,919 $6,727 $12,976
2008 $120,422 $90,971 $7,390 $13,802
2007 $107,475 $85,126 $5,979 $12,452
2006 $90,789 $78,861 $4,423 $10,440
2005 $80,988 $68,788 $3,676 $8,314
2004 $76,545 $64,686 $3,386 $7,841
2003 $65,689 $60,192 $2,790 $7,340
2002 $53,006 $58,576 $2,109 $7,100
2001 $48,440 $56,136 $1,910 $6,772
2000 $48,660 $55,136 $1,627 $6,004
1999 $50,872 $49,845 $1,368 $5,684
1998 $47,445 $44,270 $1,406 $6,170
1997 $46,642 $42,488 $1,375 $5,798
1996 $50,444 $39,722 - -
1995 $51,032 $38,345 - -
1994 $43,933 $37,551 - -
1993 $40,067 $35,899 - -
1992 $39,571 $34,108 - -
1991 $35,747 $33,191 - -
1990 $33,465 $29,949 - -
1989 $26,618 - - -
1988 $25,219 - - -
1987 $22,443 - - -
1986 $18,150 - - -
1985 $12,482 - - -
1984 $12,127 - - -
1983 $12,374 - - -
1982 $12,591 - - -
1981 $13,837 - - -
1980 $16,531 - - -
1979 $15,204 - - -
1978 $13,034 - - -
1977 $10,486 - - -
1976 $9,491 - - -
1975 $8,701 - - -
1974 $8,967 - - -
1973 $7,447 - - -
1972 $5,487 - - -
1971 $4,435 - - -
1970 $4,298 - - -
1969 $3,690 - - -
1968 $3,203 - - -
1967 $2,935 - - -
1966 $2,925 - - -
1965 $2,804 - - -
1964 $2,779 - - -
1963 $2,462 - - -
1962 $2,332 - - -
1961 $2,241 - - -
1960 $2,261 - - -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Luxembourg's GDP per capita is $147,252, ranking 3/197, compared to $14,817 in Montenegro, ranking 71/197. Adjusted for purchasing power (GDP per capita PPP), Luxembourg ranks 1st at $155,941, while Montenegro ranks 65th at $34,063.

Economic indicators

Luxembourg Montenegro
Gross domestic product
$101B
2025
$9.23B
2025
GDP rank
75/197
2025
155/197
2025
GDP growth
0.64%
2024-2025
2.74%
2024-2025
GDP per capita
$147,252
2025
$14,817
2025
GDP per capita rank
3/197
2025
71/197
2025
GDP per capita, PPP
$155,941
2024
$34,063
2024
GDP per capita PPP rank
1/197
2024
65/197
2024
Government debt
$27.3B
2025
$6.19B
2025
Debt-to-GDP ratio
27%
2025
67.1%
2025
Government debt per person
$39,717
2025
$9,942
2025
Government debt per person rank
18/185
2025
61/185
2025
Average annual personal income after taxes
$71,808
2026
$12,768
2026
Market capitalization of domestic companies
$69.4B
2025
$3.79B
2012
Number of millionaires
85,000
2026
n/a
Number of billionaires
1
2026
n/a
Income share by richest 10%
25%
2023
24.7%
2021
Income share by poorest 10%
2.8%
2023
2.1%
2021
Government expenditure, % of GDP
48.3%
2025
43.9%
2025
Consumer prices inflation
2.26%
2024-2025
3.9%
2024-2025
Unemployment rate
6.5%
2025
11.5%
2024
Population
697802
613759

Spending and national debt comparison by year

Luxembourg
Spending

Debt
Montenegro
Spending

Debt
1x
Year % of GDP
Luxembourg Montenegro
Government spending Government debt Government spending Government debt
2025 48.3% 27% 43.9% 67.1%
2024 46.8% 26.3% 44.1% 60.8%
2023 46.4% 24.7% 40.4% 59.6%
2022 44.3% 24.9% 42.2% 70.3%
2021 42.4% 24.2% 45.1% 86.2%
2020 47% 24.5% 54.9% 108.4%
2019 43.1% 22.3% 44.4% 79.6%
2018 42.3% 20.9% 47.8% 72.9%
2017 41.3% 21.8% 47.6% 66.9%
2016 40% 19.6% 47.7% 66.7%
2015 40.4% 21.1% 46.9% 69.5%
2014 40.6% 21.9% 44.3% 63.6%
2013 41.2% 22.4% 46.3% 59.2%
2012 41.8% 20.8% 45.9% 57.1%
2011 41.5% 18.5% 45.7% 49%
2010 42% 19.1% 46.7% 45.1%
2009 42.7% 15.3% 51.5% 43.9%
2008 37.9% 14.6% 51.2% 34.2%
2007 37.4% 8.09% 43.9% 31.8%
2006 39.4% 8.21% 42.6% 36.7%
2005 43.4% 7.95% 38.2% 38.6%
2004 43.7% 7.83% 40% 45.4%
2003 43.3% 7.43% 43.3% 48.6%
2002 41.8% 7.45% 37.5% 85.7%
2001 38.1% 7.62% - -
2000 38% 7.49% - -
1999 41.7% 8.39% - -
1998 43.9% 9.51% - -
1997 44.2% 10.1% - -
1996 42.5% 10.2% - -
1995 42% 10.3% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08).

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

In 2025, Luxembourg's government spending was $48.8B, accounting for 48.3% of its GDP, while Montenegro spent $4.05B, or 43.9% of GDP.

Debt-to-GDP ratio is 27% in Luxembourg and 67.1% in Montenegro, ranking 165/185 and 63/185, respectively.

Government deficit by year

Deficit/surplus
Luxembourg

Montenegro
1x
Year Deficit/surplus, % of GDP
Luxembourg Montenegro
2025 -0.96% -3.61%
2024 0.89% -3.44%
2023 -0.65% 0.38%
2022 0.21% -4.05%
2021 1.11% -1.37%
2020 -3.09% -10.9%
2019 2.68% -1.74%
2018 3.17% -6.3%
2017 1.37% -6.89%
2016 1.89% -6.21%
2015 1.3% -6.03%
2014 1.33% -0.7%
2013 0.84% -4.54%
2012 0.5% -5.87%
2011 0.65% -6.79%
2010 -0.26% -4.88%
2009 -0.21% -6.74%
2008 3.37% -2.3%
2007 4.35% 8.44%
2006 1.9% 4.34%
2005 -0.21% -1.42%
2004 -1.39% -2.45%
2003 0.28% -4.06%
2002 2.03% -1.44%
2001 5.62% -
2000 5.55% -
1999 3.24% -
1998 2.98% -
1997 2.65% -
1996 2.37% -
1995 2.71% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08).

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

In 2025, Luxembourg's government deficit, the difference between spending and revenue, was $976M, equivalent to 0.96% of GDP. This compares to Montenegro's deficit of $334M, or 3.61% of GDP.

Over the past 24 years, Luxembourg recorded a fiscal deficit in 7 of those years, while Montenegro ran a deficit in 21 years. On average, Luxembourg posted an annual surplus equal to 0.88% of GDP, compared to deficit of 3.27% of GDP for Montenegro.

Inflation comparison by year

Inflation
Luxembourg

Montenegro
1x
Year Consumer prices inflation
Luxembourg Montenegro
2025 2.26% 3.9%
2024 2.05% 3.3%
2023 3.74% 8.6%
2022 6.34% 13%
2021 2.53% 2.4%
2020 0.82% -0.3%
2019 1.74% 0.4%
2018 1.53% 2.6%
2017 1.73% 2.4%
2016 0.29% -0.3%
2015 0.47% 1.5%
2014 0.63% -0.7%
2013 1.73% 2.2%
2012 2.66% 4.1%
2011 3.41% 3.5%
2010 2.27% 0.4%
2009 0.37% 3.6%
2008 3.4% 9%
2007 2.31% 3.4%
2006 2.67% 2.1%
2005 2.49% 3.4%
2004 2.23% 3.1%
2003 2.05% 7.5%
2002 2.07% 19.7%
2001 2.66% 23.7%
2000 3.15% 29.9%
1999 1.03% -
1998 0.96% -
1997 1.37% -

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | World Economic Outlook (2000–2025, retrieved 2026-07-08).

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

Over the past 26 years, Luxembourg has recorded an average annual inflation rate of 2.22%, compared with 5.86% in Montenegro. In 2025, inflation was 2.26% in Luxembourg and 3.9% in Montenegro.

Top exports between countries

Luxembourg
Export category Export value
Machinery & equipment $461K
Raw materials & minerals $234K
Raw agricultural goods $88K
Processed food, beverages & tobacco $80K
Textiles & consumer goods $41K
Chemicals & pharma $27K
Metals $16K
Wood & paper products $15K
Animal & marine products $8K
Miscellaneous $1K
Montenegro
Export category Export value
Metals $12.6M
Transport & tourism services $5.48M
Raw materials & minerals $4M
Manufacturing & construction services $1.12M
IT & IP services $1.12M
Business & finance services $1.05M
Chemicals & pharma $170K
Textiles & consumer goods $49K
Wood & paper products $47K
Processed food, beverages & tobacco $43K

Balance of trade

Luxembourg Montenegro
Current account balance
$5.29B
2025
-$1.88B
2025
Current account balance ranking
31/190
2025
140/190
2025
Current account balance, % of GDP
+5.23%
2025
-20.4%
2025
Goods imports
$30.9B
2025
$4.91B
2025
Goods exports
$33B
2025
$663M
2025
Service imports
$133B
2025
$1.24B
2025
Service exports
$167B
2025
$3.07B
2025
Imports of goods and services, % of GDP
159.4%
2025
65.7%
2025
Exports of goods and services, % of GDP
190.5%
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.

Luxembourg Montenegro
Economic freedom 79.7 63.8
Economic freedom ranking 7/197 78/197
Property rights 96.6 60.9
Government integrity 88.7 49.9
Judicial effectiveness 99.1 51.5
Tax burden 62.3 88.7
Government spending 36.9 47.6
Fiscal health 98.6 86.2
Business freedom 89.5 68.4
Labor freedom 56.7 59.4
Monetary freedom 74.1 75.2
Trade freedom 79.4 78.4
Investment freedom 95 50
Financial freedom 80 50

Economic freedom comparison by year

Luxembourg
Montenegro
1x
Year Economic freedom index
Luxembourg Montenegro
2026 79.7 63.8
2025 79.5 63.8
2024 79.2 59.7
2023 78.4 60.9
2022 80.6 57.8
2021 76 63.4
2020 75.8 61.5
2019 75.9 60.5
2018 76.4 64.3
2017 75.9 62
2016 73.9 64.9
2015 73.2 64.7
2014 74.2 63.6
2013 74.2 62.6
2012 74.5 62.5
2011 76.2 62.5
2010 75.4 63.6
2009 75.2 58.2
2008 74.7 -
2007 74.6 -
2006 75.3 -
2005 76.3 -
2004 78.9 -
2003 79.9 43.5
2002 79.4 46.6
2001 80.1 -
2000 76.4 -
1999 72.4 -
1998 72.7 -
1997 72.8 -
1996 72.5 -

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Luxembourg is 79.7, ranking 7/197, 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

Luxembourg Montenegro
Services, % of GDP
81.4%
2025
63.4%
2025
Industry, % of GDP
8.88%
2025
11.3%
2025
Agriculture, forestry, and fishing, % of GDP
0.23%
2025
3.37%
2025
GNI, Atlas method
$65.8B
2025
$8.82B
2025
GNI per capita, PPP
$106,640
2025
$35,700
2025
Total reserves including gold
$3.06B
2025
$2.2B
2025
Total reserves ranking
120/177
2025
126/177
2025
Net foreign direct investment
$196B
2025
-$601M
2025
Net inflows of foreign direct investment
$106B
2024
$599M
2024
Net outflows of foreign direct investment
$109B
2024
$67.8M
2024
Servicing debt to the IMF, % of GNI n/a
15%
2024
Poverty at national poverty lines
17.3%
2021
20%
2023
Gross capital formation, % of GDP
15.5%
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/luxembourg/montenegro | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2019–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.