Moldova has a GDP of $18.2B compared to $8.27B for Montenegro, ranking 134/197 and 155/197 by economy size, respectively.
Moldova has $6.94B in government debt (35.3% of GDP), compared to $5.18B (62.9% 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.
| Year | GDP | |||
|---|---|---|---|---|
Moldova
|
Montenegro
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1990 | $3,592,857,043 | $11,137,693,133 | - | - |
| 1991 | $3,094,565,871 | $9,355,662,201 | - | - |
| 1992 | $2,319,243,436 | $6,633,164,508 | - | - |
| 1993 | $2,371,813,324 | $6,553,566,539 | - | - |
| 1994 | $1,702,314,268 | $4,528,514,463 | - | - |
| 1995 | $1,752,999,370 | $4,465,115,304 | - | - |
| 1996 | $1,695,122,174 | $4,202,697,785 | - | - |
| 1997 | $1,930,081,169 | $4,271,918,931 | $838,288,806 | $2,711,172,143 |
| 1998 | $1,698,717,505 | $3,992,441,789 | $854,261,161 | $2,844,019,737 |
| 1999 | $1,170,782,957 | $3,857,966,190 | $828,950,327 | $2,576,681,935 |
| 2000 | $1,288,429,392 | $3,939,281,164 | $984,293,044 | $2,656,559,076 |
| 2001 | $1,480,673,594 | $4,179,577,331 | $1,159,869,246 | $2,685,776,941 |
| 2002 | $1,661,818,168 | $4,505,584,348 | $1,284,685,051 | $2,736,912,435 |
| 2003 | $1,980,907,435 | $4,802,952,913 | $1,707,710,053 | $2,804,860,644 |
| 2004 | $2,598,249,556 | $5,158,371,416 | $2,073,234,418 | $2,929,005,199 |
| 2005 | $2,988,342,907 | $5,545,249,280 | $2,257,174,481 | $3,051,455,322 |
| 2006 | $3,408,255,451 | $5,811,421,236 | $2,717,702,923 | $3,312,855,741 |
| 2007 | $4,401,173,152 | $5,985,763,886 | $3,677,910,895 | $3,549,312,481 |
| 2008 | $6,054,824,248 | $6,452,653,478 | $4,540,861,726 | $3,794,165,363 |
| 2009 | $5,439,434,272 | $6,065,494,253 | $4,142,640,317 | $3,566,726,070 |
| 2010 | $6,974,982,370 | $6,496,144,351 | $4,136,936,189 | $3,665,724,041 |
| 2011 | $8,414,352,020 | $6,874,100,823 | $4,507,126,949 | $3,790,717,464 |
| 2012 | $8,709,138,635 | $6,833,561,916 | $4,071,829,462 | $3,696,429,856 |
| 2013 | $9,496,717,876 | $7,451,580,072 | $4,422,097,763 | $3,821,595,609 |
| 2014 | $9,402,090,138 | $7,824,131,196 | $4,579,636,602 | $3,912,179,231 |
| 2015 | $7,797,667,197 | $7,797,667,197 | $4,010,885,991 | $4,010,885,991 |
| 2016 | $7,980,917,076 | $8,159,947,935 | $4,357,469,330 | $4,148,832,618 |
| 2017 | $9,514,404,016 | $8,500,675,704 | $4,803,962,016 | $4,282,287,497 |
| 2018 | $11,252,353,421 | $8,847,128,858 | $5,433,467,175 | $4,484,964,787 |
| 2019 | $11,736,797,055 | $9,161,406,662 | $5,483,476,883 | $4,682,030,357 |
| 2020 | $11,530,746,234 | $8,403,210,633 | $4,723,571,498 | $3,980,071,398 |
| 2021 | $13,691,869,264 | $9,573,777,856 | $5,823,715,810 | $4,499,321,890 |
| 2022 | $14,525,337,524 | $9,133,384,073 | $6,251,215,144 | $4,847,549,018 |
| 2023 | $16,711,906,746 | $9,242,984,686 | $7,644,389,160 | $5,161,590,832 |
| 2024 | $18,200,340,854 | $9,252,510,447 | $8,270,016,671 | $5,324,908,668 |
Economic indicators
|
Moldova
|
Montenegro
|
|
|---|---|---|
| Gross domestic product |
$18.2B
2024 |
$8.27B
2024 |
| GDP rank |
134/197
2024 |
155/197
2024 |
| GDP growth |
8.91%
2023-2024 |
8.18%
2023-2024 |
| GDP per capita |
$7,576
2024 |
$13,263
2024 |
| GDP per capita rank |
99/197
2024 |
77/197
2024 |
| GDP per capita, PPP |
$18,615
2024 |
$34,226
2024 |
| Government debt |
$6.94B
2024 |
$5.18B
2024 |
| Debt-to-GDP ratio |
35.3%
2026 |
62.9%
2026 |
| Government debt per person |
$2,889
2024 |
$8,308
2024 |
| Government debt per person rank |
105/185
2024 |
63/185
2024 |
| Average annual personal income after taxes |
$4,214
2026 |
$12,008
2026 |
| Market capitalization of domestic companies | n/a |
$3.79B
2012 |
| Income share by richest 10% |
22.8%
2023 |
24.7%
2021 |
| Income share by poorest 10% |
4.3%
2023 |
2.1%
2021 |
| Government expenditure, % of GDP |
39.5%
2026 |
44%
2026 |
| Consumer prices inflation |
5.5%
2025-2026 |
2.3%
2025-2026 |
| Central bank interest rate |
6.25%
2025 |
n/a |
| Unemployment rate |
1.43%
2024 |
13.1%
2023 |
| Population |
2343963
|
611567
|
GDP per capita in Moldova vs Montenegro
Moldova's GDP per capita is $7,576, ranking 99/197, compared to $13,263 in Montenegro, ranking 77/197. Adjusted for purchasing power (GDP per capita PPP), Moldova ranks 100th at $18,615, while Montenegro ranks 65th at $34,226.
| Year | Current $ | |||
|---|---|---|---|---|
|
Moldova
|
Montenegro
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1990 | $1,207 | $6,895 | - | - |
| 1991 | $1,038 | $5,980 | - | - |
| 1992 | $778 | $4,337 | - | - |
| 1993 | $797 | $4,394 | - | - |
| 1994 | $574 | $3,111 | - | - |
| 1995 | $594 | $3,146 | - | - |
| 1996 | $575 | $3,021 | - | - |
| 1997 | $657 | $3,136 | $1,375 | $5,797 |
| 1998 | $579 | $2,965 | $1,406 | $6,168 |
| 1999 | $399 | $2,910 | $1,368 | $5,683 |
| 2000 | $441 | $3,045 | $1,627 | $6,003 |
| 2001 | $507 | $3,311 | $1,910 | $6,772 |
| 2002 | $571 | $3,633 | $2,107 | $7,100 |
| 2003 | $682 | $3,960 | $2,789 | $7,341 |
| 2004 | $897 | $4,378 | $3,380 | $7,843 |
| 2005 | $1,034 | $4,866 | $3,675 | $8,314 |
| 2006 | $1,183 | $5,271 | $4,419 | $10,443 |
| 2007 | $1,531 | $5,590 | $5,972 | $12,453 |
| 2008 | $2,111 | $6,153 | $7,360 | $13,802 |
| 2009 | $1,898 | $5,827 | $6,700 | $12,970 |
| 2010 | $2,437 | $6,323 | $6,679 | $13,614 |
| 2011 | $2,941 | $6,833 | $7,266 | $14,348 |
| 2012 | $3,045 | $7,255 | $6,552 | $13,793 |
| 2013 | $3,321 | $8,233 | $7,103 | $14,692 |
| 2014 | $3,290 | $8,643 | $7,342 | $15,276 |
| 2015 | $2,750 | $9,198 | $6,421 | $16,096 |
| 2016 | $2,847 | $10,326 | $6,968 | $18,030 |
| 2017 | $3,453 | $11,252 | $7,674 | $19,356 |
| 2018 | $4,156 | $11,868 | $8,674 | $21,083 |
| 2019 | $4,405 | $13,413 | $8,749 | $23,705 |
| 2020 | $4,376 | $13,527 | $7,539 | $20,625 |
| 2021 | $5,275 | $15,682 | $9,317 | $23,690 |
| 2022 | $5,744 | $16,453 | $10,025 | $27,692 |
| 2023 | $6,800 | $17,747 | $12,260 | $31,064 |
| 2024 | $7,576 | $18,615 | $13,263 | $34,226 |
Spending and national debt comparison
In 2024, Moldova's government spending was $6.92B, accounting for 39.5% of its GDP, while Montenegro's spent $3.7B, or 44% of GDP.
Debt-to-GDP ratio is 35.3% in Moldova and 62.9% in Montenegro, ranking 143/185 and 74/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Moldova
|
Montenegro
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1995 | 42% | 79.5% | - | - |
| 1996 | 43.3% | 87.5% | - | - |
| 1997 | 46% | 89% | - | - |
| 1998 | 39.1% | 159.4% | - | - |
| 1999 | 33% | 150.7% | - | - |
| 2000 | 34% | 89.1% | - | - |
| 2001 | 29.5% | 85.4% | - | - |
| 2002 | 30.7% | 80.3% | 37.5% | 76.7% |
| 2003 | 33.5% | 68.1% | 43.2% | 40.9% |
| 2004 | 34.8% | 49.3% | 39.9% | 45.4% |
| 2005 | 37.1% | 40.4% | 38.2% | 38.6% |
| 2006 | 40.3% | 35% | 42.5% | 36.7% |
| 2007 | 42.7% | 28.3% | 43.9% | 31.8% |
| 2008 | 41.5% | 22.2% | 51.1% | 34.2% |
| 2009 | 45.3% | 32.6% | 51.3% | 43.7% |
| 2010 | 34.1% | 25.5% | 46.6% | 45% |
| 2011 | 32.6% | 24.2% | 45.3% | 48.6% |
| 2012 | 33.7% | 31.3% | 45.7% | 56.9% |
| 2013 | 32.4% | 30% | 45.8% | 58.7% |
| 2014 | 33.8% | 35.4% | 44.2% | 63.4% |
| 2015 | 31.7% | 42.1% | 46.4% | 68.8% |
| 2016 | 30.5% | 39.7% | 47.5% | 66.4% |
| 2017 | 31% | 34.9% | 47.1% | 66.2% |
| 2018 | 31.5% | 31.8% | 47.2% | 71.9% |
| 2019 | 32% | 28.8% | 44% | 78.8% |
| 2020 | 36.7% | 36.6% | 54.4% | 107.3% |
| 2021 | 34.6% | 33.6% | 44.8% | 85.6% |
| 2022 | 36.6% | 35% | 42.3% | 70.6% |
| 2023 | 38.8% | 34.9% | 40.3% | 60.5% |
| 2024 | 38% | 38.1% | 44.7% | 62.6% |
| 2025 | 39.8% | 36.3% | 44% | 60.3% |
| 2026 | 39.5% | 35.3% | 44% | 62.9% |
Government deficit by year
In 2024, Moldova's government deficit, the difference between spending and revenue, was -$709M, equivalent to -3.89% of GDP. This compares to Montenegro's deficit of -$231M, or -2.8% of GDP.
Over the past 23 years, Moldova recorded a fiscal deficit in 19 of those years, while Montenegro ran a deficit in 20 years. On average, Moldova posted an annual deficit equal to -1.83% of GDP, compared to deficit of -3.21% of GDP for Montenegro.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Moldova
|
Montenegro
|
|
| 1995 | -2.58% | - |
| 1996 | -7.42% | - |
| 1997 | -7.47% | - |
| 1998 | -1.52% | - |
| 1999 | -2.64% | - |
| 2000 | -3.55% | - |
| 2001 | -0.34% | - |
| 2002 | -1.18% | -1.44% |
| 2003 | 0.47% | -4.05% |
| 2004 | 0.59% | -2.45% |
| 2005 | 1.44% | -1.41% |
| 2006 | -0.42% | 4.33% |
| 2007 | 0.15% | 8.43% |
| 2008 | -0.87% | -2.3% |
| 2009 | -6.38% | -6.71% |
| 2010 | -2.18% | -4.87% |
| 2011 | -2.05% | -6.73% |
| 2012 | -1.93% | -5.84% |
| 2013 | -1.57% | -4.49% |
| 2014 | -1.6% | -0.7% |
| 2015 | -1.93% | -5.96% |
| 2016 | -1.56% | -6.18% |
| 2017 | -0.65% | -6.81% |
| 2018 | -0.85% | -6.21% |
| 2019 | -1.47% | -1.72% |
| 2020 | -5.32% | -10.9% |
| 2021 | -2.62% | -1.71% |
| 2022 | -3.24% | -4.08% |
| 2023 | -5.13% | 0.86% |
| 2024 | -3.89% | -2.8% |
| 2025 | -5.11% | -3.38% |
| 2026 | -5.58% | -3.3% |
Inflation comparison by year
Over the past 27 years, Moldova has recorded an average annual inflation rate of 9.22%, compared with 5.74% in Montenegro. In 2026, inflation was 5.5% in Moldova and 2.3% in Montenegro.
| Year | Inflation | |
|---|---|---|
|
Moldova
|
Montenegro
|
|
| 1997 | 11.8% | - |
| 1998 | 7.7% | - |
| 1999 | 39.3% | - |
| 2000 | 31.2% | 29.9% |
| 2001 | 9.6% | 23.7% |
| 2002 | 5.2% | 19.7% |
| 2003 | 11.7% | 7.5% |
| 2004 | 12.4% | 3.1% |
| 2005 | 11.9% | 3.4% |
| 2006 | 12.7% | 2.1% |
| 2007 | 12.4% | 3.4% |
| 2008 | 12.7% | 9% |
| 2009 | 0% | 3.6% |
| 2010 | 7.4% | 0.4% |
| 2011 | 7.6% | 3.5% |
| 2012 | 4.6% | 4.1% |
| 2013 | 4.6% | 2.2% |
| 2014 | 5.1% | -0.7% |
| 2015 | 9.6% | 1.5% |
| 2016 | 6.4% | -0.3% |
| 2017 | 6.5% | 2.4% |
| 2018 | 3.6% | 2.6% |
| 2019 | 4.8% | 0.4% |
| 2020 | 3.8% | -0.3% |
| 2021 | 5.1% | 2.4% |
| 2022 | 28.7% | 13% |
| 2023 | 13.4% | 8.6% |
| 2024 | 4.7% | 3.3% |
| 2025 | 7.7% | 4.1% |
| 2026 | 5.5% | 2.3% |
Top exports between countries
|
Moldova
|
|
|---|---|
| Export category | Export value |
| Textiles & consumer goods | $860K |
| Processed food, beverages & tobacco | $723K |
| Metals | $96K |
| Raw agricultural goods | $81K |
| Chemicals & pharma | $17K |
| Machinery & equipment | $3K |
| Wood & paper products | $2K |
|
Montenegro
|
|
|---|---|
| Export category | Export value |
| Textiles & consumer goods | $95K |
| Raw materials & minerals | $38K |
| Machinery & equipment | $22K |
| Precious metals & jewellery | $1K |
Balance of trade
|
Moldova
|
Montenegro
|
|
|---|---|---|
Current account balance
|
-$3.01B
2024 |
-$1.4B
2024 |
| Current account balance ranking |
156/190
2024 |
131/190
2024 |
| Current account balance, % of GDP |
-16.6%
2024 |
-17%
2024 |
| Goods imports |
$8.63B
2024 |
$4.29B
2024 |
| Goods exports |
$3.01B
2024 |
$714M
2024 |
| Service imports |
$1.8B
2024 |
$1.19B
2024 |
| Service exports |
$2.73B
2024 |
$2.92B
2024 |
| Imports of goods and services, % of GDP |
57.3%
2024 |
66.2%
2024 |
| Exports of goods and services, % of GDP |
31.4%
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.
|
Moldova
|
Montenegro
|
|
|---|---|---|
| Economic freedom | 58.3 | 63.8 |
| Economic freedom ranking | 107/197 | 75/197 |
| Property rights | 40.2 | 58.8 |
| Government integrity | 43.4 | 48.9 |
| Judicial effectiveness | 31.3 | 50.1 |
| Tax burden | 92.8 | 88.7 |
| Government spending | 59.5 | 45.2 |
| Fiscal health | 75.9 | 87.9 |
| Business freedom | 66.2 | 70.9 |
| Labor freedom | 49.1 | 64.4 |
| Monetary freedom | 59.4 | 70.9 |
| Trade freedom | 77.2 | 79.6 |
| Investment freedom | 55 | 50 |
| Financial freedom | 50 | 50 |
Economic freedom by year comparison
The Economic Freedom Index for Moldova is 58.3, ranking 107/197, compared to 63.8 for Montenegro, ranking 75/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Moldova
|
Montenegro
|
|
| 1995 | 33 | - |
| 1996 | 52.5 | - |
| 1997 | 48.9 | - |
| 1998 | 53.5 | - |
| 1999 | 56.1 | - |
| 2000 | 59.6 | - |
| 2001 | 54.9 | - |
| 2002 | 57.4 | 46.6 |
| 2003 | 60 | 43.5 |
| 2004 | 57.1 | - |
| 2005 | 57.4 | - |
| 2006 | 58 | - |
| 2007 | 58.7 | - |
| 2008 | 57.9 | - |
| 2009 | 54.9 | 58.2 |
| 2010 | 53.7 | 63.6 |
| 2011 | 55.7 | 62.5 |
| 2012 | 54.4 | 62.5 |
| 2013 | 55.5 | 62.6 |
| 2014 | 57.3 | 63.6 |
| 2015 | 57.5 | 64.7 |
| 2016 | 57.4 | 64.9 |
| 2017 | 58 | 62 |
| 2018 | 58.4 | 64.3 |
| 2019 | 59.1 | 60.5 |
| 2020 | 62 | 61.5 |
| 2021 | 62.5 | 63.4 |
| 2022 | 61.3 | 57.8 |
| 2023 | 58.5 | 60.9 |
| 2024 | 57.1 | 59.7 |
| 2025 | 58.3 | 63.8 |
More economic indicators
|
Moldova
|
Montenegro
|
|
|---|---|---|
| Services, % of GDP |
62.3%
2024 |
63.8%
2024 |
| Industry, % of GDP |
16.8%
2024 |
12.2%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
7.11%
2024 |
3.49%
2024 |
|
GNI, Atlas method
|
$16.5B
2024 |
$7.61B
2024 |
| GNI per capita, PPP |
$18,710
2024 |
$34,130
2024 |
| Total reserves including gold |
$5.48B
2024 |
$1.74B
2024 |
| Total reserves ranking |
96/177
2024 |
130/177
2024 |
|
Net foreign direct investment
|
-$360M
2024 |
-$532M
2024 |
|
Net inflows of foreign direct investment
|
$458M
2024 |
$599M
2024 |
|
Net outflows of foreign direct investment
|
$98.4M
2024 |
$67.8M
2024 |
|
Servicing debt to the IMF, % of GNI
|
6.22%
2024 |
15%
2024 |
| Poverty at national poverty lines |
31.6%
2023 |
20%
2023 |
|
Gross capital formation, % of GDP
|
21.1%
2024 |
25.9%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
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.