Montenegro ranked 155/197 by economy size with a GDP of $8.27B and 77/197 by GDP per capita at $13,263. Montenegro has $5.02B in government debt, with a debt-to-GDP ratio of 60.8%.
In 2024, Montenegro made up 0.007% of the world's economy, compared to 0.003% in 1997.
Montenegro GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2024 | $8,270,016,671 | 3.16% |
| 2023 | $7,644,389,160 | 6.48% |
| 2022 | $6,251,215,144 | 7.74% |
| 2021 | $5,823,715,810 | 13% |
| 2020 | $4,723,571,498 | -15% |
| 2019 | $5,483,476,883 | 4.39% |
| 2018 | $5,433,467,175 | 4.73% |
| 2017 | $4,803,962,016 | 3.22% |
| 2016 | $4,357,469,330 | 3.44% |
| 2015 | $4,010,885,991 | 2.52% |
| 2014 | $4,579,636,602 | 2.37% |
| 2013 | $4,422,097,763 | 3.39% |
| 2012 | $4,071,829,462 | -2.49% |
| 2011 | $4,507,126,949 | 3.41% |
| 2010 | $4,136,936,189 | 2.78% |
| 2009 | $4,142,640,317 | -5.99% |
| 2008 | $4,540,861,726 | 6.9% |
| 2007 | $3,677,910,895 | 7.14% |
| 2006 | $2,717,702,923 | 8.57% |
| 2005 | $2,257,174,481 | 4.18% |
| 2004 | $2,073,234,418 | 4.43% |
| 2003 | $1,707,710,053 | 2.48% |
| 2002 | $1,284,685,051 | 1.9% |
| 2001 | $1,159,869,246 | 1.1% |
| 2000 | $984,293,044 | 3.1% |
| 1999 | $828,950,327 | -9.4% |
| 1998 | $854,261,161 | 4.9% |
| 1997 | $838,288,806 | - |
Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).
GeoRank.org/economy/montenegro | CC BY 
Montenegro GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2024 | $13,263 | $34,063 |
| 2023 | $12,260 | $31,863 |
| 2022 | $10,025 | $28,050 |
| 2021 | $9,317 | $23,690 |
| 2020 | $7,539 | $20,625 |
| 2019 | $8,749 | $23,706 |
| 2018 | $8,674 | $21,084 |
| 2017 | $7,674 | $19,357 |
| 2016 | $6,968 | $18,030 |
| 2015 | $6,421 | $16,092 |
| 2014 | $7,342 | $15,276 |
| 2013 | $7,103 | $14,692 |
| 2012 | $6,552 | $13,793 |
| 2011 | $7,266 | $14,347 |
| 2010 | $6,679 | $13,612 |
| 2009 | $6,700 | $12,976 |
| 2008 | $7,360 | $13,802 |
| 2007 | $5,972 | $12,452 |
| 2006 | $4,419 | $10,440 |
| 2005 | $3,675 | $8,314 |
| 2004 | $3,380 | $7,841 |
| 2003 | $2,789 | $7,340 |
| 2002 | $2,107 | $7,100 |
| 2001 | $1,910 | $6,772 |
| 2000 | $1,627 | $6,004 |
| 1999 | $1,368 | $5,684 |
| 1998 | $1,406 | $6,170 |
| 1997 | $1,375 | $5,798 |
Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).
GeoRank.org/economy/montenegro | CC BY
Montenegro has a GDP per capita of $13,263, ranking 77/197, a GDP per capita based on purchasing power parity (PPP) of $34,063, ranking 65/197, and a median annual after tax income of $11,119, ranking 68/197.
Montenegro GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2024 | 149 | 72 | 59 |
| 2023 | 153 | 76 | 61 |
| 2022 | 156 | 80 | 66 |
| 2021 | 156 | 78 | 66 |
| 2020 | 157 | 80 | 68 |
| 2019 | 157 | 82 | 64 |
| 2018 | 158 | 82 | 68 |
| 2017 | 159 | 84 | 70 |
| 2016 | 160 | 85 | 72 |
| 2015 | 162 | 87 | 77 |
| 2014 | 159 | 87 | 82 |
| 2013 | 159 | 89 | 82 |
| 2012 | 160 | 91 | 85 |
| 2011 | 157 | 86 | 80 |
| 2010 | 159 | 84 | 79 |
| 2009 | 156 | 83 | 82 |
| 2008 | 155 | 77 | 77 |
| 2007 | 156 | 82 | 80 |
| 2006 | 159 | 88 | 87 |
| 2005 | 159 | 89 | 93 |
| 2004 | 158 | 88 | 94 |
| 2003 | 157 | 85 | 93 |
| 2002 | 158 | 93 | 94 |
| 2001 | 159 | 93 | 93 |
| 2000 | 159 | 103 | 96 |
| 1999 | 162 | 110 | 97 |
| 1998 | 162 | 113 | 88 |
| 1997 | 162 | 112 | 85 |
Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).
GeoRank.org/economy/montenegro | CC BY
Compared with 2000, in 2024 Montenegro is ranked 149th out of 182 by GDP (up from 159th), 72nd by GDP per capita (up from 103rd), and 59th by GDP per capita PPP (up from 96th).
Economic indicators
Montenegro
|
Rank | |
|---|---|---|
| Gross domestic product |
$8.27B
2024 |
155/197 |
| GDP growth |
3.16%
2023-2024 |
101/194 |
| GDP per capita |
$13,263
2024 |
77/197 |
| GDP per capita, PPP |
$34,063
2024 |
65/197 |
| Government debt |
$5.02B
2024 |
143/185 |
| Debt-to-GDP ratio |
60.8%
2024 |
76/185 |
| Government debt per person |
$8,058
2024 |
64/185 |
| Average annual personal income after taxes |
$11,119
2026 |
68/197 |
| Listed domestic companies |
112
2012 |
46/103 |
| Market capitalization of domestic companies |
$3.79B
2012 |
84/100 |
| Income share by richest 10% |
24.7%
2021 |
122/169 |
| Income share by poorest 10% |
2.1%
2021 |
133/169 |
| Government expenditure, % of GDP |
43.5%
2024 |
40/195 |
| Consumer prices inflation |
3.3%
2023-2024 |
91/195 |
| Unemployment rate |
13.1%
2023 |
22/196 |
| Population |
612312
|
166/197 |
Government spending, deficit, and debt by year
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2024 | 43.5% | 60.8% | -2.81% |
| 2023 | 39.7% | 59.6% | 0.85% |
| 2022 | 42.2% | 70.3% | -4.07% |
| 2021 | 45.1% | 86.2% | -1.72% |
| 2020 | 54.9% | 108.4% | -11% |
| 2019 | 44.4% | 79.6% | -1.74% |
| 2018 | 47.8% | 72.9% | -6.3% |
| 2017 | 47.6% | 66.9% | -6.89% |
| 2016 | 47.7% | 66.7% | -6.21% |
| 2015 | 46.9% | 69.5% | -6.03% |
| 2014 | 44.3% | 63.6% | -0.7% |
| 2013 | 46.3% | 59.2% | -4.54% |
| 2012 | 45.9% | 57.1% | -5.87% |
| 2011 | 45.7% | 49% | -6.79% |
| 2010 | 46.7% | 45.1% | -4.88% |
| 2009 | 51.5% | 43.9% | -6.74% |
| 2008 | 51.2% | 34.2% | -2.3% |
| 2007 | 43.9% | 31.8% | 8.44% |
| 2006 | 42.6% | 36.7% | 4.34% |
| 2005 | 38.2% | 38.6% | -1.42% |
| 2004 | 40% | 45.4% | -2.45% |
| 2003 | 43.3% | 48.6% | -4.06% |
| 2002 | 37.5% | 85.7% | -1.44% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (2002–2024, retrieved 2026-02-20).
GeoRank.org/economy/montenegro | CC BY
This chart shows Montenegro's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 23 years, Montenegro recorded a fiscal deficit in 20 of them, with an average annual deficit equal to 3.23% of GDP. In 2024, government spending reached $3.6B (43.5% of GDP), with a deficit of 2.81%.
The national debt reached $5.02B, ranking 143rd out of 185 countries by total size, with a debt-to-GDP ratio of 60.8%, ranking 76th.
Inflation rate by year
| Year | Inflation |
|---|---|
| 2024 | 3.3% |
| 2023 | 8.6% |
| 2022 | 13% |
| 2021 | 2.4% |
| 2020 | -0.3% |
| 2019 | 0.4% |
| 2018 | 2.6% |
| 2017 | 2.4% |
| 2016 | -0.3% |
| 2015 | 1.5% |
| 2014 | -0.7% |
| 2013 | 2.2% |
| 2012 | 4.1% |
| 2011 | 3.5% |
| 2010 | 0.4% |
| 2009 | 3.6% |
| 2008 | 9% |
| 2007 | 3.4% |
| 2006 | 2.1% |
| 2005 | 3.4% |
| 2004 | 3.1% |
| 2003 | 7.5% |
| 2002 | 19.7% |
| 2001 | 23.7% |
| 2000 | 29.9% |
Data sources: International Monetary Fund (IMF) | World Economic Outlook (2000–2024, retrieved 2026-02-20).
GeoRank.org/economy/montenegro | CC BY
Over the past 20 years, Montenegro has had an average annual inflation rate of 3.23%. In 2024, inflation was 3.3%. The bar chart above shows consumer price inflation by year.
Balance of trade
|
Montenegro
|
Rank | |
|---|---|---|
|
Current account balance
|
-$1.4B
2024 |
131/190 |
| Current account balance, % of GDP |
-17%
2024 |
175/190 |
| Goods imports |
$4.29B
2024 |
140/189 |
| Goods exports |
$714M
2024 |
154/189 |
| Service imports |
$1.19B
2024 |
142/189 |
| Service exports |
$2.92B
2024 |
105/189 |
| Imports of goods and services, % of GDP |
66.2%
2024 |
43/181 |
| Exports of goods and services, % of GDP |
43.7%
2024 |
65/193 |
Montenegro top 10 trading partners
Montenegro's biggest trading partner accounting for 20.9% of all exports and imports is Serbia, with a trade balance between the two of -$240M: Montenegro exports $669M worth of goods and services to Serbia and imports $909M.
Below is the list of the top 10 trade partners of Montenegro.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
Serbia
|
$1.58B | 20.9% | $669M | $909M | Raw materials & minerals | Processed food, beverages & tobacco |
| 2 |
Germany
|
$627M | 8.29% | $92.9M | $534M | Transport & tourism services | Machinery & equipment |
| 3 |
China
|
$568M | 7.51% | $29.3M | $539M | Raw materials & minerals | Machinery & equipment |
| 4 |
Bosnia
|
$452M | 5.97% | $180M | $272M | Raw materials & minerals | Metals |
| 5 |
Italy
|
$417M | 5.52% | $80.5M | $337M | Transport & tourism services | Machinery & equipment |
| 6 |
Croatia
|
$325M | 4.29% | $35.7M | $289M | Transport & tourism services | Raw materials & minerals |
| 7 |
Greece
|
$316M | 4.17% | $25.5M | $290M | Transport & tourism services | Raw materials & minerals |
| 8 |
Turkey
|
$278M | 3.68% | $51.3M | $227M | Transport & tourism services | Textiles & consumer goods |
| 9 |
Switzerland
|
$223M | 2.95% | $124M | $98.7M | Transport & tourism services | Chemicals & pharma |
| 10 |
Russia
|
$194M | 2.56% | $171M | $23.1M | Transport & tourism services | Metals |
Top 10 exports
|
Montenegro
|
Rank | |
|---|---|---|
| Transport & tourism services | $2.47B | 94/188 |
| Raw materials & minerals | $227M | 139/193 |
| Business & finance services | $212M | 111/188 |
| IT & IP services | $190M | 89/183 |
| Machinery & equipment | $105M | 128/193 |
| Metals | $73M | 125/192 |
| Processed food, beverages & tobacco | $65.2M | 137/192 |
| Manufacturing & construction services | $56.5M | 95/164 |
| Wood & paper products | $51.8M | 110/192 |
| Chemicals & pharma | $49.7M | 125/193 |
Top 10 imports
|
Montenegro
|
Rank | |
|---|---|---|
| Machinery & equipment | $1.14B | 139/193 |
| Transport & tourism services | $787M | 131/188 |
| Raw materials & minerals | $609M | 147/193 |
| Processed food, beverages & tobacco | $562M | 130/193 |
| Chemicals & pharma | $549M | 129/193 |
| Textiles & consumer goods | $533M | 119/193 |
| Animal & marine products | $330M | 100/193 |
| Metals | $311M | 137/193 |
| Business & finance services | $191M | 143/188 |
| Raw agricultural goods | $163M | 151/193 |
Economic freedom indices
|
Montenegro
|
Rank | |
|---|---|---|
| Economic freedom | 63.8 | 78/197 |
| Property rights | 60.9 | 67/182 |
| Government integrity | 49.9 | 66/182 |
| Judicial effectiveness | 51.5 | 78/182 |
| Tax burden | 88.7 | 36/182 |
| Government spending | 47.6 | 142/180 |
| Fiscal health | 86.2 | 62/181 |
| Business freedom | 68.4 | 77/182 |
| Labor freedom | 59.4 | 56/182 |
| Monetary freedom | 75.2 | 78/180 |
| Trade freedom | 78.4 | 59/181 |
| Investment freedom | 50 | 119/181 |
| Financial freedom | 50 | 94/181 |
Economic freedom by year
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2026 | 63.8 | 51.5 | 88.7 | 47.6 | 86.2 |
| 2025 | 63.8 | 50.1 | 88.7 | 45.2 | 87.9 |
| 2024 | 59.7 | 41.8 | 88.3 | 32.4 | 39.3 |
| 2023 | 60.9 | 47 | 88.2 | 31.7 | 48.1 |
| 2022 | 57.8 | 43 | 83.9 | 29.5 | 11.9 |
| 2021 | 63.4 | 56.2 | 83.6 | 35.3 | 37.2 |
| 2020 | 61.5 | 55.3 | 85.4 | 32.1 | 23.4 |
| 2019 | 60.5 | 51.8 | 85.3 | 32.6 | 23.2 |
| 2018 | 64.3 | 51.3 | 85.2 | 35.7 | 69.1 |
| 2017 | 62 | 50.4 | 83.1 | 33.1 | 44.3 |
| 2016 | 64.9 | - | 91.6 | 39.8 | - |
| 2015 | 64.7 | - | 92.6 | 36.7 | - |
| 2014 | 63.6 | - | 92.5 | 42.6 | - |
| 2013 | 62.6 | - | 92.4 | 41.5 | - |
| 2012 | 62.5 | - | 91.3 | 31.7 | - |
| 2011 | 62.5 | - | 89.4 | 28.6 | - |
| 2010 | 63.6 | - | 90 | 54.4 | - |
| 2009 | 58.2 | - | 89.1 | 45.3 | - |
| 2008 | - | - | - | - | - |
| 2007 | - | - | - | - | - |
| 2006 | - | - | - | - | - |
| 2005 | - | - | - | - | - |
| 2004 | - | - | - | - | - |
| 2003 | 43.5 | - | 79.8 | 89.2 | - |
| 2002 | 46.6 | - | 89.8 | 74.8 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (2002–2026, retrieved 2026-03-09).
GeoRank.org/economy/montenegro | CC BY
Montenegro is ranked 71/174 for economic freedom with a score of 63.8, compared to 146/162 and a score of 43.5 in 2003.
Other economic metrics
|
Montenegro
|
Rank | |
|---|---|---|
| Services, % of GDP |
63.8%
2024 |
52/191 |
| Industry, % of GDP |
12.2%
2024 |
174/194 |
| Agriculture, forestry, and fishing, % of GDP |
3.49%
2024 |
124/193 |
|
GNI, Atlas method
|
$7.61B
2024 |
153/194 |
| GNI per capita, PPP |
$33,970
2024 |
62/191 |
| Total reserves including gold |
$1.74B
2024 |
130/177 |
|
Net foreign direct investment
|
-$532M
2024 |
102/189 |
|
Net inflows of foreign direct investment
|
$599M
2024 |
112/193 |
|
Net outflows of foreign direct investment
|
$67.8M
2024 |
94/193 |
|
Servicing debt to the IMF, % of GNI
|
15%
2024 |
10/121 |
| Poverty at national poverty lines |
20%
2023 |
101/176 |
|
Gross capital formation, % of GDP
|
25.9%
2024 |
61/178 |
Compare Montenegro vs other countries
GDP per capita map
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/montenegro | CC BY
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:
- World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Fiscal Monitor (2002–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (2002–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2022–2024, retrieved 2026-02-08)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- 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.