Montenegro vs North Macedonia: Economic Indicators Comparison
North Macedonia with a GDP of $12.7B ranked the 135th largest economy in the world, while Montenegro ranked 153rd with $5.5B. By GDP 5-years average growth and GDP per capita, North Macedonia and Montenegro ranked 110th vs 67th and 100th vs 81st, respectively.
Gross Domestic Product & Income
| Stat |  Montenegro |  North Macedonia |
|---|---|---|
| GDP | $5.5B | $12.7B |
| GDP growth, 1 year | 4.5% | 2.7% |
| GDP growth, 5-years average | 3.5% | 2.6% |
| Population | 622k | 2.1M |
| GDP per capita | $8.8k | $6.1k |
| GDP per capita growth | 5.08% | 2.62% |
| Purchasing Power Parity conversion factor | 0.36 | 19.38 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.43 | 0.37 |
| GDP per capita, PPP adjusted | $19k | $16k |
| GNI, Atlas method | $5.2B | $11.4B |
| GNI per capita | $8.4k | $5.5k |
| GNI, PPP adjusted | $13B | $32.6B |
| GNI per capita, PPP adjusted | $21k | $16k |
Financial system and Human development
| Stat | Montenegro | North Macedonia |
|---|---|---|
| Income Tax Rate | 9% | 10% |
| Corporate Tax Rate | 9% | 10% |
| Inflation, consumer prices | 2.6% | 1.5% |
| Inflation, GDP deflator | 3.2% | 4.3% |
| Unemployment | 15.5% | 21.6% |
| Economic Freedom Index | 61.5 | 69.5 |
| Personal Freedom Index | 8.12 | 8.17 |
| Human Freedom Index | 7.67 | 7.55 |
| Property Rights Index | 59.1 | 62.5 |
| Judical Effectiveness Index | 55.3 | 42.7 |
| Business Freedom Index | 70.8 | 80.6 |
| Fiscal Health Index | 23.4 | 87.7 |
| Labor Freedom Index | 74.8 | 67 |
| Investment Freedom Index | 75 | 65 |
| Financial Freedom Index | 50 | 60 |
| Trade Freedom Index | 83.8 | 86.2 |
| Monetary Freedom Index | 80.3 | 77.7 |
| Government Spending Index | 32.1 | 71 |
| Tax Burden Index | 85.4 | 91.5 |
| Government Integrity Index | 47.5 | 42.2 |
| Corruption Perceptions Index | 45 | 37 |
| Life expectancy at birth, years | 76.7 | 75.6 |
| Suicide mortality rate, per 100,000 people | 10.3 | 7.9 |
| Mortality caused by road traffic injury, per 100,000 people | 10.7 | 6.4 |
| Intentional homicides, per 100,000 people | 2.4 | 1.5 |
| International tourism, number of arrivals | 2.1M | 707k |
Government debt & reserves
| Stat | Montenegro | North Macedonia |
|---|---|---|
| Central government debt, % of GDP | 72.1% | 39.5% |
| External debt stocks, % of GNI | 144.1% | 72% |
| External debt stocks | $8B | $8.7B |
| Short-term debt, % of total reserves | 17.2% | 40.9% |
| Total debt service, % of exports and primary income | 63.7% | 16.6% |
| Adjusted net savings including particulate emission damage, % of GNI | N/A | 15.4% |
| Gross savings, % of GDP | 14.9% | 33% |
| Gross capital formation, % of GDP | 31.9% | 33% |
| Total reserves including gold | $1.2B | $3.3B |
| Foreign direct investment net inflows | $485.7M | $648.7M |
Exports, imports and economic structure
| Stat | Montenegro | North Macedonia |
|---|---|---|
| Exports of goods and services, % of GDP | 42.9% | 60.3% |
| Imports of goods and services, % of GDP | 66.7% | 72.9% |
| Current account balance (balance of payments) | -$943M | -$25.6M |
| Revenue excluding grants, % of GDP | N/A | 26.8% |
| Grants excluding technical cooperation, BoP | $57.7M | $133.8M |
| Personal remittances received | $588.9M | $344.5M |
| Industry including construction value added, % of GDP | 15.9% | 23.6% |
| Agriculture, forestry and fishing value added, % of GDP | 6.7% | 7.2% |
| Charges for the use of intellectual property, payments BoP | $6M | $188.8M |
| Charges for the use of intellectual property, receipts BoP | $432k | $11.8M |
| Expense, % of GDP | N/A | 27.9% |
| Government Expenditure, % of GDP | 47.6% | 31.1% |
