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Economy of Montenegro vs Pakistan compared: GDP & Debt

Updated on by Georank team

Montenegro has a GDP of $8.27B compared to $372B for Pakistan, ranking 155/197 and 43/197 by economy size, respectively.

Montenegro has $5.02B in government debt (60.8% of GDP), compared to $262B (70.4% of GDP) in Pakistan.

Montenegro vs Pakistan GDP by year

Montenegro
Pakistan
1x
Year GDP, current $
Montenegro Pakistan
2024 $8,270,016,671 $371,570,000,121
2023 $7,644,389,160 $336,686,348,609
2022 $6,251,215,144 $374,890,295,667
2021 $5,823,715,810 $348,516,647,445
2020 $4,723,571,498 $300,425,609,818
2019 $5,483,476,883 $320,909,472,771
2018 $5,433,467,175 $356,128,166,705
2017 $4,803,962,016 $339,205,534,861
2016 $4,357,469,330 $313,630,000,130
2015 $4,010,885,991 $299,963,590,535
2014 $4,579,636,602 $271,390,474,858
2013 $4,422,097,763 $258,657,231,672
2012 $4,071,829,462 $250,106,966,105
2011 $4,507,126,949 $230,586,581,060
2010 $4,136,936,189 $196,709,621,850
2009 $4,142,640,317 $187,337,783,856
2008 $4,540,861,726 $202,203,748,584
2007 $3,677,910,895 $184,140,869,997
2006 $2,717,702,923 $161,871,385,506
2005 $2,257,174,481 $145,208,562,961
2004 $2,073,234,418 $132,216,048,339
2003 $1,707,710,053 $112,371,913,741
2002 $1,284,685,051 $97,923,302,809
2001 $1,159,869,246 $97,145,618,480
2000 $984,293,044 $99,484,802,345
1999 $828,950,327 $62,973,857,069
1998 $854,261,161 $62,191,955,814
1997 $838,288,806 $62,433,340,468
1996 - $63,320,170,084
1995 - $60,636,071,684
1994 - $52,293,470,813
1993 - $51,809,999,353
1992 - $48,884,671,947
1991 - $45,625,336,680
1990 - $40,010,423,970
1989 - $40,171,106,279
1988 - $38,472,742,808
1987 - $33,351,529,275
1986 - $31,899,070,056
1985 - $31,144,920,844
1984 - $31,151,825,467
1983 - $28,691,889,764
1982 - $30,725,971,564
1981 - $28,100,606,061
1980 - $23,654,444,444
1979 - $19,688,383,838
1978 - $17,811,515,152
1977 - $15,126,060,606
1976 - $13,168,080,808
1975 - $11,230,606,061
1974 - $8,899,191,919
1973 - $6,383,429,490
1972 - $9,415,016,360
1971 - $10,665,896,682
1970 - $10,027,509,450
1969 - $8,683,116,338
1968 - $8,041,999,160
1967 - $7,464,510,710
1966 - $6,561,108,778
1965 - $5,929,231,415
1964 - $5,204,955,901
1963 - $4,630,827,383
1962 - $4,310,163,797
1961 - $4,118,647,627
1960 - $3,749,265,015

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

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

GDP per capita in Montenegro vs Pakistan by year

Montenegro
GDP per capita

GDP per capita, PPP
Pakistan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Montenegro Pakistan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $13,263 $34,063 $1,479 $6,252
2023 $12,260 $31,863 $1,360 $6,014
2022 $10,025 $28,050 $1,538 $5,920
2021 $9,317 $23,690 $1,455 $5,367
2020 $7,539 $20,625 $1,278 $5,048
2019 $8,749 $23,706 $1,390 $5,038
2018 $8,674 $21,084 $1,569 $4,979
2017 $7,674 $19,357 $1,519 $4,790
2016 $6,968 $18,030 $1,425 $4,631
2015 $6,421 $16,092 $1,380 $4,480
2014 $7,342 $15,276 $1,267 $4,313
2013 $7,103 $14,692 $1,225 $4,174
2012 $6,552 $13,793 $1,204 $4,047
2011 $7,266 $14,347 $1,132 $3,880
2010 $6,679 $13,612 $987 $3,786
2009 $6,700 $12,976 $964 $3,777
2008 $7,360 $13,802 $1,067 $3,721
2007 $5,972 $12,452 $998 $3,672
2006 $4,419 $10,440 $901 $3,515
2005 $3,675 $8,314 $828 $3,293
2004 $3,380 $7,841 $772 $3,048
2003 $2,789 $7,340 $672 $2,822
2002 $2,107 $7,100 $600 $2,688
2001 $1,910 $6,772 $610 $2,644
2000 $1,627 $6,004 $642 $2,565
1999 $1,368 $5,684 $418 $2,475
1998 $1,406 $6,170 $424 $2,419
1997 $1,375 $5,798 $438 $2,398
1996 - - $457 $2,401
1995 - - $451 $2,315
1994 - - $400 $2,224
1993 - - $408 $2,160
1992 - - $396 $2,132
1991 - - $380 $1,992
1990 - - $344 $1,895
1989 - - $358 -
1988 - - $354 -
1987 - - $317 -
1986 - - $314 -
1985 - - $317 -
1984 - - $327 -
1983 - - $311 -
1982 - - $345 -
1981 - - $328 -
1980 - - $287.4 -
1979 - - $249.2 -
1978 - - $233.4 -
1977 - - $204.7 -
1976 - - $183.9 -
1975 - - $161.7 -
1974 - - $132 -
1973 - - $97.5 -
1972 - - $148.1 -
1971 - - $172.5 -
1970 - - $166.7 -
1969 - - $148.5 -
1968 - - $141.6 -
1967 - - $135.2 -
1966 - - $122.2 -
1965 - - $113.6 -
1964 - - $102.5 -
1963 - - $93.7 -
1962 - - $89.5 -
1961 - - $87.8 -
1960 - - $82 -

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

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

Montenegro's GDP per capita is $13,263, ranking 77/197, compared to $1,479 in Pakistan, ranking 163/197. Adjusted for purchasing power (GDP per capita PPP), Montenegro ranks 65th at $34,063, while Pakistan ranks 150th at $6,252.

Economic indicators

Montenegro Pakistan
Gross domestic product
$8.27B
2024
$372B
2024
GDP rank
155/197
2024
43/197
2024
GDP growth
3.16%
2023-2024
3.05%
2023-2024
GDP per capita
$13,263
2024
$1,479
2024
GDP per capita rank
77/197
2024
163/197
2024
GDP per capita, PPP
$34,063
2024
$6,252
2024
GDP per capita PPP rank
65/197
2024
150/197
2024
Government debt
$5.02B
2024
$262B
2024
Debt-to-GDP ratio
60.8%
2024
70.4%
2024
Government debt per person
$8,058
2024
$1,041
2024
Government debt per person rank
64/185
2024
140/185
2024
Average annual personal income after taxes
$11,119
2026
$1,668
2026
Market capitalization of domestic companies
$3.79B
2012
$52.1B
2024
Income share by richest 10%
24.7%
2021
25.5%
2018
Income share by poorest 10%
2.1%
2021
4.2%
2018
Government expenditure, % of GDP
43.5%
2024
19.5%
2024
Consumer prices inflation
3.3%
2023-2024
12.6%
2023-2024
Central bank interest rate n/a
10.5%
2025
Unemployment rate
13.1%
2023
6.96%
2025
Population
612312
260356147

Spending and national debt comparison by year

Montenegro
Spending

Debt
Pakistan
Spending

Debt
1x
Year % of GDP
Montenegro Pakistan
Government spending Government debt Government spending Government debt
2024 43.5% 60.8% 19.5% 70.4%
2023 39.7% 59.6% 19.3% 78.5%
2022 42.2% 70.3% 20% 77.3%
2021 45.1% 86.2% 18.5% 74.7%
2020 54.9% 108.4% 20.3% 80.8%
2019 44.4% 79.6% 19.1% 78.7%
2018 47.8% 72.9% 19.1% 66.3%
2017 47.6% 66.9% 19.1% 62.1%
2016 47.7% 66.7% 17.7% 62.1%
2015 46.9% 69.5% 17.8% 59.1%
2014 44.3% 63.6% 18.1% 58.8%
2013 46.3% 59.2% 19.5% 59.2%
2012 45.9% 57.1% 19.4% 58.4%
2011 45.7% 49% 17.9% 56.2%
2010 46.7% 45.1% 18.3% 56.7%
2009 51.5% 43.9% 17.3% 54.6%
2008 51.2% 34.2% 18% 49.5%
2007 43.9% 31.8% 16.1% 44.2%
2006 42.6% 36.7% 14.5% 46.2%
2005 38.2% 38.6% 13% 47.9%
2004 40% 45.4% 12.1% 50.6%
2003 43.3% 48.6% 12.9% 56.3%
2002 37.5% 85.7% 14.4% 60.5%
2001 - - 12.9% 65.1%
2000 - - 13.8% 61.7%
1999 - - 13.2% 60.7%
1998 - - 14.1% 53.8%
1997 - - 13.7% 52.8%
1996 - - 15% 52.5%
1995 - - 14% 52.3%
1994 - - 14.5% 58.5%
1993 - - 17% 57.9%
1992 - - 22.6% 53.3%
1991 - - 21.4% 55.8%
1990 - - 23.9% 48.3%
1989 - - 26.1% 46.6%
1988 - - 27.9% 45%
1987 - - 29.5% 44.4%
1986 - - 27.6% 43.1%
1985 - - 28.3% 37%
1984 - - 25.4% 33.4%
1983 - - 24.8% 33.6%
1982 - - 24.5% 33.8%
1981 - - 21.6% 29.7%
1980 - - 22% 33.3%
1979 - - 25.3% 36.8%
1978 - - 25.5% 36.1%
1977 - - 20.4% 36.4%
1976 - - 21% 35.8%
1975 - - 20.4% 32.1%
1974 - - 15.3% 38%
1973 - - 13.9% 43.4%
1972 - - 13.5% 88.7%
1971 - - 22.1% 33.2%
1970 - - 23.6% 31.6%
1969 - - 15.6% 29.1%
1968 - - 13.7% 27.5%
1967 - - 12.9% 25.9%
1966 - - 12.2% 25.1%
1965 - - 11.2% 22.7%
1964 - - 12.1% 21.3%
1963 - - 14.7% 19.2%
1962 - - 11.8% 16.6%
1961 - - 10.6% 19.6%
1960 - - 10% 19.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1993–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1993, retrieved 2026-02-20).

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

In 2024, Montenegro's government spending was $3.6B, accounting for 43.5% of its GDP, while Pakistan spent $72.4B, or 19.5% of GDP.

Debt-to-GDP ratio is 60.8% in Montenegro and 70.4% in Pakistan, ranking 76/185 and 56/185, respectively.

Government deficit by year

Deficit/surplus
Montenegro

Pakistan
1x
Year Deficit/surplus, % of GDP
Montenegro Pakistan
2024 -2.81% -6.81%
2023 0.85% -7.76%
2022 -4.07% -7.84%
2021 -1.72% -6.04%
2020 -11% -7.03%
2019 -1.74% -7.79%
2018 -6.3% -5.67%
2017 -6.89% -5.17%
2016 -6.21% -3.92%
2015 -6.03% -4.74%
2014 -0.7% -4.37%
2013 -4.54% -7.48%
2012 -5.87% -7.74%
2011 -6.79% -6.23%
2010 -4.88% -5.42%
2009 -6.74% -4.53%
2008 -2.3% -5.94%
2007 8.44% -4.23%
2006 4.34% -2.79%
2005 -1.42% -2.29%
2004 -2.45% -1.29%
2003 -4.06% -0.12%
2002 -1.44% -2.64%
2001 - -2.45%
2000 - -3.21%
1999 - -3.07%
1998 - -4.46%
1997 - -3.87%
1996 - -4.33%
1995 - -3.9%
1994 - -3.63%
1993 - -5.53%
1992 - -11.3%
1991 - -10.8%
1990 - -11.9%
1989 - -7.01%
1988 - -9.35%
1987 - -11.7%
1986 - -9.79%
1985 - -10.6%
1984 - -8.9%
1983 - -7.55%
1982 - -8.24%
1981 - -5.83%
1980 - -5.32%
1979 - -11.6%
1978 - -12.4%
1977 - -8.74%
1976 - -9.05%
1975 - -8.97%
1974 - -4.45%
1973 - -3.99%
1972 - -3.16%
1971 - -7.45%
1970 - -10.8%
1969 - -7.08%
1968 - -5.56%
1967 - -4.27%
1966 - -4.48%
1965 - -3.28%
1964 - -4.89%
1963 - -6.55%
1962 - -3.39%
1961 - -4.6%
1960 - -3.83%
1959 - -3.71%
1958 - -4.2%
1957 - -2.21%
1956 - -2.36%
1955 - -2%
1954 - -3.18%
1953 - -2.66%
1952 - -0.73%
1951 - 0.63%
1950 - -1.24%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1950–1992, retrieved 2026-02-20).

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

In 2024, Montenegro's government deficit, the difference between spending and revenue, was $232M, equivalent to 2.81% of GDP. This compares to Pakistan's deficit of $25.3B, or 6.81% of GDP.

Over the past 23 years, Montenegro recorded a fiscal deficit in 20 of those years, while Pakistan ran a deficit in 23 years. On average, Montenegro posted an annual deficit equal to 3.23% of GDP, compared to deficit of 5.12% of GDP for Pakistan.

Inflation comparison by year

Inflation
Montenegro

Pakistan
1x
Year Consumer prices inflation
Montenegro Pakistan
2024 3.3% 12.6%
2023 8.6% 30.8%
2022 13% 19.9%
2021 2.4% 9.5%
2020 -0.3% 9.74%
2019 0.4% 10.6%
2018 2.6% 5.08%
2017 2.4% 4.09%
2016 -0.3% 3.77%
2015 1.5% 2.53%
2014 -0.7% 7.19%
2013 2.2% 7.69%
2012 4.1% 9.68%
2011 3.5% 11.9%
2010 0.4% 12.9%
2009 3.6% 13.6%
2008 9% 20.3%
2007 3.4% 7.6%
2006 2.1% 7.92%
2005 3.4% 9.06%
2004 3.1% 7.44%
2003 7.5% 2.91%
2002 19.7% 3.29%
2001 23.7% 3.15%
2000 29.9% 4.37%
1999 - 4.14%
1998 - 6.23%
1997 - 11.4%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06); International Monetary Fund (IMF) | World Economic Outlook (2000–2024, retrieved 2026-02-20).

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

Over the past 25 years, Montenegro has recorded an average annual inflation rate of 5.94%, compared with 9.51% in Pakistan. In 2024, inflation was 3.3% in Montenegro and 12.6% in Pakistan.

Top exports between countries

Montenegro
Export category Export value
Pakistan
Export category Export value
Raw materials & minerals $1.68M
Chemicals & pharma $698K
Textiles & consumer goods $644K
Processed food, beverages & tobacco $506K
Animal & marine products $445K
Raw agricultural goods $425K
Machinery & equipment $158K
Wood & paper products $53K
Miscellaneous $14K
Precious metals & jewellery $3K

Balance of trade

Montenegro Pakistan
Current account balance
-$1.4B
2024
$496M
2024
Current account balance ranking
131/190
2024
63/190
2024
Current account balance, % of GDP
-17%
2024
+0.13%
2024
Goods imports
$4.29B
2024
$55.6B
2024
Goods exports
$714M
2024
$32.1B
2024
Service imports
$1.19B
2024
$11.2B
2024
Service exports
$2.92B
2024
$8.1B
2024
Imports of goods and services, % of GDP
66.2%
2024
17.2%
2024
Exports of goods and services, % of GDP
43.7%
2024
10.4%
2024

Economic freedom indices

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

Montenegro Pakistan
Economic freedom 63.8 48.9
Economic freedom ranking 78/197 168/197
Property rights 60.9 25.7
Government integrity 49.9 26.3
Judicial effectiveness 51.5 27.6
Tax burden 88.7 78.2
Government spending 47.6 88.5
Fiscal health 86.2 10.1
Business freedom 68.4 54.4
Labor freedom 59.4 51.7
Monetary freedom 75.2 54.1
Trade freedom 78.4 70.4
Investment freedom 50 60
Financial freedom 50 40

Economic freedom comparison by year

Montenegro
Pakistan
1x
Year Economic freedom index
Montenegro Pakistan
2026 63.8 48.9
2025 63.8 49.1
2024 59.7 49.5
2023 60.9 49.4
2022 57.8 48.8
2021 63.4 51.7
2020 61.5 54.8
2019 60.5 55
2018 64.3 54.4
2017 62 52.8
2016 64.9 55.9
2015 64.7 55.6
2014 63.6 55.2
2013 62.6 55.1
2012 62.5 54.7
2011 62.5 55.1
2010 63.6 55.2
2009 58.2 57
2008 - 55.6
2007 - 57.2
2006 - 57.9
2005 - 53.3
2004 - 54.9
2003 43.5 55
2002 46.6 55.8
2001 - 56
2000 - 56.4
1999 - 53
1998 - 53.2
1997 - 56
1996 - 58.4
1995 - 57.6

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Montenegro is 63.8, ranking 78/197, compared to 48.9 for Pakistan, ranking 168/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Montenegro Pakistan
Services, % of GDP
63.8%
2024
50.7%
2024
Industry, % of GDP
12.2%
2024
20.2%
2024
Agriculture, forestry, and fishing, % of GDP
3.49%
2024
23.7%
2024
GNI, Atlas method
$7.61B
2024
$358B
2024
GNI per capita, PPP
$33,970
2024
$6,100
2024
Total reserves including gold
$1.74B
2024
$18.4B
2024
Total reserves ranking
130/177
2024
63/177
2024
Net foreign direct investment
-$532M
2024
-$2.58B
2024
Net inflows of foreign direct investment
$599M
2024
$2.66B
2024
Net outflows of foreign direct investment
$67.8M
2024
$84M
2024
Servicing debt to the IMF, % of GNI
15%
2024
4.5%
2024
Poverty at national poverty lines
20%
2023
21.9%
2018
Gross capital formation, % of GDP
25.9%
2024
13.2%
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/montenegro/pakistan | CC BY

Compare countries by 7 more topics

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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. International Monetary Fund (IMF) | Public Finances in Modern History (1950–1993, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.