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Economy of Montenegro vs Pakistan compared: GDP & Debt

Updated on by Georank

Montenegro has a GDP of $9.23B compared to $407B for Pakistan, ranking 155/197 and 41/197 by economy size, respectively.

Montenegro has $6.19B in government debt (67.1% of GDP), compared to $297B (72.8% of GDP) in Pakistan.

Montenegro vs Pakistan GDP by year

Montenegro
Pakistan
1x
Year GDP, current $
Montenegro Pakistan
2025 $9,232,801,465 $407,307,214,476
2024 $8,274,290,506 $371,747,087,751
2023 $7,643,318,276 $336,686,348,609
2022 $6,259,721,790 $374,890,295,667
2021 $5,822,908,964 $348,516,647,445
2020 $4,734,192,593 $300,425,609,818
2019 $5,483,622,632 $320,909,472,771
2018 $5,433,469,311 $356,128,166,705
2017 $4,803,964,684 $339,205,534,861
2016 $4,357,467,226 $313,630,000,130
2015 $4,010,884,107 $299,963,590,535
2014 $4,579,635,404 $271,390,474,858
2013 $4,422,097,042 $258,657,231,672
2012 $4,071,828,832 $250,106,966,105
2011 $4,507,127,585 $230,586,581,060
2010 $4,136,936,244 $196,709,621,850
2009 $4,159,063,347 $187,337,783,856
2008 $4,559,410,049 $202,203,748,584
2007 $3,682,586,459 $184,140,869,997
2006 $2,719,979,875 $161,871,385,506
2005 $2,258,016,380 $145,208,562,961
2004 $2,077,046,942 $132,216,048,339
2003 $1,708,196,981 $112,371,913,741
2002 $1,286,314,054 $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 (1960–2025, retrieved 2026-07-08).

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
2025 $14,817 - $1,596 -
2024 $13,270 $34,063 $1,479 $6,252
2023 $12,258 $31,863 $1,360 $6,014
2022 $10,038 $28,050 $1,538 $5,920
2021 $9,316 $23,690 $1,455 $5,367
2020 $7,555 $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 $6,727 $12,976 $964 $3,777
2008 $7,390 $13,802 $1,067 $3,721
2007 $5,979 $12,452 $998 $3,672
2006 $4,423 $10,440 $901 $3,515
2005 $3,676 $8,314 $828 $3,293
2004 $3,386 $7,841 $772 $3,048
2003 $2,790 $7,340 $672 $2,822
2002 $2,109 $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 (1960–2025, retrieved 2026-07-08).

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

Montenegro's GDP per capita is $14,817, ranking 71/197, compared to $1,596 in Pakistan, ranking 164/197. 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
$9.23B
2025
$407B
2025
GDP rank
155/197
2025
41/197
2025
GDP growth
2.74%
2024-2025
3.7%
2024-2025
GDP per capita
$14,817
2025
$1,596
2025
GDP per capita rank
71/197
2025
164/197
2025
GDP per capita, PPP
$34,063
2024
$6,252
2024
GDP per capita PPP rank
65/197
2024
150/197
2024
Government debt
$6.19B
2025
$297B
2025
Debt-to-GDP ratio
67.1%
2025
72.8%
2025
Government debt per person
$9,942
2025
$1,162
2025
Government debt per person rank
61/185
2025
138/185
2025
Average annual personal income after taxes
$12,768
2026
$1,775
2026
Market capitalization of domestic companies
$3.79B
2012
$70.3B
2025
Income share by richest 10%
24.7%
2021
27.7%
2024
Income share by poorest 10%
2.1%
2021
3.4%
2024
Government expenditure, % of GDP
43.9%
2025
21.2%
2025
Consumer prices inflation
3.9%
2024-2025
3.55%
2024-2025
Central bank interest rate n/a
11.5%
2026
Unemployment rate
11.5%
2024
6.96%
2025
Population
613759
261421997

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
2025 43.9% 67.1% 21.2% 72.8%
2024 44.1% 60.8% 19.4% 70.2%
2023 40.4% 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 (1993–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1993, retrieved 2026-07-08).

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

In 2025, Montenegro's government spending was $4.05B, accounting for 43.9% of its GDP, while Pakistan spent $86.4B, or 21.2% of GDP.

Debt-to-GDP ratio is 67.1% in Montenegro and 72.8% in Pakistan, ranking 63/185 and 53/185, respectively.

Government deficit by year

Deficit/surplus
Montenegro

Pakistan
1x
Year Deficit/surplus, % of GDP
Montenegro Pakistan
2025 -3.61% -5.37%
2024 -3.44% -6.79%
2023 0.38% -7.76%
2022 -4.05% -7.84%
2021 -1.37% -6.04%
2020 -10.9% -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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1950–1992, retrieved 2026-07-08).

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

In 2025, Montenegro's government deficit, the difference between spending and revenue, was $334M, equivalent to 3.61% of GDP. This compares to Pakistan's deficit of $21.9B, or 5.37% of GDP.

Over the past 24 years, Montenegro recorded a fiscal deficit in 21 of those years, while Pakistan ran a deficit in 24 years. On average, Montenegro posted an annual deficit equal to 3.27% of GDP, compared to deficit of 5.13% of GDP for Pakistan.

Inflation comparison by year

Inflation
Montenegro

Pakistan
1x
Year Consumer prices inflation
Montenegro Pakistan
2025 3.9% 3.55%
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 (1997–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | World Economic Outlook (2000–2025, retrieved 2026-07-08).

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

Over the past 26 years, Montenegro has recorded an average annual inflation rate of 5.86%, compared with 9.28% in Pakistan. In 2025, inflation was 3.9% in Montenegro and 3.55% in Pakistan.

Top exports between countries

Montenegro
Export category Export value
Pakistan
Export category Export value
Raw materials & minerals $1.7M
Textiles & consumer goods $1M
Raw agricultural goods $886K
Chemicals & pharma $698K
Processed food, beverages & tobacco $506K
Animal & marine products $445K
Machinery & equipment $158K
Wood & paper products $53K
Miscellaneous $14K
Precious metals & jewellery $3K

Balance of trade

Montenegro Pakistan
Current account balance
-$1.88B
2025
-$448M
2025
Current account balance ranking
140/190
2025
102/190
2025
Current account balance, % of GDP
-20.4%
2025
-0.11%
2025
Goods imports
$4.91B
2025
$62.6B
2025
Goods exports
$663M
2025
$31.5B
2025
Service imports
$1.24B
2025
$12B
2025
Service exports
$3.07B
2025
$9.09B
2025
Imports of goods and services, % of GDP
65.7%
2025
17.2%
2025
Exports of goods and services, % of GDP
40.1%
2025
9.99%
2025

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 2026-07-08).

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
63.4%
2025
50.9%
2025
Industry, % of GDP
11.3%
2025
20.1%
2025
Agriculture, forestry, and fishing, % of GDP
3.37%
2025
23%
2025
GNI, Atlas method
$8.82B
2025
$382B
2025
GNI per capita, PPP
$35,700
2025
$6,430
2025
Total reserves including gold
$2.2B
2025
$26.5B
2025
Total reserves ranking
126/177
2025
62/177
2025
Net foreign direct investment
-$601M
2025
-$1.58B
2025
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
26.9%
2025
14.3%
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/montenegro/pakistan | CC BY

Compare countries by 7 more topics

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1950–1993, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2020–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. 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.