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Economy of Montenegro vs Romania compared: GDP & Debt

Updated on by Georank

Montenegro has a GDP of $9.23B compared to $429B for Romania, ranking 155/197 and 39/197 by economy size, respectively.

Montenegro has $6.19B in government debt (67.1% of GDP), compared to $260B (60.6% of GDP) in Romania.

Montenegro vs Romania GDP by year

Montenegro
Romania
1x
Year GDP, current $
Montenegro Romania
2025 $9,232,801,465 $428,677,977,855
2024 $8,274,290,506 $382,564,217,989
2023 $7,643,318,276 $347,757,995,759
2022 $6,259,721,790 $295,317,862,856
2021 $5,822,908,964 $285,072,444,957
2020 $4,734,192,593 $250,624,575,872
2019 $5,483,622,632 $250,080,428,512
2018 $5,433,469,311 $241,791,427,224
2017 $4,803,964,684 $210,147,385,855
2016 $4,357,467,226 $185,290,759,249
2015 $4,010,884,107 $177,885,131,240
2014 $4,579,635,404 $199,722,319,676
2013 $4,422,097,042 $189,798,603,751
2012 $4,071,828,832 $179,117,323,107
2011 $4,507,127,585 $192,623,977,894
2010 $4,136,936,244 $170,064,350,672
2009 $4,159,063,347 $174,110,532,659
2008 $4,559,410,049 $214,315,932,061
2007 $3,682,586,459 $174,588,782,939
2006 $2,719,979,875 $122,023,735,993
2005 $2,258,016,380 $98,454,380,120
2004 $2,077,046,942 $74,973,656,852
2003 $1,708,196,981 $57,806,384,143
2002 $1,286,314,054 $46,065,502,703
2001 $1,159,869,246 $40,395,116,581
2000 $984,293,044 $37,253,739,511
1999 $828,950,327 $35,953,156,754
1998 $854,261,161 $41,696,091,974
1997 $838,288,806 $35,575,214,078
1996 - $36,937,074,278
1995 - $37,430,162,103
1994 - $30,072,805,104
1993 - $26,361,160,450
1992 - $25,121,666,667
1991 - $28,850,634,900
1990 - $38,247,882,300
1989 - $41,450,777,202
1988 - $40,424,528,302
1987 - $38,067,567,568

Data sources: World Bank | Economy & Growth (1987–2025, retrieved 2026-07-08).

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

GDP per capita in Montenegro vs Romania by year

Montenegro
GDP per capita

GDP per capita, PPP
Romania
GDP per capita

GDP per capita, PPP
1x
Year Current $
Montenegro Romania
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $14,817 - $22,538 -
2024 $13,270 $34,063 $20,080 $49,077
2023 $12,258 $31,863 $18,244 $45,982
2022 $10,038 $28,050 $15,503 $41,979
2021 $9,316 $23,690 $14,908 $37,534
2020 $7,555 $20,625 $13,009 $34,194
2019 $8,749 $23,706 $12,910 $33,425
2018 $8,674 $21,084 $12,416 $29,383
2017 $7,674 $19,357 $10,728 $26,943
2016 $6,968 $18,030 $9,405 $23,905
2015 $6,421 $16,092 $8,977 $21,625
2014 $7,342 $15,276 $10,032 $20,633
2013 $7,103 $14,692 $9,498 $19,678
2012 $6,552 $13,793 $8,930 $19,808
2011 $7,266 $14,347 $9,561 $18,804
2010 $6,679 $13,612 $8,400 $17,355
2009 $6,727 $12,976 $8,548 $16,641
2008 $7,390 $13,802 $10,435 $16,782
2007 $5,979 $12,452 $8,360 $13,703
2006 $4,423 $10,440 $5,758 $11,554
2005 $3,676 $8,314 $4,618 $9,602
2004 $3,386 $7,841 $3,495 $8,989
2003 $2,790 $7,340 $2,679 $7,559
2002 $2,109 $7,100 $2,120 $7,162
2001 $1,910 $6,772 $1,825 $6,520
2000 $1,627 $6,004 $1,660 $5,850
1999 $1,368 $5,684 $1,600 $5,596
1998 $1,406 $6,170 $1,853 $5,545
1997 $1,375 $5,798 $1,577 $5,564
1996 - - $1,633 $5,746
1995 - - $1,650 $5,429
1994 - - $1,323 $4,995
1993 - - $1,158 $4,699
1992 - - $1,102 $4,515
1991 - - $1,254 $4,795
1990 - - $1,648 $5,280
1989 - - $1,790 -
1988 - - $1,753 -
1987 - - $1,659 -

Data sources: World Bank | Economy & Growth (1987–2025, retrieved 2026-07-08).

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

Montenegro's GDP per capita is $14,817, ranking 71/197, compared to $22,538 in Romania, ranking 57/197. Adjusted for purchasing power (GDP per capita PPP), Montenegro ranks 65th at $34,063, while Romania ranks 47th at $49,077.

Economic indicators

Montenegro Romania
Gross domestic product
$9.23B
2025
$429B
2025
GDP rank
155/197
2025
39/197
2025
GDP growth
2.74%
2024-2025
0.68%
2024-2025
GDP per capita
$14,817
2025
$22,538
2025
GDP per capita rank
71/197
2025
57/197
2025
GDP per capita, PPP
$34,063
2024
$49,077
2024
GDP per capita PPP rank
65/197
2024
47/197
2024
Government debt
$6.19B
2025
$260B
2025
Debt-to-GDP ratio
67.1%
2025
60.6%
2025
Government debt per person
$9,942
2025
$13,650
2025
Government debt per person rank
61/185
2025
48/185
2025
Average annual personal income after taxes
$12,768
2026
$13,510
2026
Market capitalization of domestic companies
$3.79B
2012
$70.9B
2025
Number of billionaires n/a
6
2026
Income share by richest 10%
24.7%
2021
21.8%
2023
Income share by poorest 10%
2.1%
2021
2.4%
2023
Government expenditure, % of GDP
43.9%
2025
40.5%
2025
Consumer prices inflation
3.9%
2024-2025
7.3%
2024-2025
Central bank interest rate n/a
6.5%
2024
Unemployment rate
11.5%
2024
6.1%
2025
Population
613759
18912567

Spending and national debt comparison by year

Montenegro
Spending

Debt
Romania
Spending

Debt
1x
Year % of GDP
Montenegro Romania
Government spending Government debt Government spending Government debt
2025 43.9% 67.1% 40.5% 60.6%
2024 44.1% 60.8% 40% 57.5%
2023 40.4% 59.6% 37% 52.6%
2022 42.2% 70.3% 37.5% 51.9%
2021 45.1% 86.2% 37.2% 51.8%
2020 54.9% 108.4% 38.3% 49.5%
2019 44.4% 79.6% 33.4% 36.8%
2018 47.8% 72.9% 31.9% 36.4%
2017 47.6% 66.9% 31% 37.1%
2016 47.7% 66.7% 31.8% 39.5%
2015 46.9% 69.5% 34.2% 39.4%
2014 44.3% 63.6% 33.8% 40.5%
2013 46.3% 59.2% 34.2% 39.3%
2012 45.9% 57.1% 33.5% 36.2%
2011 45.7% 49% 35% 32.6%
2010 46.7% 45.1% 37.4% 30.2%
2009 51.5% 43.9% 36.3% 22.5%
2008 51.2% 34.2% 35.3% 13%
2007 43.9% 31.8% 34.6% 12.4%
2006 42.6% 36.7% 33.9% 12.7%
2005 38.2% 38.6% 32.3% 17.8%
2004 40% 45.4% 33.7% 21.3%
2003 43.3% 48.6% 31.8% 24.9%
2002 37.5% 85.7% 32.1% 27.4%
2001 - - 33.2% 27.4%
2000 - - 35% 29.6%
1999 - - 35.1% 21.7%
1998 - - 34.7% 16.5%
1997 - - 33.5% 15%
1996 - - 33.5% 11%
1995 - - 34.4% 6.91%
1994 - - 33.1% -
1993 - - 33.5% -
1992 - - 41.5% -
1991 - - 38.3% -
1990 - - 38.4% -
1989 - - 40.1% -
1988 - - 36.6% -
1987 - - 40.7% -
1986 - - 42.5% -
1985 - - 41.6% -
1984 - - 28.6% -
1983 - - 25.8% -
1982 - - 28.5% -
1981 - - 30.4% -
1980 - - 33.6% -
1979 - - 42% -
1978 - - 42.1% -
1977 - - 39.9% -
1976 - - 37.5% -
1975 - - 40.6% -
1974 - - 37.6% -
1973 - - 32.6% -
1972 - - 29.9% -
1971 - - 27.2% -
1970 - - 28.1% -
1969 - - 32.1% -
1968 - - 31.8% -
1967 - - 30.6% -
1966 - - 27.3% -
1965 - - 25.6% -
1964 - - 25.1% -
1963 - - 23.1% -
1962 - - 43.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1999, retrieved 2026-07-08).

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

In 2025, Montenegro's government spending was $4.05B, accounting for 43.9% of its GDP, while Romania spent $173B, or 40.5% of GDP.

Debt-to-GDP ratio is 67.1% in Montenegro and 60.6% in Romania, ranking 63/185 and 76/185, respectively.

Government deficit by year

Deficit/surplus
Montenegro

Romania
1x
Year Deficit/surplus, % of GDP
Montenegro Romania
2025 -3.61% -7.64%
2024 -3.44% -8.68%
2023 0.38% -5.66%
2022 -4.05% -5.85%
2021 -1.37% -6.74%
2020 -10.9% -9.6%
2019 -1.74% -4.58%
2018 -6.3% -2.76%
2017 -6.89% -2.86%
2016 -6.21% -2.5%
2015 -6.03% -1.35%
2014 -0.7% -1.76%
2013 -4.54% -2.44%
2012 -5.87% -2.39%
2011 -6.79% -4.14%
2010 -4.88% -6.22%
2009 -6.74% -6.86%
2008 -2.3% -4.6%
2007 8.44% -3.05%
2006 4.34% -1.36%
2005 -1.42% -0.69%
2004 -2.45% -3.39%
2003 -4.06% -2.29%
2002 -1.44% -2.59%
2001 - -3.2%
2000 - -3.99%
1999 - -3.58%
1998 - -5.33%
1997 - -5.19%
1996 - -4.74%
1995 - -3.32%
1994 - -2.2%
1993 - -0.35%
1992 - -4.55%
1991 - 3.23%
1990 - 1.03%
1989 - -2.87%
1988 - 8.4%
1987 - 2.37%
1986 - 5.72%
1985 - 6.36%
1984 - 15.2%
1983 - 9.35%
1982 - 0.36%
1981 - 0.61%
1980 - -1.95%
1979 - 0%
1978 - 0%
1977 - 0.23%
1976 - 0.66%
1975 - 0.41%
1974 - 0.51%
1973 - 1.53%
1972 - 1.21%
1971 - 0.89%
1970 - 0.52%
1969 - 0.93%
1968 - 1.65%
1967 - 1.23%
1966 - 0.91%
1965 - -1.29%
1964 - -3.11%
1963 - -1.61%
1962 - -4.86%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-07-08).

GeoRank.org/economy/montenegro/romania | 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 Romania's deficit of $32.8B, or 7.64% of GDP.

Over the past 24 years, Montenegro recorded a fiscal deficit in 21 of those years, while Romania ran a deficit in 24 years. On average, Montenegro posted an annual deficit equal to 3.27% of GDP, compared to deficit of 4.17% of GDP for Romania.

Inflation comparison by year

Inflation
Montenegro

Romania
1x
Year Consumer prices inflation
Montenegro Romania
2025 3.9% 7.3%
2024 3.3% 5.6%
2023 8.6% 10.4%
2022 13% 13.8%
2021 2.4% 5%
2020 -0.3% 2.6%
2019 0.4% 3.8%
2018 2.6% 4.6%
2017 2.4% 1.3%
2016 -0.3% -1.6%
2015 1.5% -0.6%
2014 -0.7% 1.1%
2013 2.2% 4%
2012 4.1% 3.3%
2011 3.5% 5.8%
2010 0.4% 6.1%
2009 3.6% 5.6%
2008 9% 7.8%
2007 3.4% 4.8%
2006 2.1% 6.6%
2005 3.4% 9%
2004 3.1% 11.9%
2003 7.5% 15.4%
2002 19.7% 22.5%
2001 23.7% 34.5%
2000 29.9% 45.7%
1999 - 45.8%
1998 - 59.1%
1997 - 154.8%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08).

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

Over the past 26 years, Montenegro has recorded an average annual inflation rate of 5.86%, compared with 9.09% in Romania. In 2025, inflation was 3.9% in Montenegro and 7.3% in Romania.

Top exports between countries

Montenegro
Export category Export value
Transport & tourism services $11.1M
Machinery & equipment $884K
Textiles & consumer goods $416K
Metals $192K
Chemicals & pharma $165K
Wood & paper products $145K
Raw agricultural goods $78K
Weapons & explosives $44K
Raw materials & minerals $12K
Precious metals & jewellery $1K
Romania
Export category Export value
Processed food, beverages & tobacco $11.4M
Chemicals & pharma $11.4M
Machinery & equipment $6.56M
Raw materials & minerals $6.23M
Wood & paper products $4.2M
Textiles & consumer goods $3.75M
Miscellaneous $1.75M
Metals $1.31M
Animal & marine products $221K
Raw agricultural goods $34K

Balance of trade

Montenegro Romania
Current account balance
-$1.88B
2025
-$33.9B
2025
Current account balance ranking
140/190
2025
186/190
2025
Current account balance, % of GDP
-20.4%
2025
-7.9%
2025
Goods imports
$4.91B
2025
$139B
2025
Goods exports
$663M
2025
$102B
2025
Service imports
$1.24B
2025
$35.9B
2025
Service exports
$3.07B
2025
$50.1B
2025
Imports of goods and services, % of GDP
65.7%
2025
40.7%
2025
Exports of goods and services, % of GDP
40.1%
2025
35.5%
2025

Economic freedom indices

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

Montenegro Romania
Economic freedom 63.8 65.4
Economic freedom ranking 78/197 64/197
Property rights 60.9 81
Government integrity 49.9 50
Judicial effectiveness 51.5 67
Tax burden 88.7 89.1
Government spending 47.6 56.7
Fiscal health 86.2 21.4
Business freedom 68.4 74.4
Labor freedom 59.4 63.6
Monetary freedom 75.2 72.7
Trade freedom 78.4 79.4
Investment freedom 50 70
Financial freedom 50 60

Economic freedom comparison by year

Montenegro
Romania
1x
Year Economic freedom index
Montenegro Romania
2026 63.8 65.4
2025 63.8 66.5
2024 59.7 64.4
2023 60.9 64.5
2022 57.8 67.1
2021 63.4 69.5
2020 61.5 69.7
2019 60.5 68.6
2018 64.3 69.4
2017 62 69.7
2016 64.9 65.6
2015 64.7 66.6
2014 63.6 65.5
2013 62.6 65.1
2012 62.5 64.4
2011 62.5 64.7
2010 63.6 64.2
2009 58.2 63.2
2008 - 61.7
2007 - 61.2
2006 - 58.2
2005 - 52.1
2004 - 50
2003 43.5 50.6
2002 46.6 48.7
2001 - 50
2000 - 52.1
1999 - 50.1
1998 - 54.4
1997 - 50.8
1996 - 46.2
1995 - 42.9

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Montenegro is 63.8, ranking 78/197, compared to 65.4 for Romania, ranking 64/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Montenegro Romania
Services, % of GDP
63.4%
2025
61.7%
2025
Industry, % of GDP
11.3%
2025
25.3%
2025
Agriculture, forestry, and fishing, % of GDP
3.37%
2025
3%
2025
GNI, Atlas method
$8.82B
2025
$384B
2025
GNI per capita, PPP
$35,700
2025
$49,550
2025
Total reserves including gold
$2.2B
2025
$90.6B
2025
Total reserves ranking
126/177
2025
31/177
2025
Net foreign direct investment
-$601M
2025
-$8.57B
2025
Net inflows of foreign direct investment
$599M
2024
$7.16B
2024
Net outflows of foreign direct investment
$67.8M
2024
$1.99B
2024
Servicing debt to the IMF, % of GNI
15%
2024
n/a
Poverty at national poverty lines
20%
2023
19%
2023
Gross capital formation, % of GDP
26.9%
2025
25.9%
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/romania | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1985–2025, 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 (1962–1999, 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 (2022–2025, 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.