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Economy of Montenegro vs Romania compared: GDP & Debt

Updated on by Georank team

Montenegro has a GDP of $8.27B compared to $383B for Romania, ranking 155/197 and 42/197 by economy size, respectively.

Montenegro has $5.02B in government debt (60.8% of GDP), compared to $220B (57.4% of GDP) in Romania.

Montenegro vs Romania GDP by year

Montenegro
Romania
1x
Year GDP, current $
Montenegro Romania
2024 $8,270,016,671 $382,564,217,989
2023 $7,644,389,160 $347,757,995,759
2022 $6,251,215,144 $295,319,437,557
2021 $5,823,715,810 $285,071,280,114
2020 $4,723,571,498 $250,625,048,304
2019 $5,483,476,883 $250,080,428,512
2018 $5,433,467,175 $241,791,427,224
2017 $4,803,962,016 $210,147,385,855
2016 $4,357,469,330 $185,290,759,249
2015 $4,010,885,991 $177,885,131,240
2014 $4,579,636,602 $199,722,319,676
2013 $4,422,097,763 $189,798,603,751
2012 $4,071,829,462 $179,117,323,107
2011 $4,507,126,949 $192,623,977,894
2010 $4,136,936,189 $170,064,350,672
2009 $4,142,640,317 $174,110,532,659
2008 $4,540,861,726 $214,315,932,061
2007 $3,677,910,895 $174,588,782,939
2006 $2,717,702,923 $122,023,735,993
2005 $2,257,174,481 $98,454,380,120
2004 $2,073,234,418 $74,973,656,852
2003 $1,707,710,053 $57,806,384,143
2002 $1,284,685,051 $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 (1987–2024, retrieved 2026-04-06).

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
2024 $13,263 $34,063 $20,080 $49,077
2023 $12,260 $31,863 $18,244 $45,982
2022 $10,025 $28,050 $15,504 $41,979
2021 $9,317 $23,690 $14,908 $37,534
2020 $7,539 $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 $6,700 $12,976 $8,548 $16,641
2008 $7,360 $13,802 $10,435 $16,782
2007 $5,972 $12,452 $8,360 $13,703
2006 $4,419 $10,440 $5,758 $11,554
2005 $3,675 $8,314 $4,618 $9,602
2004 $3,380 $7,841 $3,495 $8,989
2003 $2,789 $7,340 $2,679 $7,559
2002 $2,107 $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 (1987–2024, retrieved 2026-04-06).

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

Montenegro's GDP per capita is $13,263, ranking 77/197, compared to $20,080 in Romania, ranking 58/197. 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
$8.27B
2024
$383B
2024
GDP rank
155/197
2024
42/197
2024
GDP growth
3.16%
2023-2024
0.92%
2023-2024
GDP per capita
$13,263
2024
$20,080
2024
GDP per capita rank
77/197
2024
58/197
2024
GDP per capita, PPP
$34,063
2024
$49,077
2024
GDP per capita PPP rank
65/197
2024
47/197
2024
Government debt
$5.02B
2024
$220B
2024
Debt-to-GDP ratio
60.8%
2024
57.4%
2024
Government debt per person
$8,058
2024
$11,533
2024
Government debt per person rank
64/185
2024
48/185
2024
Average annual personal income after taxes
$11,119
2026
$13,912
2026
Market capitalization of domestic companies
$3.79B
2012
$47.4B
2024
Number of billionaires n/a
6
2025
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
43.5%
2024
39.9%
2024
Consumer prices inflation
3.3%
2023-2024
5.6%
2023-2024
Central bank interest rate n/a
6.5%
2024
Unemployment rate
13.1%
2023
5.43%
2024
Population
612312
18839108

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
2024 43.5% 60.8% 39.9% 57.4%
2023 39.7% 59.6% 36.6% 52.1%
2022 42.2% 70.3% 37.4% 51.7%
2021 45.1% 86.2% 37% 51.5%
2020 54.9% 108.4% 38.1% 49.3%
2019 44.4% 79.6% 33.2% 36.5%
2018 47.8% 72.9% 31.7% 36.2%
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 (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1999, retrieved 2026-02-20).

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

In 2024, Montenegro's government spending was $3.6B, accounting for 43.5% of its GDP, while Romania spent $153B, or 39.9% of GDP.

Debt-to-GDP ratio is 60.8% in Montenegro and 57.4% in Romania, ranking 76/185 and 87/185, respectively.

Government deficit by year

Deficit/surplus
Montenegro

Romania
1x
Year Deficit/surplus, % of GDP
Montenegro Romania
2024 -2.81% -8.68%
2023 0.85% -5.61%
2022 -4.07% -5.83%
2021 -1.72% -6.7%
2020 -11% -9.54%
2019 -1.74% -4.55%
2018 -6.3% -2.74%
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 (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-02-20).

GeoRank.org/economy/montenegro/romania | 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 Romania's deficit of $33.2B, or 8.68% of GDP.

Over the past 23 years, Montenegro recorded a fiscal deficit in 20 of those years, while Romania ran a deficit in 23 years. On average, Montenegro posted an annual deficit equal to 3.23% of GDP, compared to deficit of 4.01% of GDP for Romania.

Inflation comparison by year

Inflation
Montenegro

Romania
1x
Year Consumer prices inflation
Montenegro Romania
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 (1997–2024, retrieved 2026-02-20).

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

Over the past 25 years, Montenegro has recorded an average annual inflation rate of 5.94%, compared with 9.16% in Romania. In 2024, inflation was 3.3% in Montenegro and 5.6% in Romania.

Top exports between countries

Montenegro
Export category Export value
Transport & tourism services $7.1M
IT & IP services $1.18M
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
Romania
Export category Export value
Chemicals & pharma $9.77M
Processed food, beverages & tobacco $7.15M
Machinery & equipment $5.49M
Raw materials & minerals $4.84M
Textiles & consumer goods $3.34M
Wood & paper products $2.8M
Miscellaneous $1.69M
Metals $1.16M
Animal & marine products $87K
Raw agricultural goods $38K

Balance of trade

Montenegro Romania
Current account balance
-$1.4B
2024
-$31.2B
2024
Current account balance ranking
131/190
2024
185/190
2024
Current account balance, % of GDP
-17%
2024
-8.16%
2024
Goods imports
$4.29B
2024
$129B
2024
Goods exports
$714M
2024
$93.3B
2024
Service imports
$1.19B
2024
$30.2B
2024
Service exports
$2.92B
2024
$42.9B
2024
Imports of goods and services, % of GDP
66.2%
2024
41.6%
2024
Exports of goods and services, % of GDP
43.7%
2024
35.6%
2024

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 2026-03-09).

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
63.8%
2024
62.6%
2024
Industry, % of GDP
12.2%
2024
25.3%
2024
Agriculture, forestry, and fishing, % of GDP
3.49%
2024
2.81%
2024
GNI, Atlas method
$7.61B
2024
$335B
2024
GNI per capita, PPP
$33,970
2024
$47,920
2024
Total reserves including gold
$1.74B
2024
$73.4B
2024
Total reserves ranking
130/177
2024
35/177
2024
Net foreign direct investment
-$532M
2024
-$5.17B
2024
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
25.9%
2024
25%
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/romania | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1985–2024, 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 (1962–1999, 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 (2021–2024, 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.