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Economy of Montenegro vs Tonga compared: GDP & Debt

Updated on by Georank team

Montenegro has a GDP of $8.07B compared to $509M for Tonga, ranking 156/197 and 191/197 by economy size, respectively.

Montenegro has $5.05B in government debt (60.3% of GDP), compared to $224M (44.1% of GDP) in Tonga.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Montenegro
GDP, current $

GDP, constant 2015 $
Tonga
GDP, current $

GDP, constant 2015 $
Year GDP
Montenegro Tonga
Current $ Constant $ Current $ Constant $
1975 - - $32,506,742 -
1976 - - $30,036,417 -
1977 - - $34,139,388 -
1978 - - $41,567,472 -
1979 - - $44,667,002 -
1980 - - $53,260,077 -
1981 - - $62,242,013 $253,486,823
1982 - - $62,068,161 $265,505,306
1983 - - $60,863,964 $270,768,691
1984 - - $64,248,355 $275,475,712
1985 - - $60,058,663 $293,542,686
1986 - - $68,195,856 $299,761,860
1987 - - $81,667,133 $308,711,663
1988 - - $106,657,267 $302,902,105
1989 - - $106,344,855 $304,083,141
1990 - - $113,563,822 $297,867,403
1991 - - $132,201,141 $316,975,459
1992 - - $137,066,291 $317,774,152
1993 - - $138,489,884 $329,652,735
1994 - - $195,990,986 $345,978,857
1995 - - $208,871,666 $367,526,974
1996 - - $222,100,576 $367,868,474
1997 $838,288,806 $2,736,010,100 $214,991,452 $365,659,284
1998 $854,261,161 $2,870,074,755 $191,504,893 $374,042,303
1999 $828,950,327 $2,600,287,782 $199,208,718 $382,654,487
2000 $984,293,044 $2,680,896,704 $204,848,488 $397,019,710
2001 $1,159,869,246 $2,710,382,244 $181,117,230 $402,945,154
2002 $1,284,685,051 $2,761,986,207 $182,764,281 $420,792,496
2003 $1,707,710,053 $2,830,556,913 $202,246,591 $421,010,490
2004 $2,073,234,418 $2,955,838,797 $230,678,011 $412,725,225
2005 $2,257,174,481 $3,079,410,727 $261,823,805 $410,010,934
2006 $2,721,903,149 $3,343,205,923 $292,232,703 $401,131,477
2007 $3,680,711,744 $3,570,883,265 $298,519,623 $391,246,363
2008 $4,545,674,528 $3,828,799,329 $344,438,844 $410,272,053
2009 $4,159,330,370 $3,606,916,694 $312,415,028 $389,228,468
2010 $4,142,983,843 $3,705,541,738 $366,887,375 $392,437,256
2011 $4,544,428,421 $3,825,173,339 $414,143,828 $418,745,062
2012 $4,087,526,242 $3,720,983,620 $471,122,971 $422,596,516
2013 $4,465,772,400 $3,853,040,581 $451,788,498 $424,261,219
2014 $4,593,853,291 $3,921,767,212 $440,997,735 $432,706,298
2015 $4,054,730,078 $4,054,730,078 $437,525,539 $437,525,539
2016 $4,376,930,578 $4,174,315,434 $420,828,255 $466,396,531
2017 $4,856,599,481 $4,371,195,572 $459,976,847 $481,332,040
2018 $5,506,942,238 $4,593,160,023 $489,714,530 $484,641,421
2019 $5,542,054,181 $4,779,777,588 $494,197,854 $483,631,267
2020 $4,769,996,866 $4,048,142,111 $496,856,304 $492,256,327
2021 $5,861,427,505 $4,576,160,080 $518,228,029 $494,041,269
2022 $6,229,801,581 $4,869,340,027 $518,180,029 $482,629,586
2023 $7,530,593,375 $5,177,944,070 $508,735,107 $492,688,338
2024 $8,069,536,126 $5,335,369,922 - -

Economic indicators

Montenegro Tonga
Gross domestic product
$8.07B
2024
$509M
2023
GDP rank
156/197
2024
191/197
2023
GDP growth
7.16%
2023-2024
-1.82%
2022-2023
GDP per capita
$12,935
2024
$4,864
2023
GDP per capita rank
78/197
2024
121/197
2023
GDP per capita, PPP
$33,380
2024
$7,853
2023
Government debt
$5.05B
2024
$224M
2023
Debt-to-GDP ratio
60.3%
2025
44.1%
2025
Government debt per person
$8,103
2024
$2,138
2023
Government debt per person rank
65/185
2024
117/185
2023
Average annual personal income after taxes
$12,008
2025
$4,126
2025
Market capitalization of domestic companies
$3.79B
2012
n/a
Income share by richest 10%
24.7%
2021
22%
2021
Income share by poorest 10%
2.1%
2021
4%
2021
Government expenditure, % of GDP
44%
2025
49.7%
2025
Consumer prices inflation
4.1%
2024-2025
3.18%
2023-2024
Unemployment rate
13.1%
2023
1.65%
2023
Population
618209
103744

GDP per capita in Montenegro vs Tonga

Montenegro's GDP per capita is $12,935, ranking 78/197, compared to $4,864 in Tonga, ranking 121/197. Adjusted for purchasing power (GDP per capita PPP), Montenegro ranks 66th at $33,380, while Tonga ranks 141st at $7,853.

Montenegro
GDP per capita

GDP per capita, PPP
Tonga
GDP per capita

GDP per capita, PPP
Year Current $
Montenegro Tonga
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1975 - - $349 -
1976 - - $315 -
1977 - - $353 -
1978 - - $428 -
1979 - - $458 -
1980 - - $545 -
1981 - - $636 -
1982 - - $633 -
1983 - - $621 -
1984 - - $656 -
1985 - - $613 -
1986 - - $696 -
1987 - - $830 -
1988 - - $1,078 -
1989 - - $1,070 -
1990 - - $1,139 $2,416
1991 - - $1,323 $2,652
1992 - - $1,370 $2,716
1993 - - $1,383 $2,882
1994 - - $1,957 $3,088
1995 - - $2,084 $3,347
1996 - - $2,215 $3,410
1997 $1,375 $5,797 $2,136 $3,434
1998 $1,406 $6,168 $1,889 $3,527
1999 $1,368 $5,683 $1,952 $3,636
2000 $1,627 $6,003 $1,995 $3,834
2001 $1,910 $6,772 $1,754 $3,955
2002 $2,107 $7,100 $1,759 $4,171
2003 $2,789 $7,341 $1,936 $4,231
2004 $3,380 $7,843 $2,195 $4,235
2005 $3,675 $8,314 $2,478 $4,315
2006 $4,426 $10,459 $2,750 $4,327
2007 $5,976 $12,462 $2,797 $4,316
2008 $7,368 $13,817 $3,218 $4,600
2009 $6,727 $13,022 $2,914 $4,384
2010 $6,688 $13,634 $3,416 $4,465
2011 $7,326 $14,466 $3,850 $4,855
2012 $6,578 $13,846 $4,384 $4,996
2013 $7,173 $14,837 $4,219 $5,120
2014 $7,365 $15,323 $4,137 $5,336
2015 $6,491 $16,272 $4,124 $5,472
2016 $6,999 $18,110 $3,988 $5,920
2017 $7,758 $19,569 $4,366 $6,229
2018 $8,791 $21,368 $4,639 $6,403
2019 $8,842 $23,958 $4,677 $6,489
2020 $7,613 $20,827 $4,700 $6,690
2021 $9,377 $23,843 $4,913 $7,035
2022 $9,990 $27,597 $4,933 $7,394
2023 $12,077 $30,601 $4,864 $7,853
2024 $12,935 $33,380 - -

Spending and national debt comparison

In 2024, Montenegro's government spending was $3.61B, accounting for 44% of its GDP, while Tonga's spent $245M, or 49.7% of GDP.

Debt-to-GDP ratio is 60.3% in Montenegro and 44.1% in Tonga, ranking 77/185 and 120/185, respectively.

Montenegro
Government spending

Government debt
Tonga
Government spending

Government debt
Year % of GDP
Montenegro Tonga
Government spending Government debt Government spending Government debt
1999 - - 18.8% 38.4%
2000 - - 20% 43.6%
2001 - - 19.1% 53.4%
2002 37.5% 76.7% 21.3% 60.7%
2003 43.2% 40.9% 20% 56.2%
2004 39.9% 45.4% 19.3% 52.2%
2005 38.2% 38.6% 19.8% 43.3%
2006 42.5% 36.7% 25.6% 39.6%
2007 43.9% 31.8% 23.2% 37.8%
2008 51.1% 34.2% 24% 34%
2009 51.3% 43.7% 23.9% 39.7%
2010 46.6% 45% 28.4% 44.7%
2011 45.3% 48.6% 32.6% 51.9%
2012 45.7% 56.9% 32% 60%
2013 45.8% 58.7% 34.3% 48.9%
2014 44.2% 63.4% 31.5% 47.4%
2015 46.4% 68.8% 37.4% 51.1%
2016 47.5% 66.4% 37.2% 49.4%
2017 47.1% 66.2% 39.7% 44.7%
2018 47.2% 71.9% 39.6% 45.8%
2019 44% 78.8% 39.9% 42.8%
2020 54.4% 107.3% 37.9% 42.6%
2021 44.8% 85.6% 44.6% 43%
2022 42.3% 70.6% 44.4% 43.8%
2023 40.3% 60.5% 48.2% 43.9%
2024 44.7% 62.6% 49.6% 38.2%
2025 44% 60.3% 49.7% 44.1%

Government deficit by year

In 2023, Montenegro's government surplus, the difference between spending and revenue, was $64.6M, equivalent to 0.86% of GDP. This compares to Tonga's surplus of $31.2M, or 6.14% of GDP.

Over the past 22 years, Montenegro recorded a fiscal deficit in 19 of those years, while Tonga ran a deficit in 7 years. On average, Montenegro posted an annual deficit equal to -3.22% of GDP, compared to surplus of +1.98% of GDP for Tonga.

Deficit/surplus
Montenegro

Tonga
Year Deficit/surplus, % of GDP
Montenegro Tonga
1999 - 1.55%
2000 - 1.35%
2001 - 2.23%
2002 -1.44% 2.59%
2003 -4.05% 2.37%
2004 -2.45% 4.23%
2005 -1.41% 4.23%
2006 4.33% 1.34%
2007 8.43% 5.39%
2008 -2.3% 2.14%
2009 -6.71% 6.85%
2010 -4.87% -1.22%
2011 -6.73% -6.02%
2012 -5.84% -1.74%
2013 -4.49% -1.3%
2014 -0.7% 6.38%
2015 -5.96% -2.75%
2016 -6.18% 1.47%
2017 -6.81% 3.58%
2018 -6.21% 2.92%
2019 -1.72% 3.28%
2020 -10.9% 5.25%
2021 -1.71% -0.87%
2022 -4.08% -0.69%
2023 0.86% 6.14%
2024 -2.8% 3.49%
2025 -3.38% -7.9%

Inflation comparison by year

Over the past 25 years, Montenegro has recorded an average annual inflation rate of 5.94%, compared with 5.42% in Tonga. In 2024, inflation was 4.1% in Montenegro and 3.18% in Tonga.

Inflation
Montenegro

Tonga
Year Inflation
Montenegro Tonga Montenegro Tonga
1996 - 3%
1997 - 2.12%
1998 - 3.27%
1999 - 4.46%
2000 29.9% 6.33%
2001 23.7% 8.29%
2002 19.7% 10.4%
2003 7.5% 11.6%
2004 3.1% 11%
2005 3.4% 8.67%
2006 2.1% 6.15%
2007 3.4% 5.84%
2008 9% 10.4%
2009 3.6% 1.43%
2010 0.4% 3.53%
2011 3.5% 6.27%
2012 4.1% 1.15%
2013 2.2% 0.78%
2014 -0.7% 2.51%
2015 1.5% -1.05%
2016 -0.3% 2.58%
2017 2.4% 7.52%
2018 2.6% 5.03%
2019 0.4% 1.18%
2020 -0.3% -0.35%
2021 2.4% 5.64%
2022 13% 11%
2023 8.6% 6.35%
2024 3.3% 3.18%
2025 4.1% -

Balance of trade

Montenegro Tonga
Current account balance
-$1.4B
2024
-$21.2M
2024
Current account balance ranking
130/189
2024
76/189
2024
Current account balance, % of GDP
-17.4%
2024
-5.91%
2023
Goods imports
$4.29B
2024
$232M
2024
Goods exports
$714M
2024
$10.8M
2024
Service imports
$1.19B
2024
$161M
2024
Service exports
$2.92B
2024
$109M
2024
Imports of goods and services, % of GDP
67.5%
2024
75.4%
2023
Exports of goods and services, % of GDP
44.9%
2024
18.8%
2023

Economic freedom indices

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

Montenegro Tonga
Economic freedom 63.8 58.5
Economic freedom ranking 75/197 106/197
Property rights 58.8 67.9
Government integrity 48.9 45.8
Judicial effectiveness 50.1 65.7
Tax burden 88.7 84.9
Government spending 45.2 28.9
Fiscal health 87.9 96.3
Business freedom 70.9 59.5
Labor freedom 64.4 56.6
Monetary freedom 70.9 61
Trade freedom 79.6 75.4
Investment freedom 50 40
Financial freedom 50 20

Economic freedom by year comparison

The Economic Freedom Index for Montenegro is 63.8, ranking 75/197, compared to 58.5 for Tonga, ranking 106/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Montenegro
Tonga
Year Economic freedom index
Montenegro Tonga
2002 46.6 -
2003 43.5 -
2004 - -
2005 - -
2006 - -
2007 - -
2008 - -
2009 58.2 54.1
2010 63.6 53.4
2011 62.5 55.8
2012 62.5 57
2013 62.6 56
2014 63.6 58.2
2015 64.7 59.3
2016 64.9 59.6
2017 62 63
2018 64.3 63.1
2019 60.5 57.7
2020 61.5 58.8
2021 63.4 57.5
2022 57.8 60.8
2023 60.9 60
2024 59.7 59.2
2025 63.8 58.5

More economic indicators

Montenegro Tonga
Services, % of GDP
62.1%
2024
50.2%
2023
Industry, % of GDP
11.6%
2024
13.5%
2023
Agriculture, forestry, and fishing, % of GDP
5.16%
2024
17.5%
2023
GNI, Atlas method
$7.5B
2024
$578M
2023
GNI per capita, PPP
$33,280
2024
$8,560
2023
Total reserves including gold
$1.74B
2024
$377M
2024
Total reserves ranking
130/177
2024
163/177
2024
Net foreign direct investment
-$532M
2024
$13.3M
2024
Net inflows of foreign direct investment
$599M
2024
-$12.1M
2024
Net outflows of foreign direct investment
$67.8M
2024
$1.25M
2024
Servicing debt to the IMF, % of GNI
10.3%
2023
3.17%
2023
Poverty at national poverty lines
20%
2023
20.6%
2021
Gross capital formation, % of GDP
28.5%
2024
27%
2023

GDP per capita map

GDP per capita

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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.