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Economy of Montenegro vs Trinidad and Tobago compared: GDP & Debt

Updated on by Georank team

Montenegro has a GDP of $8.07B compared to $26.4B for Trinidad and Tobago, ranking 156/197 and 114/197 by economy size, respectively.

Montenegro has $5.05B in government debt (60.3% of GDP), compared to $17B (67.2% of GDP) in Trinidad and Tobago.

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 $
Trinidad and Tobago
GDP, current $

GDP, constant 2015 $
Year GDP
Montenegro Trinidad
Current $ Constant $ Current $ Constant $
1960 - - $535,673,252 $3,630,222,802
1961 - - $584,964,621 $4,139,799,750
1962 - - $619,322,810 $4,253,332,232
1963 - - $678,239,329 $4,491,714,373
1964 - - $711,897,520 $4,834,454,628
1965 - - $736,573,159 $4,867,998,505
1966 - - $723,739,857 $5,065,484,518
1967 - - $761,981,912 $5,168,947,937
1968 - - $758,899,950 $5,438,515,892
1969 - - $779,200,000 $5,587,024,608
1970 - - $821,850,000 $5,784,449,703
1971 - - $896,765,215 $5,844,627,406
1972 - - $1,083,391,758 $6,182,467,140
1973 - - $1,308,785,431 $6,284,874,810
1974 - - $2,042,001,071 $6,524,177,955
1975 - - $2,442,669,825 $6,620,603,046
1976 - - $2,500,424,955 $7,044,662,296
1977 - - $3,138,666,667 $7,687,261,624
1978 - - $3,562,333,458 $8,457,254,686
1979 - - $4,602,416,625 $8,761,662,363
1980 - - $6,235,833,333 $9,672,070,064
1981 - - $6,992,083,333 $10,114,780,883
1982 - - $8,140,416,667 $10,499,073,581
1983 - - $7,763,750,000 $9,417,634,514
1984 - - $7,757,083,333 $8,876,035,190
1985 - - $7,375,918,367 $8,510,394,061
1986 - - $4,794,444,444 $8,231,324,363
1987 - - $4,797,777,778 $7,855,829,575
1988 - - $4,496,910,569 $7,547,902,734
1989 - - $4,323,058,824 $7,485,261,616
1990 - - $5,068,000,000 $7,598,226,778
1991 - - $5,307,905,882 $7,834,714,586
1992 - - $5,439,552,941 $8,625,470,724
1993 - - $4,669,491,134 $8,567,756,425
1994 - - $4,947,181,646 $8,873,383,771
1995 - - $5,329,217,747 $9,211,451,985
1996 - - $5,759,570,336 $9,868,640,951
1997 $838,288,806 $2,736,010,100 $5,737,771,523 $10,611,044,464
1998 $854,261,161 $2,870,074,755 $6,043,686,654 $11,473,145,562
1999 $828,950,327 $2,600,287,782 $6,808,982,521 $12,393,844,571
2000 $984,293,044 $2,680,896,704 $8,154,342,116 $13,249,188,352
2001 $1,159,869,246 $2,710,382,244 $8,824,849,191 $13,801,483,946
2002 $1,284,685,051 $2,761,986,207 $9,008,298,229 $14,896,867,659
2003 $1,707,710,053 $2,830,556,913 $11,305,459,802 $17,048,122,760
2004 $2,073,234,418 $2,955,838,797 $13,280,291,990 $18,403,457,301
2005 $2,257,174,481 $3,079,410,727 $15,982,389,018 $19,546,116,532
2006 $2,721,903,149 $3,343,205,923 $18,369,361,094 $22,127,779,059
2007 $3,680,711,744 $3,570,883,265 $21,641,620,050 $23,179,780,078
2008 $4,545,674,528 $3,828,799,329 $27,871,587,350 $23,965,977,273
2009 $4,159,330,370 $3,606,916,694 $19,172,165,226 $22,913,456,440
2010 $4,142,983,843 $3,705,541,738 $22,157,920,592 $23,674,922,086
2011 $4,544,428,421 $3,825,173,339 $25,433,007,437 $23,605,233,909
2012 $4,087,526,242 $3,720,983,620 $27,147,349,937 $25,189,164,853
2013 $4,465,772,400 $3,853,040,581 $28,560,536,917 $26,031,643,292
2014 $4,593,853,291 $3,921,767,212 $29,474,180,442 $26,993,607,567
2015 $4,054,730,078 $4,054,730,078 $26,841,143,095 $26,841,143,095
2016 $4,376,930,578 $4,174,315,434 $23,624,333,664 $24,853,971,610
2017 $4,856,599,481 $4,371,195,572 $23,847,765,529 $23,656,360,891
2018 $5,506,942,238 $4,593,160,023 $23,888,910,152 $23,423,221,520
2019 $5,542,054,181 $4,779,777,588 $23,588,037,787 $23,533,735,415
2020 $4,769,996,866 $4,048,142,111 $20,991,339,707 $21,438,575,322
2021 $5,861,427,505 $4,576,160,080 $24,177,305,760 $21,243,057,044
2022 $6,229,801,581 $4,869,340,027 $28,510,328,245 $21,472,954,153
2023 $7,530,593,375 $5,177,944,070 $25,489,373,405 $21,779,397,559
2024 $8,069,536,126 $5,335,369,922 $26,428,963,758 $22,138,889,024

Economic indicators

Montenegro Trinidad
Gross domestic product
$8.07B
2024
$26.4B
2024
GDP rank
156/197
2024
114/197
2024
GDP growth
7.16%
2023-2024
3.69%
2023-2024
GDP per capita
$12,935
2024
$19,315
2024
GDP per capita rank
78/197
2024
60/197
2024
GDP per capita, PPP
$33,380
2024
$36,021
2024
Government debt
$5.05B
2024
$17B
2024
Debt-to-GDP ratio
60.3%
2025
67.2%
2025
Government debt per person
$8,103
2024
$12,454
2024
Government debt per person rank
65/185
2024
45/185
2024
Average annual personal income after taxes
$12,008
2025
$11,432
2025
Market capitalization of domestic companies
$3.79B
2012
$3.89B
2001
Income share by richest 10%
24.7%
2021
29.9%
1992
Income share by poorest 10%
2.1%
2021
2.1%
1992
Government expenditure, % of GDP
44%
2025
32.4%
2025
Consumer prices inflation
4.1%
2024-2025
0.53%
2023-2024
Central bank interest rate n/a
3.5%
2020
Unemployment rate
13.1%
2023
3.36%
2023
Population
618209
1372940

GDP per capita in Montenegro vs Trinidad and Tobago

Montenegro's GDP per capita is $12,935, ranking 78/197, compared to $19,315 in Trinidad and Tobago, ranking 60/197. Adjusted for purchasing power (GDP per capita PPP), Montenegro ranks 66th at $33,380, while Trinidad and Tobago ranks 62nd at $36,021.

Montenegro
GDP per capita

GDP per capita, PPP
Trinidad and Tobago
GDP per capita

GDP per capita, PPP
Year Current $
Montenegro Trinidad
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $634 -
1961 - - $678 -
1962 - - $704 -
1963 - - $756 -
1964 - - $780 -
1965 - - $793 -
1966 - - $768 -
1967 - - $797 -
1968 - - $783 -
1969 - - $795 -
1970 - - $829 -
1971 - - $894 -
1972 - - $1,067 -
1973 - - $1,273 -
1974 - - $1,962 -
1975 - - $2,319 -
1976 - - $2,345 -
1977 - - $2,907 -
1978 - - $3,258 -
1979 - - $4,155 -
1980 - - $5,559 -
1981 - - $6,160 -
1982 - - $7,091 -
1983 - - $6,690 -
1984 - - $6,613 -
1985 - - $6,212 -
1986 - - $3,985 -
1987 - - $3,941 -
1988 - - $3,656 -
1989 - - $3,482 -
1990 - - $4,047 $6,878
1991 - - $4,205 $7,274
1992 - - $4,277 $8,129
1993 - - $3,647 $8,209
1994 - - $3,840 $8,631
1995 - - $4,115 $9,099
1996 - - $4,427 $9,883
1997 $1,375 $5,797 $4,394 $10,769
1998 $1,406 $6,168 $4,613 $11,735
1999 $1,368 $5,683 $5,179 $12,812
2000 $1,627 $6,003 $6,179 $13,953
2001 $1,910 $6,772 $6,657 $14,797
2002 $2,107 $7,100 $6,763 $16,141
2003 $2,789 $7,341 $8,445 $18,743
2004 $3,380 $7,843 $9,871 $20,674
2005 $3,675 $8,314 $12,346 $23,536
2006 $4,426 $10,459 $14,153 $27,393
2007 $5,976 $12,462 $16,607 $29,355
2008 $7,368 $13,817 $21,299 $30,807
2009 $6,727 $13,022 $14,634 $29,602
2010 $6,688 $13,634 $16,815 $30,778
2011 $7,326 $14,466 $19,151 $31,078
2012 $6,578 $13,846 $20,332 $31,883
2013 $7,173 $14,837 $21,305 $31,746
2014 $7,365 $15,323 $21,908 $32,027
2015 $6,491 $16,272 $19,887 $29,825
2016 $6,999 $18,110 $17,449 $28,232
2017 $7,758 $19,569 $17,579 $28,505
2018 $8,791 $21,368 $17,576 $28,680
2019 $8,842 $23,958 $17,293 $29,454
2020 $7,613 $20,827 $15,359 $26,863
2021 $9,377 $23,843 $17,679 $30,425
2022 $9,990 $27,597 $20,874 $32,989
2023 $12,077 $30,601 $18,639 $34,620
2024 $12,935 $33,380 $19,315 $36,021

Spending and national debt comparison

In 2024, Montenegro's government spending was $3.61B, accounting for 44% of its GDP, while Trinidad and Tobago's spent $8.51B, or 32.4% of GDP.

Debt-to-GDP ratio is 60.3% in Montenegro and 67.2% in Trinidad and Tobago, ranking 77/185 and 63/185, respectively.

Montenegro
Government spending

Government debt
Trinidad and Tobago
Government spending

Government debt
Year % of GDP
Montenegro Trinidad
Government spending Government debt Government spending Government debt
1988 - - 45.3% 65.3%
1989 - - 30.9% 51.9%
1990 - - 26.9% 47.7%
1991 - - 29.6% 49.5%
1992 - - 28.6% 49.2%
1993 - - 26.9% 58.8%
1994 - - 25.4% 52.6%
1995 - - 26.2% 50.1%
1996 - - 27.6% 47%
1997 - - 27.2% 46.1%
1998 - - 26.9% 42.8%
1999 - - 24.1% 42.2%
2000 - - 23.1% 38.9%
2001 - - 24.8% 36.6%
2002 37.5% 76.7% 24.4% 37%
2003 43.2% 40.9% 22.2% 30.2%
2004 39.9% 45.4% 22.5% 24.2%
2005 38.2% 38.6% 26.7% 19.8%
2006 42.5% 36.7% 31.6% 16.9%
2007 43.9% 31.8% 25.7% 16.2%
2008 51.1% 34.2% 26.7% 13.5%
2009 51.3% 43.7% 37% 20.7%
2010 46.6% 45% 30.4% 16.8%
2011 45.3% 48.6% 29.4% 26.4%
2012 45.7% 56.9% 29.5% 21.8%
2013 45.8% 58.7% 31.3% 21.6%
2014 44.2% 63.4% 32.8% 23.5%
2015 46.4% 68.8% 35% 27.1%
2016 47.5% 66.4% 31.9% 35.4%
2017 47.1% 66.2% 30.7% 39.8%
2018 47.2% 71.9% 30.2% 41.5%
2019 44% 78.8% 31% 46%
2020 54.4% 107.3% 36% 62.2%
2021 44.8% 85.6% 30.4% 58.5%
2022 42.3% 70.6% 27.1% 51%
2023 40.3% 60.5% 32.9% 61.1%
2024 44.7% 62.6% 32.2% 64.5%
2025 44% 60.3% 32.4% 67.2%

Government deficit by year

In 2024, Montenegro's government deficit, the difference between spending and revenue, was -$226M, equivalent to -2.8% of GDP. This compares to Trinidad and Tobago's deficit of -$1.57B, or -5.92% of GDP.

Over the past 23 years, Montenegro recorded a fiscal deficit in 20 of those years, while Trinidad and Tobago ran a deficit in 15 years. On average, Montenegro posted an annual deficit equal to -3.21% of GDP, compared to deficit of -2.71% of GDP for Trinidad and Tobago.

Deficit/surplus
Montenegro

Trinidad and Tobago
Year Deficit/surplus, % of GDP
Montenegro Trinidad
1988 - -9.34%
1989 - -4.46%
1990 - -1.27%
1991 - -0.21%
1992 - -2.74%
1993 - 0.23%
1994 - -0.02%
1995 - 0.17%
1996 - -0.45%
1997 - 0.11%
1998 - -1.8%
1999 - -0.88%
2000 - 0.17%
2001 - 0.61%
2002 -1.44% -0.2%
2003 -4.05% 1.8%
2004 -2.45% 1.84%
2005 -1.41% 2.36%
2006 4.33% 1.56%
2007 8.43% 3.12%
2008 -2.3% 5.39%
2009 -6.71% -5.42%
2010 -4.87% 0.13%
2011 -6.73% -0.67%
2012 -5.84% -1.26%
2013 -4.49% -2.67%
2014 -0.7% -4.31%
2015 -5.96% -7.56%
2016 -6.18% -10.1%
2017 -6.81% -10.4%
2018 -6.21% -5.89%
2019 -1.72% -3.72%
2020 -10.9% -12.1%
2021 -1.71% -8.1%
2022 -4.08% 0.92%
2023 0.86% -1.19%
2024 -2.8% -5.92%
2025 -3.38% -3.39%

Inflation comparison by year

Over the past 25 years, Montenegro has recorded an average annual inflation rate of 5.94%, compared with 4.96% in Trinidad and Tobago. In 2024, inflation was 4.1% in Montenegro and 0.53% in Trinidad and Tobago.

Inflation
Montenegro

Trinidad and Tobago
Year Inflation
Montenegro Trinidad Montenegro Trinidad
1996 - 3.4%
1997 - 3.63%
1998 - 5.61%
1999 - 3.44%
2000 29.9% 3.56%
2001 23.7% 5.54%
2002 19.7% 4.15%
2003 7.5% 3.81%
2004 3.1% 3.72%
2005 3.4% 6.87%
2006 2.1% 8.33%
2007 3.4% 7.89%
2008 9% 12%
2009 3.6% 6.98%
2010 0.4% 10.5%
2011 3.5% 5.11%
2012 4.1% 9.26%
2013 2.2% 5.2%
2014 -0.7% 5.68%
2015 1.5% 4.66%
2016 -0.3% 3.07%
2017 2.4% 1.88%
2018 2.6% 1.02%
2019 0.4% 1%
2020 -0.3% 0.6%
2021 2.4% 2.06%
2022 13% 5.83%
2023 8.6% 4.63%
2024 3.3% 0.53%
2025 4.1% -

Top exports between countries

Montenegro
Export category Export value
Processed food, beverages & tobacco $71K
Textiles & consumer goods $2K
Trinidad
Export category Export value

Balance of trade

Montenegro Trinidad
Current account balance
-$1.4B
2024
$1.23B
2024
Current account balance ranking
130/189
2024
52/189
2024
Current account balance, % of GDP
-17.4%
2024
+4.67%
2024
Goods imports
$4.29B
2024
$7.54B
2024
Goods exports
$714M
2024
$10B
2024
Service imports
$1.19B
2024
$2.71B
2024
Service exports
$2.92B
2024
$1.26B
2024
Imports of goods and services, % of GDP
67.5%
2024
n/a
Exports of goods and services, % of GDP
44.9%
2024
45%
2025

Economic freedom indices

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

Montenegro Trinidad
Economic freedom 63.8 63.6
Economic freedom ranking 75/197 76/197
Property rights 58.8 58.3
Government integrity 48.9 44.7
Judicial effectiveness 50.1 58.5
Tax burden 88.7 79.5
Government spending 45.2 74.5
Fiscal health 87.9 80.9
Business freedom 70.9 72.6
Labor freedom 64.4 60.4
Monetary freedom 70.9 76.3
Trade freedom 79.6 67.6
Investment freedom 50 50
Financial freedom 50 40

Economic freedom by year comparison

The Economic Freedom Index for Montenegro is 63.8, ranking 75/197, compared to 63.6 for Trinidad and Tobago, ranking 76/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Montenegro
Trinidad and Tobago
Year Economic freedom index
Montenegro Trinidad
1996 - 69.2
1997 - 71.3
1998 - 72
1999 - 72.4
2000 - 74.5
2001 - 71.8
2002 46.6 70.1
2003 43.5 68.8
2004 - 71.3
2005 - 71.5
2006 - 70.4
2007 - 70.6
2008 - 69.5
2009 58.2 68
2010 63.6 65.7
2011 62.5 66.5
2012 62.5 64.4
2013 62.6 62.3
2014 63.6 62.7
2015 64.7 64.1
2016 64.9 62.9
2017 62 61.2
2018 64.3 57.7
2019 60.5 57
2020 61.5 58.3
2021 63.4 59
2022 57.8 58.8
2023 60.9 59.5
2024 59.7 60.4
2025 63.8 63.6

More economic indicators

Montenegro Trinidad
Services, % of GDP
62.1%
2024
59.9%
2023
Industry, % of GDP
11.6%
2024
35%
2023
Agriculture, forestry, and fishing, % of GDP
5.16%
2024
0.82%
2023
GNI, Atlas method
$7.5B
2024
$27.4B
2024
GNI per capita, PPP
$33,280
2024
$36,280
2024
Total reserves including gold
$1.74B
2024
$5.6B
2024
Total reserves ranking
130/177
2024
94/177
2024
Net foreign direct investment
-$532M
2024
$1.57B
2024
Net inflows of foreign direct investment
$599M
2024
-$1.04B
2024
Net outflows of foreign direct investment
$67.8M
2024
$527M
2024
Servicing debt to the IMF, % of GNI
10.3%
2023
n/a
Poverty at national poverty lines
20%
2023
20%
2020
Gross capital formation, % of GDP
28.5%
2024
20.1%
2021

GDP per capita map

GDP per capita

Compare countries by 7 more topics

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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.