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Economy of Montenegro vs Vatican compared: GDP & Debt

Updated on by Georank

Montenegro has a GDP of $9.23B compared to $19.8M for the Vatican, ranking 155/197 and 197/197 by economy size, respectively.

Montenegro vs Vatican GDP by year

Montenegro
Vatican
1x
Year GDP, current $
Montenegro Vatican
2025 $9,232,801,465 -
2024 $8,274,290,506 -
2023 $7,643,318,276 -
2022 $6,259,721,790 -
2021 $5,822,908,964 -
2020 $4,734,192,593 -
2019 $5,483,622,632 -
2018 $5,433,469,311 -
2017 $4,803,964,684 -
2016 $4,357,467,226 -
2015 $4,010,884,107 -
2014 $4,579,635,404 -
2013 $4,422,097,042 -
2012 $4,071,828,832 -
2011 $4,507,127,585 -
2010 $4,136,936,244 -
2009 $4,159,063,347 -
2008 $4,559,410,049 -
2007 $3,682,586,459 -
2006 $2,719,979,875 -
2005 $2,258,016,380 -
2004 $2,077,046,942 -
2003 $1,708,196,981 -
2002 $1,286,314,054 -
2001 $1,159,869,246 -
2000 $984,293,044 -
1999 $828,950,327 -
1998 $854,261,161 -
1997 $838,288,806 -

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Economic indicators

Montenegro Vatican
Gross domestic product
$9.23B
2025
$19.8M
2026
GDP rank
155/197
2025
197/197
2026
GDP growth
2.74%
2024-2025
n/a
GDP per capita
$14,817
2025
$19,800
2026
GDP per capita rank
71/197
2025
61/197
2026
GDP per capita, PPP
$34,063
2024
$39,191
2026
GDP per capita PPP rank
65/197
2024
59/197
2026
Government debt
$6.19B
2025
n/a
Debt-to-GDP ratio
67.1%
2025
n/a
Government debt per person
$9,942
2025
n/a
Government debt per person rank
61/185
2025
n/a
Average annual personal income after taxes
$12,768
2026
$18,688
2026
Market capitalization of domestic companies
$3.79B
2012
n/a
Income share by richest 10%
24.7%
2021
n/a
Income share by poorest 10%
2.1%
2021
n/a
Government expenditure, % of GDP
43.9%
2025
n/a
Consumer prices inflation
3.9%
2024-2025
n/a
Unemployment rate
11.5%
2024
n/a
Population
613759
939

Balance of trade

Montenegro Vatican
Current account balance
-$1.88B
2025
n/a
Current account balance ranking
140/190
2025
n/a
Current account balance, % of GDP
-20.4%
2025
n/a
Goods imports
$4.91B
2025
n/a
Goods exports
$663M
2025
n/a
Service imports
$1.24B
2025
n/a
Service exports
$3.07B
2025
n/a
Imports of goods and services, % of GDP
65.7%
2025
n/a
Exports of goods and services, % of GDP
40.1%
2025
n/a

Economic freedom indices

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

Montenegro Vatican
Economic freedom 63.8 65
Economic freedom ranking 78/197 69/197
Property rights 60.9 n/a
Government integrity 49.9 n/a
Judicial effectiveness 51.5 n/a
Tax burden 88.7 n/a
Government spending 47.6 n/a
Fiscal health 86.2 n/a
Business freedom 68.4 n/a
Labor freedom 59.4 n/a
Monetary freedom 75.2 n/a
Trade freedom 78.4 n/a
Investment freedom 50 n/a
Financial freedom 50 n/a

Other economic metrics

Montenegro Vatican
Services, % of GDP
63.4%
2025
n/a
Industry, % of GDP
11.3%
2025
n/a
Agriculture, forestry, and fishing, % of GDP
3.37%
2025
n/a
GNI, Atlas method
$8.82B
2025
n/a
GNI per capita, PPP
$35,700
2025
n/a
Total reserves including gold
$2.2B
2025
n/a
Total reserves ranking
126/177
2025
n/a
Net foreign direct investment
-$601M
2025
n/a
Net inflows of foreign direct investment
$599M
2024
n/a
Net outflows of foreign direct investment
$67.8M
2024
n/a
Servicing debt to the IMF, % of GNI
15%
2024
n/a
Poverty at national poverty lines
20%
2023
n/a
Gross capital formation, % of GDP
26.9%
2025
n/a

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/vatican | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08)
  2. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Fiscal Monitor (2025, retrieved 2026-07-08)
  5. Central Intelligence Agency (CIA) (2019–2026, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.