Markets Actual Q4 Q1 Q2 Q3 2021
Stock Market (points) 9968.34 9818 9683 9549 9417 9152
Currency 1.19 1.19 1.18 1.18 1.18 1.17

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Annual Growth Rate (%) -20.20 -6.5 -4 16 10 5.8
Unemployment Rate (%) 19.30 21 21.5 19 19 18
Inflation Rate (%) -0.60 -0.6 1 1.8 1.8 1.6
Inflation Rate Mom (%) -0.10 0.4 0.4 0.4 0.4 0.4
Balance of Trade (EUR Thousand) -154879.00 -193700 -193700 -193700 -193700 -193700
Current Account to GDP (%) -18.50 -18.2 -16.1 -16.1 -16.1 -16.1
Government Debt to GDP (%) 62.27 70 73 73 73 73
Government Budget (% of GDP) -2.00 -4.9 -5.6 -5.6 -5.6 -5.6
Corporate Tax Rate (%) 9.00 9 9 9 9 9
Personal Income Tax Rate (%) 9.00 9 9 9 9 9

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Annual Growth Rate (%) -20.20 -6.5 -4 16 10 5.8
GDP (USD Billion) 5.49 4.8 5.1 5.1 5.1 5.1
GDP Constant Prices (EUR Million) 918.91 1209 1133 873 1066 1245
GDP per capita (USD) 8545.48 7500 8000 8000 8000 8000
GDP per capita PPP (USD) 21378.60 20200 21100 21100 21100 21100
Gross Fixed Capital Formation (EUR Thousand) 281455.00 336759 333341 276272 326488 346525

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 19.30 21 21.5 19 19 18
Wages (EUR/Month) 783.00 800 800 800 800 800
Population (Million) 0.62 0.62 0.62 0.62 0.62 0.62
Wages In Manufacturing (EUR/Month) 603.00 690 690 690 690 690

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) -0.60 -0.6 1 1.8 1.8 1.6
Inflation Rate Mom (%) -0.10 0.4 0.4 0.4 0.4 0.4
Consumer Price Index CPI (points) 105.10 105 106 107 107 107
Producer Prices (points) 169.70 168 170 171 170 170
Harmonised Consumer Prices (points) 105.30 111 111 111 111 114
Producer Prices Change (%) -0.40 -1 1 1 1 1.3
Food Inflation (%) 1.70 2.28 2.28 2.28 2.28 2.28

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (EUR Thousand) -154879.00 -193700 -193700 -193700 -193700 -193700
Current Account to GDP (%) -18.50 -18.2 -16.1 -16.1 -16.1 -16.1
Imports (EUR Thousand) 178717.00 236200 236200 236200 236200 236200
Exports (EUR Thousand) 23838.40 42500 42500 42500 42500 42500
Tourist Arrivals (Persons) 38829.00 20700 36200 75000 108000 29000

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 62.27 70 73 73 73 73
Government Budget (% of GDP) -2.00 -4.9 -5.6 -5.6 -5.6 -5.6
Government Budget Value (EUR) -217443988.18 -124249431 -124249431 -124249431 -124249431 -124249431
Government Spending (EUR Thousand) 217589.00 208120 266554 165632 252403 214156

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 9.00 9 9 9 9 9
Personal Income Tax Rate (%) 9.00 9 9 9 9 9
Sales Tax Rate (%) 21.00 21 21 21 21 21
Social Security Rate (%) 34.30 34.3 34.3 34.3 34.3 34.3
Social Security Rate For Companies (%) 10.30 10.3 10.3 10.3 10.3 10.3
Social Security Rate For Employees (%) 24.00 24 24 24 24 24

Business Actual Q4 Q1 Q2 Q3 2021
Industrial Production (%) -2.80 -11 5.5 6.8 6.8 6.5

Consumer Actual Q4 Q1 Q2 Q3 2021
Retail Sales Yoy (%) -23.40 -3.5 2.8 4.3 4.3 6.1
Consumer Spending (EUR Thousand) 770100.00 895466 894885 772260 893316 921435
Retail Sales Mom (%) 1.50 12 10 9 -11 14.4
Gasoline Prices (USD/Liter) 1.33 1.24 1.09 1.04 0.99 1.18
Consumer Credit (EUR Thousand) 1395707.00 1323222 1269485 1315497 1613559 1361596


This page has economic forecasts for Montenegro including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Montenegro economy.