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.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 17.20 18.6 18.4 18.2 17.1 16.5 percent
Inflation Rate 1.90 2.5 2.6 2.7 2.9 2.7 percent
Balance of Trade -174987.00 -194400 -169000 -187700 -160424 -193700 EUR Thousand
Government Debt to GDP 62.50 66.7 68.7 68.7 68.7 70.2 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1.13
1.15 1.14 1.13 1.13 1.1
Stock Market 12247.14
points
11600 11600 11600 11600 10400
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Annual Growth Rate 4.90
percent
3 2.7 2.5 2.6 2.9
GDP 4.77
USD Billion
5.7 6.2 6.2 6.2 6.9
GDP Constant Prices 1041.68
EUR Million
1081 835 1068 1069 1143
GDP per capita 7812.95
USD
8100 8250 8250 8250 8450
GDP per capita PPP 16409.29
USD
16550 16850 16850 16850 17200
Gross Fixed Capital Formation 348144.00
EUR Thousand
337884 270442 356848 357196 357418
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 17.20
percent
18.6 18.4 18.2 17.1 16.5
Employed Persons 195784.00
193285 192639 192703 192773 192777
Wages 768.00
EUR/Month
780 782 767 768 800
Minimum Wages 288.05
EUR/Month
288 288 288 288 288
Population 0.62
Million
0.62 0.62 0.62 0.62 0.63
Long Term Unemployment Rate 10.50
percent
12.15 11.37 10.38 11.08 11.26
Wages In Manufacturing 627.00
EUR/Month
657 660 622 623 690
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 1.90
percent
2.5 2.6 2.7 2.9 2.7
Inflation Rate Mom 0.10
percent
0.2 0.2 0.1 0.2 0.4
Consumer Price Index CPI 105.20
Index Points
105 107 108 108 111
Producer Prices 165.20
Index Points
167 169 169 168 174
Harmonised Consumer Prices 106.10
Index Points
106 108 109 109 112
Producer Prices Change 2.40
percent
2.7 2.2 2.1 2 2.4
Food Inflation 0.70
percent
3 2.5 2.2 2.28 2.28
Export Prices 133.70
Index Points
132 132 132 132 132
Cpi Housing Utilities 104.20
Index Points
104 104 104 104 104
Cpi Transportation 108.60
Index Points
108 108 108 108 108
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Loans to Private Sector 989075.00
EUR Thousand
979005 971701 965671 960718 941799
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -174987.00
EUR Thousand
-194400 -169000 -187700 -160424 -193700
Exports 30474.00
EUR Thousand
37800 34700 30200 32155 42500
Imports 205461.00
EUR Thousand
232200 203700 217900 192579 236200
Current Account -308371.90
EUR Thousand
-307613 -69970 -306859 -70722 -303158
Current Account to GDP -19.10
percent
-16.5 -16 -16 -16 -12
Capital Flows -303771.85
EUR Thousand
-419442 -168070 -316941 -74476 -395039
Tourist Arrivals 146829.00
34600 34800 89300 81800 44500
Terrorism Index 0.08
0.08 0.08 0.08 0.08 0.08
Remittances 60539.25
EUR Thousand
56352 50608 60136 54085 58741
Foreign Direct Investment 659232.90
EUR Thousand
882808 859076 835344 811612 909901
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 62.50
percent
66.7 68.7 68.7 68.7 70.2
Government Budget -2.00
percent of GDP
-5.4 -4.8 -4.8 -4.8 -3.2
Government Budget Value -85190520.34
EUR
-123392180 -124520603 -124209070 -124255227 -124249431
Government Spending 194981.00
EUR Thousand
256629 168037 199856 200051 271465
Government Revenues 763781831.84
EUR
889041992 890391758 890258728 890271839 890270663
Government Debt 3105.01
EUR Million
3167 3303 3493 3580 4261
Fiscal Expenditure 848972352.18
EUR
1011577734 1014912362 1014467798 1014527066 1014520094
Military Expenditure 71.70
USD Million
70.86 70.94 71.02 71.11 71.11
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Industrial Production 24.00
percent
28.5 8 5 4 2.5
Industrial Production Mom 8.70
percent
2.71 0.78 0.9 0.94 0.93
Manufacturing Production 25.80
percent
15.19 14.83 14.64 14.58 14.59
Changes in Inventories 45167.00
EUR Thousand
83346 49754 50529 -45105 75753
Internet Speed 6689.26
KBps
6676 6676 6676 6676 6676
IP Addresses 73349.00
IP
71712 74031 72755 71830 72858
Mining Production -10.70
percent
-13.24 -14.55 -14.65 -14.65 -14.65
Competitiveness Index 59.62
Points
60.12 60.12 60.12 60.12 62.62
Competitiveness Rank 71.00
71 71 71 71 71
Ease of Doing Business 50.00
47 49 50 52 58
Corruption Index 46.00
Points
46 46 46 46 46
Corruption Rank 64.00
64 64 64 64 64
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Retail Sales Yoy 2.00
percent
4.1 3.5 3 2.7 2
Consumer Spending 833661.00
EUR Thousand
876520 718000 854503 855336 927193
Retail Sales Mom -14.50
percent
12 3.8 3.9 -3.8 13
Gasoline Prices 1.60
USD/Liter
1.4 1.32 1.25 1.16 0.98
Consumer Credit 1197933.00
EUR Thousand
1243465 1266725 1287406 1305795 1402062
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Housing Index 1079.00
EUR/SQ. METRE
1034 1053 1058 1071 1054
Construction Output 35.70
percent
31.76 45.8 39.11 42.45 39.82
Building Permits 102.00
155 53.12 79.63 87.37 95.23
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 9.00
percent
9 9 9 9 9
Personal Income Tax Rate 9.00
percent
9 9 9 9 9
Sales Tax Rate 21.00
percent
21 21 21 21 21
Social Security Rate 34.30
percent
34.3 34.3 34.3 34.3 34.3
Social Security Rate For Companies 10.30
percent
10.3 10.3 10.3 10.3 10.3
Social Security Rate For Employees 24.00
percent
24 24 24 24 24
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Precipitation 1.16
mm
120 89.73 96.86 96.86 97.14
Temperature 1.80
celsius
5.79 1.86 16.82 12.47 10.46



Montenegro - Economic Forecasts - 2018-2020 Outlook