unbekannter Gast

Montenegro: Economy#

Montenegro's economy is slowly transitioning to a market system, but the state sector remains large and additional institutional changes are needed. The economy relies heavily on foreign tourism and the export of refined metals. Unprofitable state-owned enterprises, especially the Podgorica Aluminum Kombine, the country’s largest exporter, weigh heavily on public finances. During the MILOSEVIC era, Montenegro severed its economy from Serbia, maintained its own central bank, adopted the Deutsche Mark, then shifted to the euro - rather than the Yugoslav dinar - as official currency, collected customs tariffs, and managed its own budget. The 2006 dissolution of the loose political union between Serbia and Montenegro led to separate memberships in several international financial institutions, such as the European Bank for Reconstruction and Development. In January 2007, Montenegro joined the World Bank and IMF. Montenegro became the 156th member of World Trade Organization in December 2011. The European Council (EC) granted candidate country status to Montenegro at the December 2010 session. Montenegro began negotiations to join the EC in June, 2012, having met the conditions set down by the European Council, which called on Montenegro to take steps to fight corruption and organized crime. Unemployment and disparities in regional development, especially in the north, remain key political and economic problems. The global financial crisis had a significant negative impact on the economy, due to a credit crunch, a decline in the real estate sector, and a fall in aluminum exports. The Government of Montenegro increased value added tax (VAT) from 17% in 2012 to 19% in 2013 and raised income tax rates from 9% to 15% for those earning over €480 a month. In 2013, the government also retrenched by freezing pensions and limiting salary increases for public enterprises and members of the parliament.

Economic Facts#

GDP (purchasing power parity)$7.429 billion (2013 est.)
$7.318 billion (2012 est.)
$7.358 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate1.5% (2013 est.)
-0.5% (2012 est.)
3.2% (2011 est.)
GDP - per capita (PPP)$11,900 (2013 est.)
$11,800 (2012 est.)
$11,900 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 0.8%
industry: 11.3%
services: 87.9% (2011)
Population below poverty line6.6% (2010 est.)
Labor force - by occupationagriculture: 6.3%
industry: 20.9%
services: 72.8% (2011 est.)
Exports - partnersCroatia 22.7%, Serbia 22.7%, Slovenia 7.8% (2012 est.)
Agriculture - productstobacco, potatoes, citrus fruits, olives, grapes; sheep
Budgetrevenues: $1.68 billion
expenditures: $1.58 billion (2012 est.)
Imports - partnersSerbia 29.3%, Greece 8.7%, China 7.1% (2012 est.)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$489.2 million (2012 est.)
$640 million (2011 est.)
Debt - external$1.7 billion (2012 est.)
$1.2 billion (2011 est.)
Fiscal yearcalendar year
Imports$2.4 billion (2012 est.)
$2.5 billion (2011 est.)
Industriessteelmaking, aluminum, agricultural processing, consumer goods, tourism
Inflation rate (consumer prices)4% (2012)
3% (2011)
Labor force251,300 (2011 est.)
Unemployment rate19.1% (2012 est.)
11.5% (2011 est.)
Distribution of family income - Gini index24.3 (2010)
30 (2003)
Public debt52.1% of GDP (2012 est.)
45% of GDP (2011 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
Current account balance-$1.938 billion (2012 est.)
-$1.927 billion (2011 est.)
Reserves of foreign exchange and gold$400 million (31 December 2011)
GDP (official exchange rate)$4.518 billion (2013 est.)
Market value of publicly traded shares$3.827 billion (31 December 2012 est.)
$3.322 billion (31 December 2011)
$3.604 billion (31 December 2010 est.)
Commercial bank prime lending rate9.69% (31 December 2011 est.)
9.53% (31 December 2010 est.)
Stock of domestic credit$3.29 billion (31 December 2009)
$3.771 billion (31 December 2008)
Stock of narrow money$749 million (31 December 2011 est.)
$783.3 million (31 December 2010 est.)
Stock of broad money$1.982 billion (31 December 2011 est.)
$2.01 billion (31 December 2010 est.)
Taxes and other revenues37.2% of GDP (2012 est.)
Budget surplus (+) or deficit (-)2.2% of GDP (2012 est.)
GDP - composition, by end usehousehold consumption: 84.4%
government consumption: 22.1%
investment in fixed capital: 18.4%
investment in inventories: 1.1%
exports of goods and services: 40.2%
imports of goods and services: -66.2%
(2011 est.)