| Economy | Montenegro |
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Economy - overview:
|
Montenegro's economy is transitioning to a market system, but the state sector remains large and additional institutional changes are needed. The economy relies heavily on tourism and the export of refined metals. Unprofitable state-owned enterprises weigh on public finances. Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and maintained its own central bank, adopted the Deutchmark, then the euro - rather than the Yugoslav dinar - as official currency, collected customs tariffs, and managed its own budget. The dissolution of the loose political union between Serbia and Montenegro in 2006 led to separate membership 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 is set to join the World Trade Organization in early 2012 and signed a Stabilization and Association agreement with the European Union in October 2007. The European Council (EC) granted candidate country status to Montenegro at the December 2010 session. Montenegro will begin negotiations to join the EC in 2012, if it meets the European Council conditions to fight corruption and organized crime. Unemployment and regional disparities in development are key political and economic problems. Montenegro has privatized its large aluminum complex - the dominant industry - as well as most of its financial sector, and has begun to attract foreign direct investment in the tourism sector. The global financial crisis has had a significant negative impact on the economy, due to the ongoing credit crunch, a decline in the real estate sector, and a fall in aluminum exports. In 2011, real GDP growth slowed to 1.8%. |
GDP (purchasing power parity):
|
$6.957 billion (2011 est.)
$6.834 billion (2010 est.)
$6.834 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$11,200 (2011 est.)
$11,000 (2010 est.)
$10,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$4.2 billion (2011 est.) |
GDP - real growth rate:
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1.8% (2011 est.)
1.1% (2010 est.)
-5.7% (2009 est.) |
GDP - composition by sector:
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agriculture: NA%
industry: NA%
services: NA% |
Investment (gross fixed):
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22% of GDP (2011 est.) |
Population below poverty line:
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6.6% (2010 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.6%
highest 10%: 24.1% (2008) |
Distribution of family income - Gini index:
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24.3 (2010)
30 (2003) |
Inflation rate (consumer prices):
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11.3% (2011)
3.4% |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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9.53% (31 December 2010 est.)
9.36% (31 December 2009 est.) |
Stock of money:
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$816.8 million (31 December 2008)
$1.172 billion (31 December 2007) |
Stock of money - per capita:
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1,235 USD per capita |
Stock of quasi money:
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$1.406 billion (31 December 2008)
$1.446 billion (31 December 2007) |
Stock of quasi money - per capita:
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2,125 USD per capita |
Stock of domestic credit:
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$3.29 billion (31 December 2009)
$3.771 billion (31 December 2008) |
Stock of domestic credit - per capita:
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4,972 USD per capita |
Stock of narrow money:
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$816.8 million (31 December 2008)
$1.172 billion (31 December 2007) |
Stock of broad money:
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$1.406 billion (31 December 2008)
$1.446 billion (31 December 2007) |
Labor force:
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259,100 (2004) |
Labor force participation rate:
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39.15 % of population |
Labor force - by occupation:
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agriculture: 2%
industry: 30%
services: 68% (2004 est.) |
Unemployment rate:
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19.5% (2011 est.)
14.7% (2007 est.) |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $1.7 billion
expenditures: $1.9 billion |
Budget revenues per capita:
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2,569 USD per capita |
Taxes and other revenues:
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40.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-4.8% of GDP (2011 est.) |
Public debt:
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40% of GDP (2011 est.)
38% of GDP (2007 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. |
Industries:
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steelmaking, aluminum, agricultural processing, consumer goods, tourism |
Industrial production growth rate:
|
void |
Electricity - production:
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2.66 billion kWh (2008 est.) |
Electricity - production per capita:
|
4,020 kWh per capita |
Electricity - consumption:
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2.474 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
3,739 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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4,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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2.21 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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3,149 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m NA cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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tobacco, potatoes, citrus fruits, olives, grapes; sheep |
Current account balance:
|
-$1.022 billion (2011 est.)
-$1.102 billion (2010 est.) |
Current account balance - per capita:
|
-1,544 USD per capita |
Exports:
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$600 million (2011 est.)
$171.3 million |
Exports per capita:
|
907 USD per capita |
Exports - commodities:
|
void |
Exports - partners:
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Italy 27.9%, Greece 21.6%, Slovenia 11.3%, Hungary 8.5%, US 7.6%, Egypt 4.8% (2009) |
Imports:
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$2.5 billion (2011 est.)
$601.7 million (2003) |
Imports per capita:
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3,778 USD per capita |
Imports - commodities:
|
void |
Imports - partners:
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Italy 17.2%, Slovenia 14.4%, Germany 9.9%, China 7.8%, Austria 7.7%, Russia 6.1%, Greece 4%, Hungary 4% (2009) |
Reserves of foreign exchange and gold:
|
$400 million (31 December 2011) |
Reserves of foreign exchange and gold - per capita:
|
605 USD per capita |
Debt - external:
|
$4.1 billion (2011 est.)
$650 million |
Debt - external - per capita:
|
6,196 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$3.604 billion (31 December 2010)
$4.289 billion (31 December 2009)
$2.863 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
5,446 USD per capita |
Currency (code):
|
euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
|
calendar year |
|
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