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Economy and Banking Sector of Montenegro

National Currency

Euro (EUR)

Montenegro does not have its own currency: since 2002 Montenegro has been using Euro unilaterally.

GDP

Nominal GDP (2017)
4.3 bln EUR  (+0.07%)
Nominal GDP per Capita (2017)
6,900 EUR  (+0.07%)
Real GDP Growth (2017)
4.7 %  (2016: 2.9 %)

According to Eurostat, nominal GDP of Montenegro in 2017 was 4.3 bln EUR.

Montenegro outperforms the European Union in terms of real GDP growth with the average annual differential coming to 1.4% over the past 10 years (2007 - 2017). In 2017 real GDP growth was 4.7% which was above the Euro Area average (2.3%) and above the European Union average (2.4%). Real GDP growth in 2018 - 2024 are IMF's estimates.

Real GDP Growth in Montenegro.

Chart 1. Real GDP Growth in Montenegro. Source: Eurostat, International Monetary Fund.

In 2017, nominal GDP per capita in Montenegro was 6,900 EUR.

Montenegro has a below-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, fell behind that of the European Union by -49.6% over the past 10 years (2007 - 2017). GDP per capita at PPP in 2018 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  Montenegro; European Union = 100.

Chart 2. GDP Per Capita at Purchasing Power Parity in Montenegro; European Union = 100.

Inflation Rate

CPI, MoM (Jul 2016)
0.6 %  (Jun 2016: 0.7 %)
CPI, YoY (Jul 2016)
-0.5 %  (Jun 2016: -0.8 %)
CPI, Year Average (2018)
2.6 %  (2017: 2.4 %)

According to , inflation rate in Montenegro in 2018 expressed as annual percentages of average consumer prices was 2.6% which was above the Euro Area average (1.8%) and above the European Union average (1.9%). Inflation rates in 2019 - 2024 are IMF's estimates.

Inflation Rate in Montenegro.

Chart 3. Inflation Rate in Montenegro. Source: International Monetary Fund.

Credit Ratings (as of May 2018)

Fitch
-
Moody's
B1 (highly speculative), outlook stable

Montenegro has a sovereign credit rating assigned by Moody's: the rating is B1 (highly speculative), outlook stable.