Montenegro | Economic Forecasts | 2017-2020 Outlook

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 Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 22.52 19.5 19.2 18.7 18.5 15.5 percent [+]
Inflation Rate 2.70 3.2 3.6 3.3 3 2.7 percent [+]
Balance of Trade -165285.00 -146059 -126090 -119672 -120615 -122544 EUR Thousand [+]
Government Debt to GDP 61.40 59.89 63.13 66.38 66.53 67.04 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Currency 1.09 1.06 1.05 1.04 1.03 0.86 [+]
Stock Market 12247.14 12100 12000 11600 11800 9800 points [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Annual Growth Rate 3.40 2.5 2.3 2.3 2.2 1.9 percent [+]
GDP 3.99 4.37 4.22 5.05 4.28 6.98 USD Billion [+]
GDP Constant Prices 933.40 872 861 865 864 864 EUR Million [+]
GDP per capita 7259.99 7194 7272 7350 7364 7521 USD [+]
GDP per capita PPP 15254.31 15113 15278 15443 15472 15806 USD [+]
Gross Fixed Capital Formation 248344.00 300306 249458 299761 249998 296725 EUR Thousand [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 22.52 19.5 19.2 18.7 18.5 15.5 percent [+]
Employed Persons 178112.00 178645 178616 178595 178591 178592 [+]
Wages 767.00 771 772 772 772 772 EUR/Month [+]
Minimum Wages 288.05 288 288 288 288 288 EUR/Month [+]
Population 0.62 0.62 0.62 0.62 0.62 0.62 Million [+]
Wages In Manufacturing 637.00 642 643 644 645 647 EUR/Month [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 2.70 3.2 3.6 3.3 3 2.7 percent [+]
Inflation Rate Mom 0.10 0.18 0.18 0.18 0.18 0.18 percent [+]
Consumer Price Index CPI 102.70 103 104 104 104 104 Index Points [+]
Producer Prices 161.90 166 168 170 172 188 Index Points [+]
Producer Prices Change -0.30 1 1.4 1.7 2 2.4 percent [+]
Food Inflation 3.80 3.71 3.73 3.74 3.74 3.74 percent [+]
Harmonised Consumer Prices 101.40 101 101 101 101 101 Index Points [+]
Export Prices 134.30 136 137 137 137 137 Index Points [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Loans to Private Sector 903759.00 920045 927406 933414 938316 957751 EUR Thousand [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade -165285.00 -146059 -126090 -119672 -120615 -122544 EUR Thousand [+]
Exports 31496.00 28853 29171 29112 29111 29110 EUR Thousand [+]
Imports 196781.00 183603 183607 183607 183607 183607 EUR Thousand [+]
Current Account -295140.27 -294088 -1038 -293044 -2079 -286931 EUR Thousand [+]
Current Account to GDP -12.90 -13.55 -12.56 -11.58 -11.46 -11.2 percent [+]
Capital Flows 294969.92 294441 98040 293914 98565 290813 EUR Thousand [+]
Tourist Arrivals 27294.00 1092 2551 271 49190 345 [+]
Terrorism Index 0.15 0.33 0.34 0.34 0.26 0.42 [+]
Foreign Direct Investment 757435.19 573250 606956 640662 646434 659910 EUR Thousand [+]
GOVERNMENT Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Government Debt to GDP 61.40 59.89 63.13 66.38 66.53 67.04 percent [+]
Government Budget -7.00 -6.44 -7.79 -9.14 -9 -8.7 percent of GDP [+]
Government Budget Value -136683389.57 -116091831 -73805487 -111571840 -56460521 -99845982 EUR [+]
Government Spending 173870.00 169186 172703 194277 150574 193228 EUR Thousand [+]
Government Revenues 1683637212.37 910022109 906366735 906609514 906593390 906594394 EUR [+]
Government Debt 2197.60 2383 2395 2429 2474 2900 EUR Million [+]
Fiscal Expenditure 1820320601.94 1051041170 1040732880 1041859080 1041736040 1041748158 EUR [+]
Military Expenditure 76.30 75.82 77.54 79.25 80.17 83.43 USD Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Industrial Production -17.40 6.2 0.65 -4.7 -0.76 -1.1 percent [+]
Industrial Production Mom 4.10 5.38 1.23 0.67 0.77 0.79 percent [+]
Manufacturing Production -33.10 -34.03 -28.44 -31.21 -29.83 -30.31 percent [+]
Changes in Inventories -125859.00 50419 -114177 5121 64340 -25068 EUR Thousand [+]
Mining Production 274.40 161 174 174 173 174 percent [+]
Competitiveness Index 4.05 4.15 4.15 4.15 4.09 4.22 Points [+]
Competitiveness Rank 82.00 69 69 69 75 63 [+]
Corruption Index 45.00 45 46 46 46 48 Points [+]
Corruption Rank 64.00 63 60 57 58 64 [+]
Ease of Doing Business 51.00 55 58 60 61 83 [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Retail Sales Yoy 3.40 1.8 3.67 3 3.61 2 percent [+]
Consumer Spending 735774.00 716997 717759 717518 717594 717576 EUR Thousand [+]
Retail Sales Mom 1.10 11.1 1.15 7.8 1.29 6 percent [+]
Gasoline Prices 1.32 1.26 1.27 1.28 1.28 1.28 USD/Liter [+]
Consumer Credit 1046315.00 1076714 1104592 1129295 1151174 1276222 EUR Thousand [+]
HOUSING Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Housing Index 1050.00 1087 1088 1089 1081 1078 EUR/SQ. METRE [+]
Construction Output 40.50 30 30.24 30.4 33.43 32 percent [+]
Building Permits 299.00 298 264 298 264 294 [+]
TAXES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Corporate Tax Rate 9.00 9 9 9 9 9 percent [+]
Personal Income Tax Rate 9.00 9 9 9 9 9 percent [+]
Sales Tax Rate 19.00 19 19 19 19 19 percent [+]
Social Security Rate 34.30 33.55 33.92 34.3 34.3 34.3 percent [+]
Social Security Rate For Companies 10.30 9.8 10.05 10.3 10.3 10.3 percent [+]
Social Security Rate For Employees 24.00 23.75 23.87 24 24 24 percent [+]