Markets Actual Q1 Q2 Q3 Q4 2022
Currency 1.21 1.2 1.2 1.19 1.19 1.18
Stock Market (points) 10793.96 10641 10494 10350 10206 9919

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Annual Growth Rate (%) -26.90 -4 16 10 5.8 3
Unemployment Rate (%) 20.37 21.5 19 19 18 16
Inflation Rate (%) -0.70 -0.6 1.8 1.8 1.6 1.6
Inflation Rate Mom (%) 0.10 0.4 0.4 0.4 0.4 0.4
Balance of Trade (EUR Thousand) -77506.00 -193700 -193700 -193700 -193700 -193700
Current Account to GDP (%) -18.50 -16.1 -16.1 -16.1 -16.1 -13.5
Government Debt to GDP (%) 74.91 73 73 73 73 75
Government Budget (% of GDP) -2.00 -5.6 -5.6 -5.6 -5.6 -3.2
Corporate Tax Rate (%) 9.00 9 9 9 9 9
Personal Income Tax Rate (%) 9.00 9 9 9 9 9

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Annual Growth Rate (%) -26.90 -4 16 10 5.8 3
GDP (USD Billion) 5.49 5.1 5.1 5.1 5.1 5.5
GDP Constant Prices (EUR Million) 1203.32 1209 1133 873 1245 1245
GDP per capita (USD) 8545.48 8000 8000 8000 8000 8300
GDP per capita PPP (USD) 21378.60 21100 21100 21100 21100 21400
Gross Fixed Capital Formation (EUR Thousand) 281455.00 336759 333341 276272 346525 346525

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 20.37 21.5 19 19 18 16
Wages (EUR/Month) 786.00 800 800 800 800 800
Minimum Wages (EUR/Month) 331.33 331 331 331 331 331
Population (Million) 0.62 0.62 0.62 0.62 0.62 0.62
Wages In Manufacturing (EUR/Month) 629.00 690 690 690 690 690

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) -0.70 -0.6 1.8 1.8 1.6 1.6
Inflation Rate Mom (%) 0.10 0.4 0.4 0.4 0.4 0.4
Consumer Price Index CPI (points) 105.00 105 107 107 106 108
Producer Prices (points) 169.00 169 171 173 178 173
Harmonised Consumer Prices (points) 105.50 111 111 111 114 114
Producer Prices Change (%) -0.70 1.2 1.8 2.2 2.5 2.5
Food Inflation (%) 1.10 2.28 2.28 2.28 2.28 2.28

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (EUR Thousand) -77506.00 -193700 -193700 -193700 -193700 -193700
Current Account to GDP (%) -18.50 -16.1 -16.1 -16.1 -16.1 -13.5
Imports (EUR Thousand) 102804.00 236200 236200 236200 236200 236200
Exports (EUR Thousand) 25298.00 42500 42500 42500 42500 42500
Tourist Arrivals (Persons) 15134.00 36200 75000 108000 29000 38500

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 74.91 73 73 73 73 75
Government Budget (% of GDP) -2.00 -5.6 -5.6 -5.6 -5.6 -3.2
Government Budget Value (EUR) -217443988.18 -124249431 -124249431 -124249431 -124249431 -124249431
Government Spending (EUR Thousand) 217589.00 208120 266554 165632 214156 214156

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 9.00 9 9 9 9 9
Personal Income Tax Rate (%) 9.00 9 9 9 9 9
Sales Tax Rate (%) 21.00 21 21 21 21 21
Social Security Rate (%) 34.30 34.3 34.3 34.3 34.3 34.3
Social Security Rate For Companies (%) 10.30 10.3 10.3 10.3 10.3 10.3
Social Security Rate For Employees (%) 24.00 24 24 24 24 24

Business Actual Q1 Q2 Q3 Q4 2022
Industrial Production (%) -7.90 5.5 6.8 6.8 6.5 6.5

Consumer Actual Q1 Q2 Q3 Q4 2022
Retail Sales Yoy (%) -8.80 2.8 4.3 4.3 6.1 5.7
Consumer Spending (EUR Thousand) 770100.00 895466 894885 772260 921435 921435
Retail Sales Mom (%) 18.40 10 9 -11 14.4 14.4
Gasoline Prices (USD/Liter) 1.36 1.3 1.24 1.18 1.12 1.06
Consumer Credit (EUR Thousand) 1393981.00 1323222 1269485 1315497 1361596 1361596


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.