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 22.78 19.5 19.2 18.7 18.5 15.5 percent [+]
Inflation Rate 2.30 3.2 3.6 3.3 3 2.7 percent [+]
Balance of Trade -151346.00 -153989 -129327 -120353 -121231 -123722 EUR Thousand [+]
Government Debt to GDP 63.70 65.63 66.17 66.7 67.06 71.17 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Currency 1.12 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 238892.00 241691 242023 241927 241954 241948 EUR Thousand [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 22.78 19.5 19.2 18.7 18.5 15.5 percent [+]
Employed Persons 179783.00 180166 179888 179796 179789 179793 [+]
Wages 762.00 766 766 766 766 766 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 646.00 650 652 653 655 659 EUR/Month [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 2.30 3.2 3.6 3.3 3 2.7 percent [+]
Inflation Rate Mom 0.10 0.17 0.17 0.17 0.17 0.17 percent [+]
Consumer Price Index CPI 102.30 103 103 103 103 103 Index Points [+]
Producer Prices 162.80 166 168 170 172 188 Index Points [+]
Producer Prices Change 0.60 1 1.4 1.7 2 2.4 percent [+]
Food Inflation 3.00 2.94 2.96 2.96 2.96 2.96 percent [+]
Harmonised Consumer Prices 101.50 101 101 101 101 101 Index Points [+]
Export Prices 135.80 137 137 137 137 137 Index Points [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Loans to Private Sector 934792.00 959872 984835 1004845 1021075 1083593 EUR Thousand [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade -151346.00 -153989 -129327 -120353 -121231 -123722 EUR Thousand [+]
Exports 30717.00 29073 29354 29287 29285 29284 EUR Thousand [+]
Imports 182063.00 185392 160119 151419 152459 154648 EUR Thousand [+]
Current Account -318474.50 -571402 -319332 -570547 -320185 -565538 EUR Thousand [+]
Current Account to GDP -12.90 -13.55 -12.56 -11.58 -11.46 -11.2 percent [+]
Capital Flows -241390.36 -226176 -68831 -364503 -260897 -364989 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 63.70 65.63 66.17 66.7 67.06 71.17 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 215947.00 170494 170318 170329 170328 170328 EUR Thousand [+]
Government Revenues 1683637212.37 910022109 906366735 906609514 906593390 906594394 EUR [+]
Government Debt 2483.00 2322 2368 2417 2425 2378 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 -10.20 6.2 -0.35 -4.7 -1.94 -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 28490.00 47465 -115915 16334 65286 -12338 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 3.10 1.8 3.71 3 3.67 2 percent [+]
Consumer Spending 822276.00 822276 760101 822276 760101 822276 EUR Thousand [+]
Retail Sales Mom 12.20 11.1 -0.21 7.8 1.6 6 percent [+]
Gasoline Prices 1.40 1.36 1.36 1.37 1.37 1.38 USD/Liter [+]
Consumer Credit 1056953.00 1077828 1106537 1131970 1154502 1283413 EUR Thousand [+]
HOUSING Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Housing Index 1172.00 1154 1181 1221 1144 1137 EUR/SQ. METRE [+]
Construction Output 37.50 32.9 34 32.85 35.28 34.55 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 [+]