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 Q3/17 Q4/17 Q1/18 Q2/18 2020
Unemployment Rate 21.14 21.2 19.9 19.5 19.2 16.5 percent [+]
Inflation Rate 2.80 2.2 2.1 2.3 2.5 2.7 percent [+]
Balance of Trade -185611.00 -163608 -135060 -128250 -131472 -134212 EUR Thousand [+]
Government Debt to GDP 63.70 65.6 65.6 66.7 66.7 70.2 percent [+]
MARKETS Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Currency 1.19 1.19 1.18 1.16 1.15 1.02 [+]
Stock Market 12247.14 12100 12000 11900 11800 10400 points [+]
GDP Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
GDP Annual Growth Rate 3.20 2.3 2.3 2.2 2.2 1.9 percent [+]
GDP 4.17 4.11 5.05 3.98 3.92 6.98 USD Billion [+]
GDP Constant Prices 728.20 851 852 852 852 852 EUR Million [+]
GDP per capita 7455.33 7490 7525 7545 7564 7685 USD [+]
GDP per capita PPP 15658.11 15731 15805 15846 15887 16140 USD [+]
Gross Fixed Capital Formation 238892.00 242023 241927 241954 241946 241948 EUR Thousand [+]
LABOUR Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Unemployment Rate 21.14 21.2 19.9 19.5 19.2 16.5 percent [+]
Employed Persons 191770.00 191436 189700 189138 189110 189147 [+]
Wages 757.00 758 757 757 756 750 EUR/Month [+]
Minimum Wages 288.05 288 288 288 288 288 EUR/Month [+]
Population 0.62 0.62 0.62 0.62 0.62 0.63 Million [+]
Wages In Manufacturing 646.00 652 653 655 656 659 EUR/Month [+]
PRICES Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Inflation Rate 2.80 2.2 2.1 2.3 2.5 2.7 percent [+]
Inflation Rate Mom 0.50 0.25 0.39 0.41 0.44 0.52 percent [+]
Consumer Price Index CPI 101.70 102 102 102 102 102 Index Points [+]
Producer Prices 162.20 168 170 172 172 188 Index Points [+]
Producer Prices Change 0.10 1.4 1.7 2 2 2.4 percent [+]
Food Inflation 1.40 1.46 1.79 2.02 2.18 2.48 percent [+]
Harmonised Consumer Prices 104.40 105 105 105 105 105 Index Points [+]
Export Prices 131.10 134 134 134 134 134 Index Points [+]
MONEY Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Loans to Private Sector 950860.00 964248 973062 980206 986005 1007874 EUR Thousand [+]
TRADE Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Balance of Trade -185611.00 -163608 -135060 -128250 -131472 -134212 EUR Thousand [+]
Exports 29956.10 29174 28742 28759 28754 28754 EUR Thousand [+]
Imports 215567.20 187402 156722 149679 152963 155664 EUR Thousand [+]
Current Account -310215.08 -183914 -219936 -209662 -212592 -211942 EUR Thousand [+]
Current Account to GDP -13.30 -10.7 -10.7 -9.8 -9.8 -7.5 percent [+]
Capital Flows 201237.92 72749 304631 227962 217445 254933 EUR Thousand [+]
Tourist Arrivals 166642.00 114200 24400 29900 132200 30200 [+]
Terrorism Index 0.15 0.34 0.34 0.26 0.18 0.42 [+]
Foreign Direct Investment 757435.19 606956 640662 646434 652206 659910 EUR Thousand [+]
GOVERNMENT Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Government Debt to GDP 63.70 65.6 65.6 66.7 66.7 70.2 percent [+]
Government Budget -7.00 -7.79 -9.14 -9 -8.86 -8.7 percent of GDP [+]
Government Budget Value -103311248.08 -80107137 -90384984 -73542946 -76838625 -52897845 EUR [+]
Government Spending 215947.00 170318 170329 170328 170328 170328 EUR Thousand [+]
Government Revenues 769711347.19 1179437622 1640419648 364770949 737190390 1523841733 EUR [+]
Government Debt 2483.00 2368 2417 2425 2329 2378 EUR Million [+]
Fiscal Expenditure 873022595.27 1206093995 1776731042 442189479 845641880 1654988208 EUR [+]
Military Expenditure 66.80 61.5 63.23 63.79 64.36 64.97 USD Million [+]
BUSINESS Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Industrial Production 2.70 -1.12 -4.7 -1.98 -2.13 -1.1 percent [+]
Industrial Production Mom 23.20 -9.3 0.05 0.88 0.68 0.72 percent [+]
Manufacturing Production -1.80 4.3 0.4 -0.42 -0.41 -0.37 percent [+]
Changes in Inventories 28490.00 -115915 16334 65286 53876 -12338 EUR Thousand [+]
Mining Production 123.60 148 149 147 148 148 percent [+]
Competitiveness Index 4.05 4.15 4.15 4.11 4.09 4.22 Points [+]
Competitiveness Rank 82.00 69 69 74 75 63 [+]
Corruption Index 45.00 46 46 46 46 48 Points [+]
Corruption Rank 64.00 60 57 58 59 64 [+]
Ease of Doing Business 51.00 58 60 61 63 83 [+]
CONSUMER Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Retail Sales Yoy 2.70 4.37 3 5.1 5.64 2 percent [+]
Consumer Spending 822276.00 760101 822276 760101 822276 822276 EUR Thousand [+]
Retail Sales Mom 17.60 0.87 7.8 1.91 1.86 6 percent [+]
Gasoline Prices 1.45 1.41 1.41 1.41 1.42 1.42 USD/Liter [+]
Consumer Credit 1089518.00 1115737 1145738 1172344 1195936 1325126 EUR Thousand [+]
HOUSING Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Housing Index 1172.00 1181 1221 1144 1151 1137 EUR/SQ. METRE [+]
Construction Output 37.50 34 32.85 35.28 35.08 34.55 percent [+]
Building Permits 299.00 264 298 264 297 294 [+]
TAXES Actual Q3/17 Q4/17 Q1/18 Q2/18 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 33.92 34.3 34.3 34.3 34.3 percent [+]
Social Security Rate For Companies 10.30 10.05 10.3 10.3 10.3 10.3 percent [+]
Social Security Rate For Employees 24.00 23.87 24 24 24 24 percent [+]