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 Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 21.87 20.2 19.7 19.4 19 16.5 percent [+]
Inflation Rate 2.40 3.2 3.4 3.2 3 2.7 percent [+]
Balance of Trade -170450.00 -145247 -126846 -123132 -125223 -126739 EUR Thousand [+]
Government Debt to GDP 63.70 65.6 66.7 66.7 66.7 70.2 percent [+]
MARKETS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Currency 1.17 1.16 1.15 1.13 1.12 0.99 [+]
Stock Market 12247.14 12100 12000 11900 11800 10400 points [+]
GDP Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Annual Growth Rate 5.10 2.3 2.2 2.2 2 1.9 percent [+]
GDP 4.17 5.05 4.07 3.95 3.82 6.98 USD Billion [+]
GDP Constant Prices 924.73 931 724 931 1188 917 EUR Million [+]
GDP per capita 7455.33 7520 7600 7600 7600 7890 USD [+]
GDP per capita PPP 15658.11 15646 15640 15635 15630 15303 USD [+]
Gross Fixed Capital Formation 279602.00 254617 165411 234890 221668 237651 EUR Thousand [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 21.87 20.2 19.7 19.4 19 16.5 percent [+]
Employed Persons 177369.00 175911 175984 175391 174855 170625 [+]
Wages 767.00 766 766 765 764 759 EUR/Month [+]
Minimum Wages 288.05 288 288 288 288 288 EUR/Month [+]
Population 0.62 0.61 0.61 0.61 0.61 0.63 Million [+]
Wages In Manufacturing 639.00 666 670 673 675 684 EUR/Month [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 2.40 3.2 3.4 3.2 3 2.7 percent [+]
Inflation Rate Mom 0.10 0.56 0.53 0.53 0.54 0.53 percent [+]
Consumer Price Index CPI 101.70 102 102 101 101 100 Index Points [+]
Producer Prices 161.50 170 172 172 161 188 Index Points [+]
Producer Prices Change -0.10 0.6 1.1 1.5 2 2.4 percent [+]
Food Inflation 0.80 1.41 1.76 1.99 2.14 2.43 percent [+]
Harmonised Consumer Prices 104.40 104 104 104 103 102 Index Points [+]
Export Prices 136.40 136 134 131 129 123 Index Points [+]
MONEY Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Loans to Private Sector 892537.00 850308 828927 821151 823614 970124 EUR Thousand [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade -170450.00 -145247 -126846 -123132 -125223 -126739 EUR Thousand [+]
Exports 32146.70 33838 31819 31709 31469 31041 EUR Thousand [+]
Imports 202596.30 173072 155649 153710 156544 157769 EUR Thousand [+]
Current Account 250444.66 -246729 -297688 -326918 157674 -163107 EUR Thousand [+]
Current Account to GDP -19.10 -10.7 -9.8 -9.8 -9.8 -7.5 percent [+]
Capital Flows -129775.68 128317 108266 172619 13641 92736 EUR Thousand [+]
Tourist Arrivals 68135.00 24400 29900 132200 116200 30200 [+]
Terrorism Index 0.08 0.34 0.26 0.18 0.1 0.42 [+]
Foreign Direct Investment 757435.19 735532 767070 798607 830144 817737 EUR Thousand [+]
GOVERNMENT Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Government Debt to GDP 63.70 65.6 66.7 66.7 66.7 70.2 percent [+]
Government Budget -7.20 -6.2 -5.4 -5.4 -5.4 -3.2 percent of GDP [+]
Government Budget Value -94292007.07 -90384984 -73542946 -76838625 -68766344 -52897845 EUR [+]
Government Spending 188197.00 213842 151319 164711 165264 208992 EUR Thousand [+]
Government Revenues 1265995454.17 1640419648 364770949 737190390 1144233146 1523841733 EUR [+]
Government Debt 2490.00 2510 2505 2490 2487 2391 EUR Million [+]
Fiscal Expenditure 1360287461.24 1776731042 442189479 845641880 1171402598 1654988208 EUR [+]
Military Expenditure 66.80 69.31 70.17 71.04 71.9 71.92 USD Million [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Industrial Production 2.60 -4.7 -1.63 -1.81 -1.35 -1.1 percent [+]
Industrial Production Mom 7.50 -1.68 0.64 0.9 0.9 0.91 percent [+]
Manufacturing Production 7.90 2.6 2.5 2.12 1.91 1.74 percent [+]
Changes in Inventories 38034.00 15653 58140 47943 -109561 -11764 EUR Thousand [+]
Internet Speed 6689.26 6881 6360 6392 6692 6078 KBps [+]
IP Addresses 73349.00 71022 71385 70875 70366 67837 IP [+]
Mining Production 115.10 59.26 38.19 29.22 25.78 23.7 percent [+]
Competitiveness Index 4.15 4.12 4.12 4.12 4.12 4.24 Points [+]
Competitiveness Rank 77.00 76 76 76 76 64 [+]
Corruption Index 45.00 44 44 45 45 44 Points [+]
Corruption Rank 64.00 57 58 59 60 64 [+]
Ease of Doing Business 42.00 54 49 47 45 48 [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Retail Sales Yoy 2.90 3 4.26 4.76 5.23 2 percent [+]
Consumer Spending 781220.00 821004 671853 728437 710560 802658 EUR Thousand [+]
Retail Sales Mom -15.20 7.8 1.52 1.54 1.58 6 percent [+]
Gasoline Prices 1.46 1.48 1.48 1.47 1.47 1.4 USD/Liter [+]
Consumer Credit 1114181.00 1131865 1152466 1165792 1172452 1035447 EUR Thousand [+]
HOUSING Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Housing Index 1102.00 1190 1198 1218 1223 1207 EUR/SQ. METRE [+]
Construction Output 40.40 35.92 28.69 22.2 18.47 15.28 percent [+]
Building Permits 262.00 265 245 244 239 229 [+]
TAXES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Corporate Tax Rate 9.00 10 10 10 10 11 percent [+]
Personal Income Tax Rate 9.00 9 9 9 9 9 percent [+]
Sales Tax Rate 19.00 19 19 19 19 18 percent [+]
Social Security Rate 34.30 32.84 32.84 32.84 32.83 32.81 percent [+]
Social Security Rate For Companies 10.30 9.33 9.32 9.32 9.32 9.31 percent [+]
Social Security Rate For Employees 24.00 23.51 23.51 23.51 23.51 23.5 percent [+]
CLIMATE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Precipitation 1.00 92.27 92.27 92.27 92.27 92.27 mm [+]
Temperature 1.00 2.84 5.34 14.57 11.97 4.87 celsius [+]