Markets Actual Q2 Q3 Q4 Q1 2023
Stock Market (points) 11105.63 10801 10551 10308 10070 9595
Currency 1.04 1.04 1.03 1.02 1.01 0.99

Overview Actual Q2 Q3 Q4 Q1 2023
GDP Annual Growth Rate (%) 7.20 2.2 2.5 3 3 3
Unemployment Rate (%) 20.63 22 22 21.8 21.8 21.3
Inflation Rate (%) 11.70 12 8.5 7.2 6.5 4.2
Inflation Rate Mom (%) 0.80 0.4 0.4 0.4 0.4 0.4
Balance of Trade (EUR Thousand) -210401.00 -193700 -193700 -193700 -193700 -193700
Current Account (EUR Thousand) -183802.55 160000 -210000 -200000 -250000 -203042
Current Account to GDP (% of GDP) -25.90 -13.5 -13.5 -13.5 -13.5 -12
Government Debt to GDP (% of GDP) 103.28 85.8 85.8 85.8 85.8 83
Government Budget (% of GDP) -10.10 0.1 0.1 0.1 0.1 1
Corporate Tax Rate (%) 9.00 9 9 9 9 9
Personal Income Tax Rate (%) 9.00 9 9 9 9 9

GDP Actual Q2 Q3 Q4 Q1 2023
GDP Annual Growth Rate (%) 7.20 2.2 2.5 3 3 3
GDP (USD Billion) 4.78 6.08 6.08 6.08 6.08 6.44
GDP Constant Prices (EUR Million) 938.31 1096 1562 1290 966 1329
GDP per capita (USD) 6522.56 8000 8000 8300 8300 8300
GDP per capita PPP (USD) 18278.73 21100 21100 21400 21400 21400
Full Year GDP Growth (%) 12.40 3.3 3.3 3.3 4.5 4.5
Gross Fixed Capital Formation (EUR Thousand) 256286.00 295922 277846 263975 263975 271894

Labour Actual Q2 Q3 Q4 Q1 2023
Unemployment Rate (%) 20.63 22 22 21.8 21.8 21.3
Wages (EUR/Month) 873.00 800 800 800 800 800
Minimum Wages (EUR/Month) 532.54 331 331 331 331 331
Population (Million) 0.62 0.62 0.62 0.62 0.62 0.62
Wages In Manufacturing (EUR/Month) 700.00 690 690 690 690 690

Prices Actual Q2 Q3 Q4 Q1 2023
Inflation Rate (%) 11.70 12 8.5 7.2 6.5 4.2
Inflation Rate Mom (%) 0.80 0.4 0.4 0.4 0.4 0.4
Consumer Price Index CPI (points) 119.60 120 117 117 124 122
Producer Prices (points) 182.90 182 182 184 190 190
Food Inflation (%) 20.60 12 10 8 6 5
Harmonised Consumer Prices (points) 118.00 114 114 114 114 114
Producer Prices Change (%) 6.50 6.2 7.5 5.5 4 3.5

Trade Actual Q2 Q3 Q4 Q1 2023
Balance of Trade (EUR Thousand) -210401.00 -193700 -193700 -193700 -193700 -193700
Current Account (EUR Thousand) -183802.55 160000 -210000 -200000 -250000 -203042
Current Account to GDP (% of GDP) -25.90 -13.5 -13.5 -13.5 -13.5 -12
Imports (EUR Thousand) 286166.00 236200 236200 236200 236200 236200
Exports (EUR Thousand) 57558.00 42500 42500 42500 42500 42500
Tourist Arrivals 111455.00 29000 29000 38500 38500 38500

Government Actual Q2 Q3 Q4 Q1 2023
Government Debt to GDP (% of GDP) 103.28 85.8 85.8 85.8 85.8 83
Government Budget (% of GDP) -10.10 0.1 0.1 0.1 0.1 1
Government Budget Value (EUR) -217443988.18 -124249431 -124249431 -124249431 -124249431 -124249431
Government Spending (EUR Thousand) 273368.00 224676 249394 281569 281569 290016

Taxes Actual Q2 Q3 Q4 Q1 2023
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 (%) 32.30 34.3 34.3 34.3 34.3 34.3
Social Security Rate For Companies (%) 8.30 10.3 10.3 10.3 10.3 10.3
Social Security Rate For Employees (%) 24.00 24 24 24 24 24

Business Actual Q2 Q3 Q4 Q1 2023
Industrial Production (%) -20.10 12 8 8 9 6.5
Industrial Production Mom (%) -2.20 0.1 0.2 0.5 0.2 1.2
Manufacturing Production (%) 5.00 26 28 32 36 22.2
Mining Production (%) -8.80 -30 -40 -42 -20 -20

Consumer Actual Q2 Q3 Q4 Q1 2023
Retail Sales Yoy (%) 18.10 6.1 6.1 5.7 5.7 5.7
Consumer Spending (EUR Thousand) 980768.00 898197 963754 1010191 1010191 1040497
Gasoline Prices (USD/Liter) 1.79 1.85 1.92 1.99 2.06 2.06
Consumer Credit (EUR Thousand) 1496964.00 1447075 1459836 1474453 1509550 1518687
Retail Sales Mom (%) 14.40 14.4 14.4 14.4 14.4 14.4


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Montenegro Forecast - was last updated on Thursday, June 30, 2022.