Macroeconomic data

Macroeconomic situation in Montenegro


In the last fifteen years or so, Montenegrin economy has suffered drastic decrease of economy activity, mostly due to political crises in the entire region. Large inflation rate (which in certain periods obtained characteristics of hyper-inflation), decrease of living standard and GDP are the most obvious consequences of general conditions which prevailed during the 1990´s of the previous century.

In order of recovering Montenegrin economy, the Government of Montenegro acceded program for reforming the entire economy. Change of economic structure and adopting standards and laws compatible with rules governing in European Union, are main conditions for complete integration of Montenegro and its economy into international flows. Changes made in economy structure of Montenegro rendered that accent is to be put on using compatible advantages being at dispose of Montenegro, mainly in agriculture and domain of services, mostly tourism. Along this, since January 2002, Montenegro uses EUR as official currency. It represents, perhaps the largest step within economic reforms, because it provided stability of economy, preference in monetary domain, which manifests in lower inflation rate.

It was started and largely realized process of privatization of Montenegrin economy, and capital market becomes increasingly important. Consequences of these events are seen through attracting new investments in Montenegrin economy. Among the most important investors are Interbrew, Daido Metal, Hit Gorica, Hellenic Petroleum, Nova Ljubljansa Banka, Magyar Telecom, Rusal and Societe Generale.

Positive trends can be seen by observing individual macroeconomic indicators from the following table, which reflect current situation of Montenegrin economy.


Macroeconomic situation in Montenegro – 2007. god.
  Value Growth rate
Gross domestic product (GDP) in current prices- (mil€)(1) (2) (10) 2278.14 28.07%
GDP per capita in current prices (€)(3) (10) 3673.56 31.65%
Real GDP growth in% (4) (10) 7.00  
Population(1) (3) 625,000 0.16%
Industrial production (growth rate in %)(1) (10) 0.10  
Manufacturing industry (growth rate in %) 9.30  
Production of electric energy, gas, water (growth rate in %) -27.40  
Stone and coal excavation (growth rate in %) 1.50  
Inflation - retail price index(%) (1) (3) (10) 4.20  
Number of tourists (1) (10) 1,150,000 22.83%
Total income from tourism (u mil. €)(5) (10) 480.00 73.91%
Employed (annual average)(1)    
Emloyed (ISSP)(3) (10) 216,902 6.56%
Unemployed rate (%) ISSP(3) (10)   11.90
Unemployed (end of year)(6) (10) 31,485 -26.99%
Broj penzionera (mart)(7) (10) 93,606 0.76%
Average wage (€)(1) (10) 386.00 2.56%
Average pension (€)(5) (10) 161.20 13.10%
Budget expenditure (mil €)(8) jan-okt -437,55 -17.83%
Budget revenue (mil €)(8) jan-okt   645,6 13.76%
Budget deficit/surplus (mil €)(8) (10) (5) 168.40 390.25%
Budget deficit/surplus as % GDP(3) (10) 3.00%  
M1 (mil €)(5) (10) 1,534.10 84.36%
M2 narrow conceptt (mil€)(5) (10) 2,604.60 122.44%
M2 broader concept (mil €)(5)(10) 2,726.50 116.42%
Total deposit(mil €)(5)(10) 2,089.40 158.14%
Household deposit (mil€)(5)(10) 1,017.90 189.34%
Deposit by corporate sector (mil €)(5)(10) 644.40 157.14%
Total loans (mil €)(5)(10) 2,247.06 244.06%
Loans disbursed to household(mil €)(5)(10) 796.80 243.89%
Loans disbursed to corporate sector  (mil €)(5)(10) 1,366.90 273.57%
Annual lending interest rate (5)(10) 9.03 -17.91%
Export of good and services (mil €)(5)(10) 1,080.45 2.93%
Import of good and services(mil €)(5)(10) 1,647.30 16.85%
Trade balance (mil €)(5)(10) -566.80 57.44%
Current account balance (mil €)(1) (5)(10) -576.02 29.53%
FDI (mil €)(10) 524.88 4.56%
Number of transaction on capital market (11) 224,803 95.96%
Turnover on capital market (11) 727,497,550 93.76%
Grey economy (%)(3) (10) 22.60 13.00%
Poverty rate(3) (10) 12.00  
Number of registered company(8) (10) 17,774 9.15%
Number of registered entrepreneurs(8) (10) 14,774 0.00%

Sources
  • (1) Monstat
  • (2) Secretariat for development
  • (3) Institute for Strategic Studies and Projections - ISSP
  • (4) Central Bank of Montenegro
  • (5) Institute for Employment of Montenegro
  • (6) Fund for pension and Disability Insurance of Montenegro
  • (7) Ministry of Finance of Montenegro
  • (8) Commercial Court
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