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A proportional representation of Montenegro exports, 2019 |
The economy of Montenegro is mostly service-based and is in late transition to a market economy. According to the International Monetary Fund, the nominal GDP of Montenegro was $5.424 billion in 2019. The GDP PPP for 2019 was $12.516 billion, or $20,083 per capita. According to Eurostat data, the Montenegrin GDP per capita stood at 48% of the EU average in 2018. The Central Bank of Montenegro is not part of the euro system but the country is "euroised", using the euro unilaterally as its currency. |
GDP grew at 10.7% in 2007 and 7.5% in 2008. The country entered a recession in 2008 as a part of the global recession, with GDP contracting by 4%. However, Montenegro remained a target for foreign investment, the only country in the Balkans to increase its amount of direct foreign investment. The country exited the recession in mid-2010, with GDP growth at around 0.5%. However, the significant dependence of the Montenegrin economy on foreign direct investment leaves it susceptible to external shocks and a high export/import trade deficit. |
In 2007, the service sector made up 72.4% of GDP, with industry and agriculture making up the rest at 17.6% and 10%, respectively. There are 50,000 farming households in Montenegro that rely on agriculture to fill the family budget. |
=== Infrastructure === |
Bar–Boljare highway, blue – Adriatic–Ionian motorway |
The Montenegrin road infrastructure is not yet at Western European standards. Despite an extensive road network, no roads are built to full motorway standards. Construction of new motorways is considered a national priority, as they are important for uniform regional economic development and the development of Montenegro as an attractive tourist destination. |
Current European routes that pass through Montenegro are E65 and E80. |
The backbone of the Montenegrin rail network is the Belgrade–Bar railway, which provides international connection towards Serbia. There is a domestic branch line, the Nikšić-Podgorica railway, which was operated as a freight-only line for decades, and is now also open for passenger traffic after the reconstruction and electrification works in 2012. The other branch line from Podgorica towards the Albanian border, the Podgorica–Shkodër railway, is not in use. |
Montenegro has two international airports, Podgorica Airport and Tivat Airport. The two airports served 1.1 million passengers in 2008. |
The Port of Bar is Montenegro's main seaport. Initially built in 1906, the port was almost completely destroyed during World War II, with reconstruction beginning in 1950. Today, it is equipped to handle over 5 million tons of cargo annually, though the breakup of the former Yugoslavia and the size of the Montenegrin industrial sector has resulted in the port operating at a loss and well below capacity for several years. The reconstruction of the Belgrade-Bar railway and the proposed Belgrade-Bar motorway are expected to bring the port back up to capacity. |
=== Tourism === |
The Bay of Kotor, a UNESCO World Heritage Site. |
With a total of 1.6 million visitors, Montenegro is the 36th most visited country (out of 47 countries) in Europe. The majority of foreign visitors to Montenegro come from the neighbouring countries of Serbia, Bosnia and Herzegovina and Kosovo, as well as Russia. The Montenegrin Adriatic coast is long, with of beaches and many well-preserved ancient old towns. Some of the most popular beaches on the Montenegrin coast include Jaz Beach, Mogren Beach, Bečići Beach, Sveti Stefan Beach and Velika Plaža. Meanwhile, some of the most popular ancient Montenegrin towns include Herceg Novi, Perast, Kotor, Budva and Ulcinj. |
''National Geographic Traveler'' (edited once a decade) ranks Montenegro among the "50 Places of a Lifetime", and the Montenegrin seaside Sveti Stefan was used as the cover for the magazine. The coast region of Montenegro is considered one of the great new "discoveries" among world tourists. In January 2010, ''The New York Times'' ranked the Ulcinj South Coast region of Montenegro, including Velika Plaža, Ada Bojana, and the Hotel Mediteran of Ulcinj, among the "Top 31 Places to Go in 2010" as part of a worldwide ranking of tourism destinations. |
Montenegro was also listed by Yahoo Travel among the "10 Top Hot Spots of 2009" to visit, describing it as being "currently ranked as the second fastest growing tourism market in the world (falling just behind China)". It is listed every year by prestigious tourism guides like Lonely Planet as a top tourist destination along with Greece, Spain and other popular locations. |
== Demographics == |
=== Ethnic structure === |
Ethnic structure of Montenegro by settlements, 2011. |
Linguistic structure of Montenegro by settlements, 2011. |
According to the 2003 census, Montenegro has 620,145 citizens. If the methodology used up to 1991 had been adopted in the 2003 census, Montenegro would officially have recorded 673,094 citizens. The results of the 2011 census show that Montenegro had 620,029 citizens. |
Montenegro is a multiethnic state in which no ethnic group forms a majority. Major ethnic groups include Montenegrins (Црногорци/''Crnogorci'') and Serbs (Срби/''Srbi''); others are Bosniaks (''Bošnjaci''), Albanians (''Albanci – Shqiptarët'') and Croats (''Hrvati''). The number of "Montenegrins" and "Serbs" fluctuates widely from census to census due to changes in how people perceive, experience, or choose to express, their identity and ethnic affiliation. |
Ethnic composition according to the 2011 official data: |
Number |
% |
'''Total''' |
'''620,029''' |
100 |
Montenegrins |
278,865 |
45.0 |
Serbs |
178,110 |
28.7 |
Bosniaks |
53,605 |
8.6 |
Albanians |
30,439 |