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MONTENEGRO
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Montenegro Economy
Country Name: Republic of Montenegro
Capital City: Cetinje
Population: 630,548 (2004)
Population Growth:
Currency: Euro (EUR)
Languages: Serbian
Area: 14,026 sq km
Inflation Rate: 3.4% (2004)
Unemployment Rate: 27.7% (2005)
Domain extension: .yu
ECONOMIC DETAILS OF MONTENEGRO
ECONOMY OVERVIEW
The republic of Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and maintained its own central bank, used the euro instead of the Yugoslav dinar as official currency, collected customs tariffs, and managed its own budget. The dissolution of the loose political union between Serbia and Montenegro in 2006 led to separate membership in several international financial institutions, such as the European Bank for Reconstruction and Development. On 18 January 2007, Montenegro joined the World Bank and IMF. Montenegro is pursuing its own membership in the World Trade Organization as well as negotiating a Stabilization and Association agreement with the European Union in anticipation of eventual membership. Severe unemployment remains a key political and economic problem for this entire region. Montenegro has privatized its large aluminum complex - the dominant industry - as well as most of its financial sector, and has begun to attract foreign direct investment in the tourism sector.
The republic of Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and maintained its own central bank, used the euro instead of the Yugoslav dinar as official currency, collected customs tariffs, and managed its own budget. The dissolution of the loose political union between Serbia and Montenegro in 2006 led to separate membership in several international financial institutions, such as the European Bank for Reconstruction and Development. On 18 January 2007, Montenegro joined the World Bank and IMF. Montenegro is pursuing its own membership in the World Trade Organization as well as negotiating a Stabilization and Association agreement with the European Union in anticipation of eventual membership. Severe unemployment remains a key political and economic problem for this entire region. Montenegro has privatized its large aluminum complex - the dominant industry - as well as most of its financial sector, and has begun to attract foreign direct investment in the tourism sector.
GDP - purchasing power parity:
$3.443 billion (2006 est.)
GDP - real growth rate:
NA%
GDP - per capita:
$3,800 (2005 est.)
GDP - by sector (agriculture):
agriculture: NA%
GDP - by sector (industry):
industry: NA%
GDP - by sector (services):
services: NA%
Export Partners:
Switzerland 83.9%, Italy 6.1%, Bosnia and Herzegovina 1.3% (2006)
Import Partners:
Greece 10.2%, Italy 10.2%, Germany 9.6%, Bosnia and Herzegovina 9.2% (2006)
Export Commodities:
#N/A
Import Commodities:
#N/A
Exports Volume:
$171.3 million (2003)
Imports Volume:
$601.7 million (2003)
Labour Force:
259,100 (2004)
Unemployment Rate:
27.7% (2005)
Population below poverty line:
12.2% (2003)
Inflation Rate:
3.4% (2004)
Investment (gross fixed):
NA% of GDP
Public Debt:
NA% of GDP
Agriculture Products:
grains, tobacco, potatoes, citrus fruits, olives, grapes; sheepherding; commercial fishing negligible
Industries:
steelmaking, aluminum, agricultural processing, consumer goods, tourism
Industrial Production Growth Rate:
#N/A
Electricity - production:
2.864 billion kWh (2005 est.)
Electricity - consumption:
18.6 million kWh (2004)
Electricity - exports:
Electricity - imports:
Oil - production:
0 bbl/day (2004)
Oil - consumption:
450 bbl/day (2004)
Oil - exports:
Oil - imports:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Current Account Balance:
$NA
Currency Code:
euro (EUR)