Markets Actual Q2 Q3 Q4 Q1 2022
Currency 1.22 1.21 1.21 1.21 1.2 1.19
Stock Market (points) 11258.98 11104 10950 10800 10650 10350

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Annual Growth Rate (%) -7.50 16 10 5.8 5.8 3
Unemployment Rate (%) 24.32 22 23 19 17.5 17
Inflation Rate (%) 2.20 0.9 1.5 1.6 1.4 1.7
Inflation Rate Mom (%) 0.60 0.4 0.4 0.4 0.4 0.4
Balance of Trade (EUR Thousand) -151138.00 -193700 -193700 -193700 -193700 -193700
Current Account to GDP (%) -15.00 -16.1 -16.1 -16.1 -13.5 -13.5
Government Debt to GDP (%) 74.91 95.2 95.2 95.2 85.8 85.8
Government Budget (% of GDP) -2.00 -3.6 -3.6 -3.6 0.1 0.1
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 2022
GDP Annual Growth Rate (%) -7.50 16 10 5.8 5.8 3
GDP (USD Billion) 5.49 5.62 5.62 5.62 6.08 6.08
GDP Constant Prices (EUR Million) 1158.28 873 1066 1245 1273 1311
GDP per capita (USD) 8545.48 8000 8000 8000 8000 8300
GDP per capita PPP (USD) 21378.60 21100 21100 21100 21100 21400
Gross Fixed Capital Formation (EUR Thousand) 312027.00 273759 327620 346525 323516 333222

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 24.32 22 23 19 17.5 17
Wages (EUR/Month) 785.00 800 800 800 800 800
Minimum Wages (EUR/Month) 331.33 331 331 331 331 331
Population (Million) 0.62 0.62 0.62 0.62 0.62 0.62
Wages In Manufacturing (EUR/Month) 574.00 690 690 690 690 690

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 2.20 0.9 1.5 1.6 1.4 1.7
Inflation Rate Mom (%) 0.60 0.4 0.4 0.4 0.4 0.4
Consumer Price Index CPI (points) 106.80 106 107 106 108 108
Producer Prices (points) 171.60 169 171 178 178 173
Harmonised Consumer Prices (points) 107.00 111 111 114 114 114
Producer Prices Change (%) 1.60 1.8 2.2 2.5 2.5 2.5
Food Inflation (%) 2.90 1.8 2.28 2.28 2.28 2.28

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (EUR Thousand) -151138.00 -193700 -193700 -193700 -193700 -193700
Current Account to GDP (%) -15.00 -16.1 -16.1 -16.1 -13.5 -13.5
Imports (EUR Thousand) 185333.00 236200 236200 236200 236200 236200
Exports (EUR Thousand) 34195.00 42500 42500 42500 42500 42500
Tourist Arrivals (Persons) 9902.00 75000 108000 29000 29000 38500

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (%) 74.91 95.2 95.2 95.2 85.8 85.8
Government Budget (% of GDP) -2.00 -3.6 -3.6 -3.6 0.1 0.1
Government Budget Value (EUR) -217443988.18 -124249431 -124249431 -124249431 -124249431 -124249431
Government Spending (EUR Thousand) 278740.00 163423 247373 214156 222941 229629

Taxes Actual Q2 Q3 Q4 Q1 2022
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 (%) 34.30 34.3 34.3 34.3 34.3 34.3
Social Security Rate For Companies (%) 10.30 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 2022
Industrial Production (%) 9.30 6.8 6.8 6.5 6.5 6.5

Consumer Actual Q2 Q3 Q4 Q1 2022
Retail Sales Yoy (%) -6.40 4.3 4.3 6.1 6.1 5.7
Consumer Spending (EUR Thousand) 872051.00 772260 893316 921435 814766 839209
Retail Sales Mom (%) 15.10 9 -11 14.4 14.4 14.4
Consumer Credit (EUR Thousand) 1391199.00 1315497 1613559 1361596 1475031 1519282
Gasoline Prices (USD/Liter) 1.57 1.3 1.24 1.18 1.12 1.06


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.