The economy of Montenegro contracted 6.40 percent year-on-year in the first quarter of 2021, following a 7.50 percent slump in the last quarter of 2020. Households consumption expenditure retreated 7.28 percent, gross fixed capital formation fell by 20.04 percent, and net exports plunged 30.17 percent. On the other hand, government spending expanded by 4.38 percent. source: Statistical Office of Montenegro

GDP Annual Growth Rate in Montenegro averaged 1.95 percent from 2001 until 2021, reaching an all time high of 18.20 percent in the first quarter of 2007 and a record low of -26.90 percent in the third quarter of 2020. This page provides the latest reported value for - Montenegro GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Montenegro GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2021.

GDP Annual Growth Rate in Montenegro is expected to be 16.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Montenegro to stand at 5.80 in 12 months time. In the long-term, the Montenegro GDP Annual Growth Rate is projected to trend around 3.00 percent in 2022, according to our econometric models.

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Montenegro GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-6.40 -7.50 18.20 -26.90 2001 - 2021 percent Quarterly
Constant prices

Calendar GMT Actual Previous Consensus TEForecast
2020-09-23 10:15 AM Q2 -20.2% 2.7% -6.5%
2021-01-08 10:00 AM Q3 -26.9% -20.3% -12%
2021-03-17 10:00 AM Q4 -7.5% -26.9% -6.5%
2021-06-16 09:00 AM Q1 -6.4% -7.5% -2%
2021-09-22 09:00 AM Q2 -6.4% 17%
2021-12-15 10:00 AM Q3

Montenegro GDP Annual Growth Rate
Montenegro formally declared its independence in 2006 and it is still in a state of economic transition. The country does not have its own currency and uses Euro as legal tender. Montenegro economy relies heavily on foreign tourism and on exports of refined metals. On the expenditure side, household consumption is the main component of GDP (80 percent), followed by government expenditure (19 percent) and gross fixed capital formation (19 percent). Exports of goods and services account for 40 percent of GDP while imports account for 60 percent, subtracting 20 percent of total GDP.