Montenegro

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Introduction - Montenegro:
Location - Montenegro:
People - Montenegro:
Government - Montenegro:
Economy - 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.

Gdp purchasing power parity

$3.443 billion (2006 est.)

Gdp official exchange rate

$2.27 billion (2006 est.)

Gdp real growth rate

NA%

Gdp per capita ppp

$3,800 (2005 est.)

Gdp composition by sector

agriculture: NA%
industry: NA%
services: NA%

Labor force

259,100 (2004)

Labor force by occupation

agriculture: 2%
industry: 30%
services: 68% (2004 est.)

Unemployment rate

27.7% (2005)

Population below poverty line

12.2% (2003)

Inflation rate consumer prices

3.4% (2004)

Investment gross fixed

NA% of GDP

Budget

revenues: NA
expenditures: NA

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

Electricity production

2.864 billion kWh (2005 est.)

Electricity consumption

18.6 million kWh (2004)

Oil production

0 bbl/day (2004)

Oil consumption

450 bbl/day (2004)

Natural gas consumption

NA cu m

Current account balance

$NA

Exports

$171.3 million (2003)

Exports partners

Switzerland 83.9%, Italy 6.1%, Bosnia and Herzegovina 1.3% (2006)

Imports

$601.7 million (2003)

Imports partners

Greece 10.2%, Italy 10.2%, Germany 9.6%, Bosnia and Herzegovina 9.2% (2006)

Reserves of foreign exchange and gold

NA

Debt external

$NA

Economic aid recipient

$NA

Currency code

euro (EUR)

Exchange rates

euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8089 (2004), 0.886 (2003), 1.0626 (2002)

Communications - Montenegro:
Transportation - Montenegro:
Military - Montenegro:
This page was last updated on 16 September, 2007
Source: CIA >>>


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