Montenegro

Country Summary

2023 population pyramid

Introduction

Background

Under Ottoman control beginning in 1496, Montenegro was ruled by bishop princes until it became a secular principality in 1852. In 1918, Montenegro was absorbed by the Kingdom of Serbs, Croats, and Slovenes, which became Yugoslavia in 1929. When the latter dissolved in 1992, Montenegro first federated with Serbia but voted for independence in 2006. Montenegro became an official EU candidate in 2010 and joined NATO in 2017.

Geography

Area

total: 13,812 sq km
land: 13,452 sq km
water: 360 sq km

Climate

Mediterranean climate, hot dry summers and autumns and relatively cold winters with heavy snowfalls inland

Natural resources

bauxite, hydroelectricity

People and Society

Population

total: 599,849
male: 294,482
female: 305,367 (2024 est.)

Ethnic groups

Montenegrin 45%, Serbian 28.7%, Bosniak 8.7%, Albanian 4.9%, Muslim 3.3%, Romani 1%, Croat 1%, other 2.6%, unspecified 4.9% (2011 est.)

Languages

Serbian 42.9%, Montenegrin (official) 37%, Bosnian 5.3%, Albanian 5.3%, Serbo-Croat 2%, other 3.5%, unspecified 4% (2011 est.)

Religions

Orthodox 72.1%, Muslim 19.1%, Catholic 3.4%, atheist 1.2%, other 1.5%, unspecified 2.6% (2011 est.)

Population growth rate

-0.44% (2024 est.)

Government

Government type

parliamentary republic

Capital

name: Podgorica; note - Cetinje retains the status of "Old Royal Capital"

Executive branch

chief of state: President Jakov MILATOVIC (since 20 May 2023)
head of government: Prime Minister Milojko SPAJIC (since 31 October 2023)

Legislative branch

description: unicameral Assembly or Skupstina (81 seats; members directly elected in a single nationwide constituency by proportional representation vote; members serve 4-year terms)

Economy

Economic overview

upper middle-income, small Balkan economy; uses euro as de facto currency; strong growth driven by tourism and consumption; new impetus for EU accession under Europe Now government; influx of affluent migrants from Russia and Ukraine; progress in fiscal position subject to risks from pension costs, debt service, and informal sector

Real GDP (purchasing power parity)

$13.646 billion (2022 est.)
$12.824 billion (2021 est.)
$11.344 billion (2020 est.)

Real GDP per capita

$22,100 (2022 est.)
$20,700 (2021 est.)
$18,300 (2020 est.)

Agricultural products

milk, potatoes, grapes, watermelons, sheep milk, cabbages, oranges, eggs, goat milk, figs (2022)

Industries

steelmaking, aluminum, agricultural processing, consumer goods, tourism

Exports

$3.178 billion (2022 est.)
$2.502 billion (2021 est.)
$1.247 billion (2020 est.)

Exports - partners

South Korea 24%, Serbia 12%, Italy 9%, Switzerland 9%, Bosnia and Herzegovina 7% (2022)

Exports - commodities

copper ore, electricity, aluminum, aluminum ore, packaged medicine (2022)

Imports

$4.614 billion (2022 est.)
$3.637 billion (2021 est.)
$2.917 billion (2020 est.)

Imports - partners

Serbia 24%, China 8%, Italy 8%, Croatia 7%, Greece 7% (2022)

Imports - commodities

electricity, refined petroleum, aluminum, cars, garments (2022)

Exchange rates

euros (EUR) per US dollar -
Exchange rates:
0.951 (2022 est.)
0.845 (2021 est.)
0.877 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)


Page last updated: Monday, July 08, 2024