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The Economy of Montenegro

Montenegrin Economy

Montenegro's map

Economy - overview: Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and maintained its own central bank, adopted the Deutchmark, then the euro - rather than 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 and signed a Stabilization and Association agreement with the European Union in October 2007. On December 15, 2007, Montenegro submitted an EU membership application. Unemployment and regional disparities in development are key political and economic problems. 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 global financial crisis is likely to have a significant negative impact on the economy.

GDP:

GDP - real growth rate: 6.5% (2008 est.) 7% (2007 est.) 8.6% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: NA% industry: NA% services: NA%

Population below poverty line:

Household income or consumption by percentage share:

Distribution of family income - Gini index: 30 (2003)

Inflation rate (consumer prices):

Labor force: 259,100 (2004)

Labor force - by occupation: agriculture: 2% industry: 30% services: 68% (2004 est.)

Unemployment rate: 14.7% (2007 est.)

Budget: revenues: NA expenditures: NA

Industries: steelmaking, aluminum, agricultural processing, consumer goods, tourism

Industrial production growth rate:

Electricity - production: 2.864 billion kWh (2005 est.)

Electricity - production by source:

Electricity - consumption: 18.6 million kWh (2005)

Electricity - exports: 0 kWh (2005)

Electricity - imports: 0 kWh (2005)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 450 bbl/day (2004)

Oil - exports: 313.6 bbl/day (2005)

Oil - imports: 6,093 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production:

Natural gas - consumption: NA cu m

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

Agriculture - products: grains, tobacco, potatoes, citrus fruits, olives, grapes; sheepherding; commercial fishing negligible

Exports: $171.3 million (2003)

Exports - commodities:

Exports - partners:

Imports: $601.7 million f.o.b. (2003)

Imports - commodities:

Imports - partners:

Debt - external: $650 million (2006)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)

Fiscal year: