Economic indicators

 GROSS DOMESTIC PRODUCT

Montenegro’s economy has recorded very high growth rates over the past three years and it has been among the leading countries in Europe. The growth continued in 2024, although there was a certain slowdown – growth rates remained positive, but were lower compared to the previous year.

Montenegro’s Gross Domestic Product (GDP) in 2024 amounted to EUR 7.5 billion, with a real growth rate of 3.0%.

GDP structure in 2023

GDP per capita

GDP at current prices (in millions of €)

GDP – real growth rates

EMPLOYMENT AND LABOUR FORCE

During 2024, Montenegro’s labour market recorded positive trends, primarily through increased employment and growth in gross salaries. However, structural challenges remain, such as a shortage of qualified labour force and regional disparities in employment.

The average number of employees in Montenegro stood at 257.4 thousand, which represents a 5% increase – or 13 thousand more persons in comparison to the previous year. Moreover, the average gross salary amounted to EUR 1,196, reflecting a year-on-year increase of 17%.

The registered unemployment rate in Montenegro was 11.36%, representing a decrease of 2.7 percent. In absolute terms, the number of unemployed persons registered with the Employment Agency decreased to 33,037, which is 17% lower.

Unemployment rate

Average number of employees

Average salaries

Structure of employees by sectors (2024)

Educational structure of the active population

INFLATION

The period prior to the pandemic was characterized by stable economic growth accompanied by moderate price growth, averaging 1.3% per year. The past three years have been marked by strong inflationary pressures, particularly in the areas of energy and food.

In 2024, inflation in Montenegro continued to impact the cost of living, with the highest price increase recorded in the sectors of hospitality industry (restaurants and hotels 8.4%), clothing and footwear (7.3%), and housing, water, electricity, and gas (5.6%).