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Economy of Montenegro

Montenegro is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Montenegro may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Montenegro exports around $0.49 billion and imports roughly $2.4 billion. 16% of population in the country are unemployed. The total number of unemployed people in Montenegro is 100,675. In Montenegro, 8.6% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Montenegro is low, indicating that it has a stable economy. Investors should consider Montenegro to be a safe location for investments and other financial ventures. The Gini Index of the country is 26.2. Montenegro is experiencing high equality. Differences in income among citizens are only mildly significant. Montenegro has a Human Development Index (HDI) of 0.789. Montenegro has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Montenegro is 1.854. Due to strong law enforcement presence and high social responsibility, Montenegro is very safe by international standards. The strength of legal rights index for Montenegro is 12. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.

Currency

The currency of Montenegro is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.

Credit rating

The depth of credit information index for Montenegro is 5, which means that information is usually sufficient and quite accessible, although occasionally some necessary details may be lacking. According to the S&P credit-rating agency, Montenegro has a credit rating score of BB-, and the prospects of this rating are negative. According to the Moody's credit-rating agency, Montenegro has a credit rating score of Ba3, and the prospects of this rating are stable.

Central bank

In Montenegro, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Montenegro. Locally, the central bank of Montenegro is called Centralna Banka Crne Gore. The average deposit interest rate offered by local banks in Montenegro is 2.1%.

Public debt

Montenegro has a government debt of 81% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Montenegro is set at 9%. Personal income tax ranges from 9% to 15%, depending on your specific situation and income level. VAT in Montenegro is 19%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Montenegro is $9428 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Montenegro was last recorded at $15 million. PPP in Montenegro is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Montenegro is 4,417 billion. Based on this statistic, Montenegro is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Montenegro was last recorded at $7 million. The average citizen in Montenegro has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Montenegro averaged 2.3% in 2014. According to this percentage, Montenegro is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Montenegro.

Industry

Major industries in the country are steelmaking, aluminum, agricultural processing, consumer goods, tourism. The total labor force of Montenegro is 247,020 people, wherein 16% of population in the country are unemployed. The total number of unemployed people in Montenegro is 100,675. To read more about industrial information within Montenegro click on industry of Montenegro.

Agriculture

There are 1675 km2 of arable land in Montenegro, and it comprises 12% of the country's total territory. There are 1831 km2 of cultivated land in Montenegro. To read more about agriculture click on agriculture of Montenegro.