Montenegro Macroeconomic Indicators for 2025
What changed compared with 2024 — based on official data from Monstat, the Central Bank of Montenegro and the Employment Agency
In short
The economy grew by 3.3% — almost the same pace as in 2024. Nominal GDP exceeded €8bn for the first time. Wages outpaced prices: the net wage rose by 15.5% against 3.9% inflation. Employment hit a new record and registered unemployment fell below 10%. The weak spots were industry (−9.2% due to energy and mining), exports (−7%) and the growing debt of companies with blocked accounts (+17.7%). Foreign direct investment rose by 14%, and almost half of it still goes into real estate.
Key indicators: 2024 and 2025
Wages. Adjusted for inflation, the average net wage grew by 11.2%, according to Monstat. In December 2025 the average net wage was €1,022 (December 2024: €1,012).
Unemployment. Montenegro has two measures. The Labour Force Survey follows the ILO definition; in September 2026 Monstat revised the 2021–2025 series, and the table shows the revised values. Registered unemployment is based on Employment Agency records. No rate was published for December 2025 because the Tax Administration was moving to a new IT system and did not provide employment data, so we compare the January–November averages of both years. The number of registered unemployed at year-end fell from 33,037 to 28,298.
GDP. The 2024 figures have not been revised again since the 2025 benchmark revision. The population Monstat uses for GDP per capita is 623,100.
Industry
Source [8]
Change in output volume on the previous year. Manufacturing grew for the second year in a row, but the overall index was pulled down by electricity generation (−33.4%) and mining (−22.8%). The 2024 values are from our 2024 article.
Foreign trade
Source [9]
Exports fell for the second year in a row while imports kept growing: exports now cover less than 13% of imports. The largest export item is electricity (€95.5m). The main buyers of Montenegrin goods are Serbia, Bosnia and Herzegovina and Slovenia; the main suppliers are Serbia, China and Germany. The data are preliminary.
Tourism
More tourists came, but they stayed shorter on average: overnight stays fell for the second year in a row. The largest shares of foreign overnight stays came from Serbia (23.4%), Russia (16.4%, down from 18.3% in 2024), Bosnia and Herzegovina (8.1%), Germany (4.6%), Turkey and Ukraine (4.3% each) and the UK (4.1%). Collective and private accommodation are both included; the data are preliminary.
Foreign direct investment
Source [11]
Real estate accounted for 48.9% of total inflow (51% in 2024), equity in companies and banks for 12.9%, and intercompany debt for 31.4%.
Top investors in 2025 [12]: Serbia (€141.9m), Turkey (€135.8m), Cyprus (€77.2m), Germany (€71.4m), the USA (€60.5m), Switzerland (€52.8m). Investment from Russia fell from €100.2m to €34.0m — in 2024 Russia ranked third.
Construction
Banks and corporate debt
+9.1% year on year, at 31.12.2025
+14.2% year on year, at 31.12.2025
+4.0% year on year, at 31.12.2025
Loans are growing much faster than deposits [15]. The non-performing loan ratio fell from 3.5% to 2.7%, and capital adequacy stands at 20.3% [16]. Households account for 45% of the loan portfolio and companies for 35.3% (43% and 33% in 2024).
Blocked accounts
Figures as of 31 December. The number of blocked companies barely changed, but their total debt rose by 17.7%. The debt is highly concentrated: the 50 largest debtors account for 55.6% of the total blocked amount.
Sources
- [1]Monstat. Bruto domaći proizvod Crne Gore, 2025. godina (25.09.2026)
- [2]Monstat. Indeks potrošačkih cijena, decembar 2025 (15.01.2026)
- [3]Monstat. Indeks potrošačkih cijena, decembar 2024 (15.01.2025)
- [4]Monstat. Prosječne zarade, decembar 2025 (30.01.2026)
- [5]Monstat. Zaposleni po sektorima djelatnosti, 2010–2025
- [6]Monstat. Anketa o radnoj snazi — revizija podataka 2021–2025 (17.09.2026)
- [7]Zavod za zapošljavanje Crne Gore. Izvještaj o radu za 2025. godinu
- [8]Monstat. Indeksi proizvodnje i prometa u industriji, IV kvartal 2025 (29.04.2026)
- [9]Monstat. Spoljnotrgovinska robna razmjena, januar–decembar 2025 (29.01.2026)
- [10]Monstat. Dolasci i noćenja turista, ukupno, 2025 (05.03.2026)
- [11]Centralna banka Crne Gore. Bilten 2/2026
- [12]Centralna banka Crne Gore. Platni bilans Crne Gore, BPM6 (updated 25.09.2026)
- [13]Monstat. Građevinska aktivnost, IV kvartal 2025 (14.05.2026)
- [14]Monstat. Građevinske dozvole, IV kvartal 2025 (27.05.2026)
- [15]Centralna banka Crne Gore. Bilten 1/2026
- [16]Centralna banka Crne Gore. Izvještaj o stabilnosti finansijskog sistema 2025
- [17]Centralna banka Crne Gore. Pokazatelji prinudne naplate, 31.12.2025
- [18]Centralna banka Crne Gore. Pokazatelji prinudne naplate, 31.12.2024
Official publications only: Monstat (Statistical Office of Montenegro), the Central Bank of Montenegro and the Employment Agency of Montenegro. Percentage changes not given in a source were calculated by us from its data.
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Current as of October 2026. Monstat trade and tourism data and the 2025 balance of payments are preliminary. This material is for information purposes.