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Montenegro:
Economy

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Economy - overview
Definition
Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and maintained its own central bank, used the euro instead of 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 as well as negotiating a Stabilization and Association agreement with the European Union in anticipation of eventual membership. Severe unemployment remains a key political and economic problem for this entire region. 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.
GDP (purchasing power parity)
Definition - World rank and map
$5.918 billion (2007 est.)
GDP (official exchange rate)
Definition
$2.974 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
7.5% (2007 est.)
GDP - per capita
Definition - World rank and map
$3,800 (2005 est.)
GDP - composition by sector
Definition
agriculture: NA%
industry: NA%
services: NA%
Labor force
Definition
259,100 (2004)
Labor force - by occupation
Definition
agriculture: 2%
industry: 30%
services: 68% (2004 est.)
Unemployment rate
Definition - World rank and map
14.7% (2007 est.)
Population below poverty line
Definition
7% (2007 est.)
Distribution of family income - Gini index
Definition - World rank and map
30 (2003)
Inflation rate (consumer prices)
Definition - World rank and map
3.4% (2007)
Investment (gross fixed)
Definition - World rank and map
30.5% of GDP (2006 est.)
Budget
Definition
revenues: NA
expenditures: NA
Public debt
Definition - World rank and map
38% of GDP (2006)
Agriculture - products
Definition
grains, tobacco, potatoes, citrus fruits, olives, grapes; sheepherding; commercial fishing negligible
Industries
Definition
steelmaking, aluminum, agricultural processing, consumer goods, tourism
Electricity - production
Definition - World rank and map
2.864 billion kWh (2005 est.)
Electricity - consumption
Definition - World rank and map
18.6 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
27.5 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2004)
Oil - consumption
Definition - World rank and map
450 bbl/day (2004)
Oil - consumption per 1,000 people
Definition - World rank and map
0.7 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - consumption
Definition - World rank and map
NA cu m
Current account balance
Definition - World rank and map
$NA
Exports
Definition - World rank and map
$171.3 million (2003)
Exports - partners
Definition
Switzerland 83.9%, Italy 6.1%, Bosnia and Herzegovina 1.3% (2006)
Imports
Definition - World rank and map
$601.7 million (2003)
Imports - partners
Definition
Greece 10.2%, Italy 10.2%, Germany 9.6%, Bosnia and Herzegovina 9.2% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$NA
Debt - external
Definition - World rank and map
$650 million (2006)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$NA
Currency (code)
Definition
euro (EUR)
Exchange rates
Definition
euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year
Definition
calendar year


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