Tags: Industry Market Trends

4 FAQs about Industry and market trends montenegro

Why did the Montenegrin economy grow 6% in 2023?

After recovering from the COVID-19 crisis, the Montenegrin economy grew by 6% in 2023, driven by strong consumption, tourism revenues surpassing pre-pandemic levels, and an influx of relatively affluent Russian and Ukrainian nationals due to Russia's war in Ukraine.

What is the banking system like in Montenegro?

Montenegro's banking sector is relatively small but growing rapidly. It has undergone significant reform in recent years, with the government implementing a number of measures aimed at improving financial stability and increasing competition. Banks dominate the market, accounting for over 90% of the total assets in the financial system.

How much agricultural land did Montenegro have in 2024?

Based on the preliminary results of the 2024 Census of Agriculture, Montenegro had a total of 26,711 agricultural holdings. These holdings utilised 248,234.2 hectares of agricultural land in 2024.

How is Montenegro preparing for EU accession?

As Montenegro advances in the negotiations to join the EU, the country is working on the improvement of its agricultural sector as one of the EU pre-accession requirements. Industry represents 12.5% of the country's GDP and employs 16.1% of the workforce. Its contribution to the economy has been declining in recent years.

View/Download Industry and market trends montenegro [PDF]

PDF version includes complete article with source references. Suitable for printing and offline reading.