Montenegro
Montenegro, a small but dynamic country in Southeastern Europe, has shown considerable resilience and adaptability in its economic landscape. The economy is diverse, with significant contributions from tourism, services, and industry. Economic growth is expected to continue, supported by ongoing reforms and strategic investments.
In 2023, Montenegro's GDP grew by approximately 6%, driven by a strong performance in the tourism sector and a steady inflow of migrants which boosted private consumption. For 2024, economic growth is projected to moderate to 3.7%, reflecting a normalization of tourism growth and overall economic activities.
Inflation peaked at 17.2% in 2022 but has since declined to 4.3% by the end of 2023. It is expected to stabilize around 2.7% in 2024 as global commodity prices and domestic wage pressures moderate. The unemployment rate has decreased to 13.5% in mid-2023, but employment growth is projected to slow in 2024 due to weakening domestic and external demand.
Montenegro achieved a fiscal surplus in 2023 due to strong tax revenue and lower-than-expected spending. However, a return to a fiscal deficit of about 3.5% of GDP is expected in 2024 as the country increases spending on infrastructure and social programs. Public debt, which fell from a peak of 107% of GDP in 2020 to an estimated 62% in 2023, is expected to gradually increase in the coming years.
Top banks
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Crnogorska Komercijalna Banka (CKB)
CKB is one of the largest banks in Montenegro, offering a wide range of financial services to individuals and businesses.
NLB Banka
NLB Banka provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
Erste Bank Montenegro
Erste Bank Montenegro is a significant player in the Montenegrin banking sector, offering various financial services and maintaining a strong market presence.
Hipotekarna Banka offers a variety of banking and financial services, focusing on both retail and corporate clients.
Top payment methods
Concluding remarks
Montenegro's economy is poised for continued growth, supported by a diverse payment landscape and ongoing economic reforms. As the country navigates through its economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Gotovina)
Cash remains a prevalent payment method in Montenegro, particularly for small transactions and in rural areas. Despite the rise of digital payments, cash is still widely used.
Credit and Debit Cards
Credit and Debit Cards Credit and debit card usage is extensive, with major networks like Visa and MasterCard widely accepted. Contactless payment methods are gaining popularity due to their convenience.
Bank Transfers (Bankovni transferi)
Bank transfers are commonly used for larger transactions, such as property deals and business payments. SEPA (Single Euro Payments Area) transfers facilitate cross-border payments within the Eurozone, even though Montenegro uses the euro.
Mobile Payments
Mobile payment options, including Apple Pay and Google Pay, are becoming increasingly popular. These methods provide a convenient and secure way to make transactions using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal are widely used for eCommerce transactions. They offer a secure and efficient means of paying for goods and services online.
Prepaid Cards
Prepaid cards are favored by younger individuals and those who prefer not to use traditional banking services. These cards are often used for online shopping and daily expenditures.
Cryptocurrencies
Cryptocurrencies are gradually being adopted in Montenegro, especially among tech-savvy individuals. The regulatory framework is evolving, but widespread acceptance is still in its early stages.
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