Montenegro GDP Annual Growth Rate

Montenegro formally declared its independence in 2006 and it is still in a state of economic transition. The country does not have its own currency and uses Euro as legal tender. Montenegro economy relies heavily on foreign tourism and on exports of refined metals. On the expenditure side, household consumption is the main component of GDP (80 percent), followed by government expenditure (19 percent) and gross fixed capital formation (19 percent). Exports of goods and services account for 40 percent of GDP while imports account for 60 percent, subtracting 20 percent of total GDP.