Coat of Arms
President Filip Vujanović
» Per capita-$15,219.452(76th)
» Per capita –$7,466.174(80th)
»Euro (€)b (EUR)
Montenegro is country in Southeastern Europe. It has a coast on the Adriatic Sea to the south-west and is bordered by Croatia to the west, Bosnia and Herzegovina to the northwest, Serbia to the northeast, and Albania to the south-east. Its capital and largest city is Podgorica, while Cetinje is designated as the Prijestonica, meaning the former Royal Capital City.
In the 9th century, there existed three Serb principalities on the territory of Montenegro: Duklja, roughly corresponding to the southern half, Travunia, the west, and Rascia, the north. In 1042, archon Stefan Vojislav led a revolt that resulted in the independence of Duklja and the establishment of the Vojislavljević dynasty. Duklja reached its zenith under Vojislav’s son, Mihailo (1046–81), and his grandson Bodin (1081–1101).
By the 13th century, Zeta had replaced Duklja when referring to the realm. In the late 14th century, southern Montenegro (Zeta) came under the rule of the Balšić noble family, then the Crnojević noble family, and by the 15th century, Zeta was more often referred to as Crna Gora (Venetian: monte negro). Large portions fell under the control of the Ottoman Empire from 1496 to 1878. Parts were controlled by Venice. From 1515 until 1851 the prince-bishops (vladikas) of Cetinje were the rulers. The House of Petrović-Njegoš ruled until 1918. From 1918, it was a part of Yugoslavia. On the basis of an independence referendum held on 21 May 2006, Montenegro declared independence on 3 June of that year.
The economy of Montenegro is mostly service-based and is in late transition to a market economy. According to the International Monetary Fund, the nominal GDP of Montenegro was $4.114 billion in 2009. The GDP PPP for 2009 was $6.590 billion or $10,527 per capita.According to Eurostat data, the Montenegrin GDP per capita stood at 41% of the EU average in 2010. The Central Bank of Montenegro is not part of the euro system but the country is “eur ized”, using the euro unilaterally as its currency.
GDP grew at 10.7% in 2007 and 7.5% in 2008. The country entered a recession in 2008 as a part of the global recession, with GDP contracting by 4%. However, Montenegro remained a target for foreign investment, the only country in the Balkans to increase its amount of direct foreign investment.The country is expected to exit the recession in mid-2010, with GDP growth predicted at around 0.5%. However, the significant dependence of the Montenegrin economy on foreign direct investment leaves it susceptible to external shocks and a high export/import trade deficit.
In 2007, the service sector made up for 72.4% of GDP, with industry and agriculture making up the rest at 17.6% and 10%, respectively.There are 50,000 farming households in Montenegro that rely on agriculture to fill the family budget.
Aluminium and steel production and agricultural processing make up for most of the industrial output. Tourism is an important contributor to the Montenegrin economy. Approximately one million tourists visited Montenegro in 2007, resulting in €480 million of tourism revenue. Tourism is considered the backbone of future economic growth, and government expenditures on infrastructure improvements are largely targeted towards that goal.
Top 5 Products imported by Montenegro
- Refined Petroleum (9.5%),
- Cars (3.8%), Passenger
- Cargo Ships (3.3%),
- Pig Meat (2.2%),
- Packaged Medicaments (2.1%)
Top 5 Import origins of Montenegro
- Serbia (28%),
- Croatia (8.2%),
- Greece (8.2%), China (7.3%),
- Bosnia and Herzegovina (6.0%)
Montenegro has both a picturesque coast and a mountainous northern region. The country was a well-known tourist spot in the 1980s. Yet, the Yugoslav wars that were fought in neighbouring countries during the 1990s crippled the tourist industry and damaged the image of Montenegro for years.
Tara Canyon, deepest canyon in Europe and the second-deepest in the world
The Montenegrin Adriatic coast is 295 km (183 mi) long, with 72 km (45 mi) of beaches, and with many well-preserved ancient old towns. National Geographic Traveler (edited once in decade) features Montenegro among the “50 Places of a Lifetime”, and Montenegrin seaside Sveti Stefan was used as the cover for the magazine. The coast region of Montenegro is considered one of the great new “discoveries” among world tourists. In January 2010, The New York Times ranked the Ulcinj South Coast region of Montenegro, including Velika Plaza, Ada Bojana, and the Hotel Mediteran of Ulcinj, as among the “Top 31 Places to Go in 2010” as part of a worldwide ranking of tourism destinations.
Montenegro was also listed in “10 Top Hot Spots of 2009” to visit by Yahoo Travel, describing it as “Currently ranked as the second fastest growing tourism market in the world (falling just behind China)”. It is listed every year by prestigious tourism guides like Lonely Planet as top touristic destination along with Greece, Spain and other world touristic places
- Montenegro may be small in terms of area, but it boasts stunning mountainous landscapes, dramatic coast lines, historic monuments and truly beautiful walled towns.
- The Montenegro coast is just as gorgeous as that of its better known neighbour, Croatia, and it is for good reason that its main tourist destinations can get crowded in summer. Nevertheless, if you can’t visit at another time, don’t let their popularity hold you back.
- Even the largest of cruise ship crowds will not stop you from enjoying this country’s magnificent Riviera and Medieval coast towns, especially if you’re willing to get up early and do your sightseeing ahead of the others.
- Of the country’s many churches and monasteries, the Serbian Orthodox Monastery of Ostrog deserves special attention. It’s spectacularly located against a practically vertical background, some 15 km from Nikšić. Founded in the 17th century, it’s one of the most visited pilgrimage destinations on the Balkans and boasts a magnificent view over the Bjelopavlići plain.