Montenegro

Montenegro: Country Intelligence Brief

Montenegro's economy was valued at $8.27 billion in 2024, according to World Bank WDI figures, with GDP per capita at $13,263.33 the same year against a population of 623,525. Foreign reserves stood at $1.74 billion in 2024, per the same World Bank WDI series, and the IMF World Economic Outlook puts government debt at 62.4% of GDP in 2026.

Military capacity

SIPRI's Milex data put military expenditure at $176.54 million in 2025, equivalent to 1.89% of GDP on SIPRI's own GDP series for that year rather than the World Bank GDP figure cited above. The Correlates of War National Material Capabilities dataset recorded 2,000 active-duty personnel in 2022 and assigned Montenegro a Composite Index of National Capability (CINC) score of 5.3199918e-05 for the same year. Both figures carry a 2022 COW vintage and are not updated elsewhere in this bundle.

Governance

V-Dem v15's 2025 indicators score the electoral democracy index at 0.636 and the liberal democracy index at 0.5, with state capacity the highest of the three governance figures at 0.754. No additional context on these scores, and no prior-year V-Dem series for comparison, appears in the bundle.

Energy

Our World in Data's energy series records primary energy supply of 0.0424 exajoules in 2023 and electricity generation of 2.46 terawatt-hours in 2025. Oil and gas production are both listed at 0.0 terawatt-hours, dated to 2016 for both series.

Data gaps

Oil and gas production figures carry a 2016 vintage, roughly a decade behind the rest of the bundle, and both read zero; the age of that reading should be noted before treating it as current. Governance figures are single-year (2025) with no earlier series supplied for comparison over time. No figures on trade balance or broader fiscal detail beyond debt-to-GDP and reserves are present.

Sources: World Bank WDI; IMF World Economic Outlook; SIPRI Milex; Correlates of War National Material Capabilities; V-Dem v15; Our World in Data (Energy).