In-depth country-focused analysis on Montenegro's economic, political and operational risk environment, complemented by detailed sector insight


Our comprehensive assessment of Montenegro's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Montenegro, as well as the latest industry developments that could impact Montenegro's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Montenegro before your competitors.

Country Risk

Montenegro Country Risk

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Core Views

  • Montenegro's macroeconomic growth outlook for 2016 remains subdued, due to political instability, diminished tourist arrivals from Russia and lower production and prices for aluminium, its main commodity export. We forecast real GDP to expand by 2.8% in 2016, from an estimated 1.9% in 2015.

  • While the vote of no confidence to oust Montenegro's Prime Minister Milo Djukanovic in January 2016 was unsuccessful, we expect political instability to rise in the coming months, with a snap ballot becoming a prominent possibility ahead of the scheduled parliamentary election in the fall of 2016.

Key Risks

  • Despite not being part of the eurozone, Montenegro has adopted the euro as its currency since it went into circulation in 2002. As a consequence, the country is highly...

Montenegro Industry Coverage (1)


Montenegro Telecommunications

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BMI View : The Montenegrin telecommunications market, reflecting its small size, is effectively saturated and there are few opportunities left for new entrants and existing players alike. Mobile subscription growth is volatile as operators focus on extracting greater value from existing customers and emphasise postpaid products as part of their 3G/4G rollouts. Prontotel seems ready to take up the government's offer of a fourth mobile licence in 2015; we see no room for it here, although we acknowledge its need to reduce its exposure to its core business in the VoIP market. Incumbent Crnogorski Telekom 's success in building a converged services product - with TV at its centre - sets a template for alternative operators, but there are none with the resources, scale or ambition to follow...

Latest Montenegro Articles

  • Britain's exit ('Brexit') from the EU would have significant geopolitical i...

  • In BMI's regular round-up of production investments, we track the latest pr...

  • Record profits achieved in 2015 were due, in no small part, to the performa...


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