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

BMI View:

Core Views

  • Real GDP growth in Montenegro will recover gradually in the coming quarters, rebounding to 2.8% in 2016, from an estimated 1.9% in 2015, before expanding further to 3.2% in 2017. The rebound in aluminium, Montenegro's main export commodity will be supportive of growth, however, political instability, weak external demand and ongoing disputes over the ownership of the country's major aluminium plant will keep a lid on more pronounced pace of growth.

  • Montenegro's political scene will remain highly unstable ahead of autumn 2016 elections, as the main opposition Democratic Front continues to vigorously oppose the government's bid to gain membership of NATO. A possible referendum on the issue will also exacerbate domestic tensions.

Key Risks

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Montenegro Industry Coverage (1)


Montenegro Telecommunications

BMI View:

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

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