Montenegro

Montenegro is country of Europe located in south Europe.

Details

Official Name:Montenegro
Capital:Podgorica
Total area:13 812 km2
GDP per capita:$42,408
Native Language:Montenegrin
Government:Unicameral parliamentary republic
Population:625,266
Major Religion:Serbian Orthodox Christianity
Monetary Unit:Euro (EUR)

Montenegro, (meaning Black Mountain) is a 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.

Economy

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.

GDP grew at an impressive 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.