Montenegro’s economy is transitioning to a market system. From the beginning of the privatization process in 1999 through to 2015, around 85% of Montenegrin state-owned companies have been privatized, including 100% of banking, telecommunications, and oil distribution. Tourism brings in twice as many visitors as Montenegro’s total population every year. Several new luxury tourism complexes are in various states of development along the coast, and a number are being offered in connection with nearby boating and yachting facilities.
Montenegro uses the Euro as its domestic currency, though it is not an official member of the Euro-zone. In January 2007, Montenegro joined the World Bank and IMF, and in December 2011, the World Trade Organization. Montenegro began negotiations to join the EC in June, 2012, having met the conditions set down by the European Council, which called on Montenegro to take steps to fight corruption and organized crime.
The government recognizes the need to remove impediments in order to remain competitive and open the economy to foreign investors. The biggest foreign investors in Montenegro are Italy, Norway, Austria, Russia, Hungary and Great Britain. Net foreign direct investment in 2014 reached $483 million and investment per capita is one of the highest in Europe.
Montenegro is currently planning major overhauls of its road, rail networks, and possible expansions of its air transportation system. In 2014, the Government of Montenegro selected two Chinese companies to construct a 41 km-long section of the country’s highway system. Construction will cost around $1.1 billion. Montenegro first instituted value added tax (VAT) in April 2003, and introduced differentiated VAT rates of 17% and 7% (for tourism) in January 2006. In May 2013, the Montenegrin Government raised the higher level VAT rate to 19%.
$9.829 billion (2015 est.)
$9.52 billion (2014 est.)
$9.38 billion (2013 est.)
$3.985 billion (2015 est.)
3.2% (2015 est.)
1.5% (2014 est.)
3.3% (2013 est.)
$15,700 (2015 est.)
$15,300 (2014 est.)
$15,000 (2013 est.)
9.3% of GDP (2015 est.)
3.6% of GDP (2014 est.)
4.3% of GDP (2013 est.)
household consumption: 81.8%
government consumption: 21.2%
investment in fixed capital: 19.5%
investment in inventories: -0.1%
exports of goods and services: 42.1%
imports of goods and services: -64.5%
(2013 est.)
agriculture: 8.3%
industry: 21.2%
services: 70.5% (2013 est.)
tobacco, potatoes, citrus fruits, olives, grapes; sheep
steelmaking, aluminum, agricultural processing, consumer goods, tourism
4.5% (2013 est.)
263,200 (2014 est.)
agriculture: 5.3%
industry: 17.9%
services: 76.8% (2014 est.)
18.5% (2014 est.)
19.1% (2013 est.)
8.6% (2013 est.)
26.2 (2013 est.)
24.3 (2010)
revenues: $1.56 billion
expenditures: $1.63 billion (2014 est.)
39.1% of GDP (2014 est.)
-1.8% of GDP (2014 est.)
59.5% of GDP (31 December 2014 est.)
57.9% of GDP (2013 est.)
calendar year
1.7% (2015 est.)
-0.7% (2014 est.)
9.22% (31 December 2014 est.)
9.36% (31 December 2013 est.)
$749 million (31 December 2011 est.)
$783.3 million (31 December 2010 est.)
$1.982 billion (31 December 2011 est.)
$2.01 billion (31 December 2010 est.)
$2.63 billion (31 December 2014 est.)
$2.682 billion (31 December 2013 est.)
$7.532 billion (31 December 2014 est.)
$3.827 billion (31 December 2012)
$3.322 billion (31 December 2011 est.)
-$676 million (2015 est.)
-$699 million (2014 est.)
$370.2 million (2014 est.)
$489.2 million (2012 est.)
Croatia 22.7%, Serbia 22.7%, Slovenia 7.8% (2012 est.)
$1.982 billion (2014 est.)
$2.4 billion (2012 est.)
Serbia 29.3%, Greece 8.7%, China 7.1% (2012 est.)
$599.6 million (31 December 2014 est.)
$1.576 billion (31 December 2014 est.)
$1.433 billion (31 December 2013 est.)
$483 million (31 December 2014 est.)
$446.5 million (31 December 2013 est.)
$133 million (31 December 2014 est.)
euros (EUR) per US dollar –
0.885 (2015 est.)
0.7525 (2014 est.)
0.7634 (2013 est.)
0.78 (2012 est.)
0.7185 (2011 est.)

Montenegro – 76 companies listed

LocSiteCompanyDomainSubomainCityFoundedShareholdersCEOSalesProfitAssetsMarket valueEmployees
1www.epcg.comElektroprivreda Crne Gore A.D.EnergyElectricityNikšić1999Republic of Montenegro (57%), A2A (41%)Stefano Pastori239.6334.761185.27455.882324
2www.volivasvoli.comVoli Trade d.o.o.Trading-Retail-ComertConsumer GoodsPodgorica1995Dragan Bokan (100%)Dragan Bokan182.32.21526 A.DEnergyOilKotor 1947Hellenic Petroleum International (52%)Petros Karalis175.84.7103.0958.17220
4www.mercatorgroup.siMercator-CG d.o.o.Trading-Retail-ComertConsumer GoodsPodgorica 2010Poslovni sistem Mercator (100%)Ivan Karadžić 111.70.0221253
5www.telekom.meCrnogorski Telekom A.DTelecomunicationsFixed TelecomPodgorica1998Magyar Telekom (77%)Ruediger Schulz104.1321.6187.18184.36687 Discount Lakovic d.o.o.Trading-Retail-ComertConsumer GoodsPodgorica2009Predrag Tomović90.81.6
7www.franca.meMeso-promet d.o.o.Trading-Retail-ComertConsumer GoodsBijelo Polje1990Hilmija Franca81.82.8910
8www.roksped.comRoksped d.o.oTrading-Retail-ComertRetailPodgorica 1992Roko StanajRoko Stanaj73.30.011010
9www.telenor.meTelenor d.o.o.TelecomunicationsMobile TelecomPodgorica1996Telenor (100%)Sandra Stajner70.420.71200
10www.montenegroairlines.comMontenegro Airlines A.D.TransportsAirwaysPodgorica1994Repuplic of Montenegro (100%)Zivko Banjevic67.9-9.5400
11www.rupv.meRudnik Uglja A.D.SteelSteelPljevlja1952A2A (39%), Država (31%), Aco Đukanović (12%)Slavoljub Popadic45382.5217.251500
12www.plantaze.com13 Jul - Plantaze A.D.AgricultureWinesPodgorica1963Investiciono - razvojni fond Crne Gore (22%), Republicki fond penzijskog i invalid. Osiguranja (21%), Societe Generale Banka Montenegro (9%), Republic of Montenegro (8%)Verica Maras30.51.96131.2826.88650
13www.cges.meCrnogorski Elektroprenosni Sistem A.D.Trading-Retail-ComertElectricityPodgorica 2009Republic of Montenegro (55%), Terna Rette Electrica Nationale (22%)Ivan Bulatović37.1312.1225.52138.86325
14www.societegenerale.meSociete Generale Banka Montenegro A.D.Financial ServicesBankPodgorica2005Societe Generale Group (90%)Miroslav Hiršl33.25.7425.15287 Osiguranje A.DFinancial ServicesInsurancePodgorica 1979Triglav (100%)Radenko Puric26.51.410.391849
16www.ckb.meCrnogorska Komercijalna Banka A.D.Financial ServicesBankPodgorica1997OTP Bank (100%)Szabolcs Horvath22.5311.03572.03792.34440
17www.farmegra.comFarmegra d.o.o.Trading-Retail-ComertDrugsPodgorica1998Branislava Raicevic22
18www.stampa.roksped.comPreduzeće za Spoljnu i Unutrašnju Trgovinu Štampa A.DTrading-Retail-ComertPressPodgorica1979Rokšped (99%)19.81-0.2511.4610.93
19www.erstebank.meErste Bank A.D.Financial ServicesBankPodgorica2002Erste Bank Group (100%)Lukic Aleksa 19.415.96376.8413220
20www.hgbudvanskarivijera.comHotelska Grupa Budvanska Rivijera A.D.Tourism-Hotel-RestaurantHotelsBudva2009Republic of Montenegro (42%), Stratex Hospitality (21% ), Republicki fond PIO (13%), Stratex Developement (8%)Tomasevic Vule15.647.8189.6143.79319 Alpe-Adria-Bank A.D.Financial ServicesBankPodgorica2006Advent International (80%) EBRD (20%)Christoph Schoen15.83-1.94189.551.76199
22www.asybijela.comJadransko Brodogradiliste A.DIndustry EquipementsShipBijela1927Fond za obeštecenje (32%), Republicki fond penzijskog (22%)Petar Zvicer14.48-1.691.06541
23-Crnagoraput A.D.Engineering-ConstructionsConstructionPodgorica1962Strabag(94%)Leković Željko 13.240.9215.64-216
24www.nlb.meNLB Montenegrobanka A.D.Financial ServicesBankPodgorica1990Nova Ljubljanska Banka Group ( 98%)Dino Redžepagić12.855.48447.2534.88326 Montenegro Osiguranje A.D.Financial ServicesInsurancePodgorica2000Pozavarovalnica Sava (100%)Nebojša Ščekić11.51.524.2319.4160
26www.zicg.meŽeljeznička Infrastruktura Crne Gore ADEngineering-ConstructionsRailwaysPodgorica2008Republic of Montenegro (72%), Hipotekarna Banka custody (7%)Milan Čolaković10.38-5.39593.23-240
27www.generali.meGenerali Osiguranje Montengro A.D.Financial ServicesInsurancePodgorica2008 Generali Osiguranje Srbija (57%), Generali CEE Holding (42%),Dejan Bajic10.11.368
28www.daidokotor.comDaido Metal Kotor A.D.Automobiles IndustryComponentsKotor1955Daido Metal Sales Co. (99%)Yasushi Shibuya10.060.2623.62.02500
29www.uniqa.meUNIQA Neživotno Osiguranje A.DFinancial ServicesInsurancePodgorica2008Uniqa International Beteiligungs-Verwaltungs (100%)Nela Belevic9.621.2718.624.39129
30-Cemex Montenegro A.D.Building MaterialsCementPodgorica1998Cemex Hrvatska (99%)Vilovic Velimir9.20.594.69-10
31www.niksickimlin.meNikšićki Mlin A.D.AgricultureMillNikšic1951Agroglobe (85%)Mitar Jokic9.
32www.hipotekarnabanka.comHipotekarna Banka A.DFinancial ServicesBankPodgorica1995Generali Financial Fund (17%) Cerere (14%) Lorenzo Gorgoni (13%), Antonia Gorgoni (10%) Miljan Todoric (7%) Podvraska Banka (6%) Ibis (5%)Esad Zaimović9.062.72261.0426182
33www.prvabankacg.comPrva banka Crne Gore A.D.Financial ServicesBankPodgorica1995Djukanović (39%) Elektroprivreda Crne Gore (24%)Darko Radunovic8.850.5420.5103
34www.lukabar.meLuka Bar A.D. TransportsPortBar1998Repuplic of Montenegro (100%)Slobo Pajovi7.990.577.84-13
35-Duvanski Kombinat A.D.Food-TobaccoTobaccoPodgorica1903Investiciono Rajvonici fond Crne Gore (28%), Republiscki fond PIO (18%)Vukasinovic Slavoljub7.52-0.0520.93-209
36www.mehanizacijaiprogramat.comAD Mehanizacija i Programat A.D.Engineering-ConstructionsConstructionNikšićUrende (66%), Dusan Durovic (7%)Radenko Cvorovic7.310.0111.290.28
37www.montenegrolines.netBarska Plovidba A.D.TransportsSeaBar2007Repuplic of Montenegro (19%), Investiciono Razvojni Fond Crne Gore (16%), Fond PIO (13%)Rade Radoman7.19-4.1546.28-99
38-CMC A.D.Engineering-ConstructionsConstructionPodgorica2002Celebic (64%), Tomislav Celebic (29%)Branka Borovic6.39-0.0224.141.2630
39www.montecargo.meMontecargo A.D.TransportsRailwaysPodgorica2009Repuplic of Montenegro (87%)Milivoje Pavicevic6.31-1.8724.036.34164
40www.atlasbanka.comAtlas Banka A.D.Financial ServicesBankPodgorica2002Podravska Banka (37%), Atlas Capital Holding (32%), Invest Banka Montenegro (9%), Cerere (6%)Đorđe Đurđić6.070.2213.477.96229
41www.zcg-prevoz.meŽeljeznički Prevoz Crne Gore A.D.TransportsRailwaysPodgorica2008Repuplic of Montenegro (90%)Milojica Zindović5.56-3.8642.42033
42www.crnogorskaplovidba.comCrnogorska Plovidba A.D.TransportsShipKotor2004Repuplic of Montenegro (99%)Miodrag Krsanac5.24-4.5843.830.3530
43www.napredak.comNapredak A.D.Trading-Retail-ComertConsumer GoodsKotor1999EXPO Commerce (69%)Duško Blečić5.10.4223.845.7920
44www.tara-aerospace.comTara Aerospace and Defence Products A.D.Defence-AerospaceDefenceMojkovac2007BT International (49%), Republic Montenegro (26%)Heinrich Thomet50.83.912.4977 Saobraćaj A.D.TransportsSeaBijela 1995Pro House (67%), Dejan Ban (33%)Dejan Ban4.881.8612.71-10 A.D.TransportsRoadPodgorica1965InterEuropa (69%)Anton Turk4.850.4122.3310.79150
47-Business Montenegro A.D.Real estateReal estatePodgorica1992Apotek Ustoneva Crne Gore (70%), Intercont (10%), Cedomir Scepovic (10%), Republic of Montenegro (5%), Miro Blecic (5%)Vladan Radovic4.37-0.051.615.14 Crne Gore A.D.EntertaimmentLotteryPodgorica1997Flesh & As (51%), Sava Grbović (42%)Nebojsa Bozovic3.360.310.4544.4130
49www.grawe.meGrawe Osiguranje A.D.Financial ServicesInsurancePodgorica2004Grazer Wechselseitige Versicherung (100%)Maja Pavličić3.13-0.5731.346.1551 Kotor ADTransportsPortKotor1988Opština Kotor ( 57%), Republicki fond penzijskog (18%), CK - Zbirni kastodi (8%) Repuplic of Montenegro (6%)Vasilije Kusovac2.720.654.529.36500
51www.zitoprodukt.rsŽitoprodukt A.D.AgricultureMillPljevlja 1971Miloje Šarac (50%), Aleksandar Čolović (24%), Živojin Studović (14%)Miloje Šarac2.5-0.142.353.24
52www.ulcinjska-rivijera.comHTP Ulcinjska Rivijera A.D.Tourism-Hotel-RestaurantHotelsUlcinj2010Republic of Montenegro (10%), IRF CG (8% )Nikola Damjanovic2.39-0.86108.220.4340 Stӓdtische A.DFinancial ServicesInsurancePodgorica2010Vienna Insunance Group (100%) Ljubo Mitrović2.270.0713.621472
54www.c-vracar.comC-Vračar A.D.Real estateReal estateHerceg Novi Šimrak Vukašin (38%), Zeljko Cvoro (38%)
55www.merkurosiguranje.meMerkur Osiguranje A.D.Financial ServicesInsurancePodgorica2008Merkur International Holding AG (100%)Zlatan Jašarevic2.070.51.33 Primorje Tivat A.D.Tourism-Hotel-RestaurantHotelsTivat2010Mario i Paolo Gorgoni (20%), Wapuvex (18%), Cerere (15%)2.020.1431.530.5
57www.cityhotelmn.comUTIP Crna Gora A.D.Tourism-Hotel-RestaurantHotelsPodgorica 2010Normal Tours (80%), Ceed Consulting (5%)1.951.32-48
58TARA -Precision Works A.D.Industry EquipementsDiversifiedMojkovacBT International (34%), Kandussi Beteiligungs-und Handels (26%), BTI Montenegro (16%), Republic of Montenegro (12%), Krušik Valjevo (7%)Vitomir Medojević1.93-0.2311.424.48
59www.hpfjord.comHP Fjord A.D.Tourism-Hotel-RestaurantRestaurantsKotor2007Alpha Invest (94%)Dejan Uskokovic1.87-0.079.69-328 Osiguranje A.D.Financial ServicesInsurancePodgorica2010HP Fjord (58%), Vukašin Labović (15%), Eurofond (14%)Ivan Lero1.860.054.992.56 Zivotno Osiguranje A.D.Financial ServicesInsurancePodgorica2008Uniqa International Beteiligungs-Verwaltungs (89%), Uniqa za osiguranje Beograd (10%)Mersiha Hot1.84-0.176.751.8630
62www.centrojadranbar.meCentrojadran A.D.Trading-Retail-ComertDistributionBar2002YU Lovćen (57%), Fadis (30%)Darije Pajković 1.82-0.318.740.8245
63www.hotelprincess.meHTP Atlas Hotels Group ADTourism-Hotel-RestaurantHotelsBar2009Atlas Mont (75%), Atlas Banka (15%), Atlas Invest (7%)Svetlana Djakonovic1.79-0.7826.97-
64-Industriaimport-Industriaimpex A.D.Trading-Retail-ComertConsumer GoodsPodgorica 2008HB - Zbirni Kastodi (67%)Janko Radunovic1.741.0410.014.66
65www.trendkorali-montenegro.comHTP Trend Korali A.D.Tourism-Hotel-RestaurantHotelsBar2010ED - ZIF Trend ( 94%)Željko Ražnatović1.46-1.619.960.14
66www.mehanizacijaiprogramat.comMermer A.D.SteelSteelDanilovgrad 1947Getra (73.01%)Radenko Čvorović1.38-0.263.72140
67www.invest-banka.comInvest Banka Montenegro A.DFinancial ServicesBankPodgorica2005Atlas Mont Fund (50%), Atlas Grupa (16%), Atlas Invest (14%)Zoran Nikolić1.30.429.12-53
68www.ucbank.meUniversal Capital Bank A.D.Financial ServicesBankPodgorica2007Sigma Delta Holdings (50%)Georgios Lychnos1.3*0.3*0.58372
69www.intours.meIntours A.D.Tourism-Hotel-RestaurantTourismPodgorica 1964Ugljesa Vujovic (100%)
70www.kartonaza.meKartonaža A.D.MediaPrintingCetinje1965Magrom (76%)Olivera Anđelić1.24-0.361.530.3
71www.poliex.meHemijska Industrija Poliex A.D.Defence-AerospaceDefenceBerane 1982Slavko Vujisic (80%)Slavko Vujisic1.140.013.770.1560
72www.htpmimoza.meHTP "Mimoza" A.D.Tourism-Hotel-RestaurantHotelsTivat2007Gorska (82%)Bojan Milosevic1.08-0.4912.843
73www.elmosbudva.comElmos A.D.Real estateREITBudva1991Vazic Bozo (24%), Goran Orlic (18%), Dragan Marovici (18%), Dragan Zinic (18%)Vazic Bozo1.070.013.1613.8430 Crne Metalurgije A.D.SteelResearchNikšić2008Republic Montenegro (19%), Republicki Fond Penzijskog (19%) "ED - of Trend (10%), Toscelik Profil (7%), Zavod za Zapošljavanje (6%), Fond za Obeštecenje (5%)Miras Djurovic1.07-0.155.67
75www.rzup.meRepublički Zavod za Urbanizam i Projektovanje A.D.Engineering-ConstructionsEnginearingPodgorica2002Aco Đukanović (75%)Petar Korac1.050.37
76www.zigmamn.comZavod za Građevinske Materijale, Geotehniku i Hemijske Analize - Zigma A.DEngineering-ConstructionsEnginearingNikšić1959 Milijana Bakrač (85%)Svetlana Popovic1.010.012.89

 Sources: CIA Fact Book,,