Montenegro
Montenegro, a small but dynamic country in Southeastern Europe, has demonstrated economic resilience and adaptability. Its diverse economy benefits from tourism, services, and industry. Economic growth is expected to continue, fueled by reforms and strategic investments.
In 2023, Montenegro's GDP grew by 6%, driven by a strong tourism sector and rising private consumption. For 2024, economic growth is projected at 3.7%, reflecting normalized tourism activity and steady domestic economic performance.
Inflation, which peaked at 17.2% in 2022, declined to 4.3% by the end of 2023 and is expected to stabilize around 2.7% in 2024 due to moderate global commodity prices and domestic wage pressures. The unemployment rate decreased to 13.5% in mid-2023, though employment growth may slow due to weakening domestic and external demand.
Fiscal performance improved in 2023 with a fiscal surplus from strong tax revenue and controlled spending. A fiscal deficit of about 3.5% of GDP is expected in 2024, as infrastructure projects and social programs expand. Public debt, down from 107% of GDP in 2020 to 62% in 2023, may gradually rise in the coming years.
Top banks
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Crnogorska Komercijalna Banka (CKB)
CKB is among the largest banks in Montenegro, providing a wide range of financial services for both individuals and businesses. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, CKB delivers trusted and professional Montenegrin banking services.
NLB Banka
NLB Banka is a trusted bank in Montenegro, offering a full range of banking products and services for both retail and corporate clients. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, NLB Banka provides reliable and professional Montenegrin banking services.
Erste Bank Montenegro
Erste Bank is a key player in the Montenegrin banking sector, providing a wide range of financial services for both individuals and businesses. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, Erste Bank combines expertise with a strong local presence. Discover reliable and professional banking services in Montenegro with Erste Bank.
Hipotekarna Banka
Hipotekarna Banka is a trusted bank in Montenegro, offering a wide range of banking and financial services for both retail and corporate clients. From personal banking, savings accounts, and loans to corporate financing, business banking, and investment solutions, Hipotekarna Banka provides secure and professional Montenegrin banking services.
Top payment methods
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
Montenegro's economy is poised for continued growth, supported by a diverse payment landscape and ongoing economic reforms. As the country navigates through its economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Gotovina)
Cash remains a prevalent payment method in Montenegro, particularly for small transactions and in rural areas. Despite the rise of digital payments, cash is still widely used.
Credit and Debit Cards
Credit and Debit Cards Credit and debit card usage is extensive, with major networks like Visa and MasterCard widely accepted. Contactless payment methods are gaining popularity due to their convenience.
Bank Transfers (Bankovni transferi)
Bank transfers (Bankovni transferi) in Montenegro are commonly used for larger transactions, including real estate purchases, business payments, and utility bills. Montenegro’s modern banking system supports efficient and secure domestic and international money transfers, making Bankovni transferi a reliable and convenient payment method. With the growing adoption of online banking and digital payment platforms, managing financial transactions in Montenegro has become faster, safer, and more accessible for both individuals and businesses.
Mobile Payments
Mobile payment options, including Apple Pay and Google Pay, are becoming increasingly popular. These methods provide a convenient and secure way to make transactions using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal are widely used for eCommerce transactions. They offer a secure and efficient means of paying for goods and services online.
Prepaid Cards
Prepaid cards are favored by younger individuals and those who prefer not to use traditional banking services. These cards are often used for online shopping and daily expenditures.
Cryptocurrencies
Cryptocurrencies are gradually being adopted in Montenegro, especially among tech-savvy individuals. The regulatory framework is evolving, but widespread acceptance is still in its early stages.
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