28/02/2024
How much does it cost to live in Montenegro?
Economy.
It largely depends on tourism, which contributes about 25.5% of the GDP. In the first half of 2023, the country received 453 million euros from tourism, which is 90% more than in 2022, and 78% more compared to 2019. Among the main industrial sectors, one can highlight mining (coal, bauxite), metallurgy (steel and aluminum), and metalworking. The light industry, to***co production, and livestock farming are also developed. The unemployment rate is 16.2%, with an average salary of 1,055 dollars per month.
In 2024, Montenegro's GDP amounted to about six billion dollars, and the GDP growth was 6.9%. The gross national income per capita is 7,879 dollars. This is higher than in Serbia (7,354), Bosnia and Herzegovina (6,251), North Macedonia (5,500), and Albania (5,159 dollars). However, Montenegro is still lagging behind more developed European countries such as Croatia (16,477 dollars) and Slovenia (26,067).
Montenegro also has one of the highest levels of public debt in the region. In 2022, it amounted to 69.49% of the GDP, which is higher than in Albania (67%), Bosnia and Herzegovina (20.3%), North Macedonia (51%), and Serbia (55.1%). One of the reasons is the construction of the Bar-Boljare highway, which is supposed to connect Montenegro with Serbia and improve the country's transport infrastructure, with money borrowed from China.
It is important for Montenegro to reduce the debt level, as the EU does not accept countries with public debt above 60% of the GDP. The country has been negotiating EU membership since 2006.
Prices in the main cities
Podgorica.
According to the Living cost website, the average living expenses for a single person without rent are 433 dollars per month, and for a family of four, it's 1,328. The average rent for a one-bedroom apartment is 503 dollars, and for a three-bedroom apartment, it's 921.
Bar.
The average living expenses for a single person without rent are 441 dollars per month, and for a family of four, it's 1,247. The average rent for a one-bedroom apartment is 591 dollars, and for a three-bedroom apartment, it's 1,162.
Budva.
The average living expenses for a single person without rent are 481 dollars per month, and for a family of four, it's 1,533. The average rent for a one-bedroom apartment is 623 dollars, and for a three-bedroom apartment, it's 1,284.
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