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The use of the name Crna Gora or Black Mountain (Montenegro) began in the 13th century in reference to a highland region in the Serbian province of Zeta. The later medieval state of Zeta maintained its existence until 1496 when Montenegro finally fell under Ottoman rule. Over subsequent centuries, Montenegro managed to maintain a level of autonomy within the Ottoman Empire. From the 16th to 19th centuries, Montenegro was a theocracy ruled by a series of bishop princes; in 1852, it transformed into a secular principality. Montenegro was recognized as an independent sovereign principality at the Congress of Berlin in 1878. After World War I, during which Montenegro fought on the side of the Allies, Montenegro was absorbed by the Kingdom of Serbs, Croats, and Slovenes, which became the Kingdom of Yugoslavia in 1929; at the conclusion of World War II, it became a constituent republic of the Socialist Federal Republic of Yugoslavia. When the latter dissolved in 1992, Montenegro federated with Serbia, creating the Federal Republic of Yugoslavia and, after 2003, shifting to a looser State Union of Serbia and Montenegro. In May 2006, Montenegro invoked its right under the Constitutional Charter of Serbia and Montenegro to hold a referendum on independence from the state union. The vote for severing ties with Serbia barely exceeded 55% - the threshold set by the EU - allowing Montenegro to formally restore its independence on 3 June 2006.

Location

Southeastern Europe, between the Adriatic Sea and Serbia

Natural Resources

bauxite, hydroelectricity

Population - distribution

highest population density is concentrated in the south, southwest; the extreme eastern border is the least populated area

666730
Serbian 42.9%, Montenegrin (official) 37%, Bosnian 5.3%, Albanian 5.3%, Serbo-Croat 2%, other 3.5%, unspecified 4% (2011 est.)
PODGORICA (capital) 165,000 (2014)
Conventional long form
none
Conventional short form
Montenegro
Local long form
none
Local short form
Crna Gora
parliamentary republic
Name
Podgorica
Geographic coordinates
42 26 N, 19 16 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1 hr, begins last Sunday in March; ends last Sunday in October
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Montenegro's economy is transitioning to a market system. As of 2015, around 90% of Montenegrin state-owned companies have been privatized, including 100% of banking, telecommunications, and oil distribution. Tourism, which accounts for roughly 20% of Montenegro’s GDP, brings in three times as many visitors as Montenegro’s total population every year. Several new luxury tourism complexes are in various stages of development along the coast, and a number are being offered in connection with nearby boating and yachting facilities. In addition to tourism, energy and agriculture are considered two distinct pillars of the economy. Only 20% of Montenegro’s hydropower potential is utilized. Montenegro plans to become a net energy exporter, and the construction of an underwater cable to Italy, which will be completed by 2018, will help meet its goal.
Inflation
1.204%
External debt stocks
US$ 2,665,359,000
Total tax rate (% of commercial profits)
22.2%
Real Interest Rate
6.333%
Manufacturing, value added (% of GDP)
6.0%
Current Account Balance
US$ -784,194,332
Labor Force, Total
248,321
Employment in Agriculture
7.71%
Employment in Industry
17.46%
Employment in Services
74.15%
Unemployment Rate
17.49%
Imports of goods and services
US$ 2,740,370,575
Exports of goods and services
US$ 1,762,551,991
Total Merchandise Trade
63.34%
FDI, net inflows
US$ 226,666,592
Commercial Service Exports
US$ 1,395,978,593
tobacco, potatoes, citrus fruits, olives, grapes; sheep
steelmaking, aluminum, agricultural processing, consumer goods, tourism
Commodities
Partners
Croatia 22.7%, Serbia 22.7%, Slovenia 7.8% (2012 est.)
Commodities
Partners
Serbia 29.3%, Greece 8.7%, China 7.1% (2012 est.)
Country Risk Rating
C
A very uncertain political and economic outlook and a business environment with many troublesome weaknesses can have a significant impact on corporate payment behavior. Corporate default probability is high.
Business Climate Rating
B
The business environment is mediocre. The availability and the reliability of corporate financial information vary widely. Debt collection can sometimes be difficult. The institutional framework has a few troublesome weaknesses. Intercompany transactions run appreciable risks in the unstable, largely inefficient environments rated B.
  • Tourism potential (sea, mountains, climate)
  • Hydroelectric potential
  • Use of the euro
  • Negotiations for membership in the European Union
  • Small market
  • Lack of diversification
  • Inadequate infrastructure
  • Scale of structural unemployment and shortage of qualified workers
  • Size of the ethnic vote and political impasse
  • Mediocre business climate
  • Large black-market economy (39%)
  • Organized crime

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