Chamber of Commerce Country Factsheet Last update: 09.08.2017
Your advisors at the Chamber of Commerce
- Edith Stein+352423939482
- Daniel Sahr+352423939313
The use of the name Montenegro began in the 15th century when the Crnojevic dynasty began to rule the Serbian principality of Zeta; over subsequent centuries Montenegro was able to maintain its independence from the Ottoman Empire. From the 16th to 19th centuries, Montenegro became a theocracy ruled by a series of bishop princes; in 1852, it was transformed into a secular principality. After World War I, 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, first as the Federal Republic of Yugoslavia and, after 2003, in a looser 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 exceeded 55% - the threshold set by the EU - allowing Montenegro to formally declare its independence on 3 June 2006.
Subject descriptor 2014 2015 2016 2017 2018 Gross domestic product, constant prices 1.784 3.176 5.082 3.631 2.442 Gross domestic product, current prices 4.595 3.989 4.242 4.455 4.648 Gross domestic product per capita, current prices 7,389.886 6,409.219 6,809.227 7,144.379 7,446.727 Inflation, average consumer prices -0.733 1.566 0.500 1.300 1.600 Volume of imports of goods and services 1.562 8.175 11.821 3.316 2.801 Volume of exports of goods and services -1.175 8.294 -0.221 3.532 3.672 Current account balance -0.699 -0.387 -0.437 -0.524 -0.527 Current account balance -15.205 -9.696 -10.295 -11.769 -11.337
Source: IMF Statistics - Montenegro
Luxembourg and the country
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
Air Services agreement
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Montenegro
Embassy of the Grand Duchy of Luxembourg in Montenegro
Ambassador with residence in Luxembourg: Olivier Baldauff
Ministry of Foreign Affairs
9, rue du Palais de Justice
Tel: +352 247-82332
Economic and Commercial Attaché:
Marijana MILOSEVI TUFEGDZI
Office of the Commercial Attache- Embassy of Belgium
Koce Kapetana 30, I floor, app 2
Tel ++381 11 3085570
fax ++381 11 344 56 49
Country risk as defined by Office du Ducroire for Montenegro
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Other useful links
- CIA World factbook on Montenegro
- Le Montenegro sur le site de l'AWEX
- Doing Business in Montenegro
- Economic Freedom Index - Montenegro
- Das ist Montenegro
- Présentation du Monténégro par trésor
The Chamber of Commerce and the country