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Encyclopedia > Economy of Montenegro

This article is part of the series:
Republic of Montenegro Image File history File links Coat_of_arms_of_Montenegro. ... Anthem Oj, svijetla majska zoro Oh, Bright Dawn of May Montenegro() on the European continent()  —  [] Capital (and largest city) Podgorica Official languages Serbian (Ijekavian dialect)1 Demonym Montenegrin Government Republic  -  President Filip Vujanović  -  Prime Minister Željko Å turanović Independence due to the dissolution of Serbia and Montenegro   -  Declared June 3, 2006...

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  • GDP (purchasing power parity): $ 3.394 billion (2006 (Source: CIA [1]) est.)
  • GDP (official exchange rate): $2.27 billion (2006 est.) ([2]) est.)
  • GDP - per capita (PPP): $3,800 (2005 est.) ([3]) est.)
  • Labor force: 259,100 (2004) ([4])
  • Labor force - by occupation:
    • Agriculture: 2%
    • Industry: 30%
    • Services: 68% (2004) ([5])
  • Unemployment rate: 27.7% (2005)[6]; 14,34% (April 2007)[7] [1]
  • Population below poverty line: 12.2% (2003)
  • Inflation rate (consumer prices): 3.4% (2004)
  • Electricity - production: 2.864 billion kWh (2005 est.) ([8])
  • Exports: $171.3 million (2003) ([9])
  • Imports: $601.7 million (2003) ([11])
    • Imports - partners: Greece 10.2%, Italy 10.2%, Germany 9.6%, Bosnia and Herzegovina 9.2% (2003) ([12])
  • Currency (code): Euro (EUR)[3]

Contents

The history of Montenegro begins in the early Middle Ages, after the arrival of the Slavs into that part of the former Roman province of Dalmatia that forms present-day Montenegro. ... Politics of Montenegro will undergo rapid change since its independence. ... This article lists political parties in Montenegro. ... The President of Montenegro is the head of state of the Republic of Montenegro. ... Filip Vujanović (Serbian Cyrillic: Филип Вујановић) (born September 1, 1954 in Belgrade, Serbia, Federal Peoples Republic of Yugoslavia) is a politician who since 2003 has served as the President of Montenegro, and is the first president of the worlds newest country from May 2006. ... Prime Minister of Montenegro, full title: Predsjednik Vlade Republike Crne Gore (President of the Government of the Republic of Montenegro) is the leader of the Government of Montenegro. ... Željko Å turanović Željko Å turanović (Serbian: , born 31 January 1960 in NikÅ¡ić, Peoples Republic of Montenegro, Federal Peoples Republic of Yugoslavia) is a politician and likely the new Prime Minister of Montenegro. ... The Parliament of the Republic of Montenegro (Serbian: SkupÅ¡tina Republike Crne Gore) is the legislature of Montenegro. ... Montenegro elects on national level a legislature. ... In a referendum on May 21, 2006, the people of Montenegro opted to leave the State Union of Serbia and Montenegro. ... The Communications of Montenegro basically consists of one landline telecommunications company (Telecom Montenegro) and two mobile telecommunications companies (ProMonte and Monet GSM. Though, these companies have beenby other major telecommunications companies (ProMonte: Telenor and Telecom Montenegro (including Monet GSM subsidiary): Magyar Telekom (A subsidiary of Deutsche Telekom)). Categories: | | ... The culture of present-day Montenegro is as fascinating as its history and geographical position suggests. ... Demographics of Montenegro (based on the 2003 census) Ethnic map of Montenegro according to the census The 2003 census was undertaken by Montenegro, which, together with Serbia, constitutes Serbia and Montenegro. ... This article presents the demographic history of Montenegro through census results. ... This is a list of some of Geographical regions in Montenegro. ... This is a list of cities in Serbia and Montenegro. ... This is a list of all census-designated places in Montenegro, sorted by municipalities. ... This is a list of mountains in Montenegro. ... This is a list of rivers in Montenegro: Bijela Bistrica Bukovica Bojana Cijevna Ćehotina Grnčar Ibar Ospanica Lim LjeÅ¡nica LjuboviÄ‘a Ljuča Morača Piva Ribnica Sitnica Å avnik Tara TrebiÅ¡njica VeruÅ¡a VrmoÅ¡a Zeta Category: ... Gross domestic product (by purchasing power parity) in 2006 There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... For the Manfred Mann album, see 2006 (album). ... Countries by nominal GDP. Source: IMF (2005) This article includes a list of countries of the world sorted by their gross domestic product (GDP), the value of all final goods and services produced within a nation in a given year. ... shelby was here 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... This article or section needs additional references or sources to improve its verifiability. ... Year 2007 (MMVII) is now the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... Year 2003 (MMIII) was a common year starting on Wednesday (link displays 2003 calendar) of the Gregorian calendar. ... The kilowatt-hour (symbol: kW·h) is a unit for measuring energy. ...

History

As a relatively small principality and kingdom, Montenegro made its first steps towards an industrial economy only at the turn of the 20th century. The causes for this relative delay lay in the small population, lack of raw materials, underdeveloped transport network and comparatively low rate of investment. However, this delay in industrialisation had its positive effects - Montenegro survived as a specific ecological oasis. Anthem Oj, svijetla majska zoro Oh, Bright Dawn of May Montenegro() on the European continent()  —  [] Capital (and largest city) Podgorica Official languages Serbian (Ijekavian dialect)1 Demonym Montenegrin Government Republic  -  President Filip Vujanović  -  Prime Minister Željko Å turanović Independence due to the dissolution of Serbia and Montenegro   -  Declared June 3, 2006... (19th century - 20th century - 21st century - more centuries) Decades: 1900s 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s As a means of recording the passage of time, the 20th century was that century which lasted from 1901–2000 in the sense of the Gregorian calendar (1900–1999...


The first factories were built in Montenegro in the first decade of the 20th century, followed by wood mills, an oil refinery, a brewery, and electric power plants. This brief evolution of industrial economy was interrupted by new wars - First Balkan War (1912-1913), followed by World War I and World War II. Between the two world wars, agriculture maintained its dominant position in the national economy, while the sole remaining industrial plants were wood mills, tobacco factories, breweries, and salt works. Artists can use woodworking to create delicate sculptures. ... View of Shell Oil Refinery in Martinez, California. ... The entrance of a brewery. ... A power station (also power plant) is a facility for the generation of electric power. ... // Combatants Ottoman Empire Balkan League: Bulgaria Montenegro Greece Serbia Commanders Nizam Pasha, Zekki Pasha, Esat Pasha, Abdullah Pasha, Ali Rizah Pasha Bulgaria: Vladimir Vazov, Vasil Kutinchev, Nikola Ivanov, Radko Dimitriev Serbia: Radomir Putnik, Petar Bojović, Stepa Stepanović Greece:Crown Prince Constantine, Panagiotis Danglis, Pavlos Kountouriotis Strength 350,000 men Bulgaria... 1912 (MCMXII) was a leap year starting on Monday in the Gregorian calendar (or a leap year starting on Tuesday in the 13-day-slower Julian calendar). ... Year 1913 (MCMXIII) was a common year starting on Wednesday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Tuesday of the 13-day-slower Julian calendar). ... “The Great War ” redirects here. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Shredded tobacco leaf for pipe smoking Tobacco can also be pressed into plugs and sliced into flakes Tobacco is an agricultural product processed from the fresh leaves of plants in genus Nicotiana. ... San Francisco Bay salt ponds Salt evaporation pond in Ile de Ré, France. ...


Post-War Period

The economy made major progress only after World War II. Once more destroyed and plundered, Montenegro made greater strides in its economic policy and development, thus laying the foundations for modern and prosperous economy. During the communist era, Montenegro experienced a rapid period of urbanization and industrialization. An industrial sector based on electricity generation, steel, aluminum, coal mining, forestry and wood processing, textiles and tobacco manufacture was developed, while trade, international shipping, and particularly tourism became increasingly important by the late 1980s. This article is about communism as a form of society and as a political movement. ... A steel mill at the turn of the century in Pittsburgh, Pennsylvania A steel mill (British English and Australian English steelworks) is an industrial plant for the manufacture of steel. ... Aluminum is a soft and lightweight metal with a dull silvery appearance, due to a thin layer of oxidation that forms quickly when it is exposed to air. ... Surface coal mining in Wyoming. ... A decidous beech forest in Slovenia. ... This article is about the type of fabric. ... This article does not cite any references or sources. ...


Post-Yugoslavian Period

The loss of previously guaranteed markets and suppliers following the break up of Yugoslavia left the Montenegrin industrial sector reeling as production was suspended and the privatization program, which had begun in 1989, was interrupted. The disintegration of the Yugoslav market, and the imposition of UN sanctions in May 1992 were the causes of the greatest economic and financial crisis in Montenegro since World War 2. During 1993, two thirds of the Montenegrin population lived below the poverty line, while frequent interruptions in relief supplies caused the health and environmental protection to drop below the minimum of international standards. The financial losses under the adverse effects of the UN sanctions on the overall economy of Montenegro are estimated to be approximately $6.39 billion. This period was marked by the second highest hyperinflation in the history of humankind (3 million percent in January 1994).[citation needed] The Socialist Federal Republic of Yugoslavia was a Balkan state that existed from 1945 to 1992. ... This article does not adequately cite its references or sources. ... Year 1989 (MCMLXXXIX) was a common year starting on Sunday (link displays 1989 Gregorian calendar). ... Year 1992 (MCMXCII) was a leap year starting on Wednesday (link will display full 1992 Gregorian calendar). ... Year 1993 (MCMXCIII) was a common year starting on Friday (link will display full 1993 Gregorian calendar). ... Certain figures in this article use scientific notation for readability. ... Year 1994 (MCMXCIV) was a common year starting on Saturday (link will display full 1994 Gregorian calendar). ...


Due to its favourable geographical location (it had access to the Adriatic Sea and a water-link to Albania across Lake Skadar) Montenegro became a hub for smuggling activity. The entire Montenegrin industrial production had stopped, and the republic's main economic activity became the smuggling of user goods - especially those in short supply like petrol and cigarettes, both of which skyrocketed in price. It became a de facto legalized practice and it went on for years. A satellite image of the Adriatic Sea. ... Skadar Lake (also called Shkodër, Scutari or Skadarsko lake), is a lake on the border of Serbia and Montenegro and Albania, the largest lake on the Balkan Peninsula. ...


Divergence from Serbian Influence

In 1997, Milo Đukanović took control over the ruling party DPS and began severing ties with Serbia. He blamed policies of Slobodan Milošević for the overall decline of the Montenegrin economy. The Montenegrin government adopted the German mark in response to resurgent inflation, and insisted on taking more control over its economic fate. This eventually resulted in creation of Serbia and Montenegro, a loose union in which the Montenegrin government assumed predominant responsibility for its economic policies. Year 1997 (MCMXCVII) was a common year starting on Wednesday (link will display full 1997 Gregorian calendar). ... Milo Đukanović   (Serbian Cyrillic: Мило Ђукановић) (born 15 February 1962 in NikÅ¡ić, Montenegro, Yugoslavia) is a former four mandate Prime Minister (1991 - 1992, 1992-1996, 1996-1998 and 2003 - 2006), president (1998 - 2002) of the Republic of Montenegro and an alleged Criminal Tycoon. ... The Democratic Party of Socialists of Montenegro (Serbian/Montenegrin: Демократска Партија Социјалиста Црне Горе / Demokratska Partija Socijalista Crne Gore) is a political party in Montenegro. ... Anthem Serbia() on the European continent() Capital (and largest city) Belgrade Official languages Serbian 1 Recognised regional languages Hungarian, Croatian, Slovak, Romanian, Rusyn 2 Albanian 3 Government Semi-presidential republic  -  President Boris Tadić  -  Prime Minister Vojislav KoÅ¡tunica Establishment  -  Formation 9th century   -  First unified state c. ... “MiloÅ¡ević” redirects here. ... ISO 4217 Code DEM User(s) Germany, Montenegro, Kosovo ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 1. ...


This was followed by implementation of faster and more efficient privatization, passing of reforming legislation, introduction of a VAT and adoption of the euro as Montenegro's legal tender. The government established a medium-term plan of economic reforms, popularly referred to as "The Agenda". Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Value added tax (VAT), or goods and services tax (GST), is... “EUR” redirects here. ...


Despite implementation of reform laws and privatization of most of publicly owned companies, the living standard of Montenegrins did not improve significantly during this period. The government, with Milo Ðukanović still as the Prime minister, blamed the slow progress on Serbia. Some arguments used to support this position were that foreign debt was higher in Serbia by one third, that unemployment was significantly lower in Montenegro, and that Montenegrin workers had higher wages than those of Serbia. It was also argued that refusal of Serbian government to fully cooperate with the Hague war crime tribunal significantly delayed Montenegro's progress towards full membership in the European Union and NATO. ). External debt is the part of a countrys debt owed to creditors outside the country. ... A wage is the amount of money paid for some specified quantity of labour. ... The Tribunal building in The Hague. ... NATO 2002 Summit in Prague. ...


A referendum was held on May 21, 2006 in which the people of Montenegro voted by a slender majority in favour of Montenegrin independence from Serbia. The Montenegrin independence referendum was a referendum on the independence of the Republic of Montenegro from Serbia and Montenegro that was held on May 21, 2006. ... May 21 is the 141st day of the year (142nd in leap years) in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ...


Notes

  1. ^ Figures from CIA World Factbook and those provided by Government of Montenegro differ significantly. According to Montenegro's Government, unemployment rate is somewhere between 15%-20%
  2. ^ Montenegro's most significant export, aluminium from the Podgorica Aluminium Plant, is exported through Switzerland
  3. ^ Not a member of Eurozone

World Factbook 2004 cover The World Factbook is an annual publication by the Central Intelligence Agency of the United States with basic almanac-style information about the various countries of the world. ... The current Government of the Republic of Montenegro was founded in 2003? or possibly earlier or later. ... General Name, Symbol, Number aluminium, Al, 13 Chemical series poor metals Group, Period, Block 13, 3, p Appearance silvery Standard atomic weight 26. ... This article does not cite any references or sources. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ...

See also

The history of Montenegro begins in the early Middle Ages, after the arrival of the Slavs into that part of the former Roman province of Dalmatia that forms present-day Montenegro. ... The economy of Serbia and Montenegro entered a prolonged decline in 1989. ...

External Links

  • The Njegoskij Fund Public Project >> Country Profile on Montenegro
  • CIA World Factbook - Montenegro

  Results from FactBites:
 
Montenegro - MSN Encarta (550 words)
Montenegro is bounded on the north by Bosnia and Herzegovina, on the east by Serbia, on the south by Albania, and on the southwest by the Adriatic Sea.
Montenegro’s few regions suitable for farming are in river valleys, mainly the one along the Zeta River; on the plain around Lake Scutari in the southwest; and near the town of Cetinje.
The Montenegrin economy suffered from the effects of the wars of Yugoslav succession (1991-1995), particularly from economic sanctions imposed on the FRY in response to its support for warring Serbs in Bosnia and Herzegovina.
Montenegro: Definition and Much More from Answers.com (5533 words)
Montenegro was established as a republic with the constitution of 1992 and is governed by independent executive, legislative, and judicial branches.
Montenegro's native name, Crna Gora, was first mentioned in a charter of St. Nicholas Monastery (Vranjina) issued by the Serbian King Milutin, in 1296 and translates literally to "fl mountain", a reference to the dark forests that once covered the slopes of the Dinaric Alps as seen from the coast.
Montenegro borders Croatia, Serbia, Bosnia and Herzegovina and Albania.
  More results at FactBites »

 
 

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