Tourism and the aluminum industry are the pillars of Montenegro's economy. In recent years, with improvements in the external environment and the advancement of various economic reforms, Montenegro's economy has gradually recovered, showing an overall growth trend. The main issues facing Montenegro's economy include: outdated infrastructure, energy shortages, a small economic scale, lack of competitiveness in goods, and a serious trade deficit. Key economic data for 2017: Gross Domestic Product of $5.897 billion, GDP growth rate of 4.4%, per capita GDP of $9,067, inflation rate of 0.1%, and unemployment rate of 18.3%.
Industry: The main industrial sectors include mining, construction, metallurgy, food processing, electricity, and wood processing. Agriculture: The total agricultural land area in the country is 516,000 hectares, accounting for approximately 37.4% of the total land area. The majority of agricultural land consists of pastures and artificial grasslands, with arable land covering 189,100 hectares. Major agricultural products include wheat, barley, corn, potatoes, plums, olives, and grapes. Major livestock products include cattle, pigs, sheep, poultry, and horses. Services: The service sector is relatively developed, mainly including wholesale and retail, accommodation and catering, real estate, telecommunications, and finance. Tourism is an important component of Montenegro's national economy and a major source of foreign exchange income. Major scenic areas include the Adriatic coast and national parks. In 2016, the total number of tourists visiting Montenegro was approximately 3.522 million, with the majority coming from Serbia, Russia, Bosnia and Herzegovina, and Albania.
Foreign Relations and Trade
Montenegro pursues a friendly neighborhood policy and is committed to promoting regional peace and stability. It regards the European Union, the United States, and China as its main partners. As of December 2017, 181 countries have established diplomatic relations with Montenegro.
Montenegro is heavily reliant on imports for foreign trade, with a worsening trade deficit. Major trading partners include Serbia, Italy, Greece, Croatia, and China. According to Montenegrin statistics, the total foreign trade volume in 2016 was €2.38 billion, an increase of 11.8% year-on-year; of which exports amounted to €326 million, an increase of 2.7%; and imports totaled €2.062 billion, an increase of 12%.
Montenegro-China Relations
Montenegro and China have a traditional friendly cooperative relationship, and the Montenegrin government actively explores broad economic and trade cooperation with China. In recent years, through extensive dialogue and economic cooperation in fields such as science, education, culture, transportation infrastructure, shipbuilding, tourism, and agriculture, the friendly cooperative relationship between the two countries has been further consolidated and strengthened.