Montenegro External Debt to GNI
External debt stocks as % of GNI DT.DOD.DECT.GN.ZS
Montenegro's external debt to gni was 68.63% in 2025, ranked 24th globally. This represents a 36.8% decrease from 2024. Data from World Bank, covering 2006–2025.
Overview
Montenegro's external debt to gni stood at 68.63% in 2025, a decline of +40.01pp from 2024. Based on recent trends, this figure is projected to reach 68.63% by 2025. Montenegro ranked 24th globally.
Montenegro’s external debt to gross national income has risen sharply over the past two decades, climbing from a trough of 31.79 % in 2006 to an all‑time peak of 217.16 % in 2020 before easing to 68.63 % in 2025, placing the country 24th globally. The surge to the 2020 peak reflected heightened borrowing amid the COVID‑19 pandemic and related fiscal pressures, while the subsequent moderation aligns with debt‑service reforms and modest economic recovery. Montenegro’s 2025 ratio is closely aligned with peers such as Paraguay (69.68 %) and Guinea‑Bissau (68.46 %), suggesting a convergence toward the debt levels of other small, open economies that rely heavily on external financing. Despite the recent decline, the debt‑to‑GNI ratio remains elevated relative to its pre‑crisis baseline, indicating vulnerability to external shocks and exchange‑rate fluctuations. Continued fiscal consolidation, diversified revenue streams and prudent borrowing will be essential to sustain the downward trajectory and reduce the debt burden in the coming years.
Data & projection
| Year | External Debt to GNI | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 15.79% | - | - |
| 2026* trend | 42.21% | - | - |
| 2025* trend | 68.63% | - | - |
| 2025 | 68.63% | −40.01pp | #24 |
| 2024 | 108.64% | −5.32pp | #104 |
| 2023 | 113.96% | −24.63pp | #108 |
| 2022 | 138.58% | −22.52pp | #115 |
| 2021 | 161.10% | −56.06pp | #115 |
| 2020 | 217.16% | +66.59pp | #115 |
| 2019 | 150.58% | +5.06pp | #116 |
| 2018 | 145.52% | −1.62pp | #116 |
| 2017 | 147.13% | +4.96pp | #117 |
| 2016 | 142.17% | −18.90pp | #117 |
| 2015 | 161.08% | +15.86pp | #117 |
| 2014 | 145.21% | −17.06pp | #115 |
| 2013 | 162.27% | +13.69pp | #115 |
| 2012 | 148.58% | +27.98pp | #117 |
| 2011 | 120.60% | +11.15pp | #116 |
Detected Pattern
Analysis
Montenegro matched the Fiscal Dominance Trap pattern in 2022. Historically, 72% of countries showing this pattern (278 out of 386) saw external debt to gni improve within 24 months. View full analysis →
Frequently Asked Questions
Montenegro's external debt to gni was 68.63% in 2025. Ranked 24th globally. This represents a 36.8% decrease from the previous year.
Montenegro's external debt to gni peaked at 217.16% in 2020.
The lowest external debt to gni in Montenegro was 31.79% in 2006.
Montenegro ranks 24th globally in external debt to gni as of 2025.
The World Bank indicator code is DT.DOD.DECT.GN.ZS. Data sourced from World Bank.
Montenegro's external debt to gni is projected to reach 68.63% by 2025 based on trend extrapolation.
The external debt to gni of Montenegro in 2025 was 68.63%. This ranks 24th in the world.
Cite this page
@misc{historysaid_montenegro_external-debt-to-gni,
title = {Montenegro External Debt to GNI},
url = {https://historysaid.com/montenegro/external-debt-to-gni/},
publisher = {HistorySaid},
year = {2026}
}