Montenegro: Net flows on external debt, private nonguaranteed (PNG) (NFL, current US$)

Key figures

What the numbers say

In 2024, Montenegro's net flows on external debt, private nonguaranteed (PNG) (NFL, current US$) fell US$372.04 million on 2023 (from −US$113.18 million to −US$485.22 million).

Across the 17 yearly changes before that (2007 to 2023), the average change was −US$6.77 million and a typical year strayed about US$562.45 million from that (the standard deviation). This year's change was 0.6 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was US$799.06 million in 2013 and the biggest yearly fall was US$1.31 billion in 2014. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 9% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Montenegro had the 61st highest value of the 79 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Montenegro in the 2024 ranking

• Dominican Republic — 58th of 79: −US$424.04 million
• Sri Lanka — 59th of 79: −US$432.14 million
• Senegal — 60th of 79: −US$470.19 million
• Ukraine — 62nd of 79: −US$583.52 million
• South Africa — 63rd of 79: −US$666.8 million
• Belarus — 64th of 79: −US$824.5 million

What this measures

Private nonguaranteed external debt is an external obligation of a private debtor that is not guaranteed for repayment by a public entity. Net flows (or net lending or net disbursements) received by the borrower during the year are disbursements minus principal repayments. Long-term external debt is defined as debt that has an original or extended maturity of more than one year and that is owed to nonresidents by residents of an economy and repayable in currency, goods, or services. Data are in current U.S. dollars.

Regional and income-group figures are computed by the World Bank as a sum.

All 19 values

Net flows on external debt, private nonguaranteed (PNG) (NFL, current US$) in nearby economies

• Albania — US$427.28 million (2024)
• Armenia — US$278.53 million (2024)
• Azerbaijan — US$368.86 million (2024)
• Belarus — −US$824.5 million (2024)
• Bosnia and Herzegovina — US$199.7 million (2024)
• Bulgaria — US$106.5 million (2022)
• Georgia — US$525.91 million (2024)
• Kazakhstan — −US$5.32 billion (2024)

More economic policy & debt data for Montenegro

• Adjusted savings, mineral depletion (current US$) — US$651,532 (2021)
• Medium and high-tech manufacturing value added (% manufacturing value added) — 14.86% (2024)
• Adjusted savings, carbon dioxide damage (current US$) — US$105.26 million (2021)
• GDP (current US$) — US$9.23 billion (2025)
• GDP (current LCU) — 8.17 billion (2025)
• GDP, linked series (current LCU) — 8.17 billion (2025)
• GDP (constant 2015 US$) — US$5.47 billion (2025)
• GDP (constant LCU) — 4.66 billion (2025)
• GDP, PPP (current international $) — 22.07 billion (2025)
• GDP, PPP (constant 2021 international $)

Reading data like this

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Questions people ask

What is Montenegro's net flows on external debt, private nonguaranteed (PNG) (NFL, current US$)?

−US$485.22 million in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2006?

It is down 25,359% from US$1.92 million in 2006. The highest value was US$987.04 million in 2013 and the lowest −US$485.22 million in 2024.

How does Montenegro rank?

61st highest of 79 economies with data for 2024.

Is the latest change in net flows on external debt, private nonguaranteed (PNG) (NFL, current US$) unusual for Montenegro?

In 2024, Montenegro's net flows on external debt, private nonguaranteed (PNG) (NFL, current US$) fell US$372.04 million on 2023 (from −US$113.18 million to −US$485.22 million). Across the 17 yearly changes before that (2007 to 2023), the average change was −US$6.77 million and a typical year strayed about US$562.45 million from that (the standard deviation). This year's change was 0.6 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator DT.NFL.DPNG.CD, licensed CC BY 4.0. Original source: International Debt Statistics, World Bank (WB), uri: https://www.worldbank.org/en/programs/debt-statistics Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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