Montenegro achieved the highest gross domestic product (GDP) growth in the Western Balkans in 2023, at 6.4 percent compared to the previous year. Furthermore, Kosovo and Serbia were predicted the most significant increase in GDP for the following year, at 3.8 percent.

Serbia has recorded the highest gross domestic product (GDP) in the Western Balkan region over the past years, totaling ***** billion U.S. dollars in 2024. In the same year, Bosnia and Herzegovina had the second-highest GDP at **** billion U.S. dollars.

All data are expressed as a percentage, except for GDP per capita, net wages, total population, life expectancy, expected years of education, average years of schooling, life and non-life premium, total premium, bank deposits, financial assets and deposits of insurance companies, which are expressed in absolute terms.

Source of data:

Data on Life and Non-life premium, Total (gross) premium, Premium reserve data, Financial assets and Deposits of insurance companies are collected from the official reports of insurance supervision agencies: Insurance Supervision Agency in Montenegro (http://www.ano.me/en/), Croatian Financial Services Supervisory Agency (https://www.hanfa.hr/en/), National Bank of Serbia (https://www.nbs.rs/internet/english/, Insurance Supervision Agency of North Macedonia (http://aso.mk/en/?lang=en) and Financial Supervisory Authority in Albania (https://amf.gov.al/).

The economic indicators for the observed Western Balkan countries (GDP per capita, unemployment rate, inflation rate, net earnings and average effective deposit interest rate) are taken from the website Eurostat (https://ec.europa.eu/eurostat) and Statista (https://www.statista.com/)

All demographic indicators, except for the expected and average years of schooling and education index, were collected from the Eurostat and UNDP database (https://ec.europa.eu/eurostat/data/database; http://hdr.undp.org/en/countries/profiles/ ).

Data on expected and average school years were taken from the UNESCO Institute for Statistics (http://uis.unesco.org) , while the education index was obtained as a result of a calculation based on a formula published on the UNDP website (http://hdr.undp.org/en/content/education-index).

Data on bond yield were collected from the website of European Commission (https://ec.europa.eu/), i.e. from EC reports - EU Candidate Countries’ & Potential Candidates’ Economic Quarterly (CCEQ), except two data for Serbia (2006 and 2007) which were estimated by Makima extrapolation.

Bank deposits data are taken from the official reports of banks' regulatory institutions: Central bank of Montenegro (https://www.cbcg.me/en), National bank of Serbia (https://www.nbs.rs/en/indeks/), Croatian National bank (https://www.hnb.hr/en/home), National bank of the Republic of North Macedonia (https://www.nbrm.mk/pocetna-en.nspx); Bank of Albania (https://www.bankofalbania.org/home/)

Description of columns:

f1-GDPper capita; f2- Unemployment (%); f3-Inflation rate (%); f4- Net Wages €; f5- Deposit rate (%); f6- Population; f7- Female (%); f8- Population <15 (%); f9- Population 15-64 (%); f10- Dep old (%); f11- Dep young (%); f12- Urban population (%); f13-Life exp. (years); f14- Preschool enroll rate (%); f15- Elem school enroll rate (%); f16-High school enroll rate (%); f17- University enroll rate (%); f18- Expected years of schooling; f19- Avg. years of schooling; f20- Education Index (%); f21- Fertility rate (number of children to a woman); f22- Birth rate (per 1000 inhabitants); f23- Health costs (% GDP); f24-premium reserve per GDP,

i1- life premium €; i2- non-life premium €; i3- total premium €; i4- bond yield (%); i5a- bank deposits ( national currency); i5b- bank deposits €; i6a-financial assets in insurance (national currency); i6b- financial assets in insurance €; i7a- deposits of insurers (national currency); i7b –deposit of insurers €

Macedonia Exports: Year to Date: West Balkan Countries data was reported at 622,180.375 USD th in Oct 2018. This records an increase from the previous number of 544,611.564 USD th for Sep 2018. Macedonia Exports: Year to Date: West Balkan Countries data is updated monthly, averaging 353,441.049 USD th from Jan 2003 (Median) to Oct 2018, with 190 observations. The data reached an all-time high of 1,416,153.000 USD th in Dec 2008 and a record low of 17,020.000 USD th in Jan 2003. Macedonia Exports: Year to Date: West Balkan Countries data remains active status in CEIC and is reported by State Statistical Office of the Republic of Macedonia. The data is categorized under Global Database’s Macedonia – Table MK.JA003: Exports: by Country. The economic grouping of countries is revised according to the World Bank Methodology, and West Balkans (Croatia, Bosnia and Herzegovina, Montenegro, Serbia, Kosovo and Albania) group of countires is added.

In the Western Balkan region, Montenegro recorded the highest Digital Economy and Society Index score, at **** points. Serbia followed in the ranking with an overall score of ****.

Bulgaria Exports: FOB: Balkan Countries: Serbia data was reported at 67.300 EUR mn in Jan 2025. This records a decrease from the previous number of 68.100 EUR mn for Dec 2024. Bulgaria Exports: FOB: Balkan Countries: Serbia data is updated monthly, averaging 33.600 EUR mn from Jan 1995 (Median) to Jan 2025, with 361 observations. The data reached an all-time high of 118.900 EUR mn in Oct 2022 and a record low of 0.700 EUR mn in May 1999. Bulgaria Exports: FOB: Balkan Countries: Serbia data remains active status in CEIC and is reported by Bulgarian National Bank. The data is categorized under Global Database’s Bulgaria – Table BG.JA004: Exports: by Main Trade Partners.

This dataset contributed to deliverable 4.2 Regional Mapping Report and shows the mapping in Bosnia and Herzegovina. This report is the second deliverable of WP4 – Measuring and assessing impacts and costs of a just green transition in the WB, of the GreenFORCE project. It was jointly authored by the WB project partners, as well as 2 subcontracted parties from the region. The EU Economic and Investment Plan for the WB includes a green agenda for the WB, with pillars to be pursued for transitioning towards a carbon-neutral economy. Such a shift will surely challenge the economies and societies in the WB. The social and policy context is yet fragile to allow for the development and mass distribution of green transition technologies, while human resources are not prepared and/or are insufficient to produce and implement innovation. Yet, the green transition also paves the way towards new development and resilience opportunities. The research will inform on the readiness/potential of societal actors (industry, academia, policymakers, civic society) to embrace the pathways to transformation, and will propose a framework for continuous monitoring of impacts and costs. The key findings and lessons learnt derived within WP4 will be transferred into the scientific papers and policy briefs (WP 2 & 3) and published under the dissemination events (WP5). Regional mapping is a key task for the research, contributing to initial data gathering and the refinement of the research proposal, and to the sub-question on the identification of sectors and territories affected by the transitions and current progress of transition practices. This is a participatory mapping, engaging local stakeholders and communities to reveal local knowledge. Each WB partner will produce the respective country report, and Co-PLAN will work on the final regional report. This deliverable is the final regional report. It will also include the mapping frame used to conduct the mapping process. The WB partners will do the mapping for their own countries. GreenFORCE will subcontract data gathering for the remaining countries. The mapping is done for actors, practices and policies in place, territories upon the level of relevance and potential for engaging in green transition; and sectors. All partners will design the mapping frame, using also knowledge from other mapping processes. The frame will contain the type of information to be collected, the standardisation of data entry, and the tailored instruments to be deployed for accessing information.

This dataset contributed to deliverable 4.2 Regional Mapping Report and shows the Montenegrin mapping. This report is the second deliverable of WP4 – Measuring and assessing impacts and costs of a just green transition in the WB, of the GreenFORCE project. It was jointly authored by the WB project partners, as well as 2 subcontracted parties from the region. The EU Economic and Investment Plan for the WB includes a green agenda for the WB, with pillars to be pursued for transitioning towards a carbon-neutral economy. Such a shift will surely challenge the economies and societies in the WB. The social and policy context is yet fragile to allow for the development and mass distribution of green transition technologies, while human resources are not prepared and/or are insufficient to produce and implement innovation. Yet, the green transition also paves the way towards new development and resilience opportunities. The research will inform on the readiness/potential of societal actors (industry, academia, policymakers, civic society) to embrace the pathways to transformation, and will propose a framework for continuous monitoring of impacts and costs. The key findings and lessons learnt derived within WP4 will be transferred into the scientific papers and policy briefs (WP 2 & 3) and published under the dissemination events (WP5). Regional mapping is a key task for the research, contributing to initial data gathering and the refinement of the research proposal, and to the sub-question on the identification of sectors and territories affected by the transitions and current progress of transition practices. This is a participatory mapping, engaging local stakeholders and communities to reveal local knowledge. Each WB partner will produce the respective country report, and Co-PLAN will work on the final regional report. This deliverable is the final regional report. It will also include the mapping frame used to conduct the mapping process. The WB partners will do the mapping for their own countries. The PC will subcontract data gathering for the remaining countries. The mapping is done for actors, practices and policies in place, territories upon the level of relevance and potential for engaging in green transition; and sectors. All partners will design the mapping frame, using also knowledge from other mapping processes. The frame will contain the type of information to be collected, the standardisation of data entry, and the tailored instruments to be deployed for accessing information.

In 2023, Montenegro recorded the highest average monthly salary in the Western Balkan region, at 814 euros. Serbia and North Macedonia followed in the ranking, with 811 and 649 euros, respectively.

Bulgaria Exports: FOB: Balkan Countries: Kosovo data was reported at 10.100 EUR mn in Jan 2025. This records a decrease from the previous number of 13.000 EUR mn for Dec 2024. Bulgaria Exports: FOB: Balkan Countries: Kosovo data is updated monthly, averaging 4.900 EUR mn from Apr 2008 (Median) to Jan 2025, with 202 observations. The data reached an all-time high of 16.500 EUR mn in Oct 2024 and a record low of 1.900 EUR mn in Feb 2012. Bulgaria Exports: FOB: Balkan Countries: Kosovo data remains active status in CEIC and is reported by Bulgarian National Bank. The data is categorized under Global Database’s Bulgaria – Table BG.JA004: Exports: by Main Trade Partners.

With a Gross Domestic Product of over 4.3 trillion Euros, the German economy was by far the largest in Europe in 2024. The similarly sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 7.4 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.95 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.

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About this dataset

Context

The dataset presents the the household distribution across 16 income brackets among four distinct age groups in Balkan township: Under 25 years, 25-44 years, 45-64 years, and over 65 years. The dataset highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories, aiding in data analysis and decision-making..

Key observations

• Upon closer examination of the distribution of households among age brackets, it reveals that there are 3(0.80%) households where the householder is under 25 years old, 89(23.80%) households with a householder aged between 25 and 44 years, 177(47.33%) households with a householder aged between 45 and 64 years, and 105(28.07%) households where the householder is over 65 years old.
• The age group of 25 to 44 years exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the township of Balkan township, showcasing varying income levels among different age demographics.

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Income brackets:

• Less than $10,000
• $10,000 to $14,999
• $15,000 to $19,999
• $20,000 to $24,999
• $25,000 to $29,999
• $30,000 to $34,999
• $35,000 to $39,999
• $40,000 to $44,999
• $45,000 to $49,999
• $50,000 to $59,999
• $60,000 to $74,999
• $75,000 to $99,999
• $100,000 to $124,999
• $125,000 to $149,999
• $150,000 to $199,999
• $200,000 or more

Variables / Data Columns

• Household Income: This column showcases 16 income brackets ranging from Under $10,000 to $200,000+ ( As mentioned above).
• Under 25 years: The count of households led by a head of household under 25 years old with income within a specified income bracket.
• 25 to 44 years: The count of households led by a head of household 25 to 44 years old with income within a specified income bracket.
• 45 to 64 years: The count of households led by a head of household 45 to 64 years old with income within a specified income bracket.
• 65 years and over: The count of households led by a head of household 65 years and over old with income within a specified income bracket.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Balkan township median household income by age. You can refer the same here

Bulgaria Exports: FOB: Balkan Countries: Montenegro data was reported at 1.300 EUR mn in Jan 2025. This records a decrease from the previous number of 2.300 EUR mn for Dec 2024. Bulgaria Exports: FOB: Balkan Countries: Montenegro data is updated monthly, averaging 0.800 EUR mn from Jan 1995 (Median) to Jan 2025, with 361 observations. The data reached an all-time high of 2.500 EUR mn in Nov 2015 and a record low of 0.000 EUR mn in Jun 2007. Bulgaria Exports: FOB: Balkan Countries: Montenegro data remains active status in CEIC and is reported by Bulgarian National Bank. The data is categorized under Global Database’s Bulgaria – Table BG.JA004: Exports: by Main Trade Partners.

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Bulgaria Exports: FOB: Balkan Countries data was reported at 366.300 EUR mn in Jan 2025. This records a decrease from the previous number of 392.900 EUR mn for Dec 2024. Bulgaria Exports: FOB: Balkan Countries data is updated monthly, averaging 211.200 EUR mn from Jan 1995 (Median) to Jan 2025, with 361 observations. The data reached an all-time high of 511.700 EUR mn in Jun 2022 and a record low of 23.800 EUR mn in Jan 1999. Bulgaria Exports: FOB: Balkan Countries data remains active status in CEIC and is reported by Bulgarian National Bank. The data is categorized under Global Database’s Bulgaria – Table BG.JA004: Exports: by Main Trade Partners.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Montenegro import data: Discover how this Balkan nation drives growth via diversified trade, tourism, and sustainable development.

In 2024, Montenegro recorded the highest GDP per capita in the Western Balkans at approximately ****** U.S. dollars. Serbia followed in the ranking with gross domestic product per capita reaching ****** U.S. dollars.