At its 82nd session chaired by Prime Minister Milojko Spajić, the Government of Montenegro approved the Draft Law on the Final Budget Account for 2024.
By the end of 2024, Montenegro’s total public debt (excluding deposits) reached €4.514 billion, which equals 60.53% of GDP. When deposits are included, the debt amounted to €4.129 billion, or 55.36% of GDP.
The Government noted that budget revenues steadily increased throughout the year, largely driven by economic growth and rising living standards, fueled by higher disposable incomes.
Preliminary data from the Statistics Office estimates Montenegro’s nominal GDP in 2024 at €7.459 billion. Current revenues totaled €2.715 billion, slightly below the planned amount, representing 36.4% of GDP. Most revenue categories grew compared to the previous year, except for one-time revenues recorded in 2023.
Within current revenues, tax income accounted for 72.5% (€1.969 billion), social contributions 21.5% (€585 million), and other revenues 3.4% (€92 million). The remainder included fees (1.9%, €53 million) and charges (0.6%, €16 million).
Budget spending for 2024 was €3.003 billion, or 40.3% of GDP. Social benefits made up the largest share at 33.6%, totaling €1.008 billion, which is a 22.2% increase from the previous year due mainly to higher pension payments. Salaries accounted for 22.5% (€675 million) of expenditures, slightly below planned figures but 5% higher than in 2023.
Capital investments amounted to €299 million, 16.2% above budget projections and 25.3% higher than the previous year, reflecting better implementation of planned projects.
The cash budget deficit stood at €247.5 million (3.3% of GDP). When adjusted for outstanding obligations from prior years, the deficit was €258.8 million, or 3.5% of GDP.
During 2024, debt repayments totaled €495.6 million. Combined with the adjusted deficit, securities purchases, loans issued, and increased deposits, the government’s financing needs amounted to €976.1 million.
These needs were met through domestic and foreign borrowing (€942.1 million), loan repayments received (€20.3 million), asset sales (€2.3 million), and increased net liabilities (€11.3 million).
