Montenegro posted a budget deficit of €118.8 million in the first ten months of 2025, equivalent to 1.5% of the estimated gross domestic product (GDP), the Ministry of Finance reported.
- “This is significantly better than the planned deficit of €210.1 million, demonstrating strong fiscal discipline. Additionally, a current expenditure surplus of €95.7 million was achieved, further indicating a positive fiscal position,” the ministry said in a statement.
Budget revenues for the January–October period totaled €2.35 billion, or 28.9% of the estimated GDP.
- “This represents an increase of €28.5 million compared to the same period last year, confirming the stability and efficient management of public finances,” the Ministry of Finance added.
Collection of budget revenues reached 98.5% of planned targets, reflecting a high level of fiscal responsibility. Key revenue categories showed substantial growth compared to the previous year. Corporate income tax receipts amounted to €226.7 million, up 10.1% from the same period last year.
- “This result exceeds the plan by 7.2% and demonstrates strong business activity and economic growth,” the ministry highlighted.
Personal income tax also recorded significant growth, rising 22.1% to €85.5 million, surpassing both last year’s figures and planned expectations. Value-added tax (VAT) revenues reached €1.16 billion, 14.1% higher than in 2024.
- “This growth, along with a 22.9% increase in VAT refunds, reflects strong consumption and an efficient collection system,” the ministry noted.
Excise revenues rose 9.1% to €338.3 million, led by tobacco and tobacco products (15.7%) and mineral fuels (5.9%), indicating stability in these sectors. Total other revenues amounted to €43.2 million, 5.1% above planned targets, though lower than last year due to the one-off nature of some 2024 revenues.
In October alone, total budget revenues reached €245.6 million, up 1.1% compared to the same month in 2024.
- “Funds from the Reform Agenda have been fully secured and efficiently allocated, ensuring the success of ongoing reforms,” the ministry stated.
The ministry added that Montenegro continued to achieve stable revenue growth and responsible budget management in October, confirming fiscal sustainability and the effectiveness of implemented measures.
- “The growth of key revenue categories, alongside a reduced deficit, indicates successful achievement of economic goals and preparation for further development,” the statement concluded.
