Montenegro’s public finances recorded higher revenue collection and increased investment expenditure in the first nine months of 2026, with total budget income reaching €2.32 billion and capital spending rising to €278.5 million, according to the Finance Ministry.
Budget revenue increased by 10.3%, or €216.8 million, compared with the corresponding period of 2025, exceeding the government’s nine-month target by €46.5 million, equivalent to 2%.
Value-added tax (VAT) generated approximately €1.1 billion, representing annual growth of 7.3%. Personal income tax receipts increased by 21.8%, while higher corporate income tax, excise duties and social contributions also contributed to revenue growth. Capital expenditure recorded a stronger increase, rising by 48.4% year on year, or €90.8 million, to €278.5 million. Execution reached 106.6% of the planned allocation for the nine-month period, including €209.3 million recorded under the capital budget.
Total government expenditure amounted to €2.44 billion. The largest categories included €851.8 million in social protection transfers and €534.3 million in gross salaries and employer contributions.
Despite stronger revenue collection, the budget recorded a deficit of €124.2 million, equivalent to 1.4% of estimated GDP. This compares with a deficit of €88.3 million during the same period of 2025. The reported deficit was nevertheless €56.9 million below the planned level. Montenegro also recorded a current-spending surplus of €154.3 million. September alone generated a €22 million budget surplus, as monthly revenue increased by 19.5% to €312.8 million.
The increase in capital expenditure reflects faster implementation of public investment programmes, with spending directed towards projects involving infrastructure construction, engineering services and government-funded procurement.
