Montenegrin companies recorded €13.94 billion in turnover in 2025, up 9.6% year on year, with wholesale and retail trade generating nearly half of all sales and accounting for approximately two-thirds of the annual increase.
New structural business statistics published by MONSTAT show that corporate turnover increased by around €1.22 billion, highlighting the concentration of economic activity in trade, construction and services. Wholesale and retail trade generated approximately €6.46 billion, representing 46.4% of total turnover and contributing around 66.7% of the overall annual increase. Construction followed with turnover of approximately €1.44 billion, up 13.1%, while manufacturing recorded around €1.25 billion.
The figures illustrate the importance of domestic commerce and construction, alongside the comparatively limited contribution of manufacturing to Montenegro’s corporate economy. This sectoral composition is relevant as the country prepares for EU membership and seeks to attract investment into industries with greater export potential.
Trade supports employment, tax revenues and consumer activity, but its dominant position also reflects Montenegro’s dependence on domestic consumption and imported goods. The country’s current-account deficit remains high, with a substantial share of consumer demand ultimately generating imports. Construction similarly represents a significant part of economic activity, supported by foreign property investment, hotel developments, residential projects and public infrastructure. Imported construction materials, equipment, mechanical systems and specialised components can increase pressure on the trade balance.
The economic contribution of the sector therefore also depends on the type of projects being developed. Transport infrastructure that reduces logistics costs and energy facilities that enable electricity exports can strengthen competitiveness, while residential developments primarily targeting second-home buyers have a different impact on the wider economy.
Electricity and related energy supply recorded a contrasting performance. Sector turnover declined 9.4% to approximately €712.9 million, while investment reached around €148.8 million, the highest level among the sectors covered by the statistics.
The difference between lower revenue and substantial capital expenditure reflects continued investment in electricity generation, transmission networks, renewable-energy facilities and supporting infrastructure.
Montenegro’s existing hydropower and wind capacity, together with its electricity interconnection with Italy, provides a foundation for further development. Large solar, wind and battery project pipelines are also under development. Their eventual operation could increase export revenues and reduce the economy’s dependence on domestic consumption. The statistics consequently distinguish between current commercial performance and investment intended to expand future productive capacity, particularly in capital-intensive industries such as electricity.
Small enterprises also account for a substantial share of business activity, generating close to half of the turnover covered by the survey. Their competitiveness and readiness for EU accession will therefore be important as businesses face requirements involving product standards, environmental regulations, digital reporting and customs procedures.
While larger companies may have greater resources to employ compliance specialists and finance technological upgrades, smaller businesses could face more difficulties absorbing the associated costs. The MONSTAT figures measure company sales excluding VAT and should not be interpreted as profit, value added or GDP. They also do not cover every part of the economy. Higher turnover can coexist with limited profit margins, lower productivity and substantial dependence on imported inputs.
The €13.94 billion turnover recorded in 2025 therefore reflects expanding commercial activity, but the distribution between sectors remains significant: trade continues to dominate, construction is growing, manufacturing has a comparatively smaller share, and energy investment remains substantial despite declining turnover.
