Montenegro’s Customs Administration collected €675.9 million in the first six months of 2026, recording an increase of €25.7 million, or around 4%, compared with the same period of 2025. The revenue result was also approximately €5 million above the planned level for the period.
Import VAT accounted for €455.34 million of collected revenues, while excise duties generated €185.1 million and customs duties contributed around €34.05 million. The revenue structure continues to rely significantly on imports and consumption-related taxes. Higher import VAT collections supported budget execution, while reflecting the importance of external supply chains, tourism-related demand and commodity costs for public revenue performance.
Consumer prices and wages record further increases
Consumer prices in Montenegro increased by 0.4% month on month in June 2026, while the annual inflation rate reached 3.6%. The average net monthly wage was €1,033 in May, with the average gross wage reaching €1,234.
Inflation remains above the euro-area target level, while income and price developments continue to influence household spending and business operating costs.
Lending rates remain elevated
Financing conditions remain relatively costly for Montenegro’s euroised economy. The weighted average effective interest rate on outstanding loans stood at 6.11% in May, while the corresponding rate for new lending was 5.98%.
The statutory default interest rate applicable from 1 July to 31 December 2026 is 10.40%. Higher borrowing costs create additional pressure for leveraged tourism and real-estate projects with seasonal revenue patterns. Developments relying on advance sales or short-term refinancing requirements face greater exposure compared with projects supported by longer-term institutional financing or contracted cash flows.
