Montenegro recorded €119.3 million in net foreign direct investment during the first four months of 2026, representing a 26.8% decline from the same period of 2025.
Gross FDI inflows reach €276.5 million
Foreign investors brought €276.5 million in gross FDI into Montenegro during January-April. At the same time, FDI outflows amounted to €157.2 million, an increase of 16.7% year on year.
The difference between gross inflows and outflows resulted in the lower net FDI figure, despite the continued inflow of foreign capital into the economy.
Intercompany financing and real estate investment decline
The structure of FDI also changed during the period. Inflows from intercompany debt decreased 22.5%, while investment in real estate fell 8% compared with the corresponding period of 2025. These declines outweighed the increase recorded in direct investment in companies and banks. The resulting reduction in net FDI therefore reflected changes in both the composition of capital entering Montenegro and the amount of capital leaving the country.
Net capital inflow remains below 2025 level
The January-April figures show that foreign capital continued to enter Montenegro, with gross inflows of €276.5 million, but the higher level of outflows reduced the net amount retained by the economy to €119.3 million. The data also distinguish between different forms of foreign investment, with changes in intercompany debt and real estate investment occurring alongside stronger direct investment in companies and banks.
For 2026, net FDI during the first four months was consequently 26.8% lower than a year earlier, while FDI outflows were 16.7% higher. The period was marked by continued foreign capital inflows, but with a lower net balance than in the corresponding period of 2025.
