Data on public finance trends for the first nine months of 2025 clearly show that Montenegro is experiencing stable growth, responsible budget management, and fiscal discipline that ensures sustainable development and public trust. Total budget revenues amounted to 2.099.9 million euros, representing 26.5% of GDP, which is 24 million euros more than in the same period last year. Revenue collection reached an impressive 99% of the plan, confirming that public finances are being managed precisely, reliably, and in line with the best European practices.
The Ministry of Finance stated that the strong growth of almost all key tax categories confirms the stability of economic activity and the effectiveness of the implemented economic measures.
Particularly notable is the exceptional collection of value-added tax, which, with a record 1.03 billion euros, increased by 14.3% compared to the previous year. Growth was also recorded in personal income tax, which rose by 31%, and corporate profit tax, which increased by 8.9%, with revenues from this category already exceeding the annual plan. Excise revenues grew by 7.8%, further confirming market vitality and stable consumption. In September alone, 261.6 million euros of budget revenues were collected, which is 13.7 million euros or 5.5% more than in the same month last year and 3.2% above the plan. These results clearly indicate the growth of economic activity, strengthened tax discipline, and citizens’ and businesses’ confidence in the government’s economic policies.
On the expenditure side, budget spending of 2.188.2 million euros, or 27.6% of GDP, demonstrates controlled and planned spending. Current expenditures were below plan, while capital expenditures, as the foundation of the investment cycle and economic development, increased by 37.2% compared to last year and reached 188.2 million euros. It is particularly significant that allocations for social protection were in line with the plan, amounting to 823.9 million euros, confirming the state’s continued commitment to protecting vulnerable citizens and maintaining social stability.
Despite the increase in investments and higher spending on development, the budget deficit for the first nine months stood at only 1.1% of GDP, fully within planned limits and confirming a high level of fiscal discipline. At the same time, a current spending surplus of 99.8 million euros reflects a healthy structure of public finances and full budget liquidity.
The Montenegrin economy continues to demonstrate strength and resilience amid challenging international conditions. The growth of tax revenues, record VAT collection, and responsible expenditure management are clear evidence that public finances are being handled in a stable, planned, and citizen-oriented manner. The government will continue to pursue a policy of fiscal responsibility, support for businesses, and investments in development projects that enhance competitiveness and living standards.
The budget performance results for the first nine months of 2025 once again confirm that Montenegro’s public finances are stable and sustainable, and that budget policy is conducted responsibly and predictably, with solid economic foundations. The growth of revenues, efficient spending, and focus on investments and social security are clear indicators that Montenegro is moving along a path of stability, development, and prosperity.
