Montenegro recorded €465.05 million in travel and tourism revenue in the first six months of 2026, marking an 8.75% increase compared with the same period a year earlier, Tourism Minister Simonida Kordić said, citing Central Bank data. First-half tourism receipts were also 82.34% higher than in the first six months of 2019, the last full year before the COVID-19 disruption. Based on the reported growth rates, receipts amounted to approximately €428 million in the first half of 2025 and around €255 million in the corresponding period of 2019.
The increase in tourism income has outpaced the growth recorded in visitor volumes, highlighting the importance of spending, accommodation prices, length of stay and the composition of foreign demand in determining the sector’s economic value.
Tourism income rises ahead of peak season
Kordić said the financial results reflected higher tourism revenues in 2026 and Montenegro’s strengthening position in the international tourism market. The first-half results came before July and August, normally the two most important months for tourism receipts. Official data for July indicated stronger demand as the country entered the main summer season.
According to statistics office Monstat, Montenegro recorded 244,754 tourist arrivals and 1.081 million overnight stays in collective accommodation in July. The figures cover hotels and other collective accommodation but exclude a significant part of the private apartment and room-rental market. The eventual full-year result will therefore depend substantially on tourism spending during the peak summer months.
Revenue growth outpaces visitor trends
Tourism performance has varied considerably between Montenegro’s destinations during 2026. Bar and Herceg Novi recorded strong increases in overnight stays, while Budva, Kotor and Tivat experienced weaker volumes compared with the previous year.
The differing trends indicate that the geographic distribution and composition of tourism demand are changing even as total tourism revenue continues to increase. Higher receipts alongside more moderate visitor growth can result from increased spending per tourist, higher prices for accommodation and services, a shift toward higher-value visitors, or a combination of these factors.
Pre-pandemic comparison reflects higher prices
Tourism revenue in the first half of 2026 was 82.34% above the 2019 level. The nominal increase should not be treated as an equivalent rise in real tourism volumes or profitability, as inflation and higher operating costs have increased both revenues and expenses throughout the hospitality sector. The more immediate comparison is the 8.75% year-on-year increase, which indicates that Montenegro’s tourism economy generated substantially more income during the first half of 2026 than in the same period of 2025.
Tourism supports wider economic activity
Tourism receipts have broader economic implications for Montenegro. Spending by foreign visitors supports VAT and excise revenue, employment and wages, while tourism-related foreign currency inflows help partially offset the country’s large merchandise trade deficit.
The sector also generates activity across construction, real estate, transport, retail and food services. At the same time, Montenegro’s tourism economy remains exposed to external demand, particularly from European and regional markets. Changes in household spending, air connectivity, accommodation prices and competition from other Mediterranean destinations can affect tourism performance. With first-half receipts reaching €465.05 million, tourism income was almost 9% higher year on year before the start of the main summer period, while visitor trends continued to differ significantly between Montenegro’s major destinations.
