As of November, Montenegro’s budget revenues reached nearly €2.5 billion, representing 34.3% of the estimated gross domestic product (GDP). This marks an increase of €185.1 million, or almost €8 million above the revised budget plan for the same period last year.
Excluding one-off revenue sources, the total budget revenue for the first 11 months of this year grew by €331.8 million, or 15.5%, compared to the corresponding period in the previous year, according to the Ministry of Finance.
The government reports that it continues to maintain a positive fiscal trend, with better overall budget performance than planned.
“All key revenue categories show growth compared to both the plan and the previous year,” the Ministry of Finance stated in a press release.
Strong performance in key revenue areas
Capital expenditure for the year was €157.26 million, reaching 80.5% of the planned target for this period. This represents an increase of €28.78 million, or 22.4%, compared to the same period last year.
The most significant revenue growth has been in categories directly tied to economic activity, such as corporate income tax, personal income tax, social contributions, VAT (Value Added Tax), and excise duties.
Corporate income tax revenue amounted to €207.4 million, showing a strong growth of €60.6 million, or 41.3%, compared to the same period in the previous year, and exceeding the revised budget estimate.
Personal income tax revenue reached €75 million, surpassing both the planned figure and the previous year’s collection by €19.2 million, or 34.5%.
VAT revenue stood at €1.11 billion, marking an increase of €139.7 million, or 14.4%, compared to the same period last year, and €10 million above the revised plan.
Social contributions also exceeded expectations, amounting to €522.3 million, which is €35.7 million higher than the same period last year.
VAT refunds during the period totaled €86.5 million, also surpassing the comparative figures from the previous year.
Significant growth in excise revenues
Excise duties showed a notable increase, with revenues rising by €43.3 million compared to the same period last year, totaling €338 million—well above the plan.
commitment to economic stability
The Ministry of Finance emphasized that all obligations have been met on time and that their activities are focused on further strengthening the economy and ensuring the stability of public finances.
“We are committed to maintaining positive trends and reinforcing Montenegro’s fiscal stability,” the Ministry concluded.
