The Customs Administration of Montenegro reported a total revenue collection of €675.9 million for the first half of 2026, marking an increase of €25.7 million, or around 4%, compared to the same period in 2025. This figure also exceeds projections by approximately €5 million.
Key components of this revenue included €455.34 million from import VAT, €185.1 million from excise duties, and around €34.05 million from customs duties.
While these results indicate effective budget execution in the short term, they highlight Montenegro’s reliance on imports and consumer spending. The growth in import VAT is a positive fiscal indicator but underscores the country’s limited domestic production capabilities and vulnerability to fluctuations in tourism, commodity prices, and external supply chains.
In terms of consumer prices, there was a month-on-month increase of 0.4% in June, with a year-on-year rise of 3.6%. The average net monthly wage was recorded at €1,033 in May, while the gross average wage stood at €1,234.
The cost of borrowing remains relatively high within this euroized economy, with the weighted average effective interest rate on outstanding loans at 6.11% in May. For new lending, the rate was 5.98%. Additionally, the statutory default interest rate effective from 1 July to 31 December 2026 is set at 10.40%.
This financial environment poses challenges for tourism and real estate projects that typically rely on seasonal revenues. Projects dependent on high presales or those requiring short-term refinancing are particularly vulnerable compared to assets backed by long-term institutional debt or stable cash flow.
