Montenegro’s state budget revenue rose 10.3% to 2,318.5 million euros from January to September 2026, the Ministry of Finance of Montenegro reported. Revenue exceeded the nine-month plan by 46.5 million euros, or 2%, while capital expenditure increased and the deficit came in below plan.
The ministry reported increases across key revenue categories, including value-added tax (VAT), personal income tax, corporate profit tax, excise duties and contributions. VAT receipts reached 1,105 million euros, up 7.3% from the same period in 2025.
Personal income tax revenue grew 21.8% year on year, while total collections of taxes and contributions rose by 150.5 million euros, or 7.8%. The figures cover the first nine months of the year and compare with the corresponding period in 2025.
Spending and deficit below plan
Total budget expenditure reached 2,442.7 million euros, equivalent to 28.4% of estimated gross domestic product (GDP), and was 0.4% below the planned level. The ministry recorded a 124.2 million euro deficit, equal to 1.4% of estimated GDP.
The deficit was 56.9 million euros, or 31.4%, smaller than planned. The ministry described the fiscal result as more favourable than planned, alongside higher capital investment and a current expenditure surplus.
Capital expenditure totalled 278.5 million euros, up 90.8 million euros, or 48.4%, from January to September 2025. Execution reached 106.6% of plan, and 209.3 million euros was allocated to the Capital Budget.
The ministry said the higher execution of capital expenditure reflected a stronger focus on infrastructure development and projects intended to create long-term value for citizens and businesses. It also said the current expenditure surplus allowed development priorities and capital investment to be financed without putting the regular payment of state obligations at risk.
The current expenditure surplus was 154.3 million euros, indicating that regular budget revenue exceeded current expenditure. Transfers for social protection amounted to 851.8 million euros, while spending on gross wages and employer contributions reached 534.3 million euros during the nine-month period.
September budget records surplus
In September 2026, the budget posted a surplus of 22 million euros, or 0.3% of estimated GDP. Revenue for the month was 312.8 million euros, an increase of 51 million euros, or 19.5%, compared with September 2025.
September revenue also exceeded the monthly plan by 25.6 million euros, or 8.9%, according to the ministry’s figures. The monthly surplus was recorded within the nine-month results, which included the overall deficit and the current expenditure surplus.
The ministry said a “current expenditure surplus of 154.3 million euros, capital investment growth of 48.4% and a deficit significantly below plan” were indicators of fiscal stability and a basis for continuing Montenegro’s investment cycle and sustainable economic development.
