Companies in Montenegro covered by the 2025 structural business survey recorded turnover of 13.94 billion euros, up 9.6% from 2024, the Statistical Office of Montenegro (MONSTAT) reported on 27 October. Trade accounted for 66.7% of the total net increase, making it the main contributor to the rise across the sectors surveyed.
Total turnover increased from 12.72 billion euros in 2024, a gain of 1.22 billion euros. Wholesale and retail trade, including the repair of motor vehicles and motorcycles, generated 6.46 billion euros, or 46.4% of the total. Its turnover rose by 810.6 million euros, or 14.3%, from the previous year.
Construction turnover reached 1.44 billion euros, up 13.1%, while manufacturing generated 1.25 billion euros, a 4.4% increase. Accommodation and food services recorded 953.8 million euros, up 4.7%; that figure does not cover all tourism spending, which also reaches other sectors.
Turnover measures calculated revenue from sales of goods and services excluding VAT. It is not a measure of company profit, and the figures do not separate the impact of prices from changes in business volumes.
Value added and investment
Gross value added, which measures newly created value rather than net profit, totalled 3.93 billion euros. Gross output was 9.36 billion euros and intermediate consumption was 5.43 billion euros. Trade recorded the largest gross value added, at 1.10 billion euros, followed by accommodation and food services at 475.6 million euros and transport and storage at 340.6 million euros.
The three investment categories shown in the report totalled 645.2 million euros: 315 million euros for machinery, equipment and other technical assets, 247.4 million euros for buildings and other structures, and 82.7 million euros for other investment. The electricity, gas, steam and air-conditioning supply sector led among the activities shown, with 148.8 million euros in investment, including 130.1 million euros in machinery and equipment.
That sector’s turnover fell 9.4% to 712.9 million euros, down 73.8 million euros, while mining and quarrying turnover declined 4.6% to 114.2 million euros. The survey did not identify the factors behind either fall. Its coverage excludes financial and insurance activities, public administration, defence and compulsory social security, as well as agriculture, forestry and fishing, so the reported totals do not represent all sectors of Montenegro’s economy.
