Montenegro recorded a budget deficit of 124.2 million euros, about 1.4% of estimated GDP, in January-September 2026, as spending grew faster than revenue. The Finance Ministry reported that the shortfall was larger than a year earlier but 56.9 million euros below the government’s nine-month plan.
Government expenditure reached roughly 2.44 billion euros, against revenue of 2.32 billion euros. Spending rose about 11.7%, compared with a 10.3% increase in revenue.
Social-protection transfers totalled 851.8 million euros, while gross salaries and employer contributions amounted to 534.3 million euros. Capital expenditure was 278.5 million euros and increased particularly quickly; interest payments reached 128 million euros.
The ministry also reported a 154.3 million euro current-spending surplus, with revenue exceeding expenditure when capital outlays are excluded. That measure indicates whether current revenue can cover day-to-day operations, but it does not erase the overall deficit or the need to finance investment, debt service and other obligations.
Montenegro recorded a 22 million euro budget surplus in September. Monthly results can be affected by the timing of receipts and payments.
Stronger revenue performance and faster investment execution are constructive for creditors, while mandatory transfers and interest costs limit fiscal flexibility. Whether capital projects generate enough long-term economic returns to justify their financing burden remains an important fiscal question. Year-end results will depend on continued revenue collection, the timing of major capital payments and the government’s ability to contain growth in recurring costs.
