Montenegro’s trend of increasing state revenues continues, with the Ministry of Finance reporting a notable budget surplus of €85 million for the third quarter.
Earlier this September, the Parliament approved amendments to the 2024 budget to align with the new state administration organization and to achieve budget balance based on revised macroeconomic indicators and current revenue trends.
For the first nine months of this year, total budget revenues reached €2.073 billion, an increase of €169.9 million or 8.9% compared to the same period last year. When excluding one-time revenues, the budget income grew by €294.5 million, or 16.9% year-on-year, and by €25.6 million, or 1.3%, compared to the revised budget.
With regard to revenues and expenditures, Montenegro’s budget surplus of €85 million equates to 1.2% of the estimated GDP, which is significantly better than the planned deficit of €31.6 million.
The capital budget was executed at €110.91 million, representing 98.7% of the planned amount for this period—an increase of €14.1 million, or 14.6%, from the previous year.
Significant growth in revenue was noted across various sectors, including value-added tax, corporate income tax, personal income tax, contributions, and excise duties.
Corporate income tax revenues amounted to €204.3 million, a rise of €63.3 million or 44.9% from the same period in 2023. Personal income tax reached €59.5 million, reflecting an increase of €16.2 million or 37.4% year-on-year.
Contributions totaled €430.2 million, up by €42.4 million or 10.9% compared to last year. Additionally, value-added tax generated €901.6 million, an increase of €111.6 million or 14.1% from the previous year.
VAT refunds during this period reached €72.3 million, marking a €6.2 million or 9.4% increase compared to the same period in 2023, thereby significantly benefiting the business environment.
Excise revenues also demonstrated growth, totaling €276.9 million, an increase of €34.7 million or 14.3% year-on-year. The largest contributions to this growth were from excises on mineral oils and tobacco products.
These results clearly indicate that responsible and transparent public financial management, along with a focus on developmental projects, positively impacts the state budget and the stability of public finances. The Ministry of Finance is committed to sustaining economic growth through effective policies, contributing to the overall prosperity of the country and enhancing living standards for all citizens.
