The Central Bank of Montenegro (CBCG) has published preliminary data showing that while foreign direct investment (FDI) inflows remained robust in the first 11 months of last year, the outflow of foreign investment from Montenegro totalled €413.18 million, reflecting significant capital movements in and out of the economy.
According to the central bank’s bulletin, the total inflow of foreign direct investments (SDI) reached €867.15 million for the period under review, which represents an 8.08 percent increase compared with the same period the year before. After accounting for outflows, the net FDI inflow was €453.97 million, showing only modest growth over the prior year.
The outflows comprised two main components. Montenegrin residents invested €111.23 million abroad, while non-resident investors withdrew €301.95 million of capital previously placed in Montenegro. The withdrawals by non-residents accounted for the larger share of the total outflow.
On the inflow side, a majority of foreign direct investment — €543.6 million, or roughly 62.7 percent of the total — came in the form of equity investments. Within that category, real estate received the largest share, with €437.93 million, followed by €105.67 million in investments into companies and banks.
Additional inward investment arrived through intercompany debt financing, which amounted to €287.73 million — nearly 10 percent more than in the corresponding period of the previous year. The remaining flows were attributed to other investment instruments associated with withdrawals and returns of capital from abroad.
These figures underscore continued interest from foreign investors in Montenegro’s economy, particularly in real estate and corporate sectors, while also illustrating that capital mobility remains substantial in both directions. The scale of outflows — driven largely by withdrawal of non-resident funds — highlights the dynamic nature of cross-border investment patterns affecting the country’s external financial position as it advances its integration into European markets.
