Montenegro’s public finances remained stable during 2025, supported by rising tax revenues and economic growth.
Total government revenues reached €2.873 billion, equivalent to 35.4% of GDP, representing 4.3% annual growth.
Tax revenue expansion was particularly strong in several categories. Personal income tax revenues increased 27.1%, VAT revenues grew 14.8%, excise duties rose 9.4%, and corporate income tax revenues increased 9.1%.
Government expenditures totaled €3.1948 billion, or 39.3% of GDP, resulting in a fiscal deficit of €321.6 million, equivalent to 3.96% of GDP.
Despite the deficit, current budget operations recorded a small surplus of €9.54 million, indicating that the deficit was largely associated with investment spending.
Fiscal stability will remain crucial as Montenegro continues to finance infrastructure, tourism development and energy sector modernization.
