Montenegro generated €465.05 million in travel and tourism revenue in the first half of 2026, an increase of 8.75% from the same period last year, Tourism Minister Simonida Kordić said, citing Central Bank data.
The increase suggests tourism income is growing faster than visitor volumes, an important signal for a country where the sector is a major source of foreign currency earnings and a central driver of consumption, employment and investment.
First-half receipts were also 82.34% above their level in the first six months of 2019, the last full year before the disruption caused by the COVID-19 pandemic.
Based on the reported growth rates, tourism receipts were equivalent to around €428 million in the first half of 2025 and about €255 million in the corresponding period of 2019.
Kordić said the financial results showed that the 2026 tourism season was producing higher revenues and reflected Montenegro’s strengthening position in the international tourism market.
The figures provide a stronger revenue signal than some of the country’s visitor statistics, which have shown an increasingly uneven performance between destinations this year.
That distinction matters for Montenegro because the economic value of tourism increasingly depends not only on the number of arrivals but also on visitor spending, accommodation prices, length of stay and the structure of foreign demand.
Higher tourism receipts alongside more moderate growth in physical visitor numbers could indicate rising spending per tourist, higher accommodation and service prices, a shift towards higher-value visitors, or a combination of those factors.
It also reflects the considerable increase in prices since 2019. The 82.34% nominal increase compared with the pre-pandemic period should therefore not be interpreted as an equivalent increase in real tourism volumes or profitability, as inflation and higher operating costs have lifted both revenues and expenses across the hospitality sector.
Still, the year-on-year rise of 8.75% provides a more immediate indication that Montenegro’s tourism economy entered 2026 on a stronger financial footing.
Official tourism statistics for July also suggest that demand strengthened as the country entered its main summer season.
Montenegro recorded 244,754 arrivals and 1.081 million overnight stays in collective accommodation in July, according to statistics office Monstat. The figures cover hotels and other collective accommodation but exclude much of the private apartment and room-rental market, an important part of Montenegro’s coastal tourism economy.
The first-half revenue figures also precede July and August, normally the two most important months for tourism receipts. That means the eventual performance of the full 2026 season will depend heavily on spending during the peak summer period.
The sector’s performance has not been uniform geographically.
While destinations including Bar and Herceg Novi have recorded strong increases in overnight stays, some of Montenegro’s established tourism centres, including Budva, Kotor and Tivat, have experienced weaker volumes compared with last year.
That divergence suggests the composition and geographic distribution of tourism demand is changing even as overall revenues continue to rise.
For the government, stronger tourism receipts have broader economic implications. Foreign visitor spending supports VAT and excise revenue, employment and wages, while tourism-generated foreign currency inflows help partially offset Montenegro’s large merchandise trade deficit.
The sector also has significant spillovers into construction, real estate, transport, retail and food services.
But the growing value of tourism revenue is also increasing the economy’s exposure to external demand, particularly from European and regional markets. Montenegro remains vulnerable to changes in household spending, air connectivity, accommodation prices and competition from other Mediterranean destinations.
The revenue figures nevertheless indicate that 2026 tourism growth is increasingly being measured in value rather than simply visitor numbers.
With first-half receipts reaching €465.05 million, Montenegro entered the main summer season with tourism income almost 9% higher than a year earlier, providing a stronger starting point for the country’s most important period of economic activity.
