The Customs Administration collected €675.9 million during the first six months of 2026, an increase of €25.7 million, or approximately 4%, from the corresponding period of 2025. Revenue was also around €5 million above plan.
Import VAT generated €455.34 million, excise duties contributed €185.1 million, and customs duties added approximately €34.05 million.
The results support near-term budget execution, although the structure remains heavily dependent on imports and consumption. Rising import VAT is fiscally positive but also illustrates Montenegro’s limited domestic production base and sensitivity to tourism demand, commodity costs and external supply chains.
Consumer prices increased by 0.4% month on month in June and by 3.6% year on year. The average net monthly wage stood at €1,033 in May, with a gross average of €1,234.
Bank lending conditions remain relatively expensive for a euroised economy. The weighted average effective interest rate on outstanding loans was 6.11% in May, while the equivalent rate on new lending was 5.98%. The statutory default interest rate applying from 1 July to 31 December 2026 is 10.40%.
These rates place pressure on leveraged tourism and real-estate projects whose revenues are highly seasonal. Projects with high presale dependence or short-term refinancing requirements remain more exposed than assets supported by long-tenor institutional debt or contracted cash flow.
