Montenegro generated approximately €1.48bn of tourism revenue and 15.37mn overnight stays during 2025. Revenue was 34.8 per cent higher than in 2019, while overnight stays were 6.36 per cent above the pre-pandemic level.
Both results fell short of the national tourism strategy. The targeted increases were 50 per cent for revenue and 40 per cent for overnight stays. Tourism’s estimated direct and indirect contribution nevertheless reached 28.5 per cent of GDP, exceeding the strategy’s 25 per cent objective.
The figures show that Montenegro has improved revenue per visitor more successfully than physical volume. High-end marinas, branded residences and luxury hotels have increased the spending base, while congestion, limited air capacity and infrastructure constraints have restricted the number of visitors the coast can absorb without degrading service.
The government reported completing 91 per cent of the tourism action plan’s formal activities, yet legislation, digitalisation and market diversification remain unfinished. The difference between administrative completion and commercial performance is important. Producing strategies, campaigns and certification schemes does not by itself extend hotel operating seasons or resolve traffic, wastewater and labour shortages.
Dependence on a small group of source markets remains a risk. Tighter visa treatment affecting Turkish nationals is already influencing airline route planning. Turkey is also an important source of property buyers and company formation, with cumulative Turkish investment since 2006 estimated at €635mn.
Western European airline expansion offers a counterweight. The country’s stronger British Airways, Iberia and Wizz Air connectivity can improve visitor spending and reduce reliance on regional road traffic, but airport congestion threatens the benefit.
The expected 3.63mn airport passengers in 2026 would be almost one-quarter of Montenegro’s total annual tourist overnight stays. Terminal and ground-handling investment is therefore becoming part of the tourism revenue model rather than a separate transport issue.
