Montenegro: public finances

What is Montenegro's government debt?

Montenegro's state debt was EUR 4,996.8 million on 30 June 2026, or 58.2% of GDP, according to the Ministry of Finance quarterly debt report. Total public debt, which adds local government debt, was EUR 5,022.4 million, or 58.5% of GDP. Net of deposits, including gold, state debt was 51.9% of GDP.

External debt made up 95.2% of state debt, and 99.74% was in euros. Bonds issued on foreign markets were the largest item, at EUR 2,787.76 million. The ratios use the ministry's projected 2026 GDP of EUR 8,591.2 million. The report lists credit ratings of Ba3 from Moody's and B+ from S&P, both with a positive outlook.

Official sources: Ministry of Finance: public debt report, 30 June 2026 (PDF, Montenegrin)

How much does Montenegro owe China?

Montenegro owed EUR 543.07 million to China's Exim Bank on 30 June 2026, equal to 6.3% of GDP, according to the Ministry of Finance quarterly debt report. The amount was unchanged from 31 March 2026 and down from EUR 573.24 million at the end of 2025.

The report says the loan financed the Bar-Boljare motorway section, and that cross-currency swap arrangements mean almost all state debt is in euros. Exim Bank is the second-largest single item after bonds issued on foreign markets (EUR 2,787.76 million). The figures are in euros at the end of each quarter.

Official sources: Ministry of Finance: public debt report, 30 June 2026 (PDF, Montenegrin)

What is Montenegro's budget deficit?

Montenegro's budget ran a deficit of EUR 146.2 million in January to August 2026, or 1.7% of estimated GDP, according to the Ministry of Finance. That was EUR 45.2 million, or 23.6%, smaller than planned. Revenue was EUR 2,005.6 million, 9% more than a year earlier, and spending EUR 2,151.8 million.

VAT brought in EUR 934.4 million, the largest single source. Capital spending rose 50.2% from a year earlier, to EUR 232.6 million, and interest payments rose 20.8%, to EUR 106.6 million. These are monthly execution figures for the central budget during the year, not the final annual result.

Official sources: Ministry of Finance: budget execution, August 2026 (Montenegrin)

What is Montenegro's government debt?

The IMF puts general government gross debt in Montenegro at 63.5% of GDP in 2025. Since 2005 it has ranged from 28.2% of GDP (2007) to 106.4% of GDP (2020). Across Europe & Central Asia the middle value was 46.9% of GDP, and Montenegro placed 13th highest of 51. Worldwide: 68th of 185.

What is Montenegro's budget deficit?

The latest figure from the IMF, for 2025, is -4.3% of GDP (a deficit). Its high point since 2005 was 2007, at 3.5% of GDP; its low point was 2020, at -11.2% of GDP. Europe & Central Asia median: -2.4% of GDP; Montenegro is 43rd highest of 51. Of 188 countries with 2025 data, 136th highest.

How much does Montenegro's government take in?

40.7% of GDP: that is general government revenue in Montenegro for 2025, according to the IMF. The peak was 49.9% of GDP in 2008 and the low 36.8% of GDP in 2005. Across Europe & Central Asia the middle value was 41.3% of GDP, and Montenegro placed 30th highest of 50. Of 187 countries with 2025 data, 43rd highest.

How much does Montenegro's government spend?

According to the IMF, general government spending in Montenegro was 45.0% of GDP in 2025. The peak was 56.1% of GDP in 2020 and the low 38.2% of GDP in 2005. Europe & Central Asia median: 43.3% of GDP; Montenegro is 23rd highest of 50. Of 186 countries with 2025 data, 36th highest.

What is Montenegro's military budget as a share of GDP?

In 2025, military spending in Montenegro was 1.9% of GDP, according to SIPRI. Since 2005 it has ranged from 1.3% of GDP (2019) to 2.7% of GDP (2005). It is 31st highest of 46 in Europe & Central Asia, where the median is 2.0% of GDP. Worldwide: 66th of 149.