In 2022, the economy of Montenegro records a relatively high rate of real GDP growth. In the first three quarters, real GDP was higher by 7.1% compared to the same period last year. In the first quarter, real growth of 7.1% was recorded, while in the second, real GDP growth rate was at the level...
Budget revenues in the first three quarters were higher by 8.5% compared to the same period of the previous year, or 5.0% more compared to the plan. The increase in budget revenues was mostly influenced by the increase in VAT, which was 23.8% higher than the planned amount. The growth of prices, but also the...
Franchising The business climate is hospitable for the franchising business model in Montenegro. Various reports assess Montenegro as a growing market in the field of European tourism and property investment. The number of foreigners living in Montenegro and the number of tourists visiting Montenegro is increasing every year, and this provides another target market for...
Distribution & Sales Channels The Foreign Trade Law adopted in 2004 decreases barriers for doing business and executing foreign trade transactions in accordance with WTO agreements. However, the law includes some restrictive measures, such as quotas, and discretionary government intervention. Customs and tax enforcement has helped reduce illegal imports and unlicensed business activities. The retail...
In support of its successful efforts to gain accession to the World Trade Organization (WTO), Montenegro implemented significant trade policy reforms, bringing the country’s practices in compliance with WTO and EU requirements. Reforms have included the reduction of import quotas, licensing requirements and prohibitions, streamlining customs procedures, and a reduction of tariff and non-tariff barriers....
Construction is one of Montenegro’s key economic growth sectors. It offers opportunities for companies in luxury properties, holiday real estate, administrative buildings, and trade outlets. The tourism sector also fuels growth in construction.. Relatively stable economic conditions and new investments in construction have contributed to the expansion of the building materials market in Montenegro. In...
Private health care market represents the special opportunity for investors, large number of luxury oriented people are relocating their business and facilities to major touristic centers which are lacking state of art private medical centres. Montenegro’s health care sector relies on imports due to limited domestic production. Exports to Montenegro mainly come from Germany,Italy,Austria,Switzerland, and...
Tourism opportunities Montenegro’s 300 kilometers-long coastline and the spectacular mountainous north drive the tourism sector, which accounts for almost 25 percent of GDP. Government sales of formerly state-owned land have spurred a wave of foreign investment in large-scale tourism and hospitality centers. The market is focused on hotels and resorts along Montenegro’s coast. Montenegro is...
Montenegro has the potential to develop additional hydro and thermal power plants, given its abundance of rivers and streams, as well as solar and wind energy plants. Montenegro only uses approximately 20 percent of its hydro potential. To fully develop this sector, Montenegro will need to upgrade its transmission and distribution network. The most important...
Market Entry Strategy Montenegro enacted legislation that outlines guarantees and safeguards for foreign investors. The legislation does not distinguish between foreign and domestic investors, affording them the same rights, with an exception for companies pursuing ownership in certain defense-related industries. Montenegro’s Foreign Investment Law establishes the framework for investment. The law eliminates nearly all previous...
