Montenegrin enterprises recorded a total turnover of 12.7 billion euros in 2024, which is 10% higher than a year earlier, the Statistical Office (Monstat) reported. The main drivers of growth are trade, construction, and tourism, which continue to form the backbone of the national economy.
The sector of wholesale and retail trade accounted for almost half of all business activity — 5.65 billion euros, while construction reached 1.27 billion, and tourism and hospitality — 911 million euros. Industry posted a turnover of 1.19 billion euros, and transport and logistics — 684 million.
The total gross value added (GVA) of enterprises amounted to 3.7 billion euros, of which trade accounted for 987 million, tourism for 448 million, and the information and communications sector for 328 million.
Small business remains the backbone of the economy: companies with up to 49 employees generate almost half of total turnover (48%) and a significant share of employment. Medium-sized enterprises earned 3.5 billion euros, while large ones — 3.07 billion.
Enterprises in the energy and trade sectors
Company investments rose to 525 million euros, with the largest investments going to energy (109 million) and trade (96 million).
Analysts Monstat note that Montenegro’s economy remains predominantly service-based, with trade, construction, and tourism dominating. Despite a gradual increase in investment in infrastructure and equipment, the country still largely depends on small businesses, which shape its entrepreneurial landscape and employment.