Please note: The page below represents the archived content relating to the previous Government of Montenegro. Some of the information might be inaccurate or outdated.

Record revenues, deficit 62,5% lower than planned

Published on: Mar 4, 2022 12:28 PM Author: Ministarstvo finansija i socijalnog staranja

Report on the execution of the budget of Montenegro for January 2022:

The trend of good collection of revenues from 2021 continued in January 2022, and almost all categories of expenditures recorded lower realization compared to the plan. Accordingly, the budget deficit in January 2022 was lower than planned by 62,5% (46.2 mill. €) and amounted to 27.7 mill. €, or 0.5% of GDP. The deficit is lower than the one realized in January 2021 by 11 mill. €, i.e. by 28.5%.


Budget revenues in January 2022 amounted to 107.8 mill. € or 2.0% of the estimated GDP (5,306.4 mill. €) and compared to January 2021 they are higher by 19.2 mill. € or 21.6%, while compared to the planned they are higher by 3.9 mill. € or 3.8%. Budget revenues in January are higher than the revenues generated in January 2020, i.e. before the outbreak of the coronavirus pandemic, by 13.5 mill. € or 14.3%.

Revenues based on VAT were collected in the amount of 50.3 mill. € and are higher compared to January 2021 by 6.2 mill. € or 14.0%, while compared to the plan they are higher by 1.3 mill. € or 2.6%.

Revenues from excises amounted to 21.1 mill. € and also continue to record growth compared to the plan and compared to the previous year, in the amount of 2.1 mill. € or 10.9%, or 4.7 mill. € or 29.0%.

The categorie of fee recorded a significant increase compared to January 2021 in the amount of 9.7 mill. €, primarily as a result of collection on the basis of "digital dividend", i.e. the fee paid for the purchase of radio - frequency spectrum in the amount of around 7.0 mill. €, but also payments based on the program "Economic Citizenship". Compared to the plan, this category of income is higher by 2.8 mill. € or 29.3%.

On the other hand, the category of contributions was realized at a lower level than planned by 3.0 mill. € or 20.4%, i.e. 4.2 mill. € or 26.4% compared to the same month last year, and in the coming period better collection is expected due to the fact that the increase in the minimum wage increased the basis for calculating contributions for compulsory social insurance.

Budget expenditures in January amounted to 135.5 mill. € or 2.6% of the estimated GDP and are lower than planned by 42.3 mill. € or 23.8%. Compared to the same period in 2021, expenditures are higher by 8.1 mill. € or 6.4%, primarily due to the  higher realization of capital expenditures and allocations for the health sector.

Bearing in mind that the beginning of the year marks the process of drafting procurement plans, and in general, plans for the current year, lower budget realization is present in most categories of expenditures.

In the structure of total spending, capital expenditures were realized in the total amount of  16.0 mill. € and were lower than planned by 3.7 mill. €, according to the dynamics of works of capital projects, for which intensification is expected in the forthcoming period. Compared to the same period last year, capital expenditures increased by 4.4 mill. € or 38.0%.

Attachment: GDDS 1_montly data.xlsx

* The data in the GDDS table represents an overview of income and expenses by economic classification in one month, compared to the plan and the same period of the previous year.


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