After a very successful 2022, 2023 has excellent economic indicators and results, with achieved GDP growth of 6.6% in the third quarter and the best summer tourist season in history.

These are some of the reasons why Montenegro remains a beacon for investors seeking opportunities in the heart of the Adriatic. Our commitment to fostering a favorable investment climate has yielded positive results, with a steady influx of capital into diverse sectors.

1. Successful tourist season

Tourism is one of the main contributors to Montenegrin’s GDP, and 2023 is the best tourist season in Montenegro’s history in terms of revenues and the number of arrivals and overnight stays.
In mid-November, Montenegro broke the record in 2019 and achieved 1.36 billion EUR from tourism. The last best result from tourism was achieved in 2019 when the country earned 1.019 billion EUR.

In the first nine months of the current year, the number of tourists arriving in collective accommodation establishments amounted to 1.22 million, a year-on-year increase of 23,87%.
The number of overnights amounted to 4.56 million, which represents 18.86% growth.

2. Quarterly GDP of Montenegro

The GDP of Montenegro in the third quarter of 2023 was 2 171.6 million EUR, while in the same period of the previous year, it was 1 868.9 million EUR. The real growth rate of gross domestic product in the third quarter of 2023 was 6.6%.

3. The World Bank’s GDP projections

In the latest “Western Balkans Regular Economic Report,” The World Bank said that Montenegro’s GDP growth is expected to remain strong, at 4.8% in 2023. “Over the past two years, Montenegro defied external headwinds, as GDP growth remained solid. However, multiple challenges loom and require attention, especially on the fiscal front, as the country approaches large debt repayments during 2024-2027 in an environment of high financing costs,” the World Bank said.

4. Inflation rate

The annual inflation rate in Montenegro eased for the third month to 4.8% in November 2023, the lowest since December 2021, from 6.1% in the previous month. Prices moderated in several categories of the CPI basket, including food & non-alcoholic beverages (2.6% vs. 3.8% in October); housing & utilities (7% vs. 7.8%); furnishings & household equipment (5% vs. 5.8%) and miscellaneous goods & services (7.3% vs 8.3%). Meanwhile, prices continued to climb for restaurants & hotels (15.3% vs. 13.6%). On a monthly basis, consumer prices decreased by 0.3% in November, the same pace as in the prior month.

In the long-term, the Montenegro Inflation Rate is projected to trend around 3.40% in 2024 and 2.80% in 2025.


Die GCI UNIT Montenegro, eine Tochtergesellschaft in Montenegro, der internationalen Gruppe TCME Worldwide Group mit Sitz in Malaysia, kann nicht mit den traditionellen Agenturen oder den preiswerten Anbietern, die im Netz zu finden sind, verglichen werden. Wir zeichnen uns durch eine einzigartige Kombination aus Fachkompetenz, umfassenden Ressourcen und einem unübertroffenen Engagement aus, um den Bedürfnissen unserer Kunden gerecht zu werden.

GCI firm is a professional International Business Investment and Advisory Firm for Foreign Economic Relations. Our range of services includes:

• Assistance in establishing your new company
• Opening of a corporate and a private bank account
• Placement of an experienced international accountant
• Provision of an official business address
• Speeding up the immigration process to obtain your ID card
• Assistance in applying for government grants for major investments within Montenegro
• Involvement in the top-class network and connections to relevant government
departments and interested parties
• Real estate brokerage through our partners or the realization of a bespoke property to
build on one of our own plots.

• Advising on asset protection, offshore and holding strategies
• Advice on residency and citizenship by investment programs, VIP citizenship programs in cooperation with more than 70 countries
• Foreign Investment Advisory Service
• International economic relation Services

If you would like to discuss your internationalization and diversification plans, book a consulting session* or email us under: [email protected]

TCME Worldwide Group – Global Investments –
Level 33, Ilham Tower, 8 Jalan Binjai,
Kuala Lumpur 50450, Malaysia
Phone: +66 99091 8357 also for WhatsApp
[email protected]