In 2023, the turnover for companies in Montenegro reached 11.6 billion euros, reflecting a 16 percent increase compared to 2022, according to data from MONSTAT.

MONSTAT reported that “the gross production value for 2023 was 7.9 billion euros, while inter-phase consumption accounted for 4.45 billion euros and gross value added stood at 3.4 billion euros.”

The trade sector represented the largest portion of total turnover in 2023, comprising approximately 43 percent, followed by the manufacturing industry at around 10 percent.

Businesses in the wholesale and retail sector, including the repair of motor vehicles and motorcycles, had a turnover of about 4.98 billion euros, a 14 percent increase from 2022. The processing industry generated approximately 1.16 billion euros, with construction contributing around 1.14 billion euros.

The reported turnover includes calculated revenues from the sale of goods and services exclusive of VAT, as clarified by MONSTAT.

Inter-phase consumption at purchasing prices reflects the value of products and services that are transformed, utilized, or consumed during the production process. The gross value of production refers to the market value of all produced goods and services, while gross value added is defined as the difference between gross production value and inter-phase consumption.

When categorized by company type, small enterprises had the highest gross value added at 1.59 billion euros, with medium-sized businesses reporting around a billion euros, and large companies at 831 thousand euros.

The classification of company size is based on the number of employees:

• Small (0 to 49 employees)
• Medium (50 to 249 employees)
• Large (over 250 employees)