The net inflow of foreign direct investment into Montenegro in the first quarter of 2026 amounted to EUR75.6 million, which is almost 40% less than the figure for the same period last year, when it reached EUR122.2 million, according to data from the Central Bank of Montenegro.
At the same time, the Telegram channel “Serbian Economist” reports that the total volume of foreign direct investment received by the country decreased only slightly — by 2.5%, to EUR206.5 million. The main pressure on the final indicator was exerted by the growth in capital outflow: foreign investors withdrew EUR130.9 million from Montenegro, compared with EUR89.5 million a year earlier.
Thus, the Central Bank’s data show not so much a sharp decline in interest in Montenegro on the part of foreign investors as an intensification of the reverse movement of capital. Money continues to flow into the country, but at the same time there is an increase in the divestment of companies, the repayment of loans previously provided to local firms, and the withdrawal of funds through the sale of real estate.
The largest volume of capital outflow in the first quarter accounted for investors from Turkey — EUR24.8 million. Of this amount, EUR21.1 million was related to the withdrawal of funds from companies in Montenegro, while another about EUR3 million was related to the sale of real estate.
Investors from Serbia were in second place, having withdrawn EUR17.5 million. EUR8.3 million accounted for the sale of real estate in Montenegro, EUR3.7 million for the purchase of real estate abroad, and another EUR3.2 million for the withdrawal of funds from companies. They were followed by investors from the UAE with EUR17 million.
The growth in capital outflow is especially important for Montenegro, since the country’s economy traditionally depends heavily on foreign investment, primarily in real estate, tourism, construction and related services. In recent years, investors from Turkey, Serbia, Russia, EU countries and the Middle East have played a noticeable role in the market.
The decline in net inflow may become a signal for the authorities of the need to assess the quality of investments more carefully. For the economy, it is important not only how much money is received, but also how much of it remains in the country, creates jobs, supports productivity and forms a long-term tax base.
CAPITAL OUTFLOW, FOREIGN INVESTMENT, MONTENEGRO
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