By analysing official financial statements submitted up to 5 April 2021, Montenegro’s leading provider of business-intelligence information, BI Consulting, carried out — for the “100 Largest in Montenegro 2021” project — the first unofficial quantification of the pandemic’s impact on the business results of Montenegrin companies in 2020.
Total drop of more than 15 %
The analysis shows that in 2020 the total revenue drop of Montenegrin companies relative to 2019 was just over 15 %:
- The majority of industries recorded a decline
- Only two industries recorded modest growth
Hardest-hit sectors
Unsurprisingly, the heaviest damage was suffered by:
| Industry | Revenue drop |
|---|---|
| Accommodation and food services (tourism, hospitality) | ~55 % |
| Administrative and support service activities | 39 % |
| Real estate management | 25 % |
| Trade | over 15 % |
Poor results of the tourist season and the absence of seasonal consumption indirectly caused declines in other related sectors as well.
The significance of trade
Trade is the most important business sector in Montenegro:
- By number of companies
- By revenue generated — around €3.4 billion, which is about 40 % of total turnover
Sectors that posted growth
Only two industries recorded modest growth:
- Supply of electricity, gas, steam and air conditioning — slightly below 4 %
- Healthcare and social work — slightly above 1 %
Note on the final nature of the analysis
The analysis is not final — because not all financial statements have been submitted yet.
However, it is highly indicative — given that the companies included generate over 90 % of the total turnover of goods and services in Montenegro.
Source: 100 Largest in Montenegro
