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NewsMontenegro, companies in Podgorica achieved 59% of the total income of the...

Montenegro, companies in Podgorica achieved 59% of the total income of the entire economy

33% of the total number of Montenegrin companies were registered in Podgorica, and they achieved 59% of the total income of the entire economy, according to data from the Analysis of the Montenegrin Economy published by the Chamber of Commerce, and the data refer to the year 2021.

In all 13 municipalities of the northern region, 12.5% of the total number of companies were registered, and they had only 6.8% of the income of the total economy. 44% of registered companies are located on the coast, and their income makes up 20% of the total income. In the rest of the central region – Nikšić, Cetinje, Danilovgrad and Tuza, 10.5% of companies with participation in total revenues were registered with 14.4%.

As stated, the Chamber of Commerce received this data from the Revenue and Customs Administration. All companies that submitted tax returns for that year had a total income of EUR 10.1 billion. Of that amount, 7.5 billion were earned by companies from the central region, of which six billion in Podgorica and one and a half billion in the other four municipalities of this region.

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All companies in six municipalities on the coast had an income of two billion, and in the north in the amount of EUR 690 million. According to Monstat data, in the year 2021, there were 158,000 registered residents in the municipalities of the northern region, and 155,000 on the coast. 191,000 inhabitants officially lived in Podgorica, and 115,000 in the other four municipalities of the central region. In the register there were 16.6 thousand companies with only one employee, as well as 800 companies without employees. These 17.4 thousand companies had an income of EUR 886 million and a net profit of EUR 152 million.

At the same time, 53 large companies, which have over 250 employees, i.e. a total of 29,000, had an income of 2.35 billion and a net profit of 157 million EUR. Out of 53 large companies, 35 are registered in Podgorica or 66%. Only three large companies with over 250 employees operate in the entire north, two in Bijelo Polje and one in Pljevlja. There are 11 of them on the coast, of which five are in Budva, three in Bar, two in Herceg Novi and one in Tivat. In the central region, there are three other large companies in Nikšić and one in Tuza.

Of the total number of employees, 58.8% refer to Podgorica and the central region, only 10.9% to the northern region and 30.3% were engaged on the coast. Of the total profit reported by the companies of EUR 885 million, companies from Podgorica had EUR 512 million or 58%. In other municipalities of the central region, 13% of the total profit or 116 million was realized. Companies operating in the north made a profit of EUR 43 million or only 4.9% of the total profit of the economy. Companies on the coast showed a profit of 213 million or 24.1%. In the same year, companies that performed negatively reported a loss of EUR 731 million, of which 60% was realized in Podgorica and the central region, 37.1% on the coast and 2.9% in the north.

Most companies registered for trade and “scientific activities”

Out of the total number of almost 30,000 registered companies, 24.1% are registered for trade, 16.1% for professional, scientific and technical activities, 11.8% for accommodation and food services, 11% for construction, 7.2% for processing activity, 5.3% for administrative and auxiliary activities, five percent for transport and storage, 4.6% for information and communications…
The number of companies registered for “professional, scientific and technical activities” is high not because of extensive scientific research, but because this category also includes companies engaged in consulting, which is the most common registration used by foreigners when establishing companies for the purchase of real estate or fictitious employment due to exercising the right to residence.

There are 4.7 thousand such companies, which have a total of ten thousand employees. The majority of employees work in trade 26.8%, followed by accommodation and food services 12.1%, construction 9.7%, processing industry 8.3%, transport and warehouses 8%, 7.4% in professional, scientific and technical activities.

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