Among the cultural events and establishments in the city, the annual cultural event Theatre City (Budva Grad Teatar) is of particular importance. Founded in 1987, and held in July and August every year, this festival transforms the entire Old Town into an open-air venue for a programme of theatre, musical, literary and visual art events and performances.
Tourism is the main driver of the economy of Budva. It is a significant tourist destination on the eastern Adriatic, and by far the most popular destination in Montenegro. During the 2013, Budva recorded 668,931 tourist visits, and 4,468,913 overnight stays, thus accounting for 44,8% of tourist visits to Montenegro, and 47,5% of its overnight stays.
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