Serbia’s budget deficit for January–July 2025 totaled 22.9 billion dinars, significantly lower than the planned deficit of 141.7 billion dinars, according to the Ministry of Finance. This represents an improvement of 118.8 billion dinars compared to the budget plan.
Total revenues for the period amounted to 1,318.0 billion dinars, while total expenditures reached 1,340.9 billion dinars. July recorded a monthly surplus of 13.5 billion dinars.
In July, total revenues collected were 210.6 billion dinars, of which tax revenues accounted for 183.6 billion dinars. Value-added tax contributions totaled 94.4 billion dinars, excise taxes 46 billion dinars, and corporate income tax 23.6 billion dinars. Non-tax revenues amounted to 26.2 billion dinars, and donations contributed 0.8 billion dinars.
July expenditures totaled 197.1 billion dinars. Employee costs were 51.4 billion dinars, subsidies 28.5 billion dinars, and transfers to social and insurance funds such as PIO, RFZO, NSZ, and SOVO amounted to 27.7 billion dinars. Capital expenditures reached 27.3 billion dinars, social protection 16.4 billion dinars, spending on goods and services 16 billion dinars, and interest payments 15.3 billion dinars.
At the state sector level, the fiscal deficit for the first seven months of the year was 5.8 billion dinars, while the primary fiscal surplus reached 95.8 billion dinars.
