Serbia’s budget deficit at the end of September 2025 amounted to 75.8 billion dinars, performing 76.4 billion better than planned, as the initial target projected a deficit of 152.2 billion dinars, the Ministry of Finance announced today.
Budget revenues totaled 1.636 trillion dinars, while expenditures reached 1.712 trillion dinars, according to the Beta news agency. In September alone, the deficit amounted to 11.5 billion dinars.
During the month, total revenues collected were 168.7 billion dinars, of which tax revenues accounted for 148.6 billion. The largest portion came from value-added tax (VAT) payments at 80.3 billion dinars, followed by excise duties with 31.2 billion and corporate income tax with 17.2 billion dinars.
Non-tax revenues amounted to 18.5 billion dinars, while grants and donations contributed 1.7 billion.
Budget expenditures in September reached 180.2 billion dinars. Spending on employee wages amounted to 49.6 billion dinars. Transfers to mandatory social insurance organizations—including the Pension and Disability Insurance Fund, the Health Insurance Fund, the National Employment Service, and the Military Insurance Fund—totaled 30.5 billion dinars. Capital expenditures amounted to 27.2 billion, social protection spending to 17 billion, goods and services to 15.1 billion, interest payments to 13.8 billion, and subsidies to 12.2 billion dinars.
At the general government level, Serbia recorded a fiscal deficit of 62.3 billion dinars and a primary fiscal surplus of 63.6 billion dinars in the first nine months of the year.
Serbia’s public debt stood at 38.11 billion euros at the end of September 2025, representing 43 percent of gross domestic product (GDP), the Ministry of Finance reported.
At the end of August, public debt was slightly higher at 38.24 billion euros, or 43.1 percent of GDP. By the end of 2024, Serbia’s public debt stood at around 38.9 billion euros, equivalent to 46.7 percent of GDP.
