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Serbia’s budget deficit narrows in Q1: Ministry of Finance report

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In the first quarter of this year, Serbia’s budget deficit stood at 19.7 billion dinars, marking an improvement compared to the budget plan by 43.7 billion dinars, as announced by the Ministry of Finance today.

According to reports from Beta, revenues totaled 483.5 billion dinars, while expenditures amounted to 503.2 billion dinars.

March saw a budget deficit of 25 billion dinars.

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Tax revenues reached 132.9 billion dinars out of a total revenue of 151.9 billion dinars. VAT payments accounted for the largest portion at 73.3 billion dinars, followed by excise duties at 22.8 billion dinars.

Non-tax revenues reached 17 billion dinars, with donations totaling 1.9 billion dinars in March.

Expenses for March reached 176.9 billion dinars. Personnel expenses stood at 39.6 billion dinars, capital expenditures at 31.5 billion dinars, transfers to mandatory social insurance organizations (Pension Fund, RFZO, NSZ, SOVO Fund) at 27.2 billion dinars, and subsidies at 21.6 billion dinars.

Across the state sector, a fiscal deficit of 18 billion dinars and a primary fiscal surplus of 41.6 billion dinars were recorded in the first three months.

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As of the end of March, Serbia’s public debt amounted to approximately 36.34 billion euros, equivalent to 47.7 percent of GDP, the Ministry of Finance revealed.

By the end of February, public debt had stood at 36.42 billion euros, or 47.8 percent of GDP. At the close of 2023, Serbia’s public debt was recorded at 36.15 billion euros, representing 52 percent of GDP.

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