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Serbia Closes 2023 with Public Debt at 52.3% of GDP

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Serbia’s public debt at the end of 2023 was approximately 35.15 billion euros, which is 52.3% of the gross domestic product (GDP), as announced by the Ministry of Finance. At the end of November, the public debt was 35.62 billion euros, or 51.5% of GDP.

Serbia’s public debt at the end of 2022 was 33.33 billion euros, or 55.1% of GDP.

The budget deficit was 179.3 billion dinars, representing 2.2% of the gross domestic product (GDP). Compared to the original budget, which projected a deficit of 264 billion dinars, the result was better by 84.7 billion dinars, according to the Ministry of Finance. The achieved result is better than the plan outlined in the budget rebalance by 48.2 billion dinars (0.6% of GDP), considering the projected deficit of 227.5 billion dinars, or 2.8% of GDP.

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Revenues, as emphasized by the ministry, amounted to 1,889.1 billion dinars, while expenditures were executed in the amount of 2,068.4 billion dinars.

In December, a deficit of 132.2 billion dinars was recorded. In that month, revenues amounted to 179.7 billion dinars, of which tax revenues were 145.6 billion dinars.

The majority of tax revenues relate to VAT payment, amounting to 79.2 billion dinars, and excise taxes amounting to 27.7 billion dinars. Non-tax revenues amounted to 25.8 billion dinars, and the inflow of donations in December was 8.3 billion dinars.

Expenditures amounted to 311.9 billion dinars in December. For employees, in December, expenditures amounted to 35.6 billion dinars, capital investments 107.7 billion dinars, transfers to mandatory social insurance organizations 44.9 billion dinars, subsidies 32.6 billion dinars, and expenditures for the use of goods and services 25 billion dinars.

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At the level of the state sector in 2023, a fiscal deficit of 181.1 billion dinars, or 2.2%, was recorded, which is 0.6% of GDP better than the rebalance-planned result. Compared to the budget plan, the state sector achieved a better result by 1.1% of GDP. The primary fiscal deficit amounted to 41.3 billion dinars, or 0.5% of GDP, as emphasized by the ministry.

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