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Serbia’s January budget surplus: Exceeding expectations and fiscal strength

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In January, Serbia reported a surplus in the national budget, amounting to 30.2 billion dinars, surpassing the budgetary projections by 40.6 billion dinars. The initially anticipated deficit of 10.4 billion dinars was exceeded, as announced by the Ministry of Finance today.

Total revenues reached 173 billion dinars, with tax revenues contributing significantly at 150.8 billion dinars. Notably, the largest portion of tax revenues came from VAT payments totaling 80.7 billion dinars and excise taxes amounting to 42.1 billion dinars, as disclosed on the Ministry of Finance website.

Non-tax revenues were recorded at 21.2 billion dinars, and the month of January saw an additional one billion dinars in donations.

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Expenditures for the period amounted to 142.8 billion dinars. Personnel costs stood at 36.5 billion dinars, interest payments at 27.8 billion dinars, capital expenditures at 18.1 billion dinars, transfers to social security funds (pension fund, health insurance fund, employment fund, local self-government fund) at 17.5 billion dinars, and social protection expenditures at 13.6 billion dinars.

At the state sector level, January witnessed a fiscal surplus of 27.3 billion dinars and a primary fiscal surplus of 54.6 billion dinars, as reported by the Ministry of Finance.

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