In the first five months of 2025, Serbia recorded a budget deficit of 72.1 billion dinars, outperforming the planned deficit of 119.4 billion dinars and significantly better than the initially projected 191.5 billion dinars, the Ministry of Finance announced.
During this period, total revenues amounted to 879.9 billion dinars, while expenditures reached 951.9 billion dinars.
In May alone, the government achieved a budget surplus of 5.9 billion dinars.
May revenues totaled 196.1 billion dinars, with tax revenues accounting for 176 billion dinars. The largest contributions came from value-added tax (VAT) at 78.1 billion dinars and excise duties at 44.4 billion dinars. Non-tax revenues stood at 19.6 billion dinars, and donations added another 0.5 billion dinars.
Expenditures in May amounted to 190.2 billion dinars, including 48.5 billion dinars for employee salaries, 30.2 billion dinars in transfers to social funds such as the Pension and Disability Insurance Fund (PIO), Health Insurance Fund (RFZO), National Employment Service (NSZ), and others. Capital investments totaled 22.5 billion dinars, while subsidies accounted for 19.7 billion dinars.
At the state sector level, the fiscal deficit for the first five months was 57 billion dinars, while a primary fiscal surplus of 16.6 billion dinars was achieved.
