Serbia’s budget deficit reached 75.8 billion dinars at the end of September 2025, according to data released by the Ministry of Finance. This figure is significantly better than planned, as the original budget projected a deficit of 152.2 billion dinars — meaning the result is 76.4 billion dinars below expectations.
Total budget revenues amounted to 1.636 trillion dinars, while expenditures stood at 1.712 trillion dinars. In September alone, Serbia recorded a monthly deficit of 11.5 billion dinars.
During that month, total revenues reached 168.7 billion dinars, including 148.6 billion dinars from tax income. The largest share came from value-added tax (VAT) collections at 80.3 billion dinars, followed by excise duties at 31.2 billion dinars and corporate profit tax at 17.2 billion dinars. Non-tax revenues totaled 18.5 billion dinars, while grants contributed an additional 1.7 billion dinars.
Budget expenditures for September amounted to 180.2 billion dinars. Of that, 49.6 billion went to employee salaries, 30.5 billion to transfers for mandatory social insurance funds (including pension, health, and unemployment funds), 27.2 billion for capital investments, 17 billion for social protection, 15.1 billion for goods and services, 13.8 billion for interest payments, and 12.2 billion for subsidies.
At the general government level, Serbia recorded a fiscal deficit of 62.3 billion dinars for the first nine months of the year, along with a primary fiscal surplus of 63.6 billion dinars.
Serbia’s public debt stood at €38.11 billion, or 43% of GDP, at the end of September 2025, according to the Ministry of Finance. In August, the debt was slightly higher — €38.24 billion, or 43.1% of GDP. At the end of 2024, Serbia’s public debt totaled around €38.9 billion, equivalent to 46.7% of GDP.
