State-owned enterprises in Serbia received 63.6 billion dinars (€542 million) in budget subsidies during 2025, according to data contained in the government’s Fiscal Strategy for 2027. The transfers accounted for approximately 2.5% of total state budget expenditures, underlining the continued reliance of a significant portion of Serbia’s public sector on direct fiscal support.
The Ministry of Finance monitors 36 strategic state-owned enterprises, which together employed roughly 64,000 workers at the end of 2025. Of those companies, 27 received subsidies during the year. The total amount of support represented about 6.2% of the combined revenues generated by these enterprises, a level broadly unchanged from the previous year.
The largest recipient was Infrastruktura železnice Srbije, which received approximately 17.9 billion dinars from the state budget. The company is responsible for managing and developing Serbia’s railway infrastructure and has been at the center of the country’s extensive rail modernization programme.
The second-largest beneficiary was Putevi Srbije, which received 17.3 billion dinars. Much of the support directed to both infrastructure companies is linked to the financing of major capital investment projects, reflecting the government’s continued emphasis on transport infrastructure development.
Among the other major recipients were PEU Resavica, which received 6.4 billion dinars, and Srbijavoz, which received 5.3 billion dinars. According to the Fiscal Strategy, the five largest beneficiaries accounted for approximately 81% of all subsidies paid to state-owned enterprises during the year.
The figures highlight the ongoing fiscal burden associated with Serbia’s strategic state-owned companies. While a large share of support is directed toward infrastructure investment and public service obligations, the data also underscores the importance of continued corporate restructuring and operational improvements within the state-owned sector as Serbia seeks to balance infrastructure expansion with fiscal discipline.
