Serbia: public finances

What is Serbia's public debt?

Serbia's central government debt was RSD 4,920.8 billion (€41.9 billion) at the end of August 2026, or 43.3% of GDP, according to the Public Debt Administration. General government debt was 43.6% of GDP. Debt in foreign currencies made up 79.2% of the total, and debt in euros 63.0%.

Central government debt covers direct borrowing and guarantees of the Republic. General government debt also includes local government. A high foreign-currency share means the dinar value of the debt changes with exchange rates. The Public Debt Administration publishes this report each month.

Official sources: Public Debt Administration: monthly report, August 2026

What is Serbia's budget deficit?

Serbia's consolidated general government had a deficit of RSD 109,302.9 million in January–August 2026, according to the Ministry of Finance. Revenue was RSD 3,051,983.9 million and expenditure RSD 3,161,286.8 million. The primary balance, which leaves out interest payments, was a surplus of RSD 5,993.8 million.

The figures come from the ministry's monthly fiscal tables (Table 4, xlsx). The consolidated general government includes the central budget, local governments and the social security funds. The primary balance leaves out interest payments, so it shows the balance before the cost of past borrowing.

Official sources: Ministry of Finance: macroeconomic and fiscal data · Ministry of Finance: consolidated general government, Table 4

How much tax does Serbia collect?

Serbia's general government collected RSD 2,699,775.7 million in taxes in January–August 2026, according to the Ministry of Finance consolidated fiscal table. Personal income tax brought in RSD 311,735 million and corporate income tax RSD 247,209 million. Total revenue was RSD 3,051,983.9 million.

Tax revenue in this table includes social security contributions, VAT, excise duties and customs duties as well as income taxes. The figures are cash amounts for the first eight months of the year, so they are not the full-year total. The ministry publishes the tables on its macroeconomic and fiscal data page.

Official sources: Ministry of Finance: consolidated general government, Table 4 · Ministry of Finance: macroeconomic and fiscal data

What is Serbia's national debt?

According to the IMF, general government gross debt in Serbia was 42.2% of GDP in 2025. Since 2005 it has ranged from 29.4% of GDP (2008) to 67.1% of GDP (2015). It is 29th highest of 51 in Europe & Central Asia, where the median is 46.9% of GDP. World rank, highest first: 121st of 185.

What is Serbia's fiscal deficit?

According to the IMF, general government net lending or borrowing in Serbia was -2.2% of GDP in 2025, which is a deficit. Since 2005 it has ranged from -6.9% of GDP (2020) to 1.3% of GDP (2017). Across Europe & Central Asia the middle value was -2.4% of GDP, and Serbia placed 25th highest of 51. Of 188 countries with 2025 data, 81st highest.

What is Serbia's government revenue?

According to the IMF, general government revenue in Serbia was 41.0% of GDP in 2025. Since 2005 it has ranged from 35.8% of GDP (2013) to 41.2% of GDP (2021). Across Europe & Central Asia the middle value was 41.3% of GDP, and Serbia placed 29th highest of 50. Worldwide: 42nd of 187.

What is Serbia's government spending?

43.2% of GDP: that is general government spending in Serbia for 2025, according to the IMF. The peak was 46.0% of GDP in 2020 and the low 38.5% of GDP in 2017. It is 26th highest of 50 in Europe & Central Asia, where the median is 43.3% of GDP. Worldwide: 41st of 186.

How much tax does Serbia collect?

23.9% of GDP: that is central government tax revenue in Serbia for 2022, according to the IMF. No year since 2007 has been higher. Europe & Central Asia median: 20.4% of GDP; Serbia is 11th highest of 48. World rank, highest first: 18th of 117.

How much does Serbia spend on its military?

In 2025, military spending in Serbia was 2.8% of GDP, according to SIPRI. That is the highest since at least 2005. It is 13th highest of 46 in Europe & Central Asia, where the median is 2.0% of GDP. Of 149 countries with 2025 data, 32nd highest.