Draft budget, Serbia plans 3% deficit - Total revenues planned to reach 20.6 billion euros
The Serbian government approved the draft budget for 2026 with a fiscal deficit that matches the projected 3% of Gross Domestic Product (GDP).
Total budget revenues are planned to reach 20.6 billion euros next year, an increase of 2.9% compared to 2025. Tax revenues are forecast at around 17.78 billion euros, while non-tax profits are forecast at 2.59 billion euros and donations at 0.27 billion euros, according to a government statement.
Total spending for 2026 is estimated at around 23.53 billion euros, an increase of 3.5% compared to the current year. Serbia's economy is projected to expand by 3% in 2026, while the public debt-to-GDP ratio is projected to be 44.5%. The Serbian economy grew by an average of 2% in the first half of 2025 and by 2% in the third quarter, according to the statistical office. At the end of September, the public debt-to-GDP ratio was 43%.
The draft budget apparently does not take into account the potential impact of US sanctions on Russian oil and gas producer NIS, which generates almost 4% of Serbia's GDP and accounts for 10% of budget revenues. The 2026 draft budget foresees that revenues from taxes on oil derivatives will increase by 7.9% per year, reaching around 2.09 billion euros.
The Ministry of Finance stated that the projected budget allows flexibility, “so that we can react”, depending on developments around the NIS, without providing further details. Also, about 6.32 billion euros will be allocated for capital investments next year, which represents about 6.7% of the projected GDP.
The parliamentary debate on the draft budget is expected to be held at the end of November.
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