Official data show that Serbia’s public debt increased by approximately €950 million compared with the end of 2025, when it stood at €40.34 billion. Despite the increase in nominal terms, the debt-to-GDP ratio remained below 45%, well under the 60% threshold established by the European Union’s Maastricht criteria, which is widely used as a benchmark for fiscal sustainability.
The Ministry of Finance said the country’s debt structure continues to be managed in line with its medium-term public debt strategy, with a focus on maintaining macroeconomic stability, reducing financing costs and limiting exposure to exchange rate and interest rate risks. Public debt represents the total amount owed by the central government, including domestic and external borrowing, and is commonly monitored as an indicator of a country’s fiscal position and long-term financial stability.
Serbia has significantly reduced its debt burden over the past decade, when the public debt ratio exceeded 70% of GDP, although recent borrowing has increased in response to infrastructure investment, energy projects and broader economic development priorities.
Economists generally note that maintaining public debt below internationally accepted sustainability thresholds provides governments with greater fiscal flexibility, although continued borrowing requires careful management amid higher global interest rates and uncertain economic conditions.
