Serbia's public debt reached €41.96 billion at the end of September, equal to 43.3% of GDP, according to the Ministry of Finance.
- Public debt rose by about €2.62 billion since December 31, 2025, when it stood at €39.34 billion.
- The debt-to-GDP ratio fell from 43.7% to 43.3% over the same period.
- The ratio declined because the economy grew faster than borrowing, per Ministry of Finance data.
- The debt-to-GDP ratio is a key indicator of fiscal stability for investors and lenders.
Serbia's public debt stood at 41.96 billion euros at the end of September, equal to 43.3% of gross domestic product (GDP), according to figures released by the Ministry of Finance.
Compared with December 31, 2025, the debt is higher in absolute terms. It was 39.34 billion euros at that date, which means an increase of about 2.62 billion euros over the period. At the same time, the debt-to-GDP ratio fell from 43.7% to 43.3%.
Key figures
- Public debt, end of September: 41.96 billion euros
- Share of GDP, end of September: 43.3%
- Public debt, December 31, 2025: 39.34 billion euros
- Share of GDP, December 31, 2025: 43.7%
What the numbers mean
Public debt is the total amount the state owes to creditors. The share of GDP is the most common way to compare it across countries and over time, because it sets the debt against the size of the economy.
A ratio can fall even when the debt grows, if the economy expands at a faster pace than borrowing. The Ministry of Finance data show this combination for the period since the end of 2025, although the source does not give a breakdown of the reasons.
For investors and lenders, the debt-to-GDP ratio is one of the main indicators of fiscal stability. The figure of 43.3% is the official number published by the Ministry of Finance.
Further releases from the Ministry of Finance will show whether the ratio continues to move in the same direction.
Frequently asked questions
How much is Serbia's public debt as of September?
Serbia's public debt stood at €41.96 billion at the end of September, according to the Ministry of Finance.
What is Serbia's debt-to-GDP ratio?
The debt-to-GDP ratio was 43.3% at the end of September, down from 43.7% on December 31, 2025.
Why can the debt-to-GDP ratio fall while debt increases?
The ratio can fall if the economy grows faster than borrowing, even when the absolute amount of debt rises.
Why is the debt-to-GDP ratio important?
It compares debt with the size of the economy and is one of the main indicators of fiscal stability for investors and lenders.
