Minister of Finance: Budget Rebalancing Bill Increases Capital Investments to 7.9% of GDP

parlament.gov.rs

Serbian Finance Minister Sinisa Mali said on Sept. 23 that a budget rebalancing bill for 2024 secures continued economic growth and an increase in public sector wages and pensions, as budget allocations for capital investment had been raised by RSD 111 billion, reaching RSD 706 billion, or 7.9% of the gross domestic product (GDP).

"The main goal is to continue growing while maintaining macroeconomic stability. The budget rebalancing is a follow up to Serbia’s successful economic policy. Serbia has never been stronger, never more stable," Mali said in his address to the Serbian MPs, discussing this year’s budget rebalancing bill.

Minister Mali underlined that the Serbian government's economic policy projected that by 2027, the average salary in Serbia should reach EUR 1,400, while the average pension and minimum wage would be 650 euros.

Mali noted that Serbia reported the second-highest GDP growth rate in Europe in the first half of the year, adding that the growth rate of 4.3%, had placed it among the fastest-growing economies in Europe.

The minister explained that the 2024 budget rebalancing bill increased allocations for agriculture to a record 132 billion dinars, while allocations for social services would rise by RSD 25.6 billion, healthcare allocations would add RSD 30 billion, budget allocations for the education sector RSD 12 billion, and for the military RSD 48.6 billion.