🇷🇸 Serbia
Public Sector Debt · 2026
Total Debt
50.5%
of GDP
Global Rank
#123
of 192
S&P Rating
BB+
Credit rating
SOE Debt
+6.3%
3 categories
Where the Debt Sits
Central Government
Central Government: 44.2%Energy SOEs: 3.8%Infrastructure: 2.3%Public Corps: 0.2%
Full Debt Breakdown
Central Government44.2% of GDP
Central GovernmentIMF WEO — General Government Debt
44.2%Energy SOEs3.8% of GDP
EPS (Elektroprivreda Srbije)EPS Financial Statements 2023 / Serbia business mediaLong-term liabilities ~176B RSD (~€1.5B); €100M state-guaranteed liquidity loan 2024
2.2%Srbijagas (gas utility)Serbian Monitor / N1 Info / Serbia BusinessDebts ~130B RSD; state guarantee for additional €225M; chronic arrears
1.6%Infrastructure SOEs2.3% of GDP
Telekom SrbijaSerbian Monitor / media estimatesDebt ~150B RSD from acquisitions (cable operators); state-controlled
1.9%Serbian Railways (Infrastruktura / Srbija Voz)EBRD / State Dept Investment Climate 2025State guarantees ~€200M (mostly Srbija Voz €123M); EBRD modernization loans
0.4%Public Corporations0.2% of GDP
Air SerbiaAir Serbia financial estimatesJoint venture with Etihad (49%); modest fleet lease obligations
0.2%Total Corporate Debt29.6% of GDP
NF corporate debt (est.)WB WDI 2020
29.6%Household Debt15.9% of GDP
Household debt (est.)WB WDI 2020
15.9%All Layers Total96.0%
Credit Ratings
S&P
BB+
Moody's
Ba2
Fitch
BB+
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202644.2% GDP
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