During the last year, the state companies 63,6 billion dinars were paid out subsidy.
We are talking about a total of 27 out of 36 state enterprises whose work is monitored by the Ministry of Finance.
The largest beneficiary is the Railway Infrastructure of Serbia, followed immediately by the Roads of Serbia. The data are from the Fiscal Strategy for 2027, which was adopted by the Government of Serbia on Thursday, June 4.
The Ministry of Finance monitors the work of 36 strategic companies that are majority owned by the Republic of Serbia and which, as indicated in the Fiscal Strategy for 2027, represent a significant segment of the Serbian economy.
At the end of 2025, these companies employed around 64.000 people.
Of those 36 state enterprises, 27 used subsidies in 2025 in the total amount of 63,6 billion dinars (which is about 542 million euros). The share of those paid subsidies in the total budget expenditures for last year was 2,5 percent.
"Most of the subsidies are used by companies for capital projects, while a certain number of companies also use them to maintain current liquidity. The share of paid subsidies in total budget expenditures from year to year is approximately three percent," the Strategy states.
Railway infrastructure of Serbia record holder
The largest beneficiary of subsidies in 2025 is Infrastructura železnice Srbije ad, whose subsidies are, as stated, "primarily in the function of infrastructure management".
In 2025, the Serbian railway infrastructure received subsidies in the amount of 17,9 billion dinars from the budget. Putevi Srbije received slightly less, 17,3 billion dinars.
PEU Resavica is in third place on the list of the top five largest users of subsidies, with 6,4 billion dinars. Srbijavoz follows with 5,3 billion dinars.
The Strategy states that "significant funds have also been set aside to support the company Elektromreža Srbije for the BeoGrid project. The table shows that it is a total of 4,5 billion dinars for this company."
The remaining 12,1 billion dinars of subsidies apply to all other state-owned enterprises (22 out of 27 that received state incentives).
"In 2025, subsidies paid to state enterprises amounted to 63,6 billion dinars, and they had a total share of 6,2 percent in the total revenues of 36 state enterprises, which is at the same level compared to the previous year. The five largest beneficiaries account for 81 percent of the total subsidies paid," states the Ministry of Finance in the Fiscal Strategy for 2027 with projections for 2028 and 2029, which adopted by the Government of Serbia on Thursday, June 4.
Source: H1
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