Serbia's budget deficit in January 2011 totalled RSD 2.3 billion, as budget revenues amounted to RSD 55.4 billion and expenditures to RSD 57.7 billion (EUR 1=RSD 103), the Finance Ministry released Wednesday.

The highest revenue was generated from the value added tax (VAT) payments - RSD 30.7 billion, taking into account that January is a month when payments are made for the previous three months, and from the payments of excise duties - RSD 12.5 billion, the ministry's statement reads.

The highest expenditures were incurred owing to the payment of salaries (RSD 16.3 billion), and transfers to social security funds (RSD 20.6 billion), the largest part of which refers to pensions.

The 2011 Budget Law envisages a RSD 120.5 billion deficit, RSD RSD 846.92 billion expenditures and RSD 726.4 billion revenues.