The budget deficit represents one of the most important indicators of fiscal policy and the long-term sustainability of public finances. Although its occurrence is common in modern economic systems, its structure, causes, and effects vary depending on the institutional environment, macroeconomic conditions, and the level of political stability. This paper examines the level and dynamics of the budget deficit in five Western Balkan countries (Serbia, Montenegro, Bosnia and Herzegovina, North Macedonia, and Albania) over the period 2008-2024. The analysis covers different forms of the budget deficit, their significance for maintaining fiscal stability, as well as the regulatory frameworks shaping public finance management. Based on available statistical data, a comparative method is applied to identify trends, deviations, and key determinants affecting deficit levels in the observed countries. Special emphasis is placed on the Republic of Serbia, particularly regarding the implementation of national fiscal rules and the degree of alignment with European Union standards and practices.
Janković et al. (Thu,) studied this question.