The purpose of this paper is to analyse the economic indicators of sustainable development of spas in Serbia. The paper starts from the newest division of sustainable development indicators of the tourist destination given by the European Commission. The aim is the ranking of the leading spas in Serbia according to the level of tourism economic sustainability. The following methods are used in the paper: VIKOR method for determining the level of economic sustainability of tourist destination development, and FANMA method for determining the weight coefficients which are necessary for the implementation of VIKOR methods. Based on VIKOR method and starting from the economic indicators of sustainability of the tourist destinations, the leading spas in Serbia are ranked according to the economic sustainability of their development as tourist destinations. The research results indicate to tourism development policy makers to which the spas in Serbia activities should be directed in order to increase the level of their economic sustainable development.