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Economy of Armenia vs Serbia compared: GDP & Debt

Updated on by Georank team

Armenia has a GDP of $25.8B compared to $89.1B for Serbia, ranking 116/197 and 75/197 by economy size, respectively.

Armenia has $13B in government debt (54.5% of GDP), compared to $39.6B (44.4% of GDP) in Serbia.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Armenia
GDP, current $

GDP, constant 2015 $
Serbia
GDP, current $

GDP, constant 2015 $
Year GDP
Armenia Serbia
Current $ Constant $ Current $ Constant $
1990 $2,256,863,449 $5,839,777,094 - -
1991 $2,069,870,130 $5,156,523,263 - -
1992 $1,272,835,453 $3,001,096,397 - -
1993 $1,201,312,829 $2,736,999,951 - -
1994 $1,315,158,637 $2,884,798,024 - -
1995 $1,468,317,435 $3,083,849,042 $17,921,892,655 $22,980,131,489
1996 $1,596,968,946 $3,264,729,147 $23,277,430,168 $24,396,847,843
1997 $1,639,492,445 $3,373,153,404 $27,153,408,995 $26,576,270,133
1998 $1,893,726,437 $3,619,393,602 $21,004,077,441 $27,996,145,144
1999 $1,845,482,173 $3,738,833,591 $20,878,694,851 $25,105,401,157
2000 $1,911,563,669 $3,959,424,773 $7,326,373,882 $26,625,556,359
2001 $2,118,467,913 $4,339,529,551 $13,599,378,662 $28,430,374,779
2002 $2,376,335,048 $4,912,347,451 $17,930,583,571 $30,290,019,296
2003 $2,807,061,009 $5,600,076,095 $23,593,044,418 $31,671,150,129
2004 $3,576,615,240 $6,188,084,085 $26,845,632,342 $33,788,958,042
2005 $4,900,469,511 $7,048,227,772 $28,334,256,181 $35,783,688,498
2006 $6,384,452,067 $7,978,593,838 $33,298,057,362 $37,179,489,902
2007 $9,206,301,270 $9,071,661,194 $44,888,028,946 $40,091,414,195
2008 $11,662,040,714 $9,697,605,817 $54,220,641,202 $42,160,489,092
2009 $8,647,937,081 $8,330,243,396 $46,955,984,410 $40,835,549,150
2010 $9,260,285,756 $8,513,508,751 $43,536,629,233 $41,493,398,683
2011 $10,142,111,825 $8,913,643,662 $51,251,098,408 $41,515,918,179
2012 $10,619,320,683 $9,555,426,006 $45,103,269,969 $41,331,605,757
2013 $11,121,464,437 $9,870,755,064 $50,455,529,604 $41,518,250,511
2014 $11,609,513,247 $10,226,102,247 $49,114,321,280 $40,769,149,069
2015 $10,553,337,518 $10,553,337,518 $41,297,410,635 $41,297,410,635
2016 $10,546,136,236 $10,574,444,193 $42,225,495,910 $42,526,090,284
2017 $11,527,458,709 $11,367,527,508 $45,972,834,714 $43,531,149,260
2018 $12,457,940,695 $11,958,638,938 $52,787,520,249 $45,555,064,903
2019 $13,619,290,539 $12,867,495,498 $53,864,693,665 $47,719,025,212
2020 $12,641,698,583 $11,941,035,822 $55,874,017,669 $47,265,683,024
2021 $13,878,908,629 $12,633,615,900 $66,159,884,073 $51,022,858,875
2022 $19,513,506,553 $14,225,451,503 $66,797,564,758 $52,365,263,375
2023 $24,085,749,592 $15,406,163,978 $81,342,660,752 $54,380,001,765
2024 $25,786,585,950 $16,315,127,652 $89,083,506,277 $56,488,865,192

Economic indicators

Armenia Serbia
Gross domestic product
$25.8B
2024
$89.1B
2024
GDP rank
116/197
2024
75/197
2024
GDP growth
7.06%
2023-2024
9.52%
2023-2024
GDP per capita
$8,501
2024
$13,524
2024
GDP per capita rank
92/197
2024
74/197
2024
GDP per capita, PPP
$22,823
2024
$31,867
2024
Government debt
$13B
2024
$39.6B
2024
Debt-to-GDP ratio
54.5%
2025
44.4%
2025
Government debt per person
$4,276
2024
$6,015
2024
Government debt per person rank
89/185
2024
74/185
2024
Average annual personal income after taxes
$6,696
2025
$11,469
2025
Market capitalization of domestic companies
$4.85B
2024
$4.06B
2011
Number of billionaires
1
2025
n/a
Income share by richest 10%
22.9%
2023
24.7%
2022
Income share by poorest 10%
4%
2023
2.4%
2022
Government expenditure, % of GDP
30.7%
2025
43.4%
2025
Consumer prices inflation
3.3%
2024-2025
4.67%
2023-2024
Central bank interest rate
6.75%
2025
5.75%
2024
Unemployment rate
8.3%
2023
7.24%
2024
Population
3011581
6541064

GDP per capita in Armenia vs Serbia

Armenia's GDP per capita is $8,501, ranking 92/197, compared to $13,524 in Serbia, ranking 74/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 84th at $22,823, while Serbia ranks 69th at $31,867.

Armenia
GDP per capita

GDP per capita, PPP
Serbia
GDP per capita

GDP per capita, PPP
Year Current $
Armenia Serbia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1990 $635 $2,760 - -
1991 $573 $2,477 - -
1992 $356 $1,492 - -
1993 $348 $1,440 - -
1994 $391 $1,591 - -
1995 $444 $1,767 $2,349 $5,021
1996 $487 $1,922 $3,054 $5,433
1997 $505 $2,040 $3,574 $6,039
1998 $590 $2,239 $2,775 $6,459
1999 $583 $2,377 $2,769 $5,895
2000 $593 $2,531 $975 $6,414
2001 $660 $2,844 $1,812 $6,803
2002 $743 $3,282 $2,391 $7,563
2003 $882 $3,836 $3,154 $8,024
2004 $1,130 $4,377 $3,597 $8,716
2005 $1,557 $5,172 $3,808 $9,398
2006 $2,042 $6,073 $4,493 $10,466
2007 $2,963 $7,137 $6,081 $11,686
2008 $3,778 $7,827 $7,377 $13,123
2009 $2,821 $6,812 $6,414 $13,031
2010 $3,041 $7,095 $5,971 $13,322
2011 $3,350 $7,624 $7,082 $14,298
2012 $3,512 $8,943 $6,263 $14,506
2013 $3,680 $9,455 $7,040 $15,247
2014 $3,852 $9,736 $6,887 $15,296
2015 $3,512 $9,757 $5,820 $15,550
2016 $3,524 $10,570 $5,982 $16,455
2017 $3,869 $12,066 $6,548 $17,285
2018 $4,196 $12,877 $7,560 $18,469
2019 $4,597 $14,976 $7,756 $20,587
2020 $4,269 $14,706 $8,099 $21,013
2021 $4,685 $15,922 $9,681 $23,406
2022 $6,572 $19,161 $10,023 $26,242
2023 $8,125 $21,534 $12,282 $28,748
2024 $8,501 $22,823 $13,524 $31,867

Spending and national debt comparison

In 2024, Armenia's government spending was $7.54B, accounting for 30.7% of its GDP, while Serbia's spent $37.8B, or 43.4% of GDP.

Debt-to-GDP ratio is 54.5% in Armenia and 44.4% in Serbia, ranking 97/185 and 117/185, respectively.

Armenia
Government spending

Government debt
Serbia
Government spending

Government debt
Year % of GDP
Armenia Serbia
Government spending Government debt Government spending Government debt
1996 - 40.8% - -
1997 - 46.5% - -
1998 - 45.2% - -
1999 - 39.2% - -
2000 - 39.6% 28% 200.6%
2001 - 38.1% 30.5% 95.9%
2002 - 38.2% 38.6% 68.4%
2003 - 33% 37.6% 64.4%
2004 - 26.4% 37.8% 57.6%
2005 19.9% 24.4% 38.9% 50.1%
2006 20% 18.7% 41.3% 37%
2007 22.4% 16.1% 40.6% 30%
2008 22.2% 16.1% 43.7% 29.4%
2009 28.6% 40.2% 41.1% 32.6%
2010 26.2% 39.7% 41.2% 38.2%
2011 25% 42% 40% 42%
2012 22.4% 41.2% 43.3% 51.7%
2013 23.8% 40.9% 40.6% 54.1%
2014 24% 43.7% 42.9% 63.5%
2015 26.3% 48.7% 41% 67.1%
2016 27% 56.7% 40.3% 65%
2017 26% 58.9% 38.5% 55.3%
2018 24% 55.7% 39% 51.1%
2019 24.9% 53.7% 40.2% 49.5%
2020 30.6% 67.4% 46% 54.3%
2021 28.7% 63.4% 44.4% 53.6%
2022 26.4% 49.2% 41.4% 50.9%
2023 27% 50.7% 40.6% 45.7%
2024 29.2% 50.3% 42.4% 44.5%
2025 30.7% 54.5% 43.4% 44.4%

Government deficit by year

In 2024, Armenia's government deficit, the difference between spending and revenue, was -$967M, equivalent to -3.75% of GDP. This compares to Serbia's deficit of -$1.54B, or -1.73% of GDP.

Over the past 20 years, Armenia recorded a fiscal deficit in 20 of those years, while Serbia ran a deficit in 17 years. On average, Armenia posted an annual deficit equal to -3.22% of GDP, compared to deficit of -2.36% of GDP for Serbia.

Deficit/surplus
Armenia

Serbia
Year Deficit/surplus, % of GDP
Armenia Serbia
2000 - -0.15%
2001 - 0.32%
2002 - -2.33%
2003 - -2.39%
2004 - 0.06%
2005 -1.98% 1.02%
2006 -1.95% -0.9%
2007 -2.33% -0.8%
2008 -1.76% -4.25%
2009 -7.69% -3.3%
2010 -4.98% -3.35%
2011 -2.87% -3.75%
2012 -1.49% -6.11%
2013 -1.59% -4.79%
2014 -1.94% -5.61%
2015 -4.84% -3.25%
2016 -5.63% -1.08%
2017 -4.79% 1.32%
2018 -1.75% 0.78%
2019 -0.98% -0.004%
2020 -5.4% -6.91%
2021 -4.58% -3.16%
2022 -2.11% -0.14%
2023 -2.03% -1.21%
2024 -3.75% -1.73%
2025 -5.5% -2.77%

Inflation comparison by year

Over the past 29 years, Armenia has recorded an average annual inflation rate of 4.55%, compared with 18.3% in Serbia. In 2024, inflation was 3.3% in Armenia and 4.67% in Serbia.

Inflation
Armenia

Serbia
Year Inflation
Armenia Serbia Armenia Serbia
1996 18.7% 95.6%
1997 14% 23.3%
1998 8.7% 30.2%
1999 0.7% 42.5%
2000 -0.8% 71.1%
2001 3.2% 95%
2002 1% 19.5%
2003 4.7% 9.88%
2004 6.9% 11%
2005 0.6% 16.1%
2006 2.9% 11.7%
2007 4.4% 6.39%
2008 9.1% 12.4%
2009 3.5% 8.12%
2010 8.2% 6.14%
2011 7.5% 11.1%
2012 2.5% 7.33%
2013 5.7% 7.69%
2014 3% 2.08%
2015 3.7% 1.39%
2016 -1.4% 1.12%
2017 0.9% 3.13%
2018 2.5% 1.96%
2019 1.5% 1.85%
2020 1.5% 1.58%
2021 7.5% 4.09%
2022 8.8% 12%
2023 2% 12.4%
2024 0.4% 4.67%
2025 3.3% -

Top exports between countries

Armenia
Export category Export value
Raw materials & minerals $13.8M
Processed food, beverages & tobacco $204K
Metals $185K
Textiles & consumer goods $99K
Precious metals & jewellery $82K
Machinery & equipment $42K
Raw agricultural goods $11K
Chemicals & pharma $4K
Miscellaneous $1K
Serbia
Export category Export value
Machinery & equipment $4.25M
Processed food, beverages & tobacco $1.62M
Chemicals & pharma $1.17M
Raw agricultural goods $345K
Textiles & consumer goods $329K
Metals $192K
Precious metals & jewellery $97K
Raw materials & minerals $91K
Miscellaneous $85K
Wood & paper products $60K

Balance of trade

Armenia Serbia
Current account balance
-$1.19B
2024
-$4.31B
2024
Current account balance ranking
127/189
2024
162/189
2024
Current account balance, % of GDP
-4.63%
2024
-4.84%
2024
Goods imports
$15.4B
2024
$39.6B
2024
Goods exports
$13.2B
2024
$32.2B
2024
Service imports
$4.39B
2024
$12.7B
2024
Service exports
$5.86B
2024
$15.6B
2024
Imports of goods and services, % of GDP
75.8%
2024
58.8%
2024
Exports of goods and services, % of GDP
76.3%
2024
52.7%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Armenia Serbia
Economic freedom 65.4 64.4
Economic freedom ranking 63/197 71/197
Property rights 49.9 58.9
Government integrity 50.4 37.2
Judicial effectiveness 31.3 50.8
Tax burden 88.1 87.3
Government spending 77.6 40.2
Fiscal health 81.3 91.2
Business freedom 73 74.7
Labor freedom 59.2 66.6
Monetary freedom 72.2 68.5
Trade freedom 72 77.2
Investment freedom 70 70
Financial freedom 60 50

Economic freedom by year comparison

The Economic Freedom Index for Armenia is 65.4, ranking 63/197, compared to 64.4 for Serbia, ranking 71/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Armenia
Serbia
Year Economic freedom index
Armenia Serbia
1996 42.2 -
1997 46.7 -
1998 49.6 -
1999 56.4 -
2000 63 -
2001 66.4 -
2002 68 46.6
2003 67.3 43.5
2004 70.3 -
2005 69.8 -
2006 70.6 -
2007 68.6 -
2008 69.9 -
2009 69.9 56.6
2010 69.2 56.9
2011 69.7 58
2012 68.8 58
2013 69.4 58.6
2014 68.9 59.4
2015 67.1 60
2016 67 62.1
2017 70.3 58.9
2018 68.7 62.5
2019 67.7 63.9
2020 70.6 66
2021 71.9 67.2
2022 65.3 65.2
2023 65.1 63.5
2024 64.9 62.7
2025 65.4 64.4

More economic indicators

Armenia Serbia
Services, % of GDP
61.5%
2024
58.5%
2024
Industry, % of GDP
23.2%
2024
23.3%
2024
Agriculture, forestry, and fishing, % of GDP
7.92%
2024
3.15%
2024
GNI, Atlas method
$23.6B
2024
$76.2B
2024
GNI per capita, PPP
$21,990
2024
$29,870
2024
Total reserves including gold
$3.69B
2024
$30.5B
2024
Total reserves ranking
111/177
2024
55/177
2024
Net foreign direct investment
-$74.8M
2024
-$4.98B
2024
Net inflows of foreign direct investment
$132M
2024
$5.64B
2024
Net outflows of foreign direct investment
$56.8M
2024
$660M
2024
Servicing debt to the IMF, % of GNI
11.8%
2023
7.86%
2023
Poverty at national poverty lines
23.7%
2023
19.7%
2023
Gross capital formation, % of GDP
22.2%
2024
25.6%
2024

GDP per capita map

GDP per capita

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.