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.
| 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.
| 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.
| 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.
| 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.
| 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.
| 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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Economy comparisons
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.