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Economy of Bulgaria vs Serbia compared: GDP & Debt

Updated on by Georank team

Bulgaria has a GDP of $113B compared to $90.1B for Serbia, ranking 67/197 and 76/197 by economy size, respectively.

Bulgaria has $27.3B in government debt (24.1% of GDP), compared to $40.1B (44.5% of GDP) in Serbia.

Bulgaria vs Serbia GDP by year

Bulgaria
Serbia
1x
Year GDP, current $
Bulgaria Serbia
2024 $113,343,355,780 $90,097,765,959
2023 $102,199,231,385 $81,343,999,280
2022 $90,506,153,294 $66,809,895,701
2021 $84,374,613,233 $66,159,884,073
2020 $70,486,877,546 $55,874,017,669
2019 $68,507,731,354 $53,864,693,665
2018 $66,097,226,262 $52,787,520,249
2017 $59,167,647,388 $45,972,834,714
2016 $53,929,397,039 $42,225,495,910
2015 $50,765,918,159 $41,297,410,635
2014 $57,080,897,012 $49,114,321,280
2013 $55,819,262,375 $50,455,529,604
2012 $54,297,052,002 $45,103,269,969
2011 $57,681,293,007 $51,251,098,408
2010 $50,689,051,382 $43,536,629,233
2009 $52,023,801,230 $46,955,984,410
2008 $54,480,684,188 $54,220,641,202
2007 $44,431,257,129 $44,888,028,946
2006 $34,380,536,496 $33,298,057,362
2005 $29,868,657,858 $28,334,256,181
2004 $26,157,743,369 $26,845,632,342
2003 $21,144,957,990 $23,593,044,418
2002 $16,403,043,850 $17,930,583,571
2001 $14,183,446,026 $13,599,378,662
2000 $13,245,990,274 $7,326,373,882
1999 $13,637,098,579 $20,878,694,851
1998 $15,031,055,047 $21,004,077,441
1997 $11,316,127,379 $27,153,408,995
1996 $12,294,964,838 $23,277,430,168
1995 $18,991,484,420 $17,921,892,655
1994 $9,709,240,034 -
1993 $10,832,064,942 -
1992 $8,602,887,623 -
1991 $7,628,738,475 -
1990 $20,632,090,909 -
1989 $21,988,444,444 -
1988 $22,555,941,176 -
1987 $28,101,000,000 -
1986 $20,249,294,118 -
1985 $17,155,421,053 -
1984 $17,594,944,444 -
1983 $16,563,666,667 -
1982 $19,342,000,000 -
1981 $19,870,000,000 -
1980 $19,839,230,769 -

Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

GeoRank.org/economy/bulgaria/serbia | CC BY

GDP per capita in Bulgaria vs Serbia by year

Bulgaria
GDP per capita

GDP per capita, PPP
Serbia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bulgaria Serbia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $17,596 $41,969 $13,679 $32,832
2023 $15,853 $38,829 $12,282 $29,777
2022 $13,999 $36,320 $10,025 $26,143
2021 $12,966 $30,959 $9,681 $23,406
2020 $10,760 $27,352 $8,099 $21,013
2019 $10,354 $26,766 $7,756 $20,587
2018 $9,849 $23,998 $7,560 $18,469
2017 $8,697 $22,317 $6,548 $17,285
2016 $7,822 $20,746 $5,982 $16,455
2015 $7,269 $18,896 $5,820 $15,546
2014 $8,070 $17,991 $6,887 $15,296
2013 $7,796 $16,894 $7,040 $15,247
2012 $7,432 $16,327 $6,263 $14,506
2011 $7,850 $15,747 $7,082 $14,298
2010 $6,854 $14,954 $5,971 $13,320
2009 $6,988 $14,188 $6,414 $13,038
2008 $7,271 $14,347 $7,377 $13,123
2007 $5,889 $12,822 $6,081 $11,685
2006 $4,523 $11,406 $4,493 $10,463
2005 $3,900 $10,291 $3,808 $9,398
2004 $3,390 $9,200 $3,597 $8,715
2003 $2,719 $8,416 $3,154 $8,023
2002 $2,093 $7,786 $2,391 $7,563
2001 $1,771 $6,960 $1,812 $6,803
2000 $1,621 $6,424 $975 $6,416
1999 $1,661 $5,808 $2,769 $5,897
1998 $1,820 $6,178 $2,775 $6,460
1997 $1,361 $5,751 $3,574 $6,040
1996 $1,470 $6,849 $3,054 $5,434
1995 $2,259 $7,743 $2,349 $5,022
1994 $1,150 $7,338 - -
1993 $1,279 $7,032 - -
1992 $1,007 $6,917 - -
1991 $884 $7,215 - -
1990 $2,367 $7,548 - -
1989 $2,477 - - -
1988 $2,511 - - -
1987 $3,132 - - -
1986 $2,260 - - -
1985 $1,915 - - -
1984 $1,964 - - -
1983 $1,853 - - -
1982 $2,169 - - -
1981 $2,235 - - -
1980 $2,239 - - -

Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

GeoRank.org/economy/bulgaria/serbia | CC BY

Bulgaria's GDP per capita is $17,596, ranking 64/197, compared to $13,679 in Serbia, ranking 73/197. Adjusted for purchasing power (GDP per capita PPP), Bulgaria ranks 54th at $41,969, while Serbia ranks 69th at $32,832.

Economic indicators

Bulgaria Serbia
Gross domestic product
$113B
2024
$90.1B
2024
GDP rank
67/197
2024
76/197
2024
GDP growth
3.39%
2023-2024
3.95%
2023-2024
GDP per capita
$17,596
2024
$13,679
2024
GDP per capita rank
64/197
2024
73/197
2024
GDP per capita, PPP
$41,969
2024
$32,832
2024
GDP per capita PPP rank
54/197
2024
69/197
2024
Government debt
$27.3B
2024
$40.1B
2024
Debt-to-GDP ratio
24.1%
2024
44.5%
2024
Government debt per person
$4,237
2024
$6,084
2024
Government debt per person rank
90/185
2024
73/185
2024
Average annual personal income after taxes
$14,263
2026
$12,252
2026
Market capitalization of domestic companies
$8.41B
2024
$4.06B
2011
Number of billionaires
2
2025
n/a
Income share by richest 10%
31.1%
2023
24.7%
2022
Income share by poorest 10%
2.1%
2023
2.4%
2022
Government expenditure, % of GDP
36.7%
2024
42.7%
2024
Consumer prices inflation
2.6%
2023-2024
4.67%
2023-2024
Central bank interest rate
1.81%
2025
5.75%
2024
Unemployment rate
4.17%
2024
7.24%
2024
Population
6359449
6494521

Spending and national debt comparison by year

Bulgaria
Spending

Debt
Serbia
Spending

Debt
1x
Year % of GDP
Bulgaria Serbia
Government spending Government debt Government spending Government debt
2024 36.7% 24.1% 42.7% 44.5%
2023 37.4% 22.9% 40.6% 45.7%
2022 37.6% 22.5% 41.4% 50.9%
2021 38.4% 23.8% 44.4% 53.6%
2020 37.6% 22.7% 46% 54.3%
2019 36% 18.4% 40.2% 49.5%
2018 34.4% 20.1% 39% 51.1%
2017 32% 22.9% 38.5% 55.3%
2016 32.7% 27% 40.3% 65%
2015 37.3% 25.4% 41% 67.1%
2014 37.1% 26.3% 42.9% 63.5%
2013 35.5% 17.2% 40.6% 54.1%
2012 32.5% 16.5% 43.3% 51.7%
2011 32% 14.3% 40% 42%
2010 34.6% 14.1% 41.2% 38.2%
2009 33.8% 14.5% 41.1% 32.6%
2008 33.5% 14.7% 43.7% 29.4%
2007 33.1% 17.6% 40.6% 30%
2006 32.5% 22.6% 41.3% 37%
2005 34% 28.5% 38.9% 50.1%
2004 34.6% 37.8% 37.8% 57.6%
2003 35.8% 45.4% 37.6% 64.4%
2002 35.1% 53.4% 38.6% 68.4%
2001 36.5% 67.1% 30.5% 95.9%
2000 37.1% 73.3% 28% 200.6%
1999 36.2% 78.7% - -
1998 30.6% 67.3% - -
1997 32.9% 88.4% - -
1996 44% 113.8% - -
1995 45.4% 72% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1997, retrieved 2026-02-20).

GeoRank.org/economy/bulgaria/serbia | CC BY

In 2024, Bulgaria's government spending was $41.5B, accounting for 36.7% of its GDP, while Serbia spent $38.4B, or 42.7% of GDP.

Debt-to-GDP ratio is 24.1% in Bulgaria and 44.5% in Serbia, ranking 169/185 and 121/185, respectively.

Government deficit by year

Deficit/surplus
Bulgaria

Serbia
1x
Year Deficit/surplus, % of GDP
Bulgaria Serbia
2024 -3.04% -1.75%
2023 -3.03% -1.21%
2022 -0.8% -0.14%
2021 -2.8% -3.16%
2020 -2.92% -6.91%
2019 -0.96% -0.004%
2018 0.12% 0.78%
2017 0.82% 1.32%
2016 1.54% -1.08%
2015 -2.77% -3.25%
2014 -3.65% -5.61%
2013 -1.75% -4.79%
2012 -0.43% -6.11%
2011 -1.83% -3.75%
2010 -3.77% -3.35%
2009 -0.86% -3.3%
2008 2.73% -4.25%
2007 3.09% -0.8%
2006 3.22% -0.9%
2005 2.19% 1.02%
2004 1.59% 0.06%
2003 0.003% -2.39%
2002 -0.61% -2.33%
2001 -0.58% 0.32%
2000 -0.6% -0.15%
1999 0.15% -
1998 1.08% -
1997 0.83% -
1996 -10.1% -
1995 -7.98% -
1994 - -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 0% -
1943 0% -
1942 -0.3% -
1941 3.96% -
1940 0.75% -
1939 0.72% -
1938 1% -
1937 1.41% -
1936 1.17% -
1935 1.34% -
1934 -0.12% -
1933 -0.56% -
1932 -2.14% -
1931 -3.07% -
1930 -5.48% -
1929 -6.67% -
1928 -1.09% -
1927 -0.02% -
1926 -0.25% -
1925 -0.97% -
1924 1.26% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-02-20).

GeoRank.org/economy/bulgaria/serbia | CC BY

In 2024, Bulgaria's government deficit, the difference between spending and revenue, was $3.44B, equivalent to 3.04% of GDP. This compares to Serbia's deficit of $1.58B, or 1.75% of GDP.

Over the past 25 years, Bulgaria recorded a fiscal deficit in 16 of those years, while Serbia ran a deficit in 20 years. On average, Bulgaria posted an annual deficit equal to 0.6% of GDP, compared to deficit of 2.07% of GDP for Serbia.

Inflation comparison by year

Inflation
Bulgaria

Serbia
1x
Year Consumer prices inflation
Bulgaria Serbia
2024 2.6% 4.67%
2023 8.6% 12.4%
2022 13% 12%
2021 2.8% 4.09%
2020 1.2% 1.58%
2019 2.5% 1.85%
2018 2.6% 1.96%
2017 1.2% 3.13%
2016 -1.3% 1.12%
2015 -1.1% 1.39%
2014 -1.6% 2.08%
2013 0.4% 7.69%
2012 2.4% 7.33%
2011 3.4% 11.1%
2010 3% 6.14%
2009 2.5% 8.12%
2008 12% 12.4%
2007 7.6% 6.39%
2006 7.4% 11.7%
2005 6% 16.1%
2004 6.1% 11%
2003 2.3% 9.88%
2002 5.8% 19.5%
2001 7.4% 95%
2000 10.3% 71.1%
1999 2.6% 42.5%
1998 18.7% 30.2%
1997 1,061% 23.3%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/bulgaria/serbia | CC BY

Over the past 28 years, Bulgaria has recorded an average annual inflation rate of 42.5%, compared with 15.6% in Serbia. In 2024, inflation was 2.6% in Bulgaria and 4.67% in Serbia.

Top exports between countries

Bulgaria
Export category Export value
Raw materials & minerals $427M
Machinery & equipment $195M
Chemicals & pharma $143M
Processed food, beverages & tobacco $120M
Metals $104M
Textiles & consumer goods $101M
Wood & paper products $56.9M
Miscellaneous $21.8M
Raw agricultural goods $20.1M
Animal & marine products $14.5M
Serbia
Export category Export value
Metals $317M
Raw materials & minerals $226M
Processed food, beverages & tobacco $121M
Chemicals & pharma $97.8M
Textiles & consumer goods $84.8M
Transport & tourism services $68.6M
Machinery & equipment $60.6M
Miscellaneous $46.1M
Business & finance services $45.9M
Raw agricultural goods $40.3M

Balance of trade

Bulgaria Serbia
Current account balance
-$1.74B
2024
-$4.1B
2024
Current account balance ranking
138/190
2024
162/190
2024
Current account balance, % of GDP
-1.54%
2024
-4.56%
2024
Goods imports
$52.8B
2024
$39.6B
2024
Goods exports
$47.3B
2024
$32.2B
2024
Service imports
$8.26B
2024
$12.6B
2024
Service exports
$16.6B
2024
$15.7B
2024
Imports of goods and services, % of GDP
53.9%
2024
58.1%
2024
Exports of goods and services, % of GDP
56.4%
2024
53.6%
2024

Economic freedom indices

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

Bulgaria Serbia
Economic freedom 68.9 65
Economic freedom ranking 44/197 68/197
Property rights 75.8 57.2
Government integrity 48.4 37.2
Judicial effectiveness 58.5 50.1
Tax burden 89.1 88
Government spending 58.4 48.2
Fiscal health 90.4 94.3
Business freedom 78.2 73.6
Labor freedom 62.4 61.8
Monetary freedom 75.8 73
Trade freedom 79.4 76.6
Investment freedom 60 70
Financial freedom 50 50

Economic freedom comparison by year

Bulgaria
Serbia
1x
Year Economic freedom index
Bulgaria Serbia
2026 68.9 65
2025 68.8 64.4
2024 68.5 62.7
2023 69.3 63.5
2022 71 65.2
2021 70.4 67.2
2020 70.2 66
2019 69 63.9
2018 68.3 62.5
2017 67.9 58.9
2016 65.9 62.1
2015 66.8 60
2014 65.7 59.4
2013 65 58.6
2012 64.7 58
2011 64.9 58
2010 62.3 56.9
2009 64.6 56.6
2008 63.7 -
2007 62.7 -
2006 64.1 -
2005 62.3 -
2004 59.2 -
2003 57 43.5
2002 57.1 46.6
2001 51.9 -
2000 47.3 -
1999 46.2 -
1998 45.7 -
1997 47.6 -
1996 48.6 -
1995 50 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/bulgaria/serbia | CC BY

The Economic Freedom Index for Bulgaria is 68.9, ranking 44/197, compared to 65 for Serbia, ranking 68/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bulgaria Serbia
Services, % of GDP
63.8%
2024
58.8%
2024
Industry, % of GDP
21.1%
2024
23.1%
2024
Agriculture, forestry, and fishing, % of GDP
2.35%
2024
3.17%
2024
GNI, Atlas method
$99B
2024
$76.5B
2024
GNI per capita, PPP
$39,850
2024
$30,770
2024
Total reserves including gold
$43.7B
2024
$30.5B
2024
Total reserves ranking
47/177
2024
55/177
2024
Net foreign direct investment
-$2.22B
2024
-$4.93B
2024
Net inflows of foreign direct investment
$3.55B
2024
$5.59B
2024
Net outflows of foreign direct investment
$1.13B
2024
$661M
2024
Servicing debt to the IMF, % of GNI
6.8%
2024
12.2%
2024
Poverty at national poverty lines
21.7%
2023
19.7%
2023
Gross capital formation, % of GDP
20.4%
2024
25%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/bulgaria/serbia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

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.