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Economy of Ethiopia vs Zambia compared: GDP & Debt

Updated on by Georank team

Ethiopia has a GDP of $150B compared to $25.3B for Zambia, ranking 60/197 and 116/197 by economy size, respectively.

Ethiopia has $48.9B in government debt (32.7% of GDP), compared to $29.1B (114.9% of GDP) in Zambia.

Ethiopia vs Zambia GDP by year

Ethiopia
Zambia
1x
Year GDP, current $
Ethiopia Zambia
2024 $149,740,297,953 $25,303,185,342
2023 $135,874,093,202 $27,577,956,471
2022 $123,140,304,666 $29,163,782,140
2021 $109,070,960,372 $22,096,416,932
2020 $98,676,811,061 $18,137,764,931
2019 $91,834,517,113 $23,308,667,781
2018 $83,337,901,072 $26,311,507,274
2017 $76,366,081,767 $25,873,601,261
2016 $68,475,871,210 $20,958,412,538
2015 $62,103,418,182 $21,251,216,799
2014 $55,612,228,234 $27,141,023,558
2013 $47,648,276,605 $28,037,239,463
2012 $43,310,721,414 $25,503,060,420
2011 $31,952,763,089 $23,459,515,276
2010 $29,933,790,334 $20,265,559,484
2009 $32,437,389,116 $15,328,342,304
2008 $27,066,912,635 $17,910,858,638
2007 $19,707,616,773 $14,056,957,976
2006 $15,280,861,835 $12,756,858,899
2005 $12,401,139,454 $8,331,870,169
2004 $10,131,187,261 $6,221,110,219
2003 $8,623,691,300 $4,901,869,764
2002 $7,850,809,498 $4,193,850,445
2001 $8,231,326,016 $4,094,441,301
2000 $8,242,349,618 $3,600,632,111
1999 $7,892,973,532 $3,404,284,891
1998 $8,013,274,132 $3,537,741,942
1997 $8,803,539,988 $4,303,288,480
1996 $8,761,215,548 $3,597,220,962
1995 $7,855,205,207 $3,806,983,413
1994 $7,100,806,754 $3,656,806,166
1993 $9,051,043,870 $3,273,505,344
1992 $10,754,799,037 $3,182,810,841
1991 $13,799,799,324 $3,376,806,697
1990 $12,478,943,895 $3,288,381,797
1989 $11,762,932,007 $3,994,673,161
1988 $11,181,119,718 $3,728,878,149
1987 $10,790,001,558 $2,265,250,972
1986 $10,094,328,898 $1,664,413,508
1985 $9,717,392,687 $2,252,454,500
1984 $8,298,309,581 $2,719,518,933
1983 $8,781,664,427 $3,321,048,451
1982 $7,899,988,841 $3,871,117,093
1981 $7,507,663,567 $4,008,126,497
1980 $7,012,585,454 $3,884,530,854
1979 $6,586,048,398 $3,353,445,378
1978 $6,014,961,435 $2,811,032,473
1977 $5,651,840,585 $2,515,296,940
1976 $4,943,806,093 $2,742,859,263
1975 $4,577,047,854 $2,442,672,141
1974 $4,577,209,966 $2,910,981,262
1973 $4,070,570,550 $2,434,255,237
1972 $3,520,252,938 $1,872,416,680
1971 $3,224,280,835 $1,653,259,341
1970 $3,045,354,455 $1,788,779,285
1969 $2,768,987,372 $1,926,399,230
1968 $2,619,948,865 $1,573,739,371
1967 $2,461,762,003 $1,340,639,464
1966 $2,324,466,416 $1,238,999,505
1965 $2,159,998,591 $1,061,199,576
1964 $1,984,129,186 $822,639,671
1963 $1,825,058,828 $704,339,719
1962 $1,747,566,307 $679,279,729
1961 $1,680,859,514 $682,359,727
1960 $1,610,511,694 $698,739,721

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/zambia | CC BY

GDP per capita in Ethiopia vs Zambia by year

Ethiopia
GDP per capita

GDP per capita, PPP
Zambia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ethiopia Zambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,134 $3,288 $1,187 $4,215
2023 $1,056 $3,061 $1,331 $4,077
2022 $982 $2,845 $1,447 $3,841
2021 $893 $2,588 $1,127 $3,503
2020 $830 $2,407 $952 $3,157
2019 $793 $2,242 $1,259 $3,361
2018 $740 $2,095 $1,464 $3,442
2017 $696 $2,005 $1,483 $3,392
2016 $642 $1,858 $1,239 $3,313
2015 $598 $1,633 $1,296 $3,337
2014 $550 $1,485 $1,707 $3,441
2013 $484 $1,253 $1,821 $3,477
2012 $452 $1,179 $1,710 $3,324
2011 $343 $1,098 $1,625 $3,228
2010 $331 $996 $1,451 $3,098
2009 $369 $899 $1,136 $2,872
2008 $316 $845 $1,376 $2,708
2007 $237.1 $770 $1,119 $2,555
2006 $189.3 $693 $1,052 $2,378
2005 $158.2 $625 $711 $2,213
2004 $133.2 $558 $549 $2,068
2003 $116.8 $493 $446 $1,942
2002 $109.6 $509 $394 $1,837
2001 $118.5 $509 $397 $1,785
2000 $122.3 $474 $359 $1,709
1999 $120.7 $450 $350 $1,654
1998 $126.5 $436 $373 $1,601
1997 $143.4 $461 $466 $1,631
1996 $147.3 $453 $400 $1,585
1995 $136.5 $409 $433 $1,501
1994 $127.7 $391 $426 $1,464
1993 $168.5 $384 $391 $1,607
1992 $207.4 $343 $389 $1,505
1991 $277.6 $383 $423 $1,534
1990 $262.1 $417 $422 $1,522
1989 $256.4 - $526 -
1988 $253.2 - $504 -
1987 $254.1 - $315 -
1986 $246 - $238.2 -
1985 $243.9 - $332 -
1984 $214.2 - $413 -
1983 $232.7 - $520 -
1982 $215.3 - $627 -
1981 $212.7 - $670 -
1980 $203.7 - $669 -
1979 $192.4 - $595 -
1978 $178.3 - $514 -
1977 $170.4 - $474 -
1976 $152 - $533 -
1975 $144.3 - $490 -
1974 $147.9 - $601 -
1973 $134.9 - $518 -
1972 $119.8 - $410 -
1971 $112.7 - $372 -
1970 $109.4 - $414 -
1969 $102.3 - $459 -
1968 $99.5 - $387 -
1967 $96.1 - $341 -
1966 $93.2 - $325 -
1965 $88.9 - $287.4 -
1964 $83.8 - $230 -
1963 $79.2 - $203.2 -
1962 $77.8 - $202.3 -
1961 $76.7 - $209.7 -
1960 $75.3 - $221.6 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/zambia | CC BY

Ethiopia's GDP per capita is $1,134, ranking 171/197, compared to $1,187 in Zambia, ranking 169/197. Adjusted for purchasing power (GDP per capita PPP), Ethiopia ranks 175th at $3,288, while Zambia ranks 166th at $4,215.

Economic indicators

Ethiopia Zambia
Gross domestic product
$150B
2024
$25.3B
2024
GDP rank
60/197
2024
116/197
2024
GDP growth
7.61%
2023-2024
3.82%
2023-2024
GDP per capita
$1,134
2024
$1,187
2024
GDP per capita rank
171/197
2024
169/197
2024
GDP per capita, PPP
$3,288
2024
$4,215
2024
GDP per capita PPP rank
175/197
2024
166/197
2024
Government debt
$48.9B
2024
$29.1B
2024
Debt-to-GDP ratio
32.7%
2024
114.9%
2024
Government debt per person
$370
2024
$1,365
2024
Government debt per person rank
172/185
2024
134/185
2024
Average annual personal income after taxes
$1,946
2026
$1,349
2026
Market capitalization of domestic companies n/a
$7.77B
2024
Income share by richest 10%
24.8%
2021
39.1%
2022
Income share by poorest 10%
3.5%
2021
1.5%
2022
Government expenditure, % of GDP
9.54%
2024
25.5%
2024
Consumer prices inflation
21%
2023-2024
15%
2023-2024
Central bank interest rate n/a
14.3%
2025
Unemployment rate
3.94%
2021
5.86%
2023
Population
139917664
22697916

Spending and national debt comparison by year

Ethiopia
Spending

Debt
Zambia
Spending

Debt
1x
Year % of GDP
Ethiopia Zambia
Government spending Government debt Government spending Government debt
2024 9.54% 32.7% 25.5% 114.9%
2023 10.8% 38.7% 27.4% 129.1%
2022 12.7% 46.9% 28.2% 99.5%
2021 13.8% 53.8% 30.5% 111%
2020 14.5% 53.7% 34% 140%
2019 15.4% 54.7% 29.8% 103.3%
2018 16.1% 58.4% 27.7% 81.2%
2017 18% 55.3% 25% 66.6%
2016 17.9% 51.8% 23.9% 61.2%
2015 17.3% 50.7% 27.6% 61.9%
2014 17.5% 44.2% 24.3% 33.9%
2013 17.8% 44.1% 24% 25.9%
2012 16.6% 39.4% 21.9% 24.9%
2011 18.2% 44.6% 19.5% 20.8%
2010 18.5% 39.4% 18.1% 18.9%
2009 17.1% 30% 17.8% 20.5%
2008 18.8% 56.1% 19.5% 19.2%
2007 20.5% 55.7% 19.9% 21.9%
2006 22.1% 79.6% 19.7% 25%
2005 22.9% 78.2% 22.5% 75.7%
2004 23.1% 103.1% 23.3% 129.9%
2003 27% 103.7% 27.3% 159.5%
2002 24.9% 107.4% 27.6% 180.2%
2001 22.4% 97.3% 28% 210.2%
2000 25.6% 93.6% 21.4% 261%
1999 25.8% 94.3% - -
1998 20.4% 86% - -
1997 17.3% 77.4% - -
1996 18.2% 129% - -
1995 16.9% 142.3% - -
1994 17.1% 150.7% - -
1993 13.4% 136.9% - -
1992 13.8% 85.4% - -
1991 16.8% 89.3% - -
1990 20.3% 91.6% - -
1989 24% 84.7% - -
1988 21.6% 84.3% - -
1987 18.4% 82.3% - -
1986 19.8% 75.7% - -
1985 19.7% 67.7% - -
1984 18.8% 65.4% - -
1983 21.3% 55.2% - -
1982 16.4% 48.8% - -
1981 14.2% 30.6% - -
1980 13.5% 18.5% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1991, retrieved 2026-02-20).

GeoRank.org/economy/ethiopia/zambia | CC BY

In 2024, Ethiopia's government spending was $14.3B, accounting for 9.54% of its GDP, while Zambia spent $6.45B, or 25.5% of GDP.

Debt-to-GDP ratio is 32.7% in Ethiopia and 114.9% in Zambia, ranking 150/185 and 13/185, respectively.

Government deficit by year

Deficit/surplus
Ethiopia

Zambia
1x
Year Deficit/surplus, % of GDP
Ethiopia Zambia
2024 -1.99% -3.32%
2023 -2.6% -5.48%
2022 -4.16% -7.82%
2021 -2.77% -8.13%
2020 -2.76% -13.8%
2019 -2.53% -9.41%
2018 -3.03% -8.31%
2017 -3.24% -7.5%
2016 -2.3% -5.69%
2015 -1.95% -8.88%
2014 -2.58% -5.43%
2013 -1.93% -6.4%
2012 -1.17% -3.16%
2011 -1.61% -1.78%
2010 -1.32% -2.43%
2009 -0.93% -2.06%
2008 -2.88% -0.67%
2007 -3.57% -1.04%
2006 -3.79% 16.9%
2005 -4.12% -2.37%
2004 -2.65% -2.51%
2003 -5.59% -5.31%
2002 -5.76% -4.5%
2001 -3.76% -5.89%
2000 -8.88% 1.16%
1999 -8.23% -
1998 -3.51% -
1997 -1.7% -
1996 -3.81% -
1995 -2.68% -
1994 -5.23% -
1993 -4% -
1992 -4.78% -
1991 -5.83% -
1990 -6.66% -
1989 -4.33% -
1988 -3.48% -
1987 -3.54% -
1986 -3.98% -
1985 -4.71% -
1984 -3.69% -
1983 -7.59% -
1982 -3.6% -
1981 -2.19% -
1980 -2.56% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/ethiopia/zambia | CC BY

In 2024, Ethiopia's government deficit, the difference between spending and revenue, was $2.98B, equivalent to 1.99% of GDP. This compares to Zambia's deficit of $840M, or 3.32% of GDP.

Over the past 25 years, Ethiopia recorded a fiscal deficit in 25 of those years, while Zambia ran a deficit in 23 years. On average, Ethiopia posted an annual deficit equal to 3.12% of GDP, compared to deficit of 4.15% of GDP for Zambia.

Inflation comparison by year

Inflation
Ethiopia

Zambia
1x
Year Consumer prices inflation
Ethiopia Zambia
2024 21% 15%
2023 30.2% 10.9%
2022 33.9% 11%
2021 26.8% 22%
2020 20.4% 15.7%
2019 15.8% 9.2%
2018 13.8% 7.5%
2017 10.7% 6.6%
2016 6.63% 17.9%
2015 9.57% 10.1%
2014 6.89% 7.8%
2013 7.46% 7%
2012 23.6% 6.6%
2011 33.2% 8.7%
2010 8.15% 8.5%
2009 8.48% 13.4%
2008 44.4% 12.4%
2007 17.2% 10.7%
2006 12.3% 9%
2005 9.97% 18.3%
2004 3.33% 18%
2003 13.7% 21.4%
2002 0.68% 22.2%
2001 -8.24% 21.4%
2000 0.66% 24.1%
1999 7.94% 23.9%
1998 0.89% 22.7%
1997 2.4% 21.4%

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/ethiopia/zambia | CC BY

Over the past 28 years, Ethiopia has recorded an average annual inflation rate of 13.6%, compared with 14.4% in Zambia. In 2024, inflation was 21% in Ethiopia and 15% in Zambia.

Top exports between countries

Ethiopia
Export category Export value
Machinery & equipment $281K
Textiles & consumer goods $37K
Chemicals & pharma $19K
Raw agricultural goods $17K
Precious metals & jewellery $9K
Metals $8K
Miscellaneous $2K
Wood & paper products $2K
Processed food, beverages & tobacco $1K
Raw materials & minerals $1K
Zambia
Export category Export value
Raw agricultural goods $211K
Textiles & consumer goods $68K
Metals $44K
Processed food, beverages & tobacco $43K
Machinery & equipment $15K
Chemicals & pharma $14K
Miscellaneous $10K
Wood & paper products $5K
Animal & marine products $1K

Balance of trade

Ethiopia Zambia
Current account balance
-$3.79B
2024
-$487M
2024
Current account balance ranking
160/190
2024
106/190
2024
Current account balance, % of GDP
-2.53%
2024
-1.93%
2024
Goods imports
$19.6B
2024
$10.1B
2024
Goods exports
$5.58B
2024
$11.4B
2024
Service imports
$5.51B
2024
$1.94B
2024
Service exports
$7.61B
2024
$1.38B
2024
Imports of goods and services, % of GDP
11.9%
2024
27.6%
2024
Exports of goods and services, % of GDP
5.54%
2024
35%
2024

Economic freedom indices

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

Ethiopia Zambia
Economic freedom 48.1 51.9
Economic freedom ranking 171/197 152/197
Property rights 22.1 43.9
Government integrity 33.2 39.3
Judicial effectiveness 19.1 45
Tax burden 78.6 74.3
Government spending 96.4 78.1
Fiscal health 84.3 30.9
Business freedom 44.5 53.4
Labor freedom 37.8 48.8
Monetary freedom 53.7 66.6
Trade freedom 57.4 62.8
Investment freedom 30 40
Financial freedom 20 40

Economic freedom comparison by year

Ethiopia
Zambia
1x
Year Economic freedom index
Ethiopia Zambia
2026 48.1 51.9
2025 48.1 50.9
2024 47.9 48.4
2023 48.3 47.8
2022 49.6 48.7
2021 51.7 50.4
2020 53.6 53.5
2019 53.6 53.6
2018 52.8 54.3
2017 52.7 55.8
2016 51.5 58.8
2015 51.5 58.7
2014 50 60.4
2013 49.4 58.7
2012 52 58.3
2011 50.5 59.7
2010 51.2 58
2009 53 56.6
2008 52.5 56.2
2007 53.6 56.2
2006 50.9 56.8
2005 51.1 55
2004 54.5 54.9
2003 48.8 55.3
2002 49.8 59.6
2001 48.9 59.5
2000 50.2 62.8
1999 46.7 64.2
1998 49.2 62.7
1997 48.1 62.1
1996 45.9 59.6
1995 42.6 55.1

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

GeoRank.org/economy/ethiopia/zambia | CC BY

The Economic Freedom Index for Ethiopia is 48.1, ranking 171/197, compared to 51.9 for Zambia, ranking 152/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ethiopia Zambia
Services, % of GDP
37.5%
2024
57.2%
2024
Industry, % of GDP
25.4%
2024
35.2%
2024
Agriculture, forestry, and fishing, % of GDP
34.8%
2024
2.83%
2024
GNI, Atlas method
$146B
2024
$25.9B
2024
GNI per capita, PPP
$3,280
2024
$3,850
2024
Total reserves including gold
$3.78B
2024
$4.09B
2024
Total reserves ranking
109/177
2024
106/177
2024
Net foreign direct investment
-$4.02B
2024
-$1.32B
2024
Net inflows of foreign direct investment
$4.02B
2024
$2.36B
2024
Net outflows of foreign direct investment
$0
2024
$311M
2024
Servicing debt to the IMF, % of GNI
0.91%
2024
16.9%
2024
Poverty at national poverty lines
33.1%
2021
60%
2022
Gross capital formation, % of GDP
20.6%
2024
23.8%
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/ethiopia/zambia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, 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 (1980–1991, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, 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.