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Economy of Kenya vs Serbia compared: GDP & Debt

Updated on by Georank

Kenya has a GDP of $136B compared to $100B for Serbia, ranking 62/197 and 76/197 by economy size, respectively.

Kenya has $94.3B in government debt (69.3% of GDP), compared to $42.4B (42.4% of GDP) in Serbia.

Kenya vs Serbia GDP by year

Kenya
Serbia
1x
Year GDP, current $
Kenya Serbia
2025 $135,941,278,879 $99,953,324,473
2024 $120,397,537,850 $90,088,366,320
2023 $107,500,884,685 $81,343,999,280
2022 $114,448,978,153 $66,809,895,701
2021 $109,703,658,905 $66,159,884,073
2020 $100,657,505,751 $55,874,017,669
2019 $100,378,436,207 $53,864,693,665
2018 $92,202,979,985 $52,787,520,249
2017 $82,036,510,877 $45,972,834,714
2016 $74,815,144,164 $42,225,495,910
2015 $70,120,446,897 $41,297,410,635
2014 $68,285,796,514 $49,114,321,280
2013 $61,671,440,408 $50,455,529,604
2012 $56,396,704,672 $45,103,269,969
2011 $46,869,473,151 $51,251,098,408
2010 $45,405,615,064 $43,536,629,233
2009 $42,347,217,913 $46,955,984,410
2008 $35,895,153,328 $54,220,641,202
2007 $31,958,195,182 $44,888,028,946
2006 $25,825,512,284 $33,298,057,362
2005 $18,737,895,513 $28,334,256,181
2004 $16,095,337,094 $26,845,632,342
2003 $14,904,517,650 $23,593,044,418
2002 $13,147,736,899 $17,930,583,571
2001 $12,986,007,426 $13,599,378,662
2000 $12,705,350,098 $7,326,373,882
1999 $12,896,010,459 $20,878,694,851
1998 $14,093,998,844 $21,004,077,441
1997 $13,115,764,358 $27,153,408,995
1996 $12,045,865,396 $23,277,430,168
1995 $9,046,320,255 $17,921,892,655
1994 $7,148,148,564 -
1993 $5,751,786,643 -
1992 $8,209,120,763 -
1991 $8,151,488,783 -
1990 $8,572,359,038 -
1989 $8,283,114,514 -
1988 $8,355,380,879 -
1987 $7,970,820,369 -
1986 $7,239,126,568 -
1985 $6,135,034,214 -
1984 $6,191,437,070 -
1983 $5,979,198,314 -
1982 $6,431,579,357 -
1981 $6,854,491,706 -
1980 $7,265,315,820 -
1979 $6,234,391,113 -
1978 $5,303,735,111 -
1977 $4,494,378,764 -
1976 $3,474,542,392 -
1975 $3,259,345,083 -
1974 $2,969,958,812 -
1973 $2,509,001,324 -
1972 $2,107,279,157 -
1971 $1,778,391,289 -
1970 $1,603,447,359 -
1969 $1,458,379,417 -
1968 $1,353,295,459 -
1967 $1,232,559,507 -
1966 $1,164,519,674 -
1965 $997,919,321 -
1964 $998,759,334 -
1963 $926,589,349 -
1962 $868,111,401 -
1961 $792,959,473 -
1960 $791,265,459 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Kenya vs Serbia by year

Kenya
GDP per capita

GDP per capita, PPP
Serbia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Kenya Serbia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $2,363 - $15,262 -
2024 $2,133 $6,644 $13,678 $32,832
2023 $1,943 $6,317 $12,282 $29,777
2022 $2,110 $5,883 $10,025 $26,143
2021 $2,061 $5,339 $9,681 $23,406
2020 $1,928 $4,793 $8,099 $21,013
2019 $1,960 $4,687 $7,756 $20,587
2018 $1,836 $4,412 $7,560 $18,469
2017 $1,667 $4,177 $6,548 $17,285
2016 $1,554 $3,917 $5,982 $16,455
2015 $1,489 $3,678 $5,820 $15,546
2014 $1,483 $3,359 $6,887 $15,296
2013 $1,371 $3,106 $7,040 $15,247
2012 $1,285 $2,847 $6,263 $14,506
2011 $1,096 $2,750 $7,082 $14,298
2010 $1,092 $2,635 $5,971 $13,320
2009 $1,048 $2,480 $6,414 $13,038
2008 $916 $2,459 $7,377 $13,123
2007 $840 $2,481 $6,081 $11,685
2006 $700 $2,330 $4,493 $10,463
2005 $523 $2,189 $3,808 $9,398
2004 $464 $2,066 $3,597 $8,715
2003 $443 $1,975 $3,154 $8,023
2002 $403 $1,940 $2,391 $7,563
2001 $411 $1,961 $1,812 $6,803
2000 $415 $1,907 $975 $6,416
1999 $434 $1,910 $2,769 $5,897
1998 $488 $1,895 $2,775 $6,460
1997 $467 $1,865 $3,574 $6,040
1996 $441 $1,875 $3,054 $5,434
1995 $340 $1,818 $2,349 $5,022
1994 $276.4 $1,754 - -
1993 $229 $1,723 - -
1992 $337 $1,728 - -
1991 $345 $1,756 - -
1990 $374 $1,729 - -
1989 $374 - - -
1988 $391 - - -
1987 $387 - - -
1986 $364 - - -
1985 $320 - - -
1984 $334 - - -
1983 $335 - - -
1982 $374 - - -
1981 $413 - - -
1980 $454 - - -
1979 $403 - - -
1978 $355 - - -
1977 $311 - - -
1976 $248.9 - - -
1975 $241.2 - - -
1974 $227.2 - - -
1973 $198.6 - - -
1972 $172.6 - - -
1971 $150.9 - - -
1970 $141 - - -
1969 $133.3 - - -
1968 $128.7 - - -
1967 $121.9 - - -
1966 $119.8 - - -
1965 $106.9 - - -
1964 $111.3 - - -
1963 $107.4 - - -
1962 $104.6 - - -
1961 $99.3 - - -
1960 $102.8 - - -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Kenya's GDP per capita is $2,363, ranking 154/197, compared to $15,262 in Serbia, ranking 69/197. Adjusted for purchasing power (GDP per capita PPP), Kenya ranks 149th at $6,644, while Serbia ranks 69th at $32,832.

Economic indicators

Kenya Serbia
Gross domestic product
$136B
2025
$100B
2025
GDP rank
62/197
2025
76/197
2025
GDP growth
4.63%
2024-2025
2.03%
2024-2025
GDP per capita
$2,363
2025
$15,262
2025
GDP per capita rank
154/197
2025
69/197
2025
GDP per capita, PPP
$6,644
2024
$32,832
2024
GDP per capita PPP rank
149/197
2024
69/197
2024
Government debt
$94.3B
2025
$42.4B
2025
Debt-to-GDP ratio
69.3%
2025
42.4%
2025
Government debt per person
$1,638
2025
$6,478
2025
Government debt per person rank
126/185
2025
75/185
2025
Average annual personal income after taxes
$2,538
2026
$12,492
2026
Market capitalization of domestic companies
$22.8B
2025
$4.06B
2011
Income share by richest 10%
30.9%
2022
24.7%
2023
Income share by poorest 10%
2.9%
2022
2.5%
2023
Government expenditure, % of GDP
24%
2025
43.2%
2025
Consumer prices inflation
4.07%
2024-2025
3.89%
2024-2025
Central bank interest rate
8.75%
2026
5.75%
2024
Unemployment rate
5.44%
2022
7.3%
2025
Population
59218766
6500256

Spending and national debt comparison by year

Kenya
Spending

Debt
Serbia
Spending

Debt
1x
Year % of GDP
Kenya Serbia
Government spending Government debt Government spending Government debt
2025 24% 69.3% 43.2% 42.4%
2024 23.2% 67.3% 42.2% 44.1%
2023 22.6% 73.4% 40.6% 45.7%
2022 23.1% 67.8% 41.4% 50.9%
2021 24% 68.2% 44.4% 53.6%
2020 24.8% 68% 46% 54.3%
2019 24.4% 59.1% 40.2% 49.5%
2018 24.5% 56.4% 39% 51.1%
2017 25.2% 53.9% 38.5% 55.3%
2016 25.3% 50.4% 40.3% 65%
2015 23.8% 45.8% 41% 67.1%
2014 23.4% 41.3% 42.9% 63.5%
2013 23.2% 39.8% 40.6% 61.2%
2012 22.1% 37.6% 43.3% 58%
2011 20.1% 35.7% 40% 46%
2010 21.5% 36.7% 41.2% 42.4%
2009 20.3% 36% 41.1% 35.3%
2008 18.9% 34.3% 43.7% 29.4%
2007 18.1% 34.2% 40.6% 30%
2006 17.3% 37.1% 41.3% 37%
2005 16.2% 37.4% 38.9% 50.1%
2004 15.4% 40.8% 37.8% 57.6%
2003 16% 43.8% 37.6% 64.4%
2002 15.7% 42% 38.6% 68.4%
2001 14.9% 41.3% 30.5% 95.9%
2000 14.1% 43.1% 28% 200.6%
1999 13.7% 38.4% - -
1998 15.3% 38.5% - -
1997 15.6% 36% - -
1996 15.2% 40.5% - -
1995 17.3% 52.1% - -
1994 18.8% 57% - -
1993 18.9% 61.6% - -
1992 17.6% 41.2% - -
1991 16.4% 43% - -
1990 17.2% 37.6% - -
1989 16.3% 33.4% - -
1988 15.9% 33.9% - -
1987 15.5% 36.3% - -
1986 15.3% 31.3% - -
1985 15.6% 28.8% - -
1984 14.9% 25.6% - -
1983 14.6% 26.1% - -
1982 16.2% 26.9% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1997, retrieved 2026-07-08).

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

In 2025, Kenya's government spending was $32.6B, accounting for 24% of its GDP, while Serbia spent $43.2B, or 43.2% of GDP.

Debt-to-GDP ratio is 69.3% in Kenya and 42.4% in Serbia, ranking 59/185 and 123/185, respectively.

Government deficit by year

Deficit/surplus
Kenya

Serbia
1x
Year Deficit/surplus, % of GDP
Kenya Serbia
2025 -6.41% -2.21%
2024 -5.74% -1.73%
2023 -5.61% -1.21%
2022 -6.01% -0.14%
2021 -7.2% -3.16%
2020 -8.13% -6.91%
2019 -7.4% -0.004%
2018 -6.91% 0.78%
2017 -7.37% 1.32%
2016 -7.45% -1.08%
2015 -6.68% -3.25%
2014 -5.75% -5.61%
2013 -5.25% -4.79%
2012 -5.29% -6.11%
2011 -3.64% -3.75%
2010 -3.67% -3.35%
2009 -3.12% -3.3%
2008 -1.95% -4.25%
2007 -0.95% -0.8%
2006 -0.43% -0.9%
2005 -0.19% 1.02%
2004 0.5% 0.06%
2003 -0.73% -2.39%
2002 -1.29% -2.33%
2001 -0.53% 0.32%
2000 0.38% -0.15%
1999 0.84% -
1998 -0.03% -
1997 -0.91% -
1996 -0.49% -
1995 -0.23% -
1994 -4.14% -
1993 -8.57% -
1992 -8.28% -
1991 -6.56% -
1990 -3.28% -
1989 -2.39% -
1988 -1.97% -
1987 -2.27% -
1986 -2.98% -
1985 -3.05% -
1984 -2.55% -
1983 -2.17% -
1982 -3.07% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-07-08).

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

In 2025, Kenya's government deficit, the difference between spending and revenue, was $8.72B, equivalent to 6.41% of GDP. This compares to Serbia's deficit of $2.21B, or 2.21% of GDP.

Over the past 26 years, Kenya recorded a fiscal deficit in 24 of those years, while Serbia ran a deficit in 21 years. On average, Kenya posted an annual deficit equal to 4.11% of GDP, compared to deficit of 2.07% of GDP for Serbia.

Inflation comparison by year

Inflation
Kenya

Serbia
1x
Year Consumer prices inflation
Kenya Serbia
2025 4.07% 3.89%
2024 4.49% 4.67%
2023 7.67% 12.4%
2022 7.66% 12%
2021 6.11% 4.09%
2020 5.41% 1.58%
2019 5.24% 1.85%
2018 4.69% 1.96%
2017 8.01% 3.13%
2016 6.3% 1.12%
2015 6.58% 1.39%
2014 6.88% 2.08%
2013 5.72% 7.69%
2012 9.38% 7.33%
2011 14% 11.1%
2010 3.96% 6.14%
2009 9.23% 8.12%
2008 26.2% 12.4%
2007 9.76% 6.39%
2006 14.5% 11.7%
2005 10.3% 16.1%
2004 11.6% 11%
2003 9.82% 9.88%
2002 1.96% 19.5%
2001 5.74% 95%
2000 9.98% 71.1%
1999 5.74% 42.5%
1998 6.72% 30.2%
1997 11.4% 23.3%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Kenya has recorded an average annual inflation rate of 8.25%, compared with 15.2% in Serbia. In 2025, inflation was 4.07% in Kenya and 3.89% in Serbia.

Top exports between countries

Kenya
Export category Export value
Raw agricultural goods $2.1M
Wood & paper products $58K
Machinery & equipment $36K
Animal & marine products $20K
Processed food, beverages & tobacco $13K
Textiles & consumer goods $12K
Serbia
Export category Export value
Miscellaneous $1.57M
Processed food, beverages & tobacco $1.56M
Machinery & equipment $1.36M
Raw materials & minerals $222K
Textiles & consumer goods $186K
Raw agricultural goods $49K
Metals $11K
Chemicals & pharma $9K
Wood & paper products $4K
Animal & marine products $3K

Balance of trade

Kenya Serbia
Current account balance
-$1.55B
2024
-$4.9B
2025
Current account balance ranking
130/190
2024
164/190
2025
Current account balance, % of GDP
-1.29%
2024
-4.9%
2025
Goods imports
$22.2B
2024
$44B
2025
Goods exports
$12.5B
2024
$36.7B
2025
Service imports
$5.64B
2024
$14.6B
2025
Service exports
$8.04B
2024
$17.2B
2025
Imports of goods and services, % of GDP
21.8%
2025
58.6%
2025
Exports of goods and services, % of GDP
15.8%
2025
54.3%
2025

Economic freedom indices

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

Kenya Serbia
Economic freedom 55.5 65
Economic freedom ranking 128/197 68/197
Property rights 40.2 57.2
Government integrity 32.7 37.2
Judicial effectiveness 47 50.1
Tax burden 76.3 88
Government spending 84.1 48.2
Fiscal health 36.2 94.3
Business freedom 61.5 73.6
Labor freedom 56.5 61.8
Monetary freedom 75.1 73
Trade freedom 52 76.6
Investment freedom 55 70
Financial freedom 50 50

Economic freedom comparison by year

Kenya
Serbia
1x
Year Economic freedom index
Kenya Serbia
2026 55.5 65
2025 54.8 64.4
2024 53.6 62.7
2023 52.5 63.5
2022 52.6 65.2
2021 54.9 67.2
2020 55.3 66
2019 55.1 63.9
2018 54.7 62.5
2017 53.5 58.9
2016 57.5 62.1
2015 55.6 60
2014 57.1 59.4
2013 55.9 58.6
2012 57.5 58
2011 57.4 58
2010 57.5 56.9
2009 58.7 56.6
2008 59.3 -
2007 59.6 -
2006 59.7 -
2005 57.9 -
2004 57.7 -
2003 58.6 43.5
2002 58.2 46.6
2001 57.6 -
2000 59.7 -
1999 58.2 -
1998 58.4 -
1997 60.1 -
1996 56.4 -
1995 54.5 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Kenya is 55.5, ranking 128/197, compared to 65 for Serbia, ranking 68/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Kenya Serbia
Services, % of GDP
55.1%
2025
59.7%
2025
Industry, % of GDP
16.3%
2025
22.3%
2025
Agriculture, forestry, and fishing, % of GDP
23.2%
2025
3.29%
2025
GNI, Atlas method
$127B
2025
$88.3B
2025
GNI per capita, PPP
$6,910
2025
$31,780
2025
Total reserves including gold
$12.4B
2025
$34.2B
2025
Total reserves ranking
76/177
2025
55/177
2025
Net foreign direct investment
-$45.8M
2024
-$2.6B
2025
Net inflows of foreign direct investment
$463M
2024
$5.59B
2024
Net outflows of foreign direct investment
$418M
2024
$661M
2024
Servicing debt to the IMF, % of GNI
4.82%
2024
12.2%
2024
Poverty at national poverty lines
39.8%
2022
19.7%
2023
Gross capital formation, % of GDP
17%
2025
23.4%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1982–1997, retrieved 2026-07-08)
  6. TradeMap (2022–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.