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Economy of Laos vs Serbia compared: GDP & Debt

Updated on by Georank team

Laos has a GDP of $16.5B compared to $89.1B for Serbia, ranking 139/197 and 75/197 by economy size, respectively.

Laos has $15.9B in government debt (91.4% 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.

Laos
GDP, current $

GDP, constant 2015 $
Serbia
GDP, current $

GDP, constant 2015 $
Year GDP
Laos Serbia
Current $ Constant $ Current $ Constant $
1984 $1,757,142,856 $2,109,467,955 - -
1985 $2,366,666,616 $2,216,417,220 - -
1986 $1,776,842,097 $2,324,692,155 - -
1987 $1,087,273,104 $2,291,546,871 - -
1988 $598,961,269 $2,245,482,172 - -
1989 $714,046,821 $2,564,130,388 - -
1990 $865,559,879 $2,736,044,527 - -
1991 $1,028,087,972 $2,853,600,421 - -
1992 $1,127,806,945 $3,012,256,546 - -
1993 $1,327,748,690 $3,190,357,918 - -
1994 $1,543,606,345 $3,450,659,812 - -
1995 $1,763,536,305 $3,693,284,479 $17,921,892,655 $22,980,131,489
1996 $1,873,671,550 $3,949,167,184 $23,277,430,168 $24,396,847,843
1997 $1,747,011,857 $4,220,557,557 $27,153,408,995 $26,576,270,133
1998 $1,280,177,839 $4,388,012,740 $21,004,077,441 $27,996,145,144
1999 $1,454,430,642 $4,708,617,453 $20,878,694,851 $25,105,401,157
2000 $1,731,198,022 $4,981,659,930 $7,326,373,882 $26,625,556,359
2001 $1,768,619,058 $5,268,175,761 $13,599,378,662 $28,430,374,779
2002 $1,758,176,653 $5,579,985,581 $17,930,583,571 $30,290,019,296
2003 $2,023,324,407 $5,918,523,435 $23,593,044,418 $31,671,150,129
2004 $2,366,398,120 $6,294,805,132 $26,845,632,342 $33,788,958,042
2005 $2,735,558,735 $6,742,212,710 $28,334,256,181 $35,783,688,498
2006 $3,455,030,061 $7,323,341,972 $33,298,057,362 $37,179,489,902
2007 $4,223,152,739 $7,879,683,724 $44,888,028,946 $40,091,414,195
2008 $5,446,433,157 $8,496,261,313 $54,220,641,202 $42,160,489,092
2009 $5,836,137,330 $9,133,631,713 $46,955,984,410 $40,835,549,150
2010 $7,131,771,015 $9,912,447,860 $43,536,629,233 $41,493,398,683
2011 $8,750,104,617 $10,709,275,115 $51,251,098,408 $41,515,918,179
2012 $10,192,846,339 $11,568,812,077 $45,103,269,969 $41,331,605,757
2013 $11,983,252,627 $12,497,359,667 $50,455,529,604 $41,518,250,511
2014 $13,279,245,886 $13,448,654,116 $49,114,321,280 $40,769,149,069
2015 $14,426,380,126 $14,426,380,126 $41,297,410,635 $41,297,410,635
2016 $15,912,501,723 $15,439,521,179 $42,225,495,910 $42,526,090,284
2017 $17,071,155,481 $16,503,694,943 $45,972,834,714 $43,531,149,260
2018 $18,141,641,090 $17,534,839,203 $52,787,520,249 $45,555,064,903
2019 $18,740,561,513 $18,491,844,276 $53,864,693,665 $47,719,025,212
2020 $18,981,805,250 $18,584,864,138 $55,874,017,669 $47,265,683,024
2021 $18,827,148,531 $19,054,754,737 $66,159,884,073 $51,022,858,875
2022 $15,468,785,204 $19,570,648,222 $66,797,564,758 $52,365,263,375
2023 $15,843,155,731 $20,303,702,352 $81,342,660,752 $54,380,001,765
2024 $16,502,933,121 $21,168,286,229 $89,083,506,277 $56,488,865,192

Economic indicators

Laos Serbia
Gross domestic product
$16.5B
2024
$89.1B
2024
GDP rank
139/197
2024
75/197
2024
GDP growth
4.16%
2023-2024
9.52%
2023-2024
GDP per capita
$2,124
2024
$13,524
2024
GDP per capita rank
155/197
2024
74/197
2024
GDP per capita, PPP
$9,788
2024
$31,867
2024
Government debt
$15.9B
2024
$39.6B
2024
Debt-to-GDP ratio
91.4%
2025
44.4%
2025
Government debt per person
$2,049
2024
$6,015
2024
Government debt per person rank
118/185
2024
74/185
2024
Average annual personal income after taxes
$2,296
2025
$11,469
2025
Market capitalization of domestic companies n/a
$4.06B
2011
Income share by richest 10%
31.2%
2018
24.7%
2022
Income share by poorest 10%
3%
2018
2.4%
2022
Government expenditure, % of GDP
18.4%
2025
43.4%
2025
Consumer prices inflation
7.8%
2024-2025
4.67%
2023-2024
Central bank interest rate n/a
5.75%
2024
Unemployment rate
1.21%
2022
7.24%
2024
Population
7954155
6541064

GDP per capita in Laos vs Serbia

Laos' GDP per capita is $2,124, ranking 155/197, compared to $13,524 in Serbia, ranking 74/197. Adjusted for purchasing power (GDP per capita PPP), Laos ranks 133rd at $9,788, while Serbia ranks 69th at $31,867.

Laos
GDP per capita

GDP per capita, PPP
Serbia
GDP per capita

GDP per capita, PPP
Year Current $
Laos Serbia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1984 $483 - - -
1985 $633 - - -
1986 $462 - - -
1987 $274.7 - - -
1988 $147.1 - - -
1989 $170.4 - - -
1990 $200.7 $1,012 - -
1991 $231.8 $1,061 - -
1992 $247.3 $1,114 - -
1993 $283.4 $1,176 - -
1994 $321 $1,265 - -
1995 $358 $1,349 $2,349 $5,021
1996 $371 $1,435 $3,054 $5,433
1997 $339 $1,528 $3,574 $6,039
1998 $243.9 $1,577 $2,775 $6,459
1999 $272.3 $1,686 $2,769 $5,895
2000 $319 $1,794 $975 $6,414
2001 $320 $1,908 $1,812 $6,803
2002 $313 $2,020 $2,391 $7,563
2003 $355 $2,151 $3,154 $8,024
2004 $409 $2,315 $3,597 $8,716
2005 $466 $2,519 $3,808 $9,398
2006 $579 $2,777 $4,493 $10,466
2007 $697 $3,021 $6,081 $11,686
2008 $886 $3,271 $7,377 $13,123
2009 $935 $3,485 $6,414 $13,031
2010 $1,126 $3,772 $5,971 $13,322
2011 $1,362 $4,100 $7,082 $14,298
2012 $1,564 $4,781 $6,263 $14,506
2013 $1,813 $5,222 $7,040 $15,247
2014 $1,981 $5,799 $6,887 $15,296
2015 $2,121 $6,086 $5,820 $15,550
2016 $2,303 $6,743 $5,982 $16,455
2017 $2,432 $7,142 $6,548 $17,285
2018 $2,545 $7,487 $7,560 $18,469
2019 $2,589 $7,743 $7,756 $20,587
2020 $2,584 $7,913 $8,099 $21,013
2021 $2,526 $8,080 $9,681 $23,406
2022 $2,046 $8,766 $10,023 $26,242
2023 $2,067 $9,292 $12,282 $28,748
2024 $2,124 $9,788 $13,524 $31,867

Spending and national debt comparison

In 2024, Laos' government spending was $2.59B, accounting for 18.4% of its GDP, while Serbia's spent $37.8B, or 43.4% of GDP.

Debt-to-GDP ratio is 91.4% in Laos and 44.4% in Serbia, ranking 34/185 and 117/185, respectively.

Laos
Government spending

Government debt
Serbia
Government spending

Government debt
Year % of GDP
Laos Serbia
Government spending Government debt Government spending Government debt
2000 19.9% - 28% 200.6%
2001 18.8% 94.7% 30.5% 95.9%
2002 16.6% 95.3% 38.6% 68.4%
2003 16% 90.1% 37.6% 64.4%
2004 13.6% 80.7% 37.8% 57.6%
2005 15.3% 73.2% 38.9% 50.1%
2006 14.7% 60% 41.3% 37%
2007 15.1% 55.9% 40.6% 30%
2008 16.1% 51.7% 43.7% 29.4%
2009 20.1% 51.8% 41.1% 32.6%
2010 22.4% 49.3% 41.2% 38.2%
2011 20.2% 43% 40% 42%
2012 24.7% 46.1% 43.3% 51.7%
2013 24.2% 49.5% 40.6% 54.1%
2014 25% 53.5% 42.9% 63.5%
2015 25.8% 53.1% 41% 67.1%
2016 21.1% 54.5% 40.3% 65%
2017 21.8% 57.2% 38.5% 55.3%
2018 20.7% 60.6% 39% 51.1%
2019 18.6% 69.1% 40.2% 49.5%
2020 18.4% 76% 46% 54.3%
2021 15.7% 92.9% 44.4% 53.6%
2022 14.7% 130.7% 41.4% 50.9%
2023 16.5% 115.6% 40.6% 45.7%
2024 15.7% 96.4% 42.4% 44.5%
2025 18.4% 91.4% 43.4% 44.4%

Government deficit by year

In 2024, Laos' government surplus, the difference between spending and revenue, was $387M, equivalent to 2.34% of GDP. This compares to Serbia's deficit of -$1.54B, or -1.73% of GDP.

Over the past 25 years, Laos recorded a fiscal deficit in 23 of those years, while Serbia ran a deficit in 20 years. On average, Laos posted an annual deficit equal to -2.63% of GDP, compared to deficit of -2.07% of GDP for Serbia.

Deficit/surplus
Laos

Serbia
Year Deficit/surplus, % of GDP
Laos Serbia
2000 -3.58% -0.15%
2001 -3.68% 0.32%
2002 -2.85% -2.33%
2003 -3.89% -2.39%
2004 -1.81% 0.06%
2005 -2.54% 1.02%
2006 -1.48% -0.9%
2007 -1.12% -0.8%
2008 -1.86% -4.25%
2009 -3.1% -3.3%
2010 -1.47% -3.35%
2011 -1.43% -3.75%
2012 -2.34% -6.11%
2013 -4.03% -4.79%
2014 -3.13% -5.61%
2015 -5.57% -3.25%
2016 -5.06% -1.08%
2017 -5.51% 1.32%
2018 -4.46% 0.78%
2019 -3.2% -0.004%
2020 -5.37% -6.91%
2021 -0.67% -3.16%
2022 0.06% -0.14%
2023 -0.01% -1.21%
2024 2.34% -1.73%
2025 -0.87% -2.77%

Inflation comparison by year

Over the past 29 years, Laos has recorded an average annual inflation rate of 15.8%, compared with 18.3% in Serbia. In 2024, inflation was 7.8% in Laos and 4.67% in Serbia.

Inflation
Laos

Serbia
Year Inflation
Laos Serbia Laos Serbia
1996 19.1% 95.6%
1997 19.5% 23.3%
1998 90.1% 30.2%
1999 128.4% 42.5%
2000 8.4% 71.1%
2001 7.8% 95%
2002 10.6% 19.5%
2003 15.5% 9.88%
2004 10.5% 11%
2005 7.2% 16.1%
2006 6.5% 11.7%
2007 4.7% 6.39%
2008 7.6% 12.4%
2009 0.1% 8.12%
2010 6% 6.14%
2011 7.6% 11.1%
2012 4.3% 7.33%
2013 6.4% 7.69%
2014 4.1% 2.08%
2015 1.3% 1.39%
2016 1.6% 1.12%
2017 0.8% 3.13%
2018 2% 1.96%
2019 3.3% 1.85%
2020 5.1% 1.58%
2021 3.8% 4.09%
2022 23% 12%
2023 31.2% 12.4%
2024 23.1% 4.67%
2025 7.8% -

Top exports between countries

Laos
Export category Export value
Textiles & consumer goods $7K
Serbia
Export category Export value
Miscellaneous $3.24M
Machinery & equipment $942K
Processed food, beverages & tobacco $308K
Chemicals & pharma $5K
Textiles & consumer goods $4K

Balance of trade

Laos Serbia
Current account balance
$405M
2023
-$4.31B
2024
Current account balance ranking
60/189
2023
162/189
2024
Current account balance, % of GDP
+2.55%
2023
-4.84%
2024
Goods imports
$7.65B
2023
$39.6B
2024
Goods exports
$8.37B
2023
$32.2B
2024
Service imports
$947M
2023
$12.7B
2024
Service exports
$1.33B
2023
$15.6B
2024
Imports of goods and services, % of GDP
41.9%
2016
58.8%
2024
Exports of goods and services, % of GDP
33.2%
2016
52.7%
2024

Economic freedom indices

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

Laos Serbia
Economic freedom 51.1 64.4
Economic freedom ranking 156/197 71/197
Property rights 42.5 58.9
Government integrity 23.2 37.2
Judicial effectiveness 12.5 50.8
Tax burden 88.8 87.3
Government spending 92.9 40.2
Fiscal health 80 91.2
Business freedom 55.3 74.7
Labor freedom 42.4 66.6
Monetary freedom 52.3 68.5
Trade freedom 68.4 77.2
Investment freedom 35 70
Financial freedom 20 50

Economic freedom by year comparison

The Economic Freedom Index for Laos is 51.1, ranking 156/197, compared to 64.4 for Serbia, ranking 71/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Laos
Serbia
Year Economic freedom index
Laos Serbia
1996 38.5 -
1997 35.1 -
1998 35.2 -
1999 35.2 -
2000 36.8 -
2001 33.5 -
2002 36.8 46.6
2003 41 43.5
2004 42 -
2005 44.4 -
2006 47.5 -
2007 50.3 -
2008 50.3 -
2009 50.4 56.6
2010 51.1 56.9
2011 51.3 58
2012 50 58
2013 50.1 58.6
2014 51.2 59.4
2015 51.4 60
2016 49.8 62.1
2017 54 58.9
2018 53.6 62.5
2019 57.4 63.9
2020 55.5 66
2021 53.9 67.2
2022 49.2 65.2
2023 50.3 63.5
2024 50.6 62.7
2025 51.1 64.4

More economic indicators

Laos Serbia
Services, % of GDP
43.5%
2024
58.5%
2024
Industry, % of GDP
29%
2024
23.3%
2024
Agriculture, forestry, and fishing, % of GDP
16.8%
2024
3.15%
2024
GNI, Atlas method
$15.5B
2024
$76.2B
2024
GNI per capita, PPP
$9,170
2024
$29,870
2024
Total reserves including gold
$1.77B
2023
$30.5B
2024
Total reserves ranking
129/177
2023
55/177
2024
Net foreign direct investment
-$1.78B
2023
-$4.98B
2024
Net inflows of foreign direct investment
$988M
2024
$5.64B
2024
Net outflows of foreign direct investment
$6.67K
2022
$660M
2024
Servicing debt to the IMF, % of GNI
8.36%
2023
7.86%
2023
Poverty at national poverty lines
22%
2020
19.7%
2023
Gross capital formation, % of GDP
29%
2016
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.