Skip to content

Economy of Malaysia vs Serbia compared: GDP & Debt

Updated on by Georank

Malaysia has a GDP of $472B compared to $100B for Serbia, ranking 35/197 and 76/197 by economy size, respectively.

Malaysia has $334B in government debt (70.7% of GDP), compared to $42.4B (42.4% of GDP) in Serbia.

Malaysia vs Serbia GDP by year

Malaysia
Serbia
1x
Year GDP, current $
Malaysia Serbia
2025 $472,193,128,645 $99,953,324,473
2024 $422,227,005,429 $90,088,366,320
2023 $399,949,418,753 $81,343,999,280
2022 $407,830,525,990 $66,809,895,701
2021 $373,784,553,030 $66,159,884,073
2020 $337,456,163,961 $55,874,017,669
2019 $365,177,721,022 $53,864,693,665
2018 $358,788,845,713 $52,787,520,249
2017 $319,109,094,160 $45,972,834,714
2016 $301,256,033,870 $42,225,495,910
2015 $301,355,266,965 $41,297,410,635
2014 $338,066,095,097 $49,114,321,280
2013 $323,276,235,524 $50,455,529,604
2012 $314,443,047,642 $45,103,269,969
2011 $297,951,668,675 $51,251,098,408
2010 $255,017,638,456 $43,536,629,233
2009 $202,257,453,037 $46,955,984,410
2008 $230,811,614,370 $54,220,641,202
2007 $193,549,569,478 $44,888,028,946
2006 $162,692,258,307 $33,298,057,362
2005 $143,534,405,819 $28,334,256,181
2004 $124,749,473,684 $26,845,632,342
2003 $110,202,368,421 $23,593,044,418
2002 $100,845,526,316 $17,930,583,571
2001 $92,783,947,368 $13,599,378,662
2000 $93,789,736,842 $7,326,373,882
1999 $79,148,421,053 $20,878,694,851
1998 $72,167,498,981 $21,004,077,441
1997 $100,005,323,302 $27,153,408,995
1996 $100,855,393,910 $23,277,430,168
1995 $88,705,342,903 $17,921,892,655
1994 $74,478,356,958 -
1993 $66,894,966,969 -
1992 $59,167,550,163 -
1991 $49,143,148,094 -
1990 $44,024,585,240 -
1989 $38,847,965,293 -
1988 $35,272,109,220 -
1987 $32,181,210,158 -
1986 $27,734,111,400 -
1985 $31,199,633,353 -
1984 $33,942,897,422 -
1983 $30,347,442,111 -
1982 $26,804,493,635 -
1981 $25,004,285,792 -
1980 $24,488,224,677 -
1979 $21,213,264,962 -
1978 $16,358,079,862 -
1977 $13,139,488,633 -
1976 $11,050,234,599 -
1975 $9,298,800,799 -
1974 $9,496,204,302 -
1973 $7,662,902,678 -
1972 $5,043,347,250 -
1971 $4,244,395,956 -
1970 $3,864,145,667 -
1969 $3,664,552,041 -
1968 $3,330,371,551 -
1967 $3,188,924,677 -
1966 $3,143,517,944 -
1965 $2,956,337,669 -
1964 $2,674,423,922 -
1963 $2,510,110,348 -
1962 $2,001,489,602 -
1961 $1,901,856,123 -
1960 $1,916,229,477 -

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

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

GDP per capita in Malaysia vs Serbia by year

Malaysia
GDP per capita

GDP per capita, PPP
Serbia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malaysia Serbia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $13,125 - $15,262 -
2024 $11,874 $38,779 $13,678 $32,832
2023 $11,386 $36,467 $12,282 $29,777
2022 $11,755 $34,420 $10,025 $26,143
2021 $10,903 $29,823 $9,681 $23,406
2020 $9,958 $27,475 $8,099 $21,013
2019 $10,920 $28,934 $7,756 $20,587
2018 $10,902 $27,794 $7,560 $18,469
2017 $9,863 $26,416 $6,548 $17,285
2016 $9,477 $25,286 $5,982 $16,455
2015 $9,649 $24,526 $5,820 $15,546
2014 $11,013 $24,307 $6,887 $15,296
2013 $10,714 $23,161 $7,040 $15,247
2012 $10,601 $22,639 $6,263 $14,506
2011 $10,217 $21,324 $7,082 $14,298
2010 $8,899 $20,193 $5,971 $13,320
2009 $7,191 $18,923 $6,414 $13,038
2008 $8,372 $19,480 $7,377 $13,123
2007 $7,169 $18,617 $6,081 $11,685
2006 $6,158 $17,426 $4,493 $10,463
2005 $5,556 $16,371 $3,808 $9,398
2004 $4,939 $15,416 $3,597 $8,715
2003 $4,465 $14,387 $3,154 $8,023
2002 $4,184 $13,656 $2,391 $7,563
2001 $3,944 $13,072 $1,812 $6,803
2000 $4,084 $13,027 $975 $6,416
1999 $3,528 $11,980 $2,769 $5,897
1998 $3,294 $11,398 $2,775 $6,460
1997 $4,679 $12,469 $3,574 $6,040
1996 $4,837 $11,709 $3,054 $5,434
1995 $4,363 $10,720 $2,349 $5,022
1994 $3,758 $9,806 - -
1993 $3,462 $9,018 - -
1992 $3,141 $8,224 - -
1991 $2,679 $7,583 - -
1990 $2,469 $6,887 - -
1989 $2,244 - - -
1988 $2,100 - - -
1987 $1,977 - - -
1986 $1,760 - - -
1985 $2,046 - - -
1984 $2,300 - - -
1983 $2,124 - - -
1982 $1,938 - - -
1981 $1,866 - - -
1980 $1,886 - - -
1979 $1,680 - - -
1978 $1,327 - - -
1977 $1,092 - - -
1976 $940 - - -
1975 $811 - - -
1974 $848 - - -
1973 $701 - - -
1972 $472 - - -
1971 $407 - - -
1970 $380 - - -
1969 $368 - - -
1968 $342 - - -
1967 $335 - - -
1966 $339 - - -
1965 $326 - - -
1964 $303 - - -
1963 $291.8 - - -
1962 $238.8 - - -
1961 $232.9 - - -
1960 $240.8 - - -

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

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

Malaysia's GDP per capita is $13,125, ranking 78/197, compared to $15,262 in Serbia, ranking 69/197. Adjusted for purchasing power (GDP per capita PPP), Malaysia ranks 60th at $38,779, while Serbia ranks 69th at $32,832.

Economic indicators

Malaysia Serbia
Gross domestic product
$472B
2025
$100B
2025
GDP rank
35/197
2025
76/197
2025
GDP growth
5.17%
2024-2025
2.03%
2024-2025
GDP per capita
$13,125
2025
$15,262
2025
GDP per capita rank
78/197
2025
69/197
2025
GDP per capita, PPP
$38,779
2024
$32,832
2024
GDP per capita PPP rank
60/197
2024
69/197
2024
Government debt
$334B
2025
$42.4B
2025
Debt-to-GDP ratio
70.7%
2025
42.4%
2025
Government debt per person
$9,273
2025
$6,478
2025
Government debt per person rank
62/185
2025
75/185
2025
Average annual personal income after taxes
$11,034
2026
$12,492
2026
Market capitalization of domestic companies
$487B
2025
$4.06B
2011
Number of billionaires
19
2026
n/a
Income share by richest 10%
30.9%
2021
24.7%
2023
Income share by poorest 10%
2.3%
2021
2.5%
2023
Government expenditure, % of GDP
23.4%
2025
43.2%
2025
Consumer prices inflation
1.38%
2024-2025
3.89%
2024-2025
Central bank interest rate
2.75%
2025
5.75%
2024
Unemployment rate
3.9%
2022
7.3%
2025
Population
36600906
6500256

Spending and national debt comparison by year

Malaysia
Spending

Debt
Serbia
Spending

Debt
1x
Year % of GDP
Malaysia Serbia
Government spending Government debt Government spending Government debt
2025 23.4% 70.7% 43.2% 42.4%
2024 24% 69.8% 42.2% 44.1%
2023 25% 69.7% 40.6% 45.7%
2022 24.6% 65.5% 41.4% 50.9%
2021 24.5% 69.2% 44.4% 53.6%
2020 25% 67.7% 46% 54.3%
2019 23.6% 57.1% 40.2% 49.5%
2018 22.8% 55.6% 39% 51.1%
2017 22% 54.4% 38.5% 55.3%
2016 22.9% 55.8% 40.3% 65%
2015 24.7% 57% 41% 67.1%
2014 26% 55.4% 42.9% 63.5%
2013 27.8% 55.7% 40.6% 61.2%
2012 28.5% 53.8% 43.3% 58%
2011 27.1% 51.9% 40% 46%
2010 26.6% 51.2% 41.2% 42.4%
2009 30.9% 50.4% 41.1% 35.3%
2008 26.9% 39.4% 43.7% 29.4%
2007 25.9% 39.3% 40.6% 30%
2006 25.6% 39.7% 41.3% 37%
2005 24.5% 40.8% 38.9% 50.1%
2004 25.9% 42% 37.8% 57.6%
2003 28.1% 41.4% 37.6% 64.4%
2002 27.1% 39.5% 38.6% 68.4%
2001 28.2% 38.1% 30.5% 95.9%
2000 25.6% 32.5% 28% 200.6%
1999 24.6% 34.4% - -
1998 23.1% 33.6% - -
1997 21.2% 29.6% - -
1996 22.4% 32.8% - -
1995 22.6% 38.2% - -
1994 23.3% 43.7% - -
1993 24.6% 51.1% - -
1992 28.2% 59.1% - -
1991 27.4% 67.3% - -
1990 30.5% 74.1% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Malaysia's government spending was $111B, accounting for 23.4% of its GDP, while Serbia spent $43.2B, or 43.2% of GDP.

Debt-to-GDP ratio is 70.7% in Malaysia and 42.4% in Serbia, ranking 56/185 and 123/185, respectively.

Government deficit by year

Deficit/surplus
Malaysia

Serbia
1x
Year Deficit/surplus, % of GDP
Malaysia Serbia
2025 -3.54% -2.21%
2024 -3.45% -1.73%
2023 -4.11% -1.21%
2022 -4.56% -0.14%
2021 -6.03% -3.16%
2020 -4.9% -6.91%
2019 -2.01% -0.004%
2018 -2.64% 0.78%
2017 -2.41% 1.32%
2016 -2.6% -1.08%
2015 -2.55% -3.25%
2014 -2.63% -5.61%
2013 -3.48% -4.79%
2012 -3.1% -6.11%
2011 -3.57% -3.75%
2010 -4.32% -3.35%
2009 -5.88% -3.3%
2008 -3.4% -4.25%
2007 -2.57% -0.8%
2006 -2.6% -0.9%
2005 -2.83% 1.02%
2004 -3.35% 0.06%
2003 -4.6% -2.39%
2002 -3.96% -2.33%
2001 -4.36% 0.32%
2000 -6.05% -0.15%
1999 -3% -
1998 -0.63% -
1997 4.84% -
1996 3.27% -
1995 3.1% -
1994 5.45% -
1993 3.44% -
1992 1.81% -
1991 1.6% -
1990 0.15% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Malaysia's government deficit, the difference between spending and revenue, was $16.7B, equivalent to 3.54% of GDP. This compares to Serbia's deficit of $2.21B, or 2.21% of GDP.

Over the past 26 years, Malaysia recorded a fiscal deficit in 26 of those years, while Serbia ran a deficit in 21 years. On average, Malaysia posted an annual deficit equal to 3.67% of GDP, compared to deficit of 2.07% of GDP for Serbia.

Inflation comparison by year

Inflation
Malaysia

Serbia
1x
Year Consumer prices inflation
Malaysia Serbia
2025 1.38% 3.89%
2024 1.83% 4.67%
2023 2.49% 12.4%
2022 3.38% 12%
2021 2.48% 4.09%
2020 -1.14% 1.58%
2019 0.66% 1.85%
2018 0.88% 1.96%
2017 3.87% 3.13%
2016 2.09% 1.12%
2015 2.1% 1.39%
2014 3.14% 2.08%
2013 2.11% 7.69%
2012 1.66% 7.33%
2011 3.17% 11.1%
2010 1.62% 6.14%
2009 0.58% 8.12%
2008 5.44% 12.4%
2007 2.03% 6.39%
2006 3.61% 11.7%
2005 2.98% 16.1%
2004 1.42% 11%
2003 1.09% 9.88%
2002 1.81% 19.5%
2001 1.42% 95%
2000 1.53% 71.1%
1999 2.74% 42.5%
1998 5.27% 30.2%
1997 2.66% 23.3%

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

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

Over the past 29 years, Malaysia has recorded an average annual inflation rate of 2.22%, compared with 15.2% in Serbia. In 2025, inflation was 1.38% in Malaysia and 3.89% in Serbia.

Top exports between countries

Malaysia
Export category Export value
Processed food, beverages & tobacco $10.4M
Machinery & equipment $4.92M
Textiles & consumer goods $1.88M
Chemicals & pharma $1.11M
Raw materials & minerals $336K
Miscellaneous $36K
Metals $27K
Precious metals & jewellery $16K
Wood & paper products $14K
Animal & marine products $3K
Serbia
Export category Export value
Raw materials & minerals $103M
Textiles & consumer goods $2.78M
Transport & tourism services $2.22M
Processed food, beverages & tobacco $1.68M
Raw agricultural goods $1.55M
IT & IP services $1.18M
Business & finance services $1.14M
Weapons & explosives $877K
Machinery & equipment $876K
Chemicals & pharma $717K

Balance of trade

Malaysia Serbia
Current account balance
$7.15B
2024
-$4.9B
2025
Current account balance ranking
29/190
2024
164/190
2025
Current account balance, % of GDP
+1.69%
2024
-4.9%
2025
Goods imports
$223B
2024
$44B
2025
Goods exports
$248B
2024
$36.7B
2025
Service imports
$56.4B
2024
$14.6B
2025
Service exports
$53.4B
2024
$17.2B
2025
Imports of goods and services, % of GDP
65.4%
2025
58.6%
2025
Exports of goods and services, % of GDP
71%
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.

Malaysia Serbia
Economic freedom 68 65
Economic freedom ranking 51/197 68/197
Property rights 62.7 57.2
Government integrity 52.9 37.2
Judicial effectiveness 63.4 50.1
Tax burden 83.5 88
Government spending 82 48.2
Fiscal health 62.5 94.3
Business freedom 79.6 73.6
Labor freedom 55.4 61.8
Monetary freedom 80.8 73
Trade freedom 83 76.6
Investment freedom 60 70
Financial freedom 50 50

Economic freedom comparison by year

Malaysia
Serbia
1x
Year Economic freedom index
Malaysia Serbia
2026 68 65
2025 67.1 64.4
2024 65.7 62.7
2023 67.3 63.5
2022 68.1 65.2
2021 74.4 67.2
2020 74.7 66
2019 74 63.9
2018 74.5 62.5
2017 73.8 58.9
2016 71.5 62.1
2015 70.8 60
2014 69.6 59.4
2013 66.1 58.6
2012 66.4 58
2011 66.3 58
2010 64.8 56.9
2009 64.6 56.6
2008 63.9 -
2007 63.8 -
2006 61.6 -
2005 61.9 -
2004 59.9 -
2003 61.1 43.5
2002 60.1 46.6
2001 60.2 -
2000 66 -
1999 68.9 -
1998 68.2 -
1997 66.8 -
1996 69.9 -
1995 71.9 -

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

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

The Economic Freedom Index for Malaysia is 68, ranking 51/197, compared to 65 for Serbia, ranking 68/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malaysia Serbia
Services, % of GDP
54.8%
2025
59.7%
2025
Industry, % of GDP
35.7%
2025
22.3%
2025
Agriculture, forestry, and fishing, % of GDP
8.22%
2025
3.29%
2025
GNI, Atlas method
$445B
2025
$88.3B
2025
GNI per capita, PPP
$40,070
2025
$31,780
2025
Total reserves including gold
$126B
2025
$34.2B
2025
Total reserves ranking
25/177
2025
55/177
2025
Net foreign direct investment
-$2.55B
2024
-$2.6B
2025
Net inflows of foreign direct investment
$15.6B
2024
$5.59B
2024
Net outflows of foreign direct investment
$13B
2024
$661M
2024
Servicing debt to the IMF, % of GNI n/a
12.2%
2024
Poverty at national poverty lines
5.1%
2023
19.7%
2023
Gross capital formation, % of GDP
20.5%
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/malaysia/serbia | CC BY

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

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. TradeMap (2020–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.