Monaco has a GDP of $10B compared to $89.1B for Serbia, ranking 153/197 and 75/197 by economy size, respectively.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Monaco
|
Serbia
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1970 | $293,127,333 | $1,764,785,206 | - | - |
| 1971 | $327,706,210 | $1,857,049,235 | - | - |
| 1972 | $402,451,901 | $1,943,370,634 | - | - |
| 1973 | $523,554,039 | $2,070,734,432 | - | - |
| 1974 | $563,949,254 | $2,163,391,744 | - | - |
| 1975 | $711,978,962 | $2,142,349,785 | - | - |
| 1976 | $735,324,245 | $2,236,862,305 | - | - |
| 1977 | $811,191,392 | $2,316,343,303 | - | - |
| 1978 | $1,000,555,218 | $2,407,921,124 | - | - |
| 1979 | $1,209,870,147 | $2,493,021,991 | - | - |
| 1980 | $1,378,175,524 | $2,535,040,816 | - | - |
| 1981 | $1,205,188,648 | $2,558,423,484 | - | - |
| 1982 | $1,143,216,457 | $2,620,654,307 | - | - |
| 1983 | $1,092,560,365 | $2,651,970,428 | - | - |
| 1984 | $1,037,329,604 | $2,691,339,343 | - | - |
| 1985 | $1,082,867,507 | $2,737,326,250 | - | - |
| 1986 | $1,515,234,743 | $2,804,455,472 | - | - |
| 1987 | $1,839,081,463 | $2,874,134,249 | - | - |
| 1988 | $2,000,704,745 | $3,006,304,229 | - | - |
| 1989 | $2,010,083,833 | $3,131,476,494 | - | - |
| 1990 | $2,481,307,077 | $3,214,255,640 | - | - |
| 1991 | $2,480,540,845 | $3,246,884,485 | - | - |
| 1992 | $2,737,049,231 | $3,291,257,692 | - | - |
| 1993 | $2,574,494,356 | $3,261,178,239 | - | - |
| 1994 | $2,720,332,135 | $3,333,433,694 | - | - |
| 1995 | $3,130,309,995 | $3,404,007,586 | $17,921,892,655 | $22,980,131,489 |
| 1996 | $3,137,886,995 | $3,441,816,981 | $23,277,430,168 | $24,396,847,843 |
| 1997 | $2,840,195,190 | $3,518,819,006 | $27,153,408,995 | $26,576,270,133 |
| 1998 | $2,934,593,468 | $3,642,092,596 | $21,004,077,441 | $27,996,145,144 |
| 1999 | $2,907,118,641 | $3,762,301,282 | $20,878,694,851 | $25,105,401,157 |
| 2000 | $2,654,462,665 | $3,909,415,913 | $7,326,373,882 | $26,625,556,359 |
| 2001 | $2,673,723,034 | $3,994,943,522 | $13,599,378,662 | $28,430,374,779 |
| 2002 | $2,919,647,982 | $4,035,951,521 | $17,930,583,571 | $30,290,019,296 |
| 2003 | $3,597,089,751 | $4,079,843,968 | $23,593,044,418 | $31,671,150,129 |
| 2004 | $4,043,551,489 | $4,180,635,804 | $26,845,632,342 | $33,788,958,042 |
| 2005 | $4,204,652,899 | $4,259,876,165 | $28,334,256,181 | $35,783,688,498 |
| 2006 | $4,586,826,513 | $4,507,700,786 | $33,298,057,362 | $37,179,489,902 |
| 2007 | $5,875,790,766 | $5,158,500,738 | $44,888,028,946 | $40,091,414,195 |
| 2008 | $6,502,942,245 | $5,197,028,095 | $54,220,641,202 | $42,160,489,092 |
| 2009 | $5,474,379,252 | $4,607,841,718 | $46,955,984,410 | $40,835,549,150 |
| 2010 | $5,367,561,570 | $4,703,003,769 | $43,536,629,233 | $41,493,398,683 |
| 2011 | $6,088,689,808 | $5,033,265,481 | $51,251,098,408 | $41,515,918,179 |
| 2012 | $5,742,749,294 | $5,084,213,121 | $45,103,269,969 | $41,331,605,757 |
| 2013 | $6,555,591,710 | $5,571,133,211 | $50,455,529,604 | $41,518,250,511 |
| 2014 | $7,070,017,324 | $5,971,532,102 | $49,114,321,280 | $40,769,149,069 |
| 2015 | $6,264,756,528 | $6,264,756,528 | $41,297,410,635 | $41,297,410,635 |
| 2016 | $6,471,290,794 | $6,453,228,194 | $42,225,495,910 | $42,526,090,284 |
| 2017 | $6,430,254,653 | $6,246,325,874 | $45,972,834,714 | $43,531,149,260 |
| 2018 | $7,184,333,936 | $6,602,235,351 | $52,787,520,249 | $45,555,064,903 |
| 2019 | $7,383,496,254 | $7,072,373,237 | $53,864,693,665 | $47,719,025,212 |
| 2020 | $6,730,736,283 | $6,136,054,330 | $55,874,017,669 | $47,265,683,024 |
| 2021 | $8,623,242,743 | $7,500,235,157 | $66,159,884,073 | $51,022,858,875 |
| 2022 | $8,800,430,486 | $8,328,781,592 | $66,797,564,758 | $52,365,263,375 |
| 2023 | $9,995,350,547 | $8,748,833,913 | $81,342,660,752 | $54,380,001,765 |
| 2024 | - | - | $89,083,506,277 | $56,488,865,192 |
Economic indicators
|
Monaco
|
Serbia
|
|
|---|---|---|
| Gross domestic product |
$10B
2023 |
$89.1B
2024 |
| GDP rank |
153/197
2023 |
75/197
2024 |
| GDP growth |
13.6%
2022-2023 |
9.52%
2023-2024 |
| GDP per capita |
$256,581
2023 |
$13,524
2024 |
| GDP per capita rank |
1/197
2023 |
74/197
2024 |
| GDP per capita, PPP |
$115,700
2015 |
$31,867
2024 |
| Government debt | n/a |
$39.6B
2024 |
| Debt-to-GDP ratio | n/a |
44.4%
2025 |
| Government debt per person | n/a |
$6,015
2024 |
| Government debt per person rank | n/a |
74/185
2024 |
| Average annual personal income after taxes |
$97,128
2025 |
$11,469
2025 |
| Market capitalization of domestic companies | n/a |
$4.06B
2011 |
| Number of billionaires |
2
2025 |
n/a |
| Income share by richest 10% | n/a |
24.7%
2022 |
| Income share by poorest 10% | n/a |
2.4%
2022 |
| Government expenditure, % of GDP |
20%
2025 |
43.4%
2025 |
| Consumer prices inflation |
1.5%
2019-2020 |
4.67%
2023-2024 |
| Central bank interest rate | n/a |
5.75%
2024 |
| Unemployment rate |
6.33%
2016 |
7.24%
2024 |
| Population |
38341
|
6541064
|
GDP per capita in Monaco vs Serbia
Monaco's GDP per capita is $256,581, ranking 1/197, compared to $13,524 in Serbia, ranking 74/197. Adjusted for purchasing power (GDP per capita PPP), Monaco ranks 6th at $115,700, while Serbia ranks 69th at $31,867.
| Year | Current $ | |||
|---|---|---|---|---|
|
Monaco
|
Serbia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1970 | $12,098 | - | - | - |
| 1971 | $13,334 | - | - | - |
| 1972 | $16,187 | - | - | - |
| 1973 | $20,882 | - | - | - |
| 1974 | $22,348 | - | - | - |
| 1975 | $27,921 | - | - | - |
| 1976 | $28,396 | - | - | - |
| 1977 | $30,875 | - | - | - |
| 1978 | $37,608 | - | - | - |
| 1979 | $44,990 | - | - | - |
| 1980 | $50,814 | - | - | - |
| 1981 | $44,157 | - | - | - |
| 1982 | $41,479 | - | - | - |
| 1983 | $39,076 | - | - | - |
| 1984 | $36,582 | - | - | - |
| 1985 | $37,690 | - | - | - |
| 1986 | $52,082 | - | - | - |
| 1987 | $62,456 | - | - | - |
| 1988 | $67,181 | - | - | - |
| 1989 | $66,816 | - | - | - |
| 1990 | $81,735 | - | - | - |
| 1991 | $80,997 | - | - | - |
| 1992 | $88,615 | - | - | - |
| 1993 | $82,685 | - | - | - |
| 1994 | $86,704 | - | - | - |
| 1995 | $99,032 | - | $2,349 | $5,021 |
| 1996 | $98,561 | - | $3,054 | $5,433 |
| 1997 | $88,582 | - | $3,574 | $6,039 |
| 1998 | $90,947 | - | $2,775 | $6,459 |
| 1999 | $89,698 | $27,000 | $2,769 | $5,895 |
| 2000 | $81,789 | $27,000 | $975 | $6,414 |
| 2001 | $82,403 | - | $1,812 | $6,803 |
| 2002 | $90,051 | - | $2,391 | $7,563 |
| 2003 | $111,110 | - | $3,154 | $8,024 |
| 2004 | $125,160 | - | $3,597 | $8,716 |
| 2005 | $130,539 | - | $3,808 | $9,398 |
| 2006 | $143,083 | $30,000 | $4,493 | $10,466 |
| 2007 | $184,559 | - | $6,081 | $11,686 |
| 2008 | $204,264 | - | $7,377 | $13,123 |
| 2009 | $169,150 | $63,400 | $6,414 | $13,031 |
| 2010 | $161,854 | - | $5,971 | $13,322 |
| 2011 | $179,364 | $85,500 | $7,082 | $14,298 |
| 2012 | $165,445 | - | $6,263 | $14,506 |
| 2013 | $184,941 | $78,700 | $7,040 | $15,247 |
| 2014 | $195,694 | - | $6,887 | $15,296 |
| 2015 | $170,437 | $115,700 | $5,820 | $15,550 |
| 2016 | $173,605 | - | $5,982 | $16,455 |
| 2017 | $170,663 | - | $6,548 | $17,285 |
| 2018 | $188,298 | - | $7,560 | $18,469 |
| 2019 | $193,747 | - | $7,756 | $20,587 |
| 2020 | $176,892 | - | $8,099 | $21,013 |
| 2021 | $223,823 | - | $9,681 | $23,406 |
| 2022 | $226,052 | - | $10,023 | $26,242 |
| 2023 | $256,581 | - | $12,282 | $28,748 |
| 2024 | - | - | $13,524 | $31,867 |
Inflation comparison by year
Over the past 21 years, Monaco has recorded an average annual inflation rate of 1.58%, compared with 14.6% in Serbia. In 2020, inflation was 1.5% in Monaco and 4.67% in Serbia.
| Year | Inflation | ||
|---|---|---|---|
|
Monaco
|
Serbia
|
Monaco
|
Serbia
|
| 1996 | - | 95.6% | |
| 1997 | - | 23.3% | |
| 1998 | - | 30.2% | |
| 1999 | - | 42.5% | |
| 2000 | 1.9% | 71.1% | |
| 2001 | - | 95% | |
| 2002 | - | 19.5% | |
| 2003 | - | 9.88% | |
| 2004 | - | 11% | |
| 2005 | - | 16.1% | |
| 2006 | - | 11.7% | |
| 2007 | - | 6.39% | |
| 2008 | - | 12.4% | |
| 2009 | - | 8.12% | |
| 2010 | 1.5% | 6.14% | |
| 2011 | - | 11.1% | |
| 2012 | - | 7.33% | |
| 2013 | - | 7.69% | |
| 2014 | - | 2.08% | |
| 2015 | - | 1.39% | |
| 2016 | - | 1.12% | |
| 2017 | - | 3.13% | |
| 2018 | 1.5% | 1.96% | |
| 2019 | 1.5% | 1.85% | |
| 2020 | 1.5% | 1.58% | |
| 2021 | - | 4.09% | |
| 2022 | - | 12% | |
| 2023 | - | 12.4% | |
| 2024 | - | 4.67% | |
Balance of trade
|
Monaco
|
Serbia
|
|
|---|---|---|
Current account balance
|
n/a |
-$4.31B
2024 |
| Current account balance ranking | n/a |
162/189
2024 |
| Current account balance, % of GDP | n/a |
-4.84%
2024 |
| Goods imports | n/a |
$39.6B
2024 |
| Goods exports | n/a |
$32.2B
2024 |
| Service imports | n/a |
$12.7B
2024 |
| Service exports | n/a |
$15.6B
2024 |
| Imports of goods and services, % of GDP | n/a |
58.8%
2024 |
| Exports of goods and services, % of GDP | n/a |
52.7%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Monaco
|
Serbia
|
|
|---|---|---|
| Economic freedom | 83 | 64.4 |
| Economic freedom ranking | 4/197 | 71/197 |
| Property rights | n/a | 58.9 |
| Government integrity | n/a | 37.2 |
| Judicial effectiveness | n/a | 50.8 |
| Tax burden | n/a | 87.3 |
| Government spending | n/a | 40.2 |
| Fiscal health | n/a | 91.2 |
| Business freedom | n/a | 74.7 |
| Labor freedom | n/a | 66.6 |
| Monetary freedom | n/a | 68.5 |
| Trade freedom | n/a | 77.2 |
| Investment freedom | n/a | 70 |
| Financial freedom | n/a | 50 |
More economic indicators
|
Monaco
|
Serbia
|
|
|---|---|---|
| Services, % of GDP |
88.5%
2023 |
58.5%
2024 |
| Industry, % of GDP |
11.5%
2023 |
23.3%
2024 |
| Agriculture, forestry, and fishing, % of GDP | n/a |
3.15%
2024 |
|
GNI, Atlas method
|
n/a |
$76.2B
2024 |
| GNI per capita, PPP | n/a |
$29,870
2024 |
| Total reserves including gold | n/a |
$30.5B
2024 |
| Total reserves ranking | n/a |
55/177
2024 |
|
Net foreign direct investment
|
n/a |
-$4.98B
2024 |
|
Net inflows of foreign direct investment
|
n/a |
$5.64B
2024 |
|
Net outflows of foreign direct investment
|
n/a |
$660M
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
7.86%
2023 |
| Poverty at national poverty lines | n/a |
19.7%
2023 |
|
Gross capital formation, % of GDP
|
n/a |
25.6%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
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.