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Economy of Morocco vs Serbia compared: GDP & Debt

Updated on by Georank team

Morocco has a GDP of $161B compared to $90.1B for Serbia, ranking 58/197 and 76/197 by economy size, respectively.

Morocco has $109B in government debt (67.7% of GDP), compared to $40.1B (44.5% of GDP) in Serbia.

Morocco vs Serbia GDP by year

Morocco
Serbia
1x
Year GDP, current $
Morocco Serbia
2024 $160,610,994,055 $90,097,765,959
2023 $146,036,093,667 $81,343,999,280
2022 $131,245,312,804 $66,809,895,701
2021 $142,022,058,447 $66,159,884,073
2020 $121,353,645,057 $55,874,017,669
2019 $128,920,266,409 $53,864,693,665
2018 $127,341,147,582 $52,787,520,249
2017 $118,540,573,368 $45,972,834,714
2016 $111,572,947,005 $42,225,495,910
2015 $110,413,823,842 $41,297,410,635
2014 $119,130,841,412 $49,114,321,280
2013 $115,739,287,305 $50,455,529,604
2012 $106,937,392,311 $45,103,269,969
2011 $110,080,631,332 $51,251,098,408
2010 $100,865,329,473 $43,536,629,233
2009 $101,154,952,241 $46,955,984,410
2008 $101,822,906,949 $54,220,641,202
2007 $86,947,913,287 $44,888,028,946
2006 $75,883,823,301 $33,298,057,362
2005 $68,852,658,069 $28,334,256,181
2004 $66,114,145,451 $26,845,632,342
2003 $58,029,363,354 $23,593,044,418
2002 $47,077,192,188 $17,930,583,571
2001 $43,831,480,208 $13,599,378,662
2000 $43,017,455,402 $7,326,373,882
1999 $46,266,428,648 $20,878,694,851
1998 $46,497,608,725 $21,004,077,441
1997 $39,147,844,526 $27,153,408,995
1996 $43,161,571,528 $23,277,430,168
1995 $39,030,285,468 $17,921,892,655
1994 $35,604,137,423 -
1993 $31,655,473,664 -
1992 $33,711,069,431 -
1991 $32,285,573,574 -
1990 $30,179,954,775 -
1989 $26,314,313,191 -
1988 $25,705,296,184 -
1987 $21,765,195,948 -
1986 $19,462,085,540 -
1985 $14,991,283,216 -
1984 $14,824,667,954 -
1983 $16,251,408,128 -
1982 $17,692,276,734 -
1981 $17,788,185,479 -
1980 $21,728,516,153 -
1979 $15,911,994,817 -
1978 $13,236,946,234 -
1977 $11,049,783,872 -
1976 $9,584,297,284 -
1975 $8,984,853,005 -
1974 $7,675,466,449 -
1973 $6,242,145,880 -
1972 $5,074,117,545 -
1971 $4,356,669,034 -
1970 $3,956,336,244 -
1969 $3,651,622,669 -
1968 $3,271,422,333 -
1967 $3,046,345,314 -
1966 $2,876,401,297 -
1965 $2,948,331,090 -
1964 $2,798,345,299 -
1963 $2,657,252,578 -
1962 $2,379,611,125 -
1961 $2,025,693,540 -
1960 $2,037,154,742 -

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

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

GDP per capita in Morocco vs Serbia by year

Morocco
GDP per capita

GDP per capita, PPP
Serbia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Morocco Serbia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $4,218 $10,415 $13,679 $32,832
2023 $3,872 $9,895 $12,282 $29,777
2022 $3,516 $9,310 $10,025 $26,143
2021 $3,843 $8,623 $9,681 $23,406
2020 $3,317 $7,705 $8,099 $21,013
2019 $3,560 $8,046 $7,756 $20,587
2018 $3,553 $7,801 $7,560 $18,469
2017 $3,344 $8,115 $6,548 $17,285
2016 $3,186 $7,853 $5,982 $16,455
2015 $3,190 $7,799 $5,820 $15,546
2014 $3,483 $7,237 $6,887 $15,296
2013 $3,425 $7,542 $7,040 $15,247
2012 $3,206 $7,308 $6,263 $14,506
2011 $3,345 $7,274 $7,082 $14,298
2010 $3,107 $6,849 $5,971 $13,320
2009 $3,158 $6,629 $6,414 $13,038
2008 $3,222 $6,437 $7,377 $13,123
2007 $2,788 $6,058 $6,081 $11,685
2006 $2,466 $5,781 $4,493 $10,463
2005 $2,268 $5,275 $3,808 $9,398
2004 $2,207 $5,025 $3,597 $8,715
2003 $1,962 $4,741 $3,154 $8,023
2002 $1,612 $4,436 $2,391 $7,563
2001 $1,521 $4,269 $1,812 $6,803
2000 $1,513 $3,930 $975 $6,416
1999 $1,651 $3,801 $2,769 $5,897
1998 $1,683 $3,740 $2,775 $6,460
1997 $1,439 $3,502 $3,574 $6,040
1996 $1,610 $3,551 $3,054 $5,434
1995 $1,478 $3,152 $2,349 $5,022
1994 $1,369 $3,315 - -
1993 $1,236 $2,979 - -
1992 $1,337 $2,979 - -
1991 $1,302 $3,025 - -
1990 $1,238 $2,777 - -
1989 $1,099 - - -
1988 $1,094 - - -
1987 $944 - - -
1986 $861 - - -
1985 $678 - - -
1984 $687 - - -
1983 $772 - - -
1982 $862 - - -
1981 $890 - - -
1980 $1,117 - - -
1979 $839 - - -
1978 $716 - - -
1977 $613 - - -
1976 $545 - - -
1975 $524 - - -
1974 $459 - - -
1973 $382 - - -
1972 $319 - - -
1971 $280.6 - - -
1970 $261.5 - - -
1969 $247.8 - - -
1968 $228 - - -
1967 $218.1 - - -
1966 $211.5 - - -
1965 $222.7 - - -
1964 $216.9 - - -
1963 $211.3 - - -
1962 $194.2 - - -
1961 $169.8 - - -
1960 $175.2 - - -

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

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

Morocco's GDP per capita is $4,218, ranking 127/197, compared to $13,679 in Serbia, ranking 73/197. Adjusted for purchasing power (GDP per capita PPP), Morocco ranks 132nd at $10,415, while Serbia ranks 69th at $32,832.

Economic indicators

Morocco Serbia
Gross domestic product
$161B
2024
$90.1B
2024
GDP rank
58/197
2024
76/197
2024
GDP growth
3.79%
2023-2024
3.95%
2023-2024
GDP per capita
$4,218
2024
$13,679
2024
GDP per capita rank
127/197
2024
73/197
2024
GDP per capita, PPP
$10,415
2024
$32,832
2024
GDP per capita PPP rank
132/197
2024
69/197
2024
Government debt
$109B
2024
$40.1B
2024
Debt-to-GDP ratio
67.7%
2024
44.5%
2024
Government debt per person
$2,857
2024
$6,084
2024
Government debt per person rank
104/185
2024
73/185
2024
Average annual personal income after taxes
$5,678
2026
$12,252
2026
Market capitalization of domestic companies
$74.5B
2024
$4.06B
2011
Number of billionaires
3
2025
n/a
Income share by richest 10%
31.9%
2013
24.7%
2022
Income share by poorest 10%
2.7%
2013
2.4%
2022
Government expenditure, % of GDP
33%
2024
42.7%
2024
Consumer prices inflation
0.99%
2023-2024
4.67%
2023-2024
Central bank interest rate
2.25%
2025
5.75%
2024
Unemployment rate
11.8%
2022
7.24%
2024
Population
38871720
6494521

Spending and national debt comparison by year

Morocco
Spending

Debt
Serbia
Spending

Debt
1x
Year % of GDP
Morocco Serbia
Government spending Government debt Government spending Government debt
2024 33% 67.7% 42.7% 44.5%
2023 32% 68.7% 40.6% 45.7%
2022 33.7% 71.4% 41.4% 50.9%
2021 31% 69.4% 44.4% 53.6%
2020 34.1% 72.2% 46% 54.3%
2019 27.6% 60.3% 40.2% 49.5%
2018 27.8% 60.5% 39% 51.1%
2017 27.9% 60.3% 38.5% 55.3%
2016 28.6% 60.1% 40.3% 65%
2015 28.5% 58.4% 41% 67.1%
2014 30.7% 58.6% 42.9% 63.5%
2013 30.4% 57.1% 40.6% 54.1%
2012 32.5% 52.3% 43.3% 51.7%
2011 31.2% 48.6% 40% 42%
2010 28.7% 45.3% 41.2% 38.2%
2009 28.1% 42.6% 41.1% 32.6%
2008 28.3% 42% 43.7% 29.4%
2007 26.4% 47.1% 40.6% 30%
2006 26% 50.6% 41.3% 37%
2005 28.6% 54.8% 38.9% 50.1%
2004 24.5% 54.4% 37.8% 57.6%
2003 24.1% 56.9% 37.6% 64.4%
2002 25.8% 59.4% 38.6% 68.4%
2001 23.7% 60.4% 30.5% 95.9%
2000 22.8% 64.9% 28% 200.6%
1999 18.4% 63.4% - -
1998 18.7% 64.5% - -
1997 18.6% 68% - -
1996 17.6% 65.3% - -
1995 21.3% 72.2% - -
1994 21.7% 69.3% - -
1993 23.1% 74.7% - -
1992 22.3% 67% - -
1991 20.8% 59.1% - -
1990 22.6% 70.5% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Morocco's government spending was $53.1B, accounting for 33% of its GDP, while Serbia spent $38.4B, or 42.7% of GDP.

Debt-to-GDP ratio is 67.7% in Morocco and 44.5% in Serbia, ranking 60/185 and 121/185, respectively.

Government deficit by year

Deficit/surplus
Morocco

Serbia
1x
Year Deficit/surplus, % of GDP
Morocco Serbia
2024 -3.92% -1.75%
2023 -4.41% -1.21%
2022 -5.37% -0.14%
2021 -5.92% -3.16%
2020 -7.15% -6.91%
2019 -3.8% -0.004%
2018 -3.52% 0.78%
2017 -3.3% 1.32%
2016 -4.49% -1.08%
2015 -4.59% -3.25%
2014 -4.78% -5.61%
2013 -4.7% -4.79%
2012 -6.63% -6.11%
2011 -6.08% -3.75%
2010 -3.93% -3.35%
2009 -1.63% -3.3%
2008 0.63% -4.25%
2007 -0.12% -0.8%
2006 -1.8% -0.9%
2005 -5.46% 1.02%
2004 -3.31% 0.06%
2003 -3.74% -2.39%
2002 -4.37% -2.33%
2001 -3.79% 0.32%
2000 -1.97% -0.15%
1999 3.21% -
1998 1.47% -
1997 1.5% -
1996 0.87% -
1995 -2.54% -
1994 -2.51% -
1993 -2% -
1992 -1.84% -
1991 -0.9% -
1990 -1.32% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Morocco's government deficit, the difference between spending and revenue, was $6.3B, equivalent to 3.92% of GDP. This compares to Serbia's deficit of $1.58B, or 1.75% of GDP.

Over the past 25 years, Morocco recorded a fiscal deficit in 24 of those years, while Serbia ran a deficit in 20 years. On average, Morocco posted an annual deficit equal to 3.93% of GDP, compared to deficit of 2.07% of GDP for Serbia.

Inflation comparison by year

Inflation
Morocco

Serbia
1x
Year Consumer prices inflation
Morocco Serbia
2024 0.99% 4.67%
2023 6.09% 12.4%
2022 6.66% 12%
2021 1.4% 4.09%
2020 0.71% 1.58%
2019 0.3% 1.85%
2018 1.8% 1.96%
2017 0.75% 3.13%
2016 1.64% 1.12%
2015 1.56% 1.39%
2014 0.44% 2.08%
2013 1.88% 7.69%
2012 1.29% 7.33%
2011 0.91% 11.1%
2010 0.99% 6.14%
2009 0.97% 8.12%
2008 3.71% 12.4%
2007 2.04% 6.39%
2006 3.28% 11.7%
2005 0.98% 16.1%
2004 1.49% 11%
2003 1.17% 9.88%
2002 2.8% 19.5%
2001 0.62% 95%
2000 1.89% 71.1%
1999 0.68% 42.5%
1998 2.75% 30.2%
1997 1.04% 23.3%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Morocco has recorded an average annual inflation rate of 1.82%, compared with 15.6% in Serbia. In 2024, inflation was 0.99% in Morocco and 4.67% in Serbia.

Top exports between countries

Morocco
Export category Export value
Machinery & equipment $4.88M
Processed food, beverages & tobacco $1.96M
Chemicals & pharma $1.28M
Textiles & consumer goods $913K
Animal & marine products $401K
Raw agricultural goods $121K
Raw materials & minerals $33K
Metals $5K
Wood & paper products $2K
Serbia
Export category Export value
Machinery & equipment $22M
Textiles & consumer goods $16.6M
Processed food, beverages & tobacco $4.97M
Chemicals & pharma $2.11M
Wood & paper products $1.81M
Government & miscellaneous services $1.13M
Raw materials & minerals $1.02M
Metals $282K
Raw agricultural goods $270K
Animal & marine products $172K

Balance of trade

Morocco Serbia
Current account balance
-$1.87B
2024
-$4.1B
2024
Current account balance ranking
141/190
2024
162/190
2024
Current account balance, % of GDP
-1.16%
2024
-4.56%
2024
Goods imports
$66.5B
2024
$39.6B
2024
Goods exports
$39.3B
2024
$32.2B
2024
Service imports
$14.3B
2024
$12.6B
2024
Service exports
$28.2B
2024
$15.7B
2024
Imports of goods and services, % of GDP
50.2%
2024
58.1%
2024
Exports of goods and services, % of GDP
42%
2024
53.6%
2024

Economic freedom indices

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

Morocco Serbia
Economic freedom 61.8 65
Economic freedom ranking 91/197 68/197
Property rights 55.2 57.2
Government integrity 35.6 37.2
Judicial effectiveness 32.5 50.1
Tax burden 65.5 88
Government spending 67.5 48.2
Fiscal health 57.5 94.3
Business freedom 72.1 73.6
Labor freedom 46.2 61.8
Monetary freedom 79.6 73
Trade freedom 69.8 76.6
Investment freedom 80 70
Financial freedom 80 50

Economic freedom comparison by year

Morocco
Serbia
1x
Year Economic freedom index
Morocco Serbia
2026 61.8 65
2025 60.3 64.4
2024 56.8 62.7
2023 58.4 63.5
2022 59.2 65.2
2021 63.3 67.2
2020 63.3 66
2019 62.9 63.9
2018 61.9 62.5
2017 61.5 58.9
2016 61.3 62.1
2015 60.1 60
2014 58.3 59.4
2013 59.6 58.6
2012 60.2 58
2011 59.6 58
2010 59.2 56.9
2009 57.7 56.6
2008 55.6 -
2007 56.4 -
2006 51.5 -
2005 52.2 -
2004 56.7 -
2003 57.8 43.5
2002 59 46.6
2001 63.9 -
2000 63.2 -
1999 63.8 -
1998 61.1 -
1997 64.7 -
1996 64.3 -
1995 62.8 -

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

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

The Economic Freedom Index for Morocco is 61.8, ranking 91/197, compared to 65 for Serbia, ranking 68/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Morocco Serbia
Services, % of GDP
52.7%
2024
58.8%
2024
Industry, % of GDP
25.6%
2024
23.1%
2024
Agriculture, forestry, and fishing, % of GDP
10.6%
2024
3.17%
2024
GNI, Atlas method
$149B
2024
$76.5B
2024
GNI per capita, PPP
$10,260
2024
$30,770
2024
Total reserves including gold
$37.1B
2024
$30.5B
2024
Total reserves ranking
52/177
2024
55/177
2024
Net foreign direct investment
-$948M
2024
-$4.93B
2024
Net inflows of foreign direct investment
$1.64B
2024
$5.59B
2024
Net outflows of foreign direct investment
$691M
2024
$661M
2024
Servicing debt to the IMF, % of GNI
5.63%
2024
12.2%
2024
Poverty at national poverty lines
3.9%
2022
19.7%
2023
Gross capital formation, % of GDP
30.1%
2024
25%
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/morocco/serbia | 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. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2017–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.