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Economy of Romania vs Serbia compared: GDP & Debt

Updated on by Georank

Romania has a GDP of $429B compared to $100B for Serbia, ranking 39/197 and 76/197 by economy size, respectively.

Romania has $260B in government debt (60.6% of GDP), compared to $42.4B (42.4% of GDP) in Serbia.

Romania vs Serbia GDP by year

Romania
Serbia
1x
Year GDP, current $
Romania Serbia
2025 $428,677,977,855 $99,953,324,473
2024 $382,564,217,989 $90,088,366,320
2023 $347,757,995,759 $81,343,999,280
2022 $295,317,862,856 $66,809,895,701
2021 $285,072,444,957 $66,159,884,073
2020 $250,624,575,872 $55,874,017,669
2019 $250,080,428,512 $53,864,693,665
2018 $241,791,427,224 $52,787,520,249
2017 $210,147,385,855 $45,972,834,714
2016 $185,290,759,249 $42,225,495,910
2015 $177,885,131,240 $41,297,410,635
2014 $199,722,319,676 $49,114,321,280
2013 $189,798,603,751 $50,455,529,604
2012 $179,117,323,107 $45,103,269,969
2011 $192,623,977,894 $51,251,098,408
2010 $170,064,350,672 $43,536,629,233
2009 $174,110,532,659 $46,955,984,410
2008 $214,315,932,061 $54,220,641,202
2007 $174,588,782,939 $44,888,028,946
2006 $122,023,735,993 $33,298,057,362
2005 $98,454,380,120 $28,334,256,181
2004 $74,973,656,852 $26,845,632,342
2003 $57,806,384,143 $23,593,044,418
2002 $46,065,502,703 $17,930,583,571
2001 $40,395,116,581 $13,599,378,662
2000 $37,253,739,511 $7,326,373,882
1999 $35,953,156,754 $20,878,694,851
1998 $41,696,091,974 $21,004,077,441
1997 $35,575,214,078 $27,153,408,995
1996 $36,937,074,278 $23,277,430,168
1995 $37,430,162,103 $17,921,892,655
1994 $30,072,805,104 -
1993 $26,361,160,450 -
1992 $25,121,666,667 -
1991 $28,850,634,900 -
1990 $38,247,882,300 -
1989 $41,450,777,202 -
1988 $40,424,528,302 -
1987 $38,067,567,568 -

Data sources: World Bank | Economy & Growth (1987–2025, retrieved 2026-07-08).

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

GDP per capita in Romania vs Serbia by year

Romania
GDP per capita

GDP per capita, PPP
Serbia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Romania Serbia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $22,538 - $15,262 -
2024 $20,080 $49,077 $13,678 $32,832
2023 $18,244 $45,982 $12,282 $29,777
2022 $15,503 $41,979 $10,025 $26,143
2021 $14,908 $37,534 $9,681 $23,406
2020 $13,009 $34,194 $8,099 $21,013
2019 $12,910 $33,425 $7,756 $20,587
2018 $12,416 $29,383 $7,560 $18,469
2017 $10,728 $26,943 $6,548 $17,285
2016 $9,405 $23,905 $5,982 $16,455
2015 $8,977 $21,625 $5,820 $15,546
2014 $10,032 $20,633 $6,887 $15,296
2013 $9,498 $19,678 $7,040 $15,247
2012 $8,930 $19,808 $6,263 $14,506
2011 $9,561 $18,804 $7,082 $14,298
2010 $8,400 $17,355 $5,971 $13,320
2009 $8,548 $16,641 $6,414 $13,038
2008 $10,435 $16,782 $7,377 $13,123
2007 $8,360 $13,703 $6,081 $11,685
2006 $5,758 $11,554 $4,493 $10,463
2005 $4,618 $9,602 $3,808 $9,398
2004 $3,495 $8,989 $3,597 $8,715
2003 $2,679 $7,559 $3,154 $8,023
2002 $2,120 $7,162 $2,391 $7,563
2001 $1,825 $6,520 $1,812 $6,803
2000 $1,660 $5,850 $975 $6,416
1999 $1,600 $5,596 $2,769 $5,897
1998 $1,853 $5,545 $2,775 $6,460
1997 $1,577 $5,564 $3,574 $6,040
1996 $1,633 $5,746 $3,054 $5,434
1995 $1,650 $5,429 $2,349 $5,022
1994 $1,323 $4,995 - -
1993 $1,158 $4,699 - -
1992 $1,102 $4,515 - -
1991 $1,254 $4,795 - -
1990 $1,648 $5,280 - -
1989 $1,790 - - -
1988 $1,753 - - -
1987 $1,659 - - -

Data sources: World Bank | Economy & Growth (1987–2025, retrieved 2026-07-08).

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

Romania's GDP per capita is $22,538, ranking 57/197, compared to $15,262 in Serbia, ranking 69/197. Adjusted for purchasing power (GDP per capita PPP), Romania ranks 47th at $49,077, while Serbia ranks 69th at $32,832.

Economic indicators

Romania Serbia
Gross domestic product
$429B
2025
$100B
2025
GDP rank
39/197
2025
76/197
2025
GDP growth
0.68%
2024-2025
2.03%
2024-2025
GDP per capita
$22,538
2025
$15,262
2025
GDP per capita rank
57/197
2025
69/197
2025
GDP per capita, PPP
$49,077
2024
$32,832
2024
GDP per capita PPP rank
47/197
2024
69/197
2024
Government debt
$260B
2025
$42.4B
2025
Debt-to-GDP ratio
60.6%
2025
42.4%
2025
Government debt per person
$13,650
2025
$6,478
2025
Government debt per person rank
48/185
2025
75/185
2025
Average annual personal income after taxes
$13,510
2026
$12,492
2026
Market capitalization of domestic companies
$70.9B
2025
$4.06B
2011
Number of billionaires
6
2026
n/a
Income share by richest 10%
21.8%
2023
24.7%
2023
Income share by poorest 10%
2.4%
2023
2.5%
2023
Government expenditure, % of GDP
40.5%
2025
43.2%
2025
Consumer prices inflation
7.3%
2024-2025
3.89%
2024-2025
Central bank interest rate
6.5%
2024
5.75%
2024
Unemployment rate
6.1%
2025
7.3%
2025
Population
18912567
6500256

Spending and national debt comparison by year

Romania
Spending

Debt
Serbia
Spending

Debt
1x
Year % of GDP
Romania Serbia
Government spending Government debt Government spending Government debt
2025 40.5% 60.6% 43.2% 42.4%
2024 40% 57.5% 42.2% 44.1%
2023 37% 52.6% 40.6% 45.7%
2022 37.5% 51.9% 41.4% 50.9%
2021 37.2% 51.8% 44.4% 53.6%
2020 38.3% 49.5% 46% 54.3%
2019 33.4% 36.8% 40.2% 49.5%
2018 31.9% 36.4% 39% 51.1%
2017 31% 37.1% 38.5% 55.3%
2016 31.8% 39.5% 40.3% 65%
2015 34.2% 39.4% 41% 67.1%
2014 33.8% 40.5% 42.9% 63.5%
2013 34.2% 39.3% 40.6% 61.2%
2012 33.5% 36.2% 43.3% 58%
2011 35% 32.6% 40% 46%
2010 37.4% 30.2% 41.2% 42.4%
2009 36.3% 22.5% 41.1% 35.3%
2008 35.3% 13% 43.7% 29.4%
2007 34.6% 12.4% 40.6% 30%
2006 33.9% 12.7% 41.3% 37%
2005 32.3% 17.8% 38.9% 50.1%
2004 33.7% 21.3% 37.8% 57.6%
2003 31.8% 24.9% 37.6% 64.4%
2002 32.1% 27.4% 38.6% 68.4%
2001 33.2% 27.4% 30.5% 95.9%
2000 35% 29.6% 28% 200.6%
1999 35.1% 21.7% - -
1998 34.7% 16.5% - -
1997 33.5% 15% - -
1996 33.5% 11% - -
1995 34.4% 6.91% - -
1994 33.1% - - -
1993 33.5% - - -
1992 41.5% - - -
1991 38.3% - - -
1990 38.4% - - -
1989 40.1% - - -
1988 36.6% - - -
1987 40.7% - - -
1986 42.5% - - -
1985 41.6% - - -
1984 28.6% - - -
1983 25.8% - - -
1982 28.5% - - -
1981 30.4% - - -
1980 33.6% - - -
1979 42% - - -
1978 42.1% - - -
1977 39.9% - - -
1976 37.5% - - -
1975 40.6% - - -
1974 37.6% - - -
1973 32.6% - - -
1972 29.9% - - -
1971 27.2% - - -
1970 28.1% - - -
1969 32.1% - - -
1968 31.8% - - -
1967 30.6% - - -
1966 27.3% - - -
1965 25.6% - - -
1964 25.1% - - -
1963 23.1% - - -
1962 43.4% - - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1999, retrieved 2026-07-08).

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

In 2025, Romania's government spending was $173B, accounting for 40.5% of its GDP, while Serbia spent $43.2B, or 43.2% of GDP.

Debt-to-GDP ratio is 60.6% in Romania and 42.4% in Serbia, ranking 76/185 and 123/185, respectively.

Government deficit by year

Deficit/surplus
Romania

Serbia
1x
Year Deficit/surplus, % of GDP
Romania Serbia
2025 -7.64% -2.21%
2024 -8.68% -1.73%
2023 -5.66% -1.21%
2022 -5.85% -0.14%
2021 -6.74% -3.16%
2020 -9.6% -6.91%
2019 -4.58% -0.004%
2018 -2.76% 0.78%
2017 -2.86% 1.32%
2016 -2.5% -1.08%
2015 -1.35% -3.25%
2014 -1.76% -5.61%
2013 -2.44% -4.79%
2012 -2.39% -6.11%
2011 -4.14% -3.75%
2010 -6.22% -3.35%
2009 -6.86% -3.3%
2008 -4.6% -4.25%
2007 -3.05% -0.8%
2006 -1.36% -0.9%
2005 -0.69% 1.02%
2004 -3.39% 0.06%
2003 -2.29% -2.39%
2002 -2.59% -2.33%
2001 -3.2% 0.32%
2000 -3.99% -0.15%
1999 -3.58% -
1998 -5.33% -
1997 -5.19% -
1996 -4.74% -
1995 -3.32% -
1994 -2.2% -
1993 -0.35% -
1992 -4.55% -
1991 3.23% -
1990 1.03% -
1989 -2.87% -
1988 8.4% -
1987 2.37% -
1986 5.72% -
1985 6.36% -
1984 15.2% -
1983 9.35% -
1982 0.36% -
1981 0.61% -
1980 -1.95% -
1979 0% -
1978 0% -
1977 0.23% -
1976 0.66% -
1975 0.41% -
1974 0.51% -
1973 1.53% -
1972 1.21% -
1971 0.89% -
1970 0.52% -
1969 0.93% -
1968 1.65% -
1967 1.23% -
1966 0.91% -
1965 -1.29% -
1964 -3.11% -
1963 -1.61% -
1962 -4.86% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-07-08).

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

In 2025, Romania's government deficit, the difference between spending and revenue, was $32.8B, equivalent to 7.64% of GDP. This compares to Serbia's deficit of $2.21B, or 2.21% of GDP.

Over the past 26 years, Romania recorded a fiscal deficit in 26 of those years, while Serbia ran a deficit in 21 years. On average, Romania posted an annual deficit equal to 4.12% of GDP, compared to deficit of 2.07% of GDP for Serbia.

Inflation comparison by year

Inflation
Romania

Serbia
1x
Year Consumer prices inflation
Romania Serbia
2025 7.3% 3.89%
2024 5.6% 4.67%
2023 10.4% 12.4%
2022 13.8% 12%
2021 5% 4.09%
2020 2.6% 1.58%
2019 3.8% 1.85%
2018 4.6% 1.96%
2017 1.3% 3.13%
2016 -1.6% 1.12%
2015 -0.6% 1.39%
2014 1.1% 2.08%
2013 4% 7.69%
2012 3.3% 7.33%
2011 5.8% 11.1%
2010 6.1% 6.14%
2009 5.6% 8.12%
2008 7.8% 12.4%
2007 4.8% 6.39%
2006 6.6% 11.7%
2005 9% 16.1%
2004 11.9% 11%
2003 15.4% 9.88%
2002 22.5% 19.5%
2001 34.5% 95%
2000 45.7% 71.1%
1999 45.8% 42.5%
1998 59.1% 30.2%
1997 154.8% 23.3%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Romania has recorded an average annual inflation rate of 17.1%, compared with 15.2% in Serbia. In 2025, inflation was 7.3% in Romania and 3.89% in Serbia.

Top exports between countries

Romania
Export category Export value
Raw materials & minerals $448M
Machinery & equipment $443M
Chemicals & pharma $195M
Processed food, beverages & tobacco $189M
Metals $164M
Wood & paper products $134M
Textiles & consumer goods $121M
Miscellaneous $102M
Animal & marine products $40.4M
Raw agricultural goods $39.1M
Serbia
Export category Export value
Raw materials & minerals $536M
Machinery & equipment $234M
Chemicals & pharma $193M
Transport & tourism services $177M
Raw agricultural goods $158M
Textiles & consumer goods $157M
Metals $146M
Processed food, beverages & tobacco $88.8M
Wood & paper products $46.8M
Business & finance services $32.5M

Balance of trade

Romania Serbia
Current account balance
-$33.9B
2025
-$4.9B
2025
Current account balance ranking
186/190
2025
164/190
2025
Current account balance, % of GDP
-7.9%
2025
-4.9%
2025
Goods imports
$139B
2025
$44B
2025
Goods exports
$102B
2025
$36.7B
2025
Service imports
$35.9B
2025
$14.6B
2025
Service exports
$50.1B
2025
$17.2B
2025
Imports of goods and services, % of GDP
40.7%
2025
58.6%
2025
Exports of goods and services, % of GDP
35.5%
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.

Romania Serbia
Economic freedom 65.4 65
Economic freedom ranking 64/197 68/197
Property rights 81 57.2
Government integrity 50 37.2
Judicial effectiveness 67 50.1
Tax burden 89.1 88
Government spending 56.7 48.2
Fiscal health 21.4 94.3
Business freedom 74.4 73.6
Labor freedom 63.6 61.8
Monetary freedom 72.7 73
Trade freedom 79.4 76.6
Investment freedom 70 70
Financial freedom 60 50

Economic freedom comparison by year

Romania
Serbia
1x
Year Economic freedom index
Romania Serbia
2026 65.4 65
2025 66.5 64.4
2024 64.4 62.7
2023 64.5 63.5
2022 67.1 65.2
2021 69.5 67.2
2020 69.7 66
2019 68.6 63.9
2018 69.4 62.5
2017 69.7 58.9
2016 65.6 62.1
2015 66.6 60
2014 65.5 59.4
2013 65.1 58.6
2012 64.4 58
2011 64.7 58
2010 64.2 56.9
2009 63.2 56.6
2008 61.7 -
2007 61.2 -
2006 58.2 -
2005 52.1 -
2004 50 -
2003 50.6 43.5
2002 48.7 46.6
2001 50 -
2000 52.1 -
1999 50.1 -
1998 54.4 -
1997 50.8 -
1996 46.2 -
1995 42.9 -

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

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

The Economic Freedom Index for Romania is 65.4, ranking 64/197, compared to 65 for Serbia, ranking 68/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Romania Serbia
Services, % of GDP
61.7%
2025
59.7%
2025
Industry, % of GDP
25.3%
2025
22.3%
2025
Agriculture, forestry, and fishing, % of GDP
3%
2025
3.29%
2025
GNI, Atlas method
$384B
2025
$88.3B
2025
GNI per capita, PPP
$49,550
2025
$31,780
2025
Total reserves including gold
$90.6B
2025
$34.2B
2025
Total reserves ranking
31/177
2025
55/177
2025
Net foreign direct investment
-$8.57B
2025
-$2.6B
2025
Net inflows of foreign direct investment
$7.16B
2024
$5.59B
2024
Net outflows of foreign direct investment
$1.99B
2024
$661M
2024
Servicing debt to the IMF, % of GNI n/a
12.2%
2024
Poverty at national poverty lines
19%
2023
19.7%
2023
Gross capital formation, % of GDP
25.9%
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/romania/serbia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1962–1999, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2024–2025, 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.