San Marino has a GDP of $2.03B compared to $100B for Serbia, ranking 180/197 and 76/197 by economy size, respectively.
San Marino has $1.39B in government debt (60.6% of GDP), compared to $42.4B (42.4% of GDP) in Serbia.
San Marino vs Serbia GDP by year
| Year | GDP, current $ | |
|---|---|---|
San Marino
|
Serbia
|
|
| 2025 | - | $99,953,324,473 |
| 2024 | - | $90,088,366,320 |
| 2023 | $2,027,243,194 | $81,343,999,280 |
| 2022 | $1,831,701,023 | $66,809,895,701 |
| 2021 | $1,855,395,712 | $66,159,884,073 |
| 2020 | $1,544,713,785 | $55,874,017,669 |
| 2019 | $1,616,231,696 | $53,864,693,665 |
| 2018 | $1,655,354,329 | $52,787,520,249 |
| 2017 | $1,528,621,193 | $45,972,834,714 |
| 2016 | $1,468,342,400 | $42,225,495,910 |
| 2015 | $1,419,400,396 | $41,297,410,635 |
| 2014 | $1,673,910,988 | $49,114,321,280 |
| 2013 | $1,678,741,202 | $50,455,529,604 |
| 2012 | $1,604,701,051 | $45,103,269,969 |
| 2011 | $1,813,717,695 | $51,251,098,408 |
| 2010 | $1,881,191,950 | $43,536,629,233 |
| 2009 | $2,064,277,984 | $46,955,984,410 |
| 2008 | $2,403,214,436 | $54,220,641,202 |
| 2007 | $2,188,653,429 | $44,888,028,946 |
| 2006 | $1,909,765,811 | $33,298,057,362 |
| 2005 | $1,786,513,631 | $28,334,256,181 |
| 2004 | $1,715,341,295 | $26,845,632,342 |
| 2003 | $1,462,590,387 | $23,593,044,418 |
| 2002 | $1,148,872,076 | $17,930,583,571 |
| 2001 | $1,059,529,731 | $13,599,378,662 |
| 2000 | $1,007,661,291 | $7,326,373,882 |
| 1999 | $1,109,473,282 | $20,878,694,851 |
| 1998 | $1,048,316,226 | $21,004,077,441 |
| 1997 | $976,606,911 | $27,153,408,995 |
| 1996 | - | $23,277,430,168 |
| 1995 | - | $17,921,892,655 |
Data sources: World Bank | Economy & Growth (1995–2025, retrieved 2026-07-08).
GeoRank.org/economy/san-marino/serbia | CC BY 
GDP per capita in San Marino vs Serbia by year
| Year | Current $ | |||
|---|---|---|---|---|
|
San Marino
|
Serbia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2025 | - | - | $15,262 | - |
| 2024 | - | - | $13,678 | $32,832 |
| 2023 | $59,871 | $78,745 | $12,282 | $29,777 |
| 2022 | $54,265 | $75,941 | $10,025 | $26,143 |
| 2021 | $54,169 | $64,745 | $9,681 | $23,406 |
| 2020 | $44,427 | $55,207 | $8,099 | $21,013 |
| 2019 | $46,627 | $57,444 | $7,756 | $20,587 |
| 2018 | $47,951 | $54,461 | $7,560 | $18,469 |
| 2017 | $45,192 | $52,463 | $6,548 | $17,285 |
| 2016 | $44,359 | $53,033 | $5,982 | $16,455 |
| 2015 | $43,147 | $52,247 | $5,820 | $15,546 |
| 2014 | $51,260 | $52,909 | $6,887 | $15,296 |
| 2013 | $50,808 | $50,770 | $7,040 | $15,247 |
| 2012 | $47,946 | $51,274 | $6,263 | $14,506 |
| 2011 | $55,601 | $56,240 | $7,082 | $14,298 |
| 2010 | $56,543 | $58,926 | $5,971 | $13,320 |
| 2009 | $62,429 | $61,970 | $6,414 | $13,038 |
| 2008 | $75,902 | $71,724 | $7,377 | $13,123 |
| 2007 | $70,124 | $71,744 | $6,081 | $11,685 |
| 2006 | $63,271 | $67,434 | $4,493 | $10,463 |
| 2005 | $59,878 | $63,739 | $3,808 | $9,398 |
| 2004 | $58,232 | $61,114 | $3,597 | $8,715 |
| 2003 | $52,530 | $60,224 | $3,154 | $8,023 |
| 2002 | $41,791 | $57,584 | $2,391 | $7,563 |
| 2001 | $39,035 | $57,252 | $1,812 | $6,803 |
| 2000 | $37,601 | $53,713 | $975 | $6,416 |
| 1999 | $41,932 | $52,064 | $2,769 | $5,897 |
| 1998 | $40,127 | $47,679 | $2,775 | $6,460 |
| 1997 | $37,853 | $44,426 | $3,574 | $6,040 |
| 1996 | - | - | $3,054 | $5,434 |
| 1995 | - | - | $2,349 | $5,022 |
Data sources: World Bank | Economy & Growth (1995–2025, retrieved 2026-07-08).
GeoRank.org/economy/san-marino/serbia | CC BY
San Marino's GDP per capita is $59,871, ranking 20/197, compared to $15,262 in Serbia, ranking 69/197. Adjusted for purchasing power (GDP per capita PPP), San Marino ranks 17th at $78,745, while Serbia ranks 69th at $32,832.
Economic indicators
|
San Marino
|
Serbia
|
|
|---|---|---|
| Gross domestic product |
$2.03B
2023 |
$100B
2025 |
| GDP rank |
180/197
2023 |
76/197
2025 |
| GDP growth |
0.4%
2022-2023 |
2.03%
2024-2025 |
| GDP per capita |
$59,871
2023 |
$15,262
2025 |
| GDP per capita rank |
20/197
2023 |
69/197
2025 |
| GDP per capita, PPP |
$78,745
2023 |
$32,832
2024 |
| GDP per capita PPP rank |
17/197
2023 |
69/197
2024 |
| Government debt |
$1.39B
2023 |
$42.4B
2025 |
| Debt-to-GDP ratio |
60.6%
2025 |
42.4%
2025 |
| Government debt per person |
$40,914
2023 |
$6,478
2025 |
| Government debt per person rank |
17/185
2023 |
75/185
2025 |
| Average annual personal income after taxes |
$46,440
2026 |
$12,492
2026 |
| Market capitalization of domestic companies | n/a |
$4.06B
2011 |
| Income share by richest 10% | n/a |
24.7%
2023 |
| Income share by poorest 10% | n/a |
2.5%
2023 |
| Government expenditure, % of GDP |
22%
2025 |
43.2%
2025 |
| Consumer prices inflation |
2.3%
2024-2025 |
3.89%
2024-2025 |
| Central bank interest rate | n/a |
5.75%
2024 |
| Unemployment rate |
4.92%
2022 |
7.3%
2025 |
| Population |
34159
|
6500256
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
San Marino
|
Serbia
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2025 | 22% | 60.6% | 43.2% | 42.4% |
| 2024 | 20.9% | 62.9% | 42.2% | 44.1% |
| 2023 | 21.7% | 68.3% | 40.6% | 45.7% |
| 2022 | 21.7% | 70.6% | 41.4% | 50.9% |
| 2021 | 37.1% | 77.2% | 44.4% | 53.6% |
| 2020 | 59.2% | 69.8% | 46% | 54.3% |
| 2019 | 22.4% | 56.2% | 40.2% | 49.5% |
| 2018 | 24.5% | 56.7% | 39% | 51.1% |
| 2017 | 25.6% | 56.6% | 38.5% | 55.3% |
| 2016 | 23.4% | 21.4% | 40.3% | 65% |
| 2015 | 26.3% | 19.3% | 41% | 67.1% |
| 2014 | 23.7% | 21% | 42.9% | 63.5% |
| 2013 | 30.2% | 23.2% | 40.6% | 61.2% |
| 2012 | 30.6% | 17.2% | 43.3% | 58% |
| 2011 | 25.4% | 16.6% | 40% | 46% |
| 2010 | 24.4% | 20% | 41.2% | 42.4% |
| 2009 | 24.8% | 20.1% | 41.1% | 35.3% |
| 2008 | 22% | 15.5% | 43.7% | 29.4% |
| 2007 | 20.7% | 12.6% | 40.6% | 30% |
| 2006 | 19.7% | 14.2% | 41.3% | 37% |
| 2005 | 19.3% | 14.5% | 38.9% | 50.1% |
| 2004 | 19% | 16.9% | 37.8% | 57.6% |
| 2003 | - | 16.1% | 37.6% | 64.4% |
| 2002 | - | 17.2% | 38.6% | 68.4% |
| 2001 | - | 11.6% | 30.5% | 95.9% |
| 2000 | - | - | 28% | 200.6% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (2000–2025, retrieved 2026-07-08).
GeoRank.org/economy/san-marino/serbia | CC BY
In 2025, San Marino's government spending was $439M, accounting for 22% of its GDP, while Serbia spent $43.2B, or 43.2% of GDP.
Debt-to-GDP ratio is 60.6% in San Marino and 42.4% in Serbia, ranking 75/185 and 123/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
San Marino
|
Serbia
|
|
| 2025 | -1% | -2.21% |
| 2024 | 0.39% | -1.73% |
| 2023 | -0.72% | -1.21% |
| 2022 | 0.42% | -0.14% |
| 2021 | -16.4% | -3.16% |
| 2020 | -37.6% | -6.91% |
| 2019 | -0.11% | -0.004% |
| 2018 | -1.56% | 0.78% |
| 2017 | -3.49% | 1.32% |
| 2016 | -0.19% | -1.08% |
| 2015 | -3.32% | -3.25% |
| 2014 | 1.06% | -5.61% |
| 2013 | -7.74% | -4.79% |
| 2012 | -7.08% | -6.11% |
| 2011 | -4.05% | -3.75% |
| 2010 | -2.24% | -3.35% |
| 2009 | -2.46% | -3.3% |
| 2008 | 0.18% | -4.25% |
| 2007 | 1.83% | -0.8% |
| 2006 | 1.51% | -0.9% |
| 2005 | 3.58% | 1.02% |
| 2004 | 2.44% | 0.06% |
| 2003 | - | -2.39% |
| 2002 | - | -2.33% |
| 2001 | - | 0.32% |
| 2000 | - | -0.15% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (2000–2025, retrieved 2026-07-08).
GeoRank.org/economy/san-marino/serbia | CC BY
In 2023, San Marino's government deficit, the difference between spending and revenue, was $14.7M, equivalent to 0.72% of GDP. This compares to Serbia's deficit of $985M, or 1.21% of GDP.
Over the past 20 years, San Marino recorded a fiscal deficit in 13 of those years, while Serbia ran a deficit in 16 years. On average, San Marino posted an annual deficit equal to 3.8% of GDP, compared to deficit of 2.27% of GDP for Serbia.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
San Marino
|
Serbia
|
|
| 2025 | 2.3% | 3.89% |
| 2024 | 1.2% | 4.67% |
| 2023 | 5.9% | 12.4% |
| 2022 | 5.3% | 12% |
| 2021 | 1.6% | 4.09% |
| 2020 | -0.1% | 1.58% |
| 2019 | 0.5% | 1.85% |
| 2018 | 1.2% | 1.96% |
| 2017 | 1% | 3.13% |
| 2016 | 0.6% | 1.12% |
| 2015 | 0.1% | 1.39% |
| 2014 | 1.1% | 2.08% |
| 2013 | 1.6% | 7.69% |
| 2012 | 2.8% | 7.33% |
| 2011 | 2.2% | 11.1% |
| 2010 | 2.4% | 6.14% |
| 2009 | 2.4% | 8.12% |
| 2008 | 4.1% | 12.4% |
| 2007 | 2.5% | 6.39% |
| 2006 | 2.1% | 11.7% |
| 2005 | 1.7% | 16.1% |
| 2004 | 1.4% | 11% |
| 2003 | 1.3% | 9.88% |
| 2002 | - | 19.5% |
| 2001 | - | 95% |
| 2000 | - | 71.1% |
| 1999 | - | 42.5% |
| 1998 | - | 30.2% |
| 1997 | - | 23.3% |
Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | World Economic Outlook (2003–2025, retrieved 2026-07-08).
GeoRank.org/economy/san-marino/serbia | CC BY
Over the past 23 years, San Marino has recorded an average annual inflation rate of 1.97%, compared with 6.87% in Serbia. In 2025, inflation was 2.3% in San Marino and 3.89% in Serbia.
Balance of trade
|
San Marino
|
Serbia
|
|
|---|---|---|
|
Current account balance
|
$446M
2023 |
-$4.9B
2025 |
| Current account balance ranking |
60/190
2023 |
164/190
2025 |
| Current account balance, % of GDP |
+22%
2023 |
-4.9%
2025 |
| Goods imports |
$2.25B
2023 |
$44B
2025 |
| Goods exports |
$2.53B
2023 |
$36.7B
2025 |
| Service imports |
$894M
2023 |
$14.6B
2025 |
| Service exports |
$1.25B
2023 |
$17.2B
2025 |
| Imports of goods and services, % of GDP |
155%
2023 |
58.6%
2025 |
| Exports of goods and services, % of GDP |
186%
2023 |
54.3%
2025 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
San Marino
|
Serbia
|
|
|---|---|---|
| Economic freedom | 76 | 65 |
| Economic freedom ranking | 16/197 | 68/197 |
| Property rights | n/a | 57.2 |
| Government integrity | n/a | 37.2 |
| Judicial effectiveness | n/a | 50.1 |
| Tax burden | n/a | 88 |
| Government spending | n/a | 48.2 |
| Fiscal health | n/a | 94.3 |
| Business freedom | n/a | 73.6 |
| Labor freedom | n/a | 61.8 |
| Monetary freedom | n/a | 73 |
| Trade freedom | n/a | 76.6 |
| Investment freedom | n/a | 70 |
| Financial freedom | n/a | 50 |
Other economic metrics
|
San Marino
|
Serbia
|
|
|---|---|---|
| Services, % of GDP |
56.9%
2023 |
59.7%
2025 |
| Industry, % of GDP |
35.8%
2023 |
22.3%
2025 |
| Agriculture, forestry, and fishing, % of GDP |
0.02%
2023 |
3.29%
2025 |
|
GNI, Atlas method
|
$1.83B
2023 |
$88.3B
2025 |
| GNI per capita, PPP |
$71,920
2023 |
$31,780
2025 |
| Total reserves including gold |
$861M
2025 |
$34.2B
2025 |
| Total reserves ranking |
144/177
2025 |
55/177
2025 |
|
Net foreign direct investment
|
$52.7M
2023 |
-$2.6B
2025 |
|
Net inflows of foreign direct investment
|
-$18.1M
2023 |
$5.59B
2024 |
|
Net outflows of foreign direct investment
|
$0
2024 |
$661M
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
12.2%
2024 |
| Poverty at national poverty lines | n/a |
19.7%
2023 |
|
Gross capital formation, % of GDP
|
16.6%
2023 |
23.4%
2025 |
GDP per capita map
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/san-marino/serbia | CC BY
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Data sources:
- World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08)
- International Monetary Fund (IMF) | Fiscal Monitor (2000–2025, retrieved 2026-07-08)
- U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
- The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-07-08)
- United Nations | World Population Prospects (2026, retrieved 2026-07-08)
- 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.