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Economy of Saudi Arabia vs Serbia compared: GDP & Debt

Updated on by Georank team

Saudi Arabia has a GDP of $1.24T compared to $90.1B for Serbia, ranking 18/197 and 76/197 by economy size, respectively.

Saudi Arabia has $324B in government debt (26.2% of GDP), compared to $40.1B (44.5% of GDP) in Serbia.

Saudi Arabia vs Serbia GDP by year

Saudi Arabia
Serbia
1x
Year GDP, current $
Saudi Arabia Serbia
2024 $1,239,804,533,333 $90,097,765,959
2023 $1,218,584,533,333 $81,343,999,280
2022 $1,239,075,200,000 $66,809,895,701
2021 $982,661,066,667 $66,159,884,073
2020 $767,951,200,000 $55,874,017,669
2019 $888,890,133,333 $53,864,693,665
2018 $886,564,800,000 $52,787,520,249
2017 $741,266,133,333 $45,972,834,714
2016 $689,279,466,667 $42,225,495,910
2015 $693,414,400,000 $41,297,410,635
2014 $787,153,066,667 $49,114,321,280
2013 $769,755,733,333 $50,455,529,604
2012 $751,921,333,333 $45,103,269,969
2011 $680,660,800,000 $51,251,098,408
2010 $528,207,466,667 $43,536,629,233
2009 $429,097,866,667 $46,955,984,410
2008 $519,796,800,000 $54,220,641,202
2007 $415,964,509,673 $44,888,028,946
2006 $376,900,133,511 $33,298,057,362
2005 $328,459,608,764 $28,334,256,181
2004 $258,742,133,333 $26,845,632,342
2003 $215,807,733,333 $23,593,044,418
2002 $189,605,866,667 $17,930,583,571
2001 $184,137,600,000 $13,599,378,662
2000 $189,514,933,333 $7,326,373,882
1999 $161,717,066,667 $20,878,694,851
1998 $146,775,466,667 $21,004,077,441
1997 $165,963,684,913 $27,153,408,995
1996 $158,662,483,311 $23,277,430,168
1995 $143,343,124,166 $17,921,892,655
1994 $135,174,899,866 -
1993 $132,967,957,276 -
1992 $137,087,850,467 -
1991 $132,223,230,975 -
1990 $117,630,173,565 -
1989 $95,344,459,279 -
1988 $88,256,074,766 -
1987 $85,695,861,148 -
1986 $86,961,922,765 -
1985 $103,897,846,494 -
1984 $119,624,858,116 -
1983 $129,171,635,311 -
1982 $153,240,313,858 -
1981 $184,291,360,139 -
1980 $164,539,660,725 -
1979 $111,858,444,786 -
1978 $80,266,516,687 -
1977 $74,188,986,586 -
1976 $64,005,665,722 -
1975 $46,773,208,643 -
1974 $45,412,957,746 -
1973 $14,947,435,499 -
1972 $9,664,267,087 -
1971 $7,184,806,909 -
1970 $5,377,333,333 -
1969 $4,485,777,644 -
1968 $4,187,777,711 -
1967 $3,257,022,223 -
1966 $2,920,555,557 -
1965 $2,647,955,558 -
1964 $2,371,808,713 -
1963 $2,207,393,172 -
1962 $2,130,606,532 -
1961 $1,920,811,284 -
1960 $1,748,124,064 -

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

GeoRank.org/economy/saudi-arabia/serbia | CC BY

GDP per capita in Saudi Arabia vs Serbia by year

Saudi Arabia
GDP per capita

GDP per capita, PPP
Serbia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Saudi Arabia Serbia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $35,122 $71,375 $13,679 $32,832
2023 $36,157 $71,565 $12,282 $29,777
2022 $38,510 $71,968 $10,025 $26,143
2021 $31,921 $62,690 $9,681 $23,406
2020 $24,339 $47,518 $8,099 $21,013
2019 $29,567 $59,560 $7,756 $20,587
2018 $29,360 $59,378 $7,560 $18,469
2017 $23,929 $53,120 $6,548 $17,285
2016 $22,268 $49,937 $5,982 $16,455
2015 $23,256 $53,931 $5,820 $15,546
2014 $27,805 $62,578 $6,887 $15,296
2013 $27,865 $62,203 $7,040 $15,247
2012 $28,733 $65,034 $6,263 $14,506
2011 $27,127 $64,125 $7,082 $14,298
2010 $22,028 $58,829 $5,971 $13,320
2009 $17,718 $54,787 $6,414 $13,038
2008 $22,320 $57,236 $7,377 $13,123
2007 $18,596 $55,030 $6,081 $11,685
2006 $17,564 $54,639 $4,493 $10,463
2005 $15,976 $53,548 $3,808 $9,398
2004 $13,154 $51,225 $3,597 $8,715
2003 $11,487 $48,078 $3,154 $8,023
2002 $10,586 $45,466 $2,391 $7,563
2001 $10,805 $47,381 $1,812 $6,803
2000 $11,715 $48,644 $975 $6,416
1999 $10,452 $47,495 $2,769 $5,897
1998 $9,836 $48,867 $2,775 $6,460
1997 $11,545 $48,796 $3,574 $6,040
1996 $11,472 $48,569 $3,054 $5,434
1995 $10,786 $48,052 $2,349 $5,022
1994 $10,602 $48,904 - -
1993 $10,885 $49,503 - -
1992 $11,730 $50,355 - -
1991 $11,847 $49,295 - -
1990 $11,055 $46,214 - -
1989 $9,414 - - -
1988 $9,165 - - -
1987 $9,386 - - -
1986 $10,078 - - -
1985 $12,745 - - -
1984 $15,541 - - -
1983 $17,810 - - -
1982 $22,454 - - -
1981 $28,703 - - -
1980 $27,206 - - -
1979 $19,612 - - -
1978 $14,914 - - -
1977 $14,595 - - -
1976 $13,313 - - -
1975 $10,266 - - -
1974 $10,503 - - -
1973 $3,640 - - -
1972 $2,474 - - -
1971 $1,929 - - -
1970 $1,509 - - -
1969 $1,313 - - -
1968 $1,276 - - -
1967 $1,032 - - -
1966 $961 - - -
1965 $904 - - -
1964 $840 - - -
1963 $812 - - -
1962 $813 - - -
1961 $760 - - -
1960 $718 - - -

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

GeoRank.org/economy/saudi-arabia/serbia | CC BY

Saudi Arabia's GDP per capita is $35,122, ranking 33/197, compared to $13,679 in Serbia, ranking 73/197. Adjusted for purchasing power (GDP per capita PPP), Saudi Arabia ranks 24th at $71,375, while Serbia ranks 69th at $32,832.

Economic indicators

Saudi Arabia Serbia
Gross domestic product
$1.24T
2024
$90.1B
2024
GDP rank
18/197
2024
76/197
2024
GDP growth
2%
2023-2024
3.95%
2023-2024
GDP per capita
$35,122
2024
$13,679
2024
GDP per capita rank
33/197
2024
73/197
2024
GDP per capita, PPP
$71,375
2024
$32,832
2024
GDP per capita PPP rank
24/197
2024
69/197
2024
Government debt
$324B
2024
$40.1B
2024
Debt-to-GDP ratio
26.2%
2024
44.5%
2024
Government debt per person
$9,185
2024
$6,084
2024
Government debt per person rank
58/185
2024
73/185
2024
Average annual personal income after taxes
$23,076
2026
$12,252
2026
Market capitalization of domestic companies
$2.73T
2024
$4.06B
2011
Number of millionaires
351,855
2025
n/a
Number of billionaires
15
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
29.6%
2024
42.7%
2024
Consumer prices inflation
1.69%
2023-2024
4.67%
2023-2024
Central bank interest rate
4.25%
2025
5.75%
2024
Unemployment rate
3.52%
2024
7.24%
2024
Population
36734925
6494521

Spending and national debt comparison by year

Saudi Arabia
Spending

Debt
Serbia
Spending

Debt
1x
Year % of GDP
Saudi Arabia Serbia
Government spending Government debt Government spending Government debt
2024 29.6% 26.2% 42.7% 44.5%
2023 28.3% 23% 40.6% 45.7%
2022 25.3% 21.3% 41.4% 50.9%
2021 28.2% 25.5% 44.4% 53.6%
2020 37.4% 29.7% 46% 54.3%
2019 31.8% 20.3% 40.2% 49.5%
2018 32.4% 16.8% 39% 51.1%
2017 30.9% 15.9% 38.5% 55.3%
2016 33.3% 12.2% 40.3% 65%
2015 38.5% 5.47% 41% 67.1%
2014 38.6% 1.5% 42.9% 63.5%
2013 34.5% 2.08% 40.6% 54.1%
2012 32.5% 2.97% 43.3% 51.7%
2011 32.4% 5.31% 40% 42%
2010 33% 8.43% 41.2% 38.2%
2009 37.1% 14% 41.1% 32.6%
2008 26.7% 12.1% 43.7% 29.4%
2007 29.5% 17.1% 40.6% 30%
2006 27.3% 25.8% 41.3% 37%
2005 28.2% 37.3% 38.9% 50.1%
2004 31.1% 62.9% 37.8% 57.6%
2003 33.1% 81.6% 37.6% 64.4%
2002 35.9% 96.4% 38.6% 68.4%
2001 36.9% 93.1% 30.5% 95.9%
2000 33.1% 86.7% 28% 200.6%
1999 30.3% 103% - -
1998 34.5% 101.5% - -
1997 35.6% 76.7% - -
1996 33.3% 75.2% - -
1995 32.4% 74.2% - -
1994 33.8% 67.9% - -
1993 37.7% 58.6% - -
1992 41.2% 47.8% - -
1991 34.9% 39.4% - -
1990 39.3% - - -

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

GeoRank.org/economy/saudi-arabia/serbia | CC BY

In 2024, Saudi Arabia's government spending was $367B, accounting for 29.6% of its GDP, while Serbia spent $38.4B, or 42.7% of GDP.

Debt-to-GDP ratio is 26.2% in Saudi Arabia and 44.5% in Serbia, ranking 163/185 and 121/185, respectively.

Government deficit by year

Deficit/surplus
Saudi Arabia

Serbia
1x
Year Deficit/surplus, % of GDP
Saudi Arabia Serbia
2024 -2.49% -1.75%
2023 -1.77% -1.21%
2022 2.24% -0.14%
2021 -1.99% -3.16%
2020 -10.2% -6.91%
2019 -3.96% -0.004%
2018 -5.21% 0.78%
2017 -8.57% 1.32%
2016 -13.2% -1.08%
2015 -14.9% -3.25%
2014 -3.4% -5.61%
2013 5.47% -4.79%
2012 11.7% -6.11%
2011 11.4% -3.75%
2010 4.39% -3.35%
2009 -5.38% -3.3%
2008 29.8% -4.25%
2007 11.8% -0.8%
2006 20.8% -0.9%
2005 18% 1.02%
2004 9.72% 0.06%
2003 1.2% -2.39%
2002 -5.91% -2.33%
2001 -3.91% 0.32%
2000 3.18% -0.15%
1999 -5.99% -
1998 -8.88% -
1997 -2.51% -
1996 -3.25% -
1995 -5.12% -
1994 -8.31% -
1993 -9.33% -
1992 -8.12% -
1991 -3.28% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20).

GeoRank.org/economy/saudi-arabia/serbia | CC BY

In 2024, Saudi Arabia's government deficit, the difference between spending and revenue, was $30.9B, equivalent to 2.49% of GDP. This compares to Serbia's deficit of $1.58B, or 1.75% of GDP.

Over the past 25 years, Saudi Arabia recorded a fiscal deficit in 13 of those years, while Serbia ran a deficit in 20 years. On average, Saudi Arabia posted an annual surplus equal to 1.95% of GDP, compared to deficit of 2.07% of GDP for Serbia.

Inflation comparison by year

Inflation
Saudi Arabia

Serbia
1x
Year Consumer prices inflation
Saudi Arabia Serbia
2024 1.69% 4.67%
2023 2.33% 12.4%
2022 2.47% 12%
2021 3.06% 4.09%
2020 3.37% 1.58%
2019 -1.19% 1.85%
2018 2.47% 1.96%
2017 -0.83% 3.13%
2016 2.05% 1.12%
2015 1.22% 1.39%
2014 2.24% 2.08%
2013 3.51% 7.69%
2012 2.87% 7.33%
2011 5.83% 11.1%
2010 5.34% 6.14%
2009 5.06% 8.12%
2008 9.87% 12.4%
2007 4.17% 6.39%
2006 2.21% 11.7%
2005 0.48% 16.1%
2004 0.52% 11%
2003 0.61% 9.88%
2002 0.25% 19.5%
2001 -1.12% 95%
2000 -1.12% 71.1%
1999 -1.33% 42.5%
1998 -0.37% 30.2%
1997 0.06% 23.3%

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

GeoRank.org/economy/saudi-arabia/serbia | CC BY

Over the past 28 years, Saudi Arabia has recorded an average annual inflation rate of 1.99%, compared with 15.6% in Serbia. In 2024, inflation was 1.69% in Saudi Arabia and 4.67% in Serbia.

Top exports between countries

Saudi Arabia
Export category Export value
Raw materials & minerals $1.64M
Machinery & equipment $569K
Textiles & consumer goods $173K
Chemicals & pharma $135K
Raw agricultural goods $84K
Processed food, beverages & tobacco $47K
Metals $11K
Wood & paper products $9K
Animal & marine products $4K
Miscellaneous $1K
Serbia
Export category Export value
Raw agricultural goods $22.7M
Machinery & equipment $11.3M
Chemicals & pharma $9.68M
Miscellaneous $8.74M
Processed food, beverages & tobacco $3.92M
Wood & paper products $2.76M
Metals $1.57M
Raw materials & minerals $1.49M
Textiles & consumer goods $905K
Weapons & explosives $36K

Balance of trade

Saudi Arabia Serbia
Current account balance
-$16.3B
2024
-$4.1B
2024
Current account balance ranking
180/190
2024
162/190
2024
Current account balance, % of GDP
-1.31%
2024
-4.56%
2024
Goods imports
$214B
2024
$39.6B
2024
Goods exports
$306B
2024
$32.2B
2024
Service imports
$125B
2024
$12.6B
2024
Service exports
$62.8B
2024
$15.7B
2024
Imports of goods and services, % of GDP
25.6%
2024
58.1%
2024
Exports of goods and services, % of GDP
29.1%
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.

Saudi Arabia Serbia
Economic freedom 65.4 65
Economic freedom ranking 65/197 68/197
Property rights 51.4 57.2
Government integrity 52.7 37.2
Judicial effectiveness 38.2 50.1
Tax burden 99.2 88
Government spending 77 48.2
Fiscal health 97.9 94.3
Business freedom 71.2 73.6
Labor freedom 41.8 61.8
Monetary freedom 81.2 73
Trade freedom 73.8 76.6
Investment freedom 50 70
Financial freedom 50 50

Economic freedom comparison by year

Saudi Arabia
Serbia
1x
Year Economic freedom index
Saudi Arabia Serbia
2026 65.4 65
2025 64.4 64.4
2024 61.9 62.7
2023 58.3 63.5
2022 55.5 65.2
2021 66 67.2
2020 62.4 66
2019 60.7 63.9
2018 59.6 62.5
2017 64.4 58.9
2016 62.1 62.1
2015 62.1 60
2014 62.2 59.4
2013 60.6 58.6
2012 62.5 58
2011 66.2 58
2010 64.1 56.9
2009 64.3 56.6
2008 62.5 -
2007 60.9 -
2006 63 -
2005 63 -
2004 60.4 -
2003 63.2 43.5
2002 65.3 46.6
2001 62.2 -
2000 66.5 -
1999 65.5 -
1998 69.3 -
1997 68.7 -
1996 68.3 -

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

GeoRank.org/economy/saudi-arabia/serbia | CC BY

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

Other economic metrics

Saudi Arabia Serbia
Services, % of GDP
47.1%
2024
58.8%
2024
Industry, % of GDP
44.9%
2024
23.1%
2024
Agriculture, forestry, and fishing, % of GDP
2.54%
2024
3.17%
2024
GNI, Atlas method
$1.26T
2024
$76.5B
2024
GNI per capita, PPP
$71,730
2024
$30,770
2024
Total reserves including gold
$464B
2024
$30.5B
2024
Total reserves ranking
7/177
2024
55/177
2024
Net foreign direct investment
$6.27B
2024
-$4.93B
2024
Net inflows of foreign direct investment
$21.3B
2024
$5.59B
2024
Net outflows of foreign direct investment
$27.6B
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
30.2%
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/saudi-arabia/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 (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2020–2024, 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.