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Economy of Serbia vs Tonga compared: GDP & Debt

Updated on by Georank team

Serbia has a GDP of $89.1B compared to $509M for Tonga, ranking 75/197 and 191/197 by economy size, respectively.

Serbia has $39.6B in government debt (44.4% of GDP), compared to $224M (44.1% of GDP) in Tonga.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Serbia
GDP, current $

GDP, constant 2015 $
Tonga
GDP, current $

GDP, constant 2015 $
Year GDP
Serbia Tonga
Current $ Constant $ Current $ Constant $
1975 - - $32,506,742 -
1976 - - $30,036,417 -
1977 - - $34,139,388 -
1978 - - $41,567,472 -
1979 - - $44,667,002 -
1980 - - $53,260,077 -
1981 - - $62,242,013 $253,486,823
1982 - - $62,068,161 $265,505,306
1983 - - $60,863,964 $270,768,691
1984 - - $64,248,355 $275,475,712
1985 - - $60,058,663 $293,542,686
1986 - - $68,195,856 $299,761,860
1987 - - $81,667,133 $308,711,663
1988 - - $106,657,267 $302,902,105
1989 - - $106,344,855 $304,083,141
1990 - - $113,563,822 $297,867,403
1991 - - $132,201,141 $316,975,459
1992 - - $137,066,291 $317,774,152
1993 - - $138,489,884 $329,652,735
1994 - - $195,990,986 $345,978,857
1995 $17,921,892,655 $22,980,131,489 $208,871,666 $367,526,974
1996 $23,277,430,168 $24,396,847,843 $222,100,576 $367,868,474
1997 $27,153,408,995 $26,576,270,133 $214,991,452 $365,659,284
1998 $21,004,077,441 $27,996,145,144 $191,504,893 $374,042,303
1999 $20,878,694,851 $25,105,401,157 $199,208,718 $382,654,487
2000 $7,326,373,882 $26,625,556,359 $204,848,488 $397,019,710
2001 $13,599,378,662 $28,430,374,779 $181,117,230 $402,945,154
2002 $17,930,583,571 $30,290,019,296 $182,764,281 $420,792,496
2003 $23,593,044,418 $31,671,150,129 $202,246,591 $421,010,490
2004 $26,845,632,342 $33,788,958,042 $230,678,011 $412,725,225
2005 $28,334,256,181 $35,783,688,498 $261,823,805 $410,010,934
2006 $33,298,057,362 $37,179,489,902 $292,232,703 $401,131,477
2007 $44,888,028,946 $40,091,414,195 $298,519,623 $391,246,363
2008 $54,220,641,202 $42,160,489,092 $344,438,844 $410,272,053
2009 $46,955,984,410 $40,835,549,150 $312,415,028 $389,228,468
2010 $43,536,629,233 $41,493,398,683 $366,887,375 $392,437,256
2011 $51,251,098,408 $41,515,918,179 $414,143,828 $418,745,062
2012 $45,103,269,969 $41,331,605,757 $471,122,971 $422,596,516
2013 $50,455,529,604 $41,518,250,511 $451,788,498 $424,261,219
2014 $49,114,321,280 $40,769,149,069 $440,997,735 $432,706,298
2015 $41,297,410,635 $41,297,410,635 $437,525,539 $437,525,539
2016 $42,225,495,910 $42,526,090,284 $420,828,255 $466,396,531
2017 $45,972,834,714 $43,531,149,260 $459,976,847 $481,332,040
2018 $52,787,520,249 $45,555,064,903 $489,714,530 $484,641,421
2019 $53,864,693,665 $47,719,025,212 $494,197,854 $483,631,267
2020 $55,874,017,669 $47,265,683,024 $496,856,304 $492,256,327
2021 $66,159,884,073 $51,022,858,875 $518,228,029 $494,041,269
2022 $66,797,564,758 $52,365,263,375 $518,180,029 $482,629,586
2023 $81,342,660,752 $54,380,001,765 $508,735,107 $492,688,338
2024 $89,083,506,277 $56,488,865,192 - -

Economic indicators

Serbia Tonga
Gross domestic product
$89.1B
2024
$509M
2023
GDP rank
75/197
2024
191/197
2023
GDP growth
9.52%
2023-2024
-1.82%
2022-2023
GDP per capita
$13,524
2024
$4,864
2023
GDP per capita rank
74/197
2024
121/197
2023
GDP per capita, PPP
$31,867
2024
$7,853
2023
Government debt
$39.6B
2024
$224M
2023
Debt-to-GDP ratio
44.4%
2025
44.1%
2025
Government debt per person
$6,015
2024
$2,138
2023
Government debt per person rank
74/185
2024
117/185
2023
Average annual personal income after taxes
$11,469
2025
$4,126
2025
Market capitalization of domestic companies
$4.06B
2011
n/a
Income share by richest 10%
24.7%
2022
22%
2021
Income share by poorest 10%
2.4%
2022
4%
2021
Government expenditure, % of GDP
43.4%
2025
49.7%
2025
Consumer prices inflation
4.67%
2023-2024
3.18%
2023-2024
Central bank interest rate
5.75%
2024
n/a
Unemployment rate
7.24%
2024
1.65%
2023
Population
6541064
103744

GDP per capita in Serbia vs Tonga

Serbia's GDP per capita is $13,524, ranking 74/197, compared to $4,864 in Tonga, ranking 121/197. Adjusted for purchasing power (GDP per capita PPP), Serbia ranks 69th at $31,867, while Tonga ranks 141st at $7,853.

Serbia
GDP per capita

GDP per capita, PPP
Tonga
GDP per capita

GDP per capita, PPP
Year Current $
Serbia Tonga
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1975 - - $349 -
1976 - - $315 -
1977 - - $353 -
1978 - - $428 -
1979 - - $458 -
1980 - - $545 -
1981 - - $636 -
1982 - - $633 -
1983 - - $621 -
1984 - - $656 -
1985 - - $613 -
1986 - - $696 -
1987 - - $830 -
1988 - - $1,078 -
1989 - - $1,070 -
1990 - - $1,139 $2,416
1991 - - $1,323 $2,652
1992 - - $1,370 $2,716
1993 - - $1,383 $2,882
1994 - - $1,957 $3,088
1995 $2,349 $5,021 $2,084 $3,347
1996 $3,054 $5,433 $2,215 $3,410
1997 $3,574 $6,039 $2,136 $3,434
1998 $2,775 $6,459 $1,889 $3,527
1999 $2,769 $5,895 $1,952 $3,636
2000 $975 $6,414 $1,995 $3,834
2001 $1,812 $6,803 $1,754 $3,955
2002 $2,391 $7,563 $1,759 $4,171
2003 $3,154 $8,024 $1,936 $4,231
2004 $3,597 $8,716 $2,195 $4,235
2005 $3,808 $9,398 $2,478 $4,315
2006 $4,493 $10,466 $2,750 $4,327
2007 $6,081 $11,686 $2,797 $4,316
2008 $7,377 $13,123 $3,218 $4,600
2009 $6,414 $13,031 $2,914 $4,384
2010 $5,971 $13,322 $3,416 $4,465
2011 $7,082 $14,298 $3,850 $4,855
2012 $6,263 $14,506 $4,384 $4,996
2013 $7,040 $15,247 $4,219 $5,120
2014 $6,887 $15,296 $4,137 $5,336
2015 $5,820 $15,550 $4,124 $5,472
2016 $5,982 $16,455 $3,988 $5,920
2017 $6,548 $17,285 $4,366 $6,229
2018 $7,560 $18,469 $4,639 $6,403
2019 $7,756 $20,587 $4,677 $6,489
2020 $8,099 $21,013 $4,700 $6,690
2021 $9,681 $23,406 $4,913 $7,035
2022 $10,023 $26,242 $4,933 $7,394
2023 $12,282 $28,748 $4,864 $7,853
2024 $13,524 $31,867 - -

Spending and national debt comparison

In 2024, Serbia's government spending was $37.8B, accounting for 43.4% of its GDP, while Tonga's spent $245M, or 49.7% of GDP.

Debt-to-GDP ratio is 44.4% in Serbia and 44.1% in Tonga, ranking 117/185 and 120/185, respectively.

Serbia
Government spending

Government debt
Tonga
Government spending

Government debt
Year % of GDP
Serbia Tonga
Government spending Government debt Government spending Government debt
1999 - - 18.8% 38.4%
2000 28% 200.6% 20% 43.6%
2001 30.5% 95.9% 19.1% 53.4%
2002 38.6% 68.4% 21.3% 60.7%
2003 37.6% 64.4% 20% 56.2%
2004 37.8% 57.6% 19.3% 52.2%
2005 38.9% 50.1% 19.8% 43.3%
2006 41.3% 37% 25.6% 39.6%
2007 40.6% 30% 23.2% 37.8%
2008 43.7% 29.4% 24% 34%
2009 41.1% 32.6% 23.9% 39.7%
2010 41.2% 38.2% 28.4% 44.7%
2011 40% 42% 32.6% 51.9%
2012 43.3% 51.7% 32% 60%
2013 40.6% 54.1% 34.3% 48.9%
2014 42.9% 63.5% 31.5% 47.4%
2015 41% 67.1% 37.4% 51.1%
2016 40.3% 65% 37.2% 49.4%
2017 38.5% 55.3% 39.7% 44.7%
2018 39% 51.1% 39.6% 45.8%
2019 40.2% 49.5% 39.9% 42.8%
2020 46% 54.3% 37.9% 42.6%
2021 44.4% 53.6% 44.6% 43%
2022 41.4% 50.9% 44.4% 43.8%
2023 40.6% 45.7% 48.2% 43.9%
2024 42.4% 44.5% 49.6% 38.2%
2025 43.4% 44.4% 49.7% 44.1%

Government deficit by year

In 2023, Serbia's government deficit, the difference between spending and revenue, was -$985M, equivalent to -1.21% of GDP. This compares to Tonga's surplus of $31.2M, or 6.14% of GDP.

Over the past 24 years, Serbia recorded a fiscal deficit in 19 of those years, while Tonga ran a deficit in 7 years. On average, Serbia posted an annual deficit equal to -2.08% of GDP, compared to surplus of +1.96% of GDP for Tonga.

Deficit/surplus
Serbia

Tonga
Year Deficit/surplus, % of GDP
Serbia Tonga
1999 - 1.55%
2000 -0.15% 1.35%
2001 0.32% 2.23%
2002 -2.33% 2.59%
2003 -2.39% 2.37%
2004 0.06% 4.23%
2005 1.02% 4.23%
2006 -0.9% 1.34%
2007 -0.8% 5.39%
2008 -4.25% 2.14%
2009 -3.3% 6.85%
2010 -3.35% -1.22%
2011 -3.75% -6.02%
2012 -6.11% -1.74%
2013 -4.79% -1.3%
2014 -5.61% 6.38%
2015 -3.25% -2.75%
2016 -1.08% 1.47%
2017 1.32% 3.58%
2018 0.78% 2.92%
2019 -0.004% 3.28%
2020 -6.91% 5.25%
2021 -3.16% -0.87%
2022 -0.14% -0.69%
2023 -1.21% 6.14%
2024 -1.73% 3.49%
2025 -2.77% -7.9%

Inflation comparison by year

Over the past 29 years, Serbia has recorded an average annual inflation rate of 18.3%, compared with 5.11% in Tonga. In 2024, inflation was 4.67% in Serbia and 3.18% in Tonga.

Inflation
Serbia

Tonga
Year Inflation
Serbia Tonga Serbia Tonga
1996 95.6% 3%
1997 23.3% 2.12%
1998 30.2% 3.27%
1999 42.5% 4.46%
2000 71.1% 6.33%
2001 95% 8.29%
2002 19.5% 10.4%
2003 9.88% 11.6%
2004 11% 11%
2005 16.1% 8.67%
2006 11.7% 6.15%
2007 6.39% 5.84%
2008 12.4% 10.4%
2009 8.12% 1.43%
2010 6.14% 3.53%
2011 11.1% 6.27%
2012 7.33% 1.15%
2013 7.69% 0.78%
2014 2.08% 2.51%
2015 1.39% -1.05%
2016 1.12% 2.58%
2017 3.13% 7.52%
2018 1.96% 5.03%
2019 1.85% 1.18%
2020 1.58% -0.35%
2021 4.09% 5.64%
2022 12% 11%
2023 12.4% 6.35%
2024 4.67% 3.18%

Balance of trade

Serbia Tonga
Current account balance
-$4.31B
2024
-$21.2M
2024
Current account balance ranking
162/189
2024
76/189
2024
Current account balance, % of GDP
-4.84%
2024
-5.91%
2023
Goods imports
$39.6B
2024
$232M
2024
Goods exports
$32.2B
2024
$10.8M
2024
Service imports
$12.7B
2024
$161M
2024
Service exports
$15.6B
2024
$109M
2024
Imports of goods and services, % of GDP
58.8%
2024
75.4%
2023
Exports of goods and services, % of GDP
52.7%
2024
18.8%
2023

Economic freedom indices

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

Serbia Tonga
Economic freedom 64.4 58.5
Economic freedom ranking 71/197 106/197
Property rights 58.9 67.9
Government integrity 37.2 45.8
Judicial effectiveness 50.8 65.7
Tax burden 87.3 84.9
Government spending 40.2 28.9
Fiscal health 91.2 96.3
Business freedom 74.7 59.5
Labor freedom 66.6 56.6
Monetary freedom 68.5 61
Trade freedom 77.2 75.4
Investment freedom 70 40
Financial freedom 50 20

Economic freedom by year comparison

The Economic Freedom Index for Serbia is 64.4, ranking 71/197, compared to 58.5 for Tonga, ranking 106/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Serbia
Tonga
Year Economic freedom index
Serbia Tonga
2002 46.6 -
2003 43.5 -
2004 - -
2005 - -
2006 - -
2007 - -
2008 - -
2009 56.6 54.1
2010 56.9 53.4
2011 58 55.8
2012 58 57
2013 58.6 56
2014 59.4 58.2
2015 60 59.3
2016 62.1 59.6
2017 58.9 63
2018 62.5 63.1
2019 63.9 57.7
2020 66 58.8
2021 67.2 57.5
2022 65.2 60.8
2023 63.5 60
2024 62.7 59.2
2025 64.4 58.5

More economic indicators

Serbia Tonga
Services, % of GDP
58.5%
2024
50.2%
2023
Industry, % of GDP
23.3%
2024
13.5%
2023
Agriculture, forestry, and fishing, % of GDP
3.15%
2024
17.5%
2023
GNI, Atlas method
$76.2B
2024
$578M
2023
GNI per capita, PPP
$29,870
2024
$8,560
2023
Total reserves including gold
$30.5B
2024
$377M
2024
Total reserves ranking
55/177
2024
163/177
2024
Net foreign direct investment
-$4.98B
2024
$13.3M
2024
Net inflows of foreign direct investment
$5.64B
2024
-$12.1M
2024
Net outflows of foreign direct investment
$660M
2024
$1.25M
2024
Servicing debt to the IMF, % of GNI
7.86%
2023
3.17%
2023
Poverty at national poverty lines
19.7%
2023
20.6%
2021
Gross capital formation, % of GDP
25.6%
2024
27%
2023

GDP per capita map

GDP per capita

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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.