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Economy of Serbia vs Uganda compared: GDP & Debt

Updated on by Georank team

Serbia has a GDP of $89.1B compared to $53.7B for Uganda, ranking 75/197 and 89/197 by economy size, respectively.

Serbia has $39.6B in government debt (44.4% of GDP), compared to $27.8B (54% of GDP) in Uganda.

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 $
Uganda
GDP, current $

GDP, constant 2015 $
Year GDP
Serbia Uganda
Current $ Constant $ Current $ Constant $
1960 - - $423,145,605 -
1961 - - $441,667,335 -
1962 - - $449,158,233 -
1963 - - $516,315,231 -
1964 - - $589,247,687 -
1965 - - $884,502,310 -
1966 - - $925,381,492 -
1967 - - $967,240,655 -
1968 - - $1,037,379,252 -
1969 - - $1,168,556,629 -
1970 - - $1,259,554,809 -
1971 - - $1,417,191,656 -
1972 - - $1,490,970,181 -
1973 - - $1,701,829,789 -
1974 - - $2,098,944,967 -
1975 - - $2,359,555,556 -
1976 - - $2,447,300,000 -
1977 - - $2,936,470,588 -
1978 - - $2,420,260,870 -
1979 - - $2,139,025,000 -
1980 - - $1,244,610,000 -
1981 - - $1,337,300,000 -
1982 - - $2,177,500,000 $4,983,495,459
1983 - - $2,240,333,333 $5,269,775,231
1984 - - $3,615,647,477 $5,251,611,545
1985 - - $3,519,695,444 $5,077,973,311
1986 - - $3,923,244,050 $5,097,781,822
1987 - - $6,269,522,042 $5,299,750,982
1988 - - $6,508,931,652 $5,737,885,293
1989 - - $5,276,480,799 $6,102,926,184
1990 - - $4,304,399,310 $6,498,038,179
1991 - - $3,321,729,160 $6,858,945,425
1992 - - $2,857,457,762 $7,093,408,658
1993 - - $3,220,439,044 $7,684,026,613
1994 - - $3,990,430,447 $8,176,083,687
1995 $17,921,892,655 $22,980,131,489 $5,755,818,842 $9,118,233,745
1996 $23,277,430,168 $24,396,847,843 $6,044,585,327 $9,945,450,358
1997 $27,153,408,995 $26,576,270,133 $6,269,333,313 $10,452,668,512
1998 $21,004,077,441 $27,996,145,144 $6,584,815,847 $10,965,399,652
1999 $20,878,694,851 $25,105,401,157 $5,998,563,258 $11,848,547,280
2000 $7,326,373,882 $26,625,556,359 $6,193,246,837 $12,220,817,656
2001 $13,599,378,662 $28,430,374,779 $5,840,503,869 $12,854,303,430
2002 $17,930,583,571 $30,290,019,296 $6,178,563,591 $13,976,829,356
2003 $23,593,044,418 $31,671,150,129 $6,606,884,275 $14,881,585,674
2004 $26,845,632,342 $33,788,958,042 $7,939,487,548 $15,894,609,936
2005 $28,334,256,181 $35,783,688,498 $9,239,221,763 $16,901,146,461
2006 $33,298,057,362 $37,179,489,902 $9,977,647,683 $18,723,891,905
2007 $44,888,028,946 $40,091,414,195 $11,902,564,495 $20,299,025,449
2008 $54,220,641,202 $42,160,489,092 $14,440,404,132 $22,066,817,214
2009 $46,955,984,410 $40,835,549,150 $25,127,805,567 $23,567,695,615
2010 $43,536,629,233 $41,493,398,683 $26,673,441,431 $24,896,350,765
2011 $51,251,098,408 $41,515,918,179 $27,871,725,241 $27,234,530,260
2012 $45,103,269,969 $41,331,605,757 $27,305,915,911 $28,279,643,268
2013 $50,455,529,604 $41,518,250,511 $28,915,786,517 $29,294,007,440
2014 $49,114,321,280 $40,769,149,069 $32,612,397,257 $30,789,849,488
2015 $41,297,410,635 $41,297,410,635 $32,387,183,730 $32,387,183,730
2016 $42,225,495,910 $42,526,090,284 $29,203,988,696 $33,935,615,079
2017 $45,972,834,714 $43,531,149,260 $30,744,473,841 $34,998,276,802
2018 $52,787,520,249 $45,555,064,903 $32,927,025,620 $37,204,541,497
2019 $53,864,693,665 $47,719,025,212 $35,353,061,008 $39,600,047,064
2020 $55,874,017,669 $47,265,683,024 $37,600,368,240 $40,768,765,796
2021 $66,159,884,073 $51,022,858,875 $40,529,788,744 $42,210,585,953
2022 $66,797,564,758 $52,365,263,375 $45,565,333,216 $44,147,216,890
2023 $81,342,660,752 $54,380,001,765 $48,768,955,859 $46,503,341,915
2024 $89,083,506,277 $56,488,865,192 $53,651,874,314 $49,356,997,179

Economic indicators

Serbia Uganda
Gross domestic product
$89.1B
2024
$53.7B
2024
GDP rank
75/197
2024
89/197
2024
GDP growth
9.52%
2023-2024
10%
2023-2024
GDP per capita
$13,524
2024
$1,073
2024
GDP per capita rank
74/197
2024
173/197
2024
GDP per capita, PPP
$31,867
2024
$3,276
2024
Government debt
$39.6B
2024
$27.8B
2024
Debt-to-GDP ratio
44.4%
2025
54%
2025
Government debt per person
$6,015
2024
$556
2024
Government debt per person rank
74/185
2024
162/185
2024
Average annual personal income after taxes
$11,469
2025
$1,648
2025
Market capitalization of domestic companies
$4.06B
2011
n/a
Income share by richest 10%
24.7%
2022
34.5%
2019
Income share by poorest 10%
2.4%
2022
2.4%
2019
Government expenditure, % of GDP
43.4%
2025
21.4%
2025
Consumer prices inflation
4.67%
2023-2024
3.8%
2024-2025
Central bank interest rate
5.75%
2024
9.75%
2024
Unemployment rate
7.24%
2024
3.42%
2021
Population
6541064
52490669

GDP per capita in Serbia vs Uganda

Serbia's GDP per capita is $13,524, ranking 74/197, compared to $1,073 in Uganda, ranking 173/197. Adjusted for purchasing power (GDP per capita PPP), Serbia ranks 69th at $31,867, while Uganda ranks 175th at $3,276.

Serbia
GDP per capita

GDP per capita, PPP
Uganda
GDP per capita

GDP per capita, PPP
Year Current $
Serbia Uganda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $55.4 -
1961 - - $56.2 -
1962 - - $55.5 -
1963 - - $62 -
1964 - - $68.6 -
1965 - - $100 -
1966 - - $101.4 -
1967 - - $102.8 -
1968 - - $106.9 -
1969 - - $116.7 -
1970 - - $122 -
1971 - - $133.5 -
1972 - - $137 -
1973 - - $152.7 -
1974 - - $183.7 -
1975 - - $201.2 -
1976 - - $203.3 -
1977 - - $237.6 -
1978 - - $190.7 -
1979 - - $164.5 -
1980 - - $93.8 -
1981 - - $98.6 -
1982 - - $157 -
1983 - - $157.5 -
1984 - - $247.5 -
1985 - - $234.3 -
1986 - - $253.6 -
1987 - - $393 -
1988 - - $395 -
1989 - - $310 -
1990 - - $245 $666
1991 - - $183 $703
1992 - - $152.1 $719
1993 - - $165.6 $770
1994 - - $198.4 $809
1995 $2,349 $5,021 $278.5 $897
1996 $3,054 $5,433 $284.7 $969
1997 $3,574 $6,039 $286.8 $1,007
1998 $2,775 $6,459 $292.5 $1,037
1999 $2,769 $5,895 $257.9 $1,100
2000 $975 $6,414 $258.1 $1,124
2001 $1,812 $6,803 $236 $1,173
2002 $2,391 $7,563 $242 $1,255
2003 $3,154 $8,024 $250.7 $1,320
2004 $3,597 $8,716 $292.4 $1,405
2005 $3,808 $9,398 $330 $1,497
2006 $4,493 $10,466 $347 $1,660
2007 $6,081 $11,686 $401 $1,795
2008 $7,377 $13,123 $473 $1,931
2009 $6,414 $13,031 $799 $2,015
2010 $5,971 $13,322 $823 $2,092
2011 $7,082 $14,298 $836 $2,268
2012 $6,263 $14,506 $795 $2,032
2013 $7,040 $15,247 $818 $2,045
2014 $6,887 $15,296 $896 $2,134
2015 $5,820 $15,550 $863 $2,190
2016 $5,982 $16,455 $753 $2,165
2017 $6,548 $17,285 $765 $2,158
2018 $7,560 $18,469 $792 $2,312
2019 $7,756 $20,587 $822 $2,441
2020 $8,099 $21,013 $846 $2,532
2021 $9,681 $23,406 $883 $2,685
2022 $10,023 $26,242 $963 $2,919
2023 $12,282 $28,748 $1,002 $3,098
2024 $13,524 $31,867 $1,073 $3,276

Spending and national debt comparison

In 2024, Serbia's government spending was $37.8B, accounting for 43.4% of its GDP, while Uganda's spent $11B, or 21.4% of GDP.

Debt-to-GDP ratio is 44.4% in Serbia and 54% in Uganda, ranking 117/185 and 100/185, respectively.

Serbia
Government spending

Government debt
Uganda
Government spending

Government debt
Year % of GDP
Serbia Uganda
Government spending Government debt Government spending Government debt
1997 - - 13.9% 44.2%
1998 - - 14% 45.1%
1999 - - 14.7% 47.7%
2000 28% 200.6% 15.2% 48.5%
2001 30.5% 95.9% 16.2% 51.4%
2002 38.6% 68.4% 16.8% 54.7%
2003 37.6% 64.4% 16.5% 55.1%
2004 37.8% 57.6% 15.6% 49%
2005 38.9% 50.1% 14.5% 42.6%
2006 41.3% 37% 13.7% 27.8%
2007 40.6% 30% 13.2% 17%
2008 43.7% 29.4% 12.9% 15.7%
2009 41.1% 32.6% 11.8% 14.8%
2010 41.2% 38.2% 15.4% 18.4%
2011 40% 42% 13.2% 18%
2012 43.3% 51.7% 13.1% 19.5%
2013 40.6% 54.1% 13.3% 22.1%
2014 42.9% 63.5% 13.6% 24.8%
2015 41% 67.1% 14.9% 28%
2016 40.3% 65% 15.2% 31.3%
2017 38.5% 55.3% 16.3% 33.6%
2018 39% 51.1% 16.2% 34.9%
2019 40.2% 49.5% 18.3% 37.5%
2020 46% 54.3% 21.4% 46.3%
2021 44.4% 53.6% 21.4% 50.3%
2022 41.4% 50.9% 20.2% 50.2%
2023 40.6% 45.7% 19% 50.2%
2024 42.4% 44.5% 20.5% 51.8%
2025 43.4% 44.4% 21.4% 54%

Government deficit by year

In 2024, Serbia's government deficit, the difference between spending and revenue, was -$1.54B, equivalent to -1.73% of GDP. This compares to Uganda's deficit of -$3.14B, or -5.85% of GDP.

Over the past 25 years, Serbia recorded a fiscal deficit in 20 of those years, while Uganda ran a deficit in 24 years. On average, Serbia posted an annual deficit equal to -2.07% of GDP, compared to deficit of -2.93% of GDP for Uganda.

Deficit/surplus
Serbia

Uganda
Year Deficit/surplus, % of GDP
Serbia Uganda
1997 - -0.83%
1998 - -0.7%
1999 - -1.24%
2000 -0.15% -0.62%
2001 0.32% -0.99%
2002 -2.33% -2.07%
2003 -2.39% -0.97%
2004 0.06% 0.34%
2005 1.02% -0.17%
2006 -0.9% -0.64%
2007 -0.8% -0.82%
2008 -4.25% -1.99%
2009 -3.3% -1.61%
2010 -3.35% -4.64%
2011 -3.75% -2.04%
2012 -6.11% -2.39%
2013 -4.79% -3.19%
2014 -5.61% -2.74%
2015 -3.25% -2.59%
2016 -1.08% -2.64%
2017 1.32% -3.83%
2018 0.78% -3.02%
2019 -0.004% -4.82%
2020 -6.91% -7.76%
2021 -3.16% -7.44%
2022 -0.14% -5.96%
2023 -1.21% -4.86%
2024 -1.73% -5.85%
2025 -2.77% -6.7%

Inflation comparison by year

Over the past 29 years, Serbia has recorded an average annual inflation rate of 18.3%, compared with 6.12% in Uganda. In 2024, inflation was 4.67% in Serbia and 3.8% in Uganda.

Inflation
Serbia

Uganda
Year Inflation
Serbia Uganda Serbia Uganda
1996 95.6% 7.5%
1997 23.3% 7.7%
1998 30.2% 5.8%
1999 42.5% 5.8%
2000 71.1% 3.4%
2001 95% 1.9%
2002 19.5% -0.3%
2003 9.88% 8.7%
2004 11% 3.7%
2005 16.1% 8.6%
2006 11.7% 7.2%
2007 6.39% 6.1%
2008 12.4% 12%
2009 8.12% 13%
2010 6.14% 4%
2011 11.1% 18.7%
2012 7.33% 14%
2013 7.69% 5.5%
2014 2.08% 4.3%
2015 1.39% 3.7%
2016 1.12% 5.2%
2017 3.13% 5.6%
2018 1.96% 2.5%
2019 1.85% 2.1%
2020 1.58% 2.8%
2021 4.09% 2.2%
2022 12% 7.2%
2023 12.4% 5.4%
2024 4.67% 3.3%
2025 - 3.8%

Top exports between countries

Serbia
Export category Export value
Miscellaneous $46.2M
Weapons & explosives $1.95M
Machinery & equipment $1.24M
Processed food, beverages & tobacco $112K
Metals $110K
Chemicals & pharma $88K
Textiles & consumer goods $57K
Raw materials & minerals $39K
Raw agricultural goods $20K
Wood & paper products $7K
Uganda
Export category Export value
Raw agricultural goods $276K
Machinery & equipment $63K
Textiles & consumer goods $25K
Chemicals & pharma $17K
Metals $2K
Processed food, beverages & tobacco $1K
Raw materials & minerals $1K

Balance of trade

Serbia Uganda
Current account balance
-$4.31B
2024
-$4.2B
2024
Current account balance ranking
162/189
2024
161/189
2024
Current account balance, % of GDP
-4.84%
2024
-7.83%
2024
Goods imports
$39.6B
2024
$11.7B
2024
Goods exports
$32.2B
2024
$8.67B
2024
Service imports
$12.7B
2024
$4.31B
2024
Service exports
$15.6B
2024
$2.39B
2024
Imports of goods and services, % of GDP
58.8%
2024
24.6%
2024
Exports of goods and services, % of GDP
52.7%
2024
16.9%
2024

Economic freedom indices

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

Serbia Uganda
Economic freedom 64.4 51.3
Economic freedom ranking 71/197 154/197
Property rights 58.9 47.4
Government integrity 37.2 24.1
Judicial effectiveness 50.8 29.2
Tax burden 87.3 73.6
Government spending 40.2 87.7
Fiscal health 91.2 35.5
Business freedom 74.7 50.3
Labor freedom 66.6 54.8
Monetary freedom 68.5 75.1
Trade freedom 77.2 57.4
Investment freedom 70 40
Financial freedom 50 40

Economic freedom by year comparison

The Economic Freedom Index for Serbia is 64.4, ranking 71/197, compared to 51.3 for Uganda, ranking 154/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Serbia
Uganda
Year Economic freedom index
Serbia Uganda
1995 - 62.9
1996 - 66.2
1997 - 66.6
1998 - 64.7
1999 - 64.8
2000 - 58.2
2001 - 60.4
2002 46.6 61
2003 43.5 60.1
2004 - 64.1
2005 - 62.9
2006 - 63.9
2007 - 63.1
2008 - 63.8
2009 56.6 63.5
2010 56.9 62.2
2011 58 61.7
2012 58 61.9
2013 58.6 61.1
2014 59.4 59.9
2015 60 59.7
2016 62.1 59.3
2017 58.9 60.9
2018 62.5 62
2019 63.9 59.7
2020 66 59.5
2021 67.2 58.6
2022 65.2 54.2
2023 63.5 51.4
2024 62.7 50.7
2025 64.4 51.3

More economic indicators

Serbia Uganda
Services, % of GDP
58.5%
2024
43.1%
2024
Industry, % of GDP
23.3%
2024
24.9%
2024
Agriculture, forestry, and fishing, % of GDP
3.15%
2024
24.7%
2024
GNI, Atlas method
$76.2B
2024
$50.9B
2024
GNI per capita, PPP
$29,870
2024
$3,200
2024
Total reserves including gold
$30.5B
2024
$3.36B
2018
Total reserves ranking
55/177
2024
114/177
2018
Net foreign direct investment
-$4.98B
2024
-$3.3B
2024
Net inflows of foreign direct investment
$5.64B
2024
$3.3B
2024
Net outflows of foreign direct investment
$660M
2024
$400K
2024
Servicing debt to the IMF, % of GNI
7.86%
2023
4.99%
2023
Poverty at national poverty lines
19.7%
2023
20.3%
2019
Gross capital formation, % of GDP
25.6%
2024
22.3%
2024

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.