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Economy of Serbia vs Uruguay compared: GDP & Debt

Updated on by Georank

Serbia has a GDP of $100B compared to $85.3B for Uruguay, ranking 76/197 and 84/197 by economy size, respectively.

Serbia has $42.4B in government debt (42.4% of GDP), compared to $56B (65.7% of GDP) in Uruguay.

Serbia vs Uruguay GDP by year

Serbia
Uruguay
1x
Year GDP, current $
Serbia Uruguay
2025 $99,953,324,473 $85,347,696,278
2024 $90,088,366,320 $82,322,859,144
2023 $81,343,999,280 $79,208,725,900
2022 $66,809,895,701 $71,240,669,088
2021 $66,159,884,073 $60,739,061,281
2020 $55,874,017,669 $53,559,354,501
2019 $53,864,693,665 $62,222,324,965
2018 $52,787,520,249 $65,344,577,416
2017 $45,972,834,714 $65,006,039,810
2016 $42,225,495,910 $57,480,787,465
2015 $41,297,410,635 $57,680,327,999
2014 $49,114,321,280 $61,496,186,974
2013 $50,455,529,604 $61,337,621,934
2012 $45,103,269,969 $54,232,266,359
2011 $51,251,098,408 $50,342,406,067
2010 $43,536,629,233 $41,950,361,212
2009 $46,955,984,410 $32,708,319,078
2008 $54,220,641,202 $31,119,602,539
2007 $44,888,028,946 $23,797,773,024
2006 $33,298,057,362 $19,741,420,740
2005 $28,334,256,181 $17,362,857,684
2004 $26,845,632,342 $13,686,329,890
2003 $23,593,044,418 $12,045,638,352
2002 $17,930,583,571 $13,606,515,723
2001 $13,599,378,662 $20,898,761,742
2000 $7,326,373,882 $22,823,270,892
1999 $20,878,694,851 $23,983,945,191
1998 $21,004,077,441 $25,385,886,978
1997 $27,153,408,995 $23,969,739,234
1996 $23,277,430,168 $20,515,458,114
1995 $17,921,892,655 $19,297,663,097
1994 - $17,474,588,896
1993 - $15,002,136,971
1992 - $12,878,148,791
1991 - $11,206,176,651
1990 - $9,298,807,850
1989 - $8,438,951,476
1988 - $8,213,538,369
1987 - $7,367,494,080
1986 - $5,880,112,788
1985 - $4,732,017,873
1984 - $4,850,238,550
1983 - $5,102,276,308
1982 - $9,178,780,077
1981 - $11,048,301,421
1980 - $10,163,020,116
1979 - $7,181,182,224
1978 - $4,910,254,566
1977 - $4,114,670,014
1976 - $3,667,161,241
1975 - $3,538,278,047
1974 - $4,090,209,682
1973 - $3,964,296,443
1972 - $2,189,418,689
1971 - $2,807,258,065
1970 - $2,137,096,774
1969 - $2,004,435,484
1968 - $1,593,674,185
1967 - $1,597,713,469
1966 - $1,809,185,094
1965 - $1,890,767,156
1964 - $1,975,701,816
1963 - $1,539,681,491
1962 - $1,710,004,407
1961 - $1,547,388,781
1960 - $1,242,289,239

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Serbia vs Uruguay by year

Serbia
GDP per capita

GDP per capita, PPP
Uruguay
GDP per capita

GDP per capita, PPP
1x
Year Current $
Serbia Uruguay
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $15,262 - $25,216 -
2024 $13,678 $32,832 $24,308 $36,418
2023 $12,282 $29,777 $23,379 $34,471
2022 $10,025 $26,143 $21,009 $33,001
2021 $9,681 $23,406 $17,882 $29,432
2020 $8,099 $21,013 $15,758 $25,725
2019 $7,756 $20,587 $18,316 $25,783
2018 $7,560 $18,469 $19,250 $24,386
2017 $6,548 $17,285 $19,185 $23,607
2016 $5,982 $16,455 $17,010 $22,841
2015 $5,820 $15,546 $17,126 $22,169
2014 $6,887 $15,296 $18,322 $21,868
2013 $7,040 $15,247 $18,335 $20,661
2012 $6,263 $14,506 $16,260 $19,495
2011 $7,082 $14,298 $15,132 $19,135
2010 $5,971 $13,320 $12,641 $17,873
2009 $6,414 $13,038 $9,881 $16,422
2008 $7,377 $13,123 $9,424 $15,694
2007 $6,081 $11,685 $7,222 $14,397
2006 $4,493 $10,463 $6,001 $13,179
2005 $3,808 $9,398 $5,284 $12,296
2004 $3,597 $8,715 $4,169 $11,103
2003 $3,154 $8,023 $3,671 $10,303
2002 $2,391 $7,563 $4,150 $10,030
2001 $1,812 $6,803 $6,383 $10,719
2000 $975 $6,416 $6,988 $10,929
1999 $2,769 $5,897 $7,371 $10,938
1998 $2,775 $6,460 $7,837 $11,002
1997 $3,574 $6,040 $7,436 $10,461
1996 $3,054 $5,434 $6,398 $9,524
1995 $2,349 $5,022 $6,050 $8,906
1994 - - $5,508 $8,897
1993 - - $4,753 $8,162
1992 - - $4,102 $7,808
1991 - - $3,589 $7,112
1990 - - $2,995 $6,683
1989 - - $2,734 -
1988 - - $2,677 -
1987 - - $2,416 -
1986 - - $1,939 -
1985 - - $1,568 -
1984 - - $1,615 -
1983 - - $1,707 -
1982 - - $3,085 -
1981 - - $3,728 -
1980 - - $3,443 -
1979 - - $2,443 -
1978 - - $1,678 -
1977 - - $1,414 -
1976 - - $1,268 -
1975 - - $1,232 -
1974 - - $1,433 -
1973 - - $1,397 -
1972 - - $776 -
1971 - - $1,000 -
1970 - - $766 -
1969 - - $723 -
1968 - - $579 -
1967 - - $585 -
1966 - - $668 -
1965 - - $705 -
1964 - - $745 -
1963 - - $587 -
1962 - - $659 -
1961 - - $604 -
1960 - - $491 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Serbia's GDP per capita is $15,262, ranking 69/197, compared to $25,216 in Uruguay, ranking 54/197. Adjusted for purchasing power (GDP per capita PPP), Serbia ranks 69th at $32,832, while Uruguay ranks 61st at $36,418.

Economic indicators

Serbia Uruguay
Gross domestic product
$100B
2025
$85.3B
2025
GDP rank
76/197
2025
84/197
2025
GDP growth
2.03%
2024-2025
1.78%
2024-2025
GDP per capita
$15,262
2025
$25,216
2025
GDP per capita rank
69/197
2025
54/197
2025
GDP per capita, PPP
$32,832
2024
$36,418
2024
GDP per capita PPP rank
69/197
2024
61/197
2024
Government debt
$42.4B
2025
$56B
2025
Debt-to-GDP ratio
42.4%
2025
65.7%
2025
Government debt per person
$6,478
2025
$16,559
2025
Government debt per person rank
75/185
2025
41/185
2025
Average annual personal income after taxes
$12,492
2026
$14,046
2026
Market capitalization of domestic companies
$4.06B
2011
$284M
1996
Income share by richest 10%
24.7%
2023
30%
2024
Income share by poorest 10%
2.5%
2023
2.2%
2024
Government expenditure, % of GDP
43.2%
2025
31.5%
2025
Consumer prices inflation
3.89%
2024-2025
4.65%
2024-2025
Central bank interest rate
5.75%
2024
5.75%
2026
Unemployment rate
7.3%
2025
8.21%
2024
Population
6500256
3382672

Spending and national debt comparison by year

Serbia
Spending

Debt
Uruguay
Spending

Debt
1x
Year % of GDP
Serbia Uruguay
Government spending Government debt Government spending Government debt
2025 43.2% 42.4% 31.5% 65.7%
2024 42.2% 44.1% 30.6% 67.6%
2023 40.6% 45.7% 30.1% 63%
2022 41.4% 50.9% 29.7% 59.4%
2021 44.4% 53.6% 30.2% 64.1%
2020 46% 54.3% 32.8% 68.2%
2019 40.2% 49.5% 30.6% 59.6%
2018 39% 51.1% 30.3% 57.9%
2017 38.5% 55.3% 29.7% 55.8%
2016 40.3% 65% 29.7% 56.4%
2015 41% 67.1% 28.4% 57.8%
2014 42.9% 63.5% 29.1% 51.1%
2013 40.6% 61.2% 28.8% 50%
2012 43.3% 58% 27.7% 49.8%
2011 40% 46% 26.3% 41.3%
2010 41.2% 42.4% 27.4% 40.9%
2009 41.1% 35.3% 27.2% 46.2%
2008 43.7% 29.4% 26.3% 46.2%
2007 40.6% 30% 26.8% 52.8%
2006 41.3% 37% 26.8% 61.1%
2005 38.9% 50.1% 26.3% 66.2%
2004 37.8% 57.6% 26.6% 73.7%
2003 37.6% 64.4% 27.7% 91.9%
2002 38.6% 68.4% 27.6% 90.1%
2001 30.5% 95.9% 27.8% 39.4%
2000 28% 200.6% 26.6% 30.5%
1999 - - 27.2% 24.1%
1998 - - 27.3% 19.4%
1997 - - 27.6% 18.8%
1996 - - 26.5% 18.3%
1995 - - 26.2% 18.5%
1994 - - 29.5% 19.3%
1993 - - 27.7% 20%
1992 - - 23.6% 22.2%
1991 - - 22.2% 20.4%
1990 - - 21.1% 26.2%
1989 - - 37% -
1988 - - 26% 34.8%
1987 - - 24.4% 37.3%
1986 - - 25.1% 34.6%
1985 - - 24.6% 29%
1984 - - 25.6% 39.5%
1983 - - 26.5% 21.2%
1982 - - 29.5% 13.5%
1981 - - 25% 4.32%
1980 - - 21.8% 4.59%
1979 - - 20.2% 3.98%
1978 - - 22.9% 5.64%
1977 - - 23.5% 7.26%
1976 - - 24.2% 8.67%
1975 - - 23% 8.13%
1974 - - 23.8% 7.61%
1973 - - 22.6% 7%
1972 - - 24.6% 9.12%
1971 - - 20.1% 9.3%
1970 - - 15.1% 6.11%
1969 - - 14.6% -
1968 - - 14.1% -
1967 - - 14.7% -
1966 - - 14.1% -
1965 - - 15.6% -
1964 - - 14.3% -
1963 - - 14.6% -
1962 - - 16% -
1961 - - 13% -
1960 - - 9.9% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1999–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1998, retrieved 2026-07-08).

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

In 2025, Serbia's government spending was $43.2B, accounting for 43.2% of its GDP, while Uruguay spent $26.9B, or 31.5% of GDP.

Debt-to-GDP ratio is 42.4% in Serbia and 65.7% in Uruguay, ranking 123/185 and 66/185, respectively.

Government deficit by year

Deficit/surplus
Serbia

Uruguay
1x
Year Deficit/surplus, % of GDP
Serbia Uruguay
2025 -2.21% -3.36%
2024 -1.73% -3.16%
2023 -1.21% -3.09%
2022 -0.14% -2.5%
2021 -3.16% -2.61%
2020 -6.91% -4.64%
2019 -0.004% -2.71%
2018 0.78% -1.89%
2017 1.32% -2.51%
2016 -1.08% -2.68%
2015 -3.25% -1.86%
2014 -5.61% -2.6%
2013 -4.79% -1.72%
2012 -6.11% -2.17%
2011 -3.75% -0.33%
2010 -3.35% -0.39%
2009 -3.3% -1.39%
2008 -4.25% -1.31%
2007 -0.8% -0.16%
2006 -0.9% -0.64%
2005 1.02% -0.28%
2004 0.06% -0.87%
2003 -2.39% -2.19%
2002 -2.33% -3.19%
2001 0.32% -2.85%
2000 -0.15% -2.76%
1999 - -2.76%
1998 - -0.76%
1997 - -0.97%
1996 - -1.32%
1995 - -1.08%
1994 - -2.37%
1993 - -0.47%
1992 - 0.6%
1991 - 0.88%
1990 - 0.49%
1989 - -13.1%
1988 - -1.47%
1987 - -0.66%
1986 - -0.34%
1985 - -1.88%
1984 - -4.94%
1983 - -3.54%
1982 - -8.22%
1981 - -1.15%
1980 - 0.43%
1979 - 0.99%
1978 - -0.47%
1977 - -0.69%
1976 - -2.01%
1975 - -4.38%
1974 - -3.74%
1973 - -1.09%
1972 - -2.25%
1971 - -5.86%
1970 - -1.33%
1969 - -2.37%
1968 - -2.93%
1967 - -4.12%
1966 - -2.01%
1965 - -5.14%
1964 - -3.61%
1963 - -4.4%
1962 - -5.02%
1961 - -0.86%
1960 - 0.79%
1959 - 0.64%
1958 - -1.38%
1957 - -0.72%
1956 - 0.04%
1955 - -1.24%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1999–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1955–1998, retrieved 2026-07-08).

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

In 2025, Serbia's government deficit, the difference between spending and revenue, was $2.21B, equivalent to 2.21% of GDP. This compares to Uruguay's deficit of $2.86B, or 3.36% of GDP.

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

Inflation comparison by year

Inflation
Serbia

Uruguay
1x
Year Consumer prices inflation
Serbia Uruguay
2025 3.89% 4.65%
2024 4.67% 4.85%
2023 12.4% 5.87%
2022 12% 9.1%
2021 4.09% 7.75%
2020 1.58% 9.76%
2019 1.85% 7.88%
2018 1.96% 7.61%
2017 3.13% 6.22%
2016 1.12% 9.64%
2015 1.39% 8.67%
2014 2.08% 8.88%
2013 7.69% 8.58%
2012 7.33% 8.1%
2011 11.1% 8.09%
2010 6.14% 6.7%
2009 8.12% 7.06%
2008 12.4% 7.88%
2007 6.39% 8.11%
2006 11.7% 6.4%
2005 16.1% 4.7%
2004 11% 9.16%
2003 9.88% 19.4%
2002 19.5% 14%
2001 95% 4.36%
2000 71.1% 4.76%
1999 42.5% 5.66%
1998 30.2% 10.8%
1997 23.3% 19.8%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Serbia has recorded an average annual inflation rate of 15.2%, compared with 8.43% in Uruguay. In 2025, inflation was 3.89% in Serbia and 4.65% in Uruguay.

Top exports between countries

Serbia
Export category Export value
Raw agricultural goods $1.49M
Machinery & equipment $414K
Chemicals & pharma $260K
Textiles & consumer goods $137K
Raw materials & minerals $61K
Metals $36K
Processed food, beverages & tobacco $36K
Wood & paper products $1K
Uruguay
Export category Export value
Animal & marine products $1.72M
Processed food, beverages & tobacco $509K
Textiles & consumer goods $364K
Wood & paper products $2K
Machinery & equipment $1K

Balance of trade

Serbia Uruguay
Current account balance
-$4.9B
2025
-$374M
2025
Current account balance ranking
164/190
2025
100/190
2025
Current account balance, % of GDP
-4.9%
2025
-0.44%
2025
Goods imports
$44B
2025
$13.6B
2025
Goods exports
$36.7B
2025
$16.1B
2025
Service imports
$14.6B
2025
$5.96B
2025
Service exports
$17.2B
2025
$7.39B
2025
Imports of goods and services, % of GDP
58.6%
2025
22.6%
2025
Exports of goods and services, % of GDP
54.3%
2025
27.1%
2025

Economic freedom indices

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

Serbia Uruguay
Economic freedom 65 69.8
Economic freedom ranking 68/197 39/197
Property rights 57.2 87.4
Government integrity 37.2 79
Judicial effectiveness 50.1 80.9
Tax burden 88 73.3
Government spending 48.2 72
Fiscal health 94.3 76.6
Business freedom 73.6 83.8
Labor freedom 61.8 61.7
Monetary freedom 73 70.2
Trade freedom 76.6 73.2
Investment freedom 70 50
Financial freedom 50 30

Economic freedom comparison by year

Serbia
Uruguay
1x
Year Economic freedom index
Serbia Uruguay
2026 65 69.8
2025 64.4 70.2
2024 62.7 69.8
2023 63.5 70.2
2022 65.2 70
2021 67.2 69.3
2020 66 69.1
2019 63.9 68.6
2018 62.5 69.2
2017 58.9 69.7
2016 62.1 68.8
2015 60 68.6
2014 59.4 69.3
2013 58.6 69.7
2012 58 69.9
2011 58 70
2010 56.9 69.8
2009 56.6 69.1
2008 - 67.9
2007 - 68.4
2006 - 65.3
2005 - 66.9
2004 - 66.7
2003 43.5 69.8
2002 46.6 68.7
2001 - 70.7
2000 - 69.3
1999 - 68.5
1998 - 68.6
1997 - 67.5
1996 - 63.7
1995 - 62.5

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

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

The Economic Freedom Index for Serbia is 65, ranking 68/197, compared to 69.8 for Uruguay, ranking 39/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Serbia Uruguay
Services, % of GDP
59.7%
2025
65.2%
2025
Industry, % of GDP
22.3%
2025
16.9%
2025
Agriculture, forestry, and fishing, % of GDP
3.29%
2025
6.38%
2025
GNI, Atlas method
$88.3B
2025
$81.3B
2025
GNI per capita, PPP
$31,780
2025
$36,330
2025
Total reserves including gold
$34.2B
2025
$19B
2025
Total reserves ranking
55/177
2025
67/177
2025
Net foreign direct investment
-$2.6B
2025
-$457M
2025
Net inflows of foreign direct investment
$5.59B
2024
-$3.94B
2024
Net outflows of foreign direct investment
$661M
2024
-$1.37B
2024
Servicing debt to the IMF, % of GNI
12.2%
2024
n/a
Poverty at national poverty lines
19.7%
2023
17.3%
2024
Gross capital formation, % of GDP
23.4%
2025
16.2%
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/serbia/uruguay | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1999–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1955–1998, 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 (2020–2025, 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.