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Economy of Ukraine vs Zambia compared: GDP & Debt

Updated on by Georank team

Ukraine has a GDP of $191B compared to $26.3B for Zambia, ranking 57/197 and 115/197 by economy size, respectively.

Ukraine has $171B in government debt (110% of GDP), compared to $30.3B (99% of GDP) in Zambia.

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

Ukraine
GDP, current $

GDP, constant 2015 $
Zambia
GDP, current $

GDP, constant 2015 $
Year GDP
Ukraine Zambia
Current $ Constant $ Current $ Constant $
1960 - - $698,739,721 $3,745,698,444
1961 - - $682,359,727 $3,796,691,708
1962 - - $679,279,729 $3,702,122,212
1963 - - $704,339,719 $3,823,270,197
1964 - - $822,639,671 $4,290,246,254
1965 - - $1,061,199,576 $5,004,463,110
1966 - - $1,238,999,505 $4,725,699,011
1967 - - $1,340,639,464 $5,099,960,030
1968 - - $1,573,739,371 $5,163,624,360
1969 - - $1,926,399,230 $5,141,063,669
1970 - - $1,788,779,285 $5,387,686,297
1971 - - $1,653,259,341 $5,383,050,756
1972 - - $1,872,416,680 $5,878,768,641
1973 - - $2,434,255,237 $5,822,212,020
1974 - - $2,910,981,262 $6,196,473,040
1975 - - $2,442,672,141 $6,055,854,685
1976 - - $2,742,859,263 $6,432,587,907
1977 - - $2,515,296,940 $6,138,989,403
1978 - - $2,811,032,473 $6,172,984,907
1979 - - $3,353,445,378 $5,986,318,100
1980 - - $3,884,530,854 $6,168,040,111
1981 - - $4,008,126,497 $6,548,482,198
1982 - - $3,871,117,093 $6,364,287,628
1983 - - $3,321,048,451 $6,239,121,864
1984 - - $2,719,518,933 $6,218,106,324
1985 - - $2,252,454,500 $6,318,548,040
1986 - - $1,664,413,508 $6,364,287,628
1987 $64,087,694,038 $161,845,930,096 $2,265,250,972 $6,534,574,435
1988 $74,703,517,903 $165,999,646,445 $3,728,878,149 $6,944,994,654
1989 $82,709,161,099 $172,428,984,083 $3,994,673,161 $6,873,912,510
1990 $81,393,558,423 $161,487,959,613 $3,288,381,797 $6,840,844,039
1991 $77,350,733,982 $147,438,507,127 $3,376,806,697 $6,838,372,211
1992 $73,945,908,384 $132,842,094,919 $3,182,810,841 $6,720,005,310
1993 $65,648,559,903 $113,978,517,441 $3,273,505,344 $7,176,782,487
1994 $52,549,580,265 $87,877,436,948 $3,656,806,166 $6,557,753,280
1995 $48,213,856,469 $77,156,389,640 $3,806,983,413 $6,747,775,257
1996 $44,558,831,005 $69,440,750,676 $3,597,220,962 $7,167,388,798
1997 $50,151,531,592 $67,357,528,157 $4,303,288,480 $7,440,753,544
1998 $41,882,523,345 $66,077,735,120 $3,537,741,942 $7,412,051,124
1999 $31,580,639,554 $65,945,579,650 $3,404,284,891 $7,756,725,565
2000 $32,375,083,935 $69,836,368,849 $3,600,632,111 $8,059,030,210
2001 $39,309,580,983 $75,981,969,311 $4,094,441,301 $8,487,518,231
2002 $43,956,163,612 $80,039,138,413 $4,193,850,445 $8,869,967,014
2003 $52,010,355,753 $87,656,150,954 $4,901,869,764 $9,485,983,916
2004 $67,220,154,164 $97,995,502,972 $6,221,110,219 $10,153,075,785
2005 $89,238,865,119 $101,005,170,643 $8,331,870,169 $10,887,711,636
2006 $111,884,752,475 $108,652,697,105 $12,756,858,899 $11,748,243,096
2007 $148,733,861,386 $117,579,433,691 $14,056,957,976 $12,729,507,610
2008 $188,110,390,660 $120,217,318,405 $17,910,858,638 $13,719,086,270
2009 $121,552,153,444 $102,020,662,582 $15,328,342,304 $14,984,033,822
2010 $141,209,170,427 $106,195,352,550 $20,265,559,484 $16,527,123,088
2011 $169,333,835,202 $111,977,987,704 $23,459,515,276 $17,447,560,253
2012 $182,591,753,828 $112,148,546,939 $25,503,060,420 $18,773,117,889
2013 $190,498,811,460 $112,199,506,223 $28,037,239,463 $19,722,575,263
2014 $133,503,871,862 $100,891,035,819 $27,141,023,558 $20,648,211,567
2015 $91,030,967,789 $91,030,967,789 $21,251,216,799 $21,251,216,799
2016 $93,355,869,404 $93,253,017,277 $20,958,412,538 $22,049,221,308
2017 $112,090,505,082 $95,453,762,636 $25,873,601,261 $22,826,646,594
2018 $130,891,088,294 $98,783,535,744 $26,311,507,274 $23,747,586,257
2019 $153,883,047,510 $101,944,118,787 $23,308,667,781 $24,089,861,649
2020 $156,617,722,013 $98,118,341,608 $18,137,764,931 $23,418,945,737
2021 $199,765,859,571 $101,499,127,458 $22,096,416,932 $24,879,098,748
2022 $161,989,520,721 $72,309,415,410 $29,163,782,140 $26,175,604,214
2023 $181,221,517,869 $76,311,548,882 $27,577,956,471 $27,580,695,690
2024 $190,741,263,732 $78,535,131,746 $26,325,775,287 $28,695,824,119

Economic indicators

Ukraine Zambia
Gross domestic product
$191B
2024
$26.3B
2024
GDP rank
57/197
2024
115/197
2024
GDP growth
5.25%
2023-2024
-4.54%
2023-2024
GDP per capita
$5,038
2024
$1,235
2024
GDP per capita rank
118/197
2024
169/197
2024
GDP per capita, PPP
$18,550
2024
$4,224
2024
Government debt
$171B
2024
$30.3B
2024
Debt-to-GDP ratio
110%
2025
99%
2025
Government debt per person
$4,526
2024
$1,420
2024
Government debt per person rank
85/185
2024
132/185
2024
Average annual personal income after taxes
$5,178
2025
$1,168
2025
Market capitalization of domestic companies
$4.42B
2018
$7.77B
2024
Number of billionaires
7
2025
n/a
Income share by richest 10%
21.7%
2020
39.1%
2022
Income share by poorest 10%
4.3%
2020
1.5%
2022
Government expenditure, % of GDP
58%
2025
27.3%
2025
Consumer prices inflation
12.6%
2024-2025
14.2%
2024-2025
Central bank interest rate
15.5%
2025
14.5%
2025
Unemployment rate
9.83%
2021
5.86%
2023
Population
39426577
22402291

GDP per capita in Ukraine vs Zambia

Ukraine's GDP per capita is $5,038, ranking 118/197, compared to $1,235 in Zambia, ranking 169/197. Adjusted for purchasing power (GDP per capita PPP), Ukraine ranks 99th at $18,550, while Zambia ranks 164th at $4,224.

Ukraine
GDP per capita

GDP per capita, PPP
Zambia
GDP per capita

GDP per capita, PPP
Year Current $
Ukraine Zambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $221.6 -
1961 - - $209.7 -
1962 - - $202.3 -
1963 - - $203.2 -
1964 - - $230 -
1965 - - $287.4 -
1966 - - $325 -
1967 - - $341 -
1968 - - $387 -
1969 - - $459 -
1970 - - $414 -
1971 - - $372 -
1972 - - $410 -
1973 - - $518 -
1974 - - $601 -
1975 - - $490 -
1976 - - $533 -
1977 - - $474 -
1978 - - $514 -
1979 - - $595 -
1980 - - $669 -
1981 - - $670 -
1982 - - $627 -
1983 - - $520 -
1984 - - $413 -
1985 - - $332 -
1986 - - $238.2 -
1987 $1,244 - $315 -
1988 $1,444 - $504 -
1989 $1,593 - $526 -
1990 $1,564 $7,591 $422 $1,522
1991 $1,483 $7,148 $423 $1,534
1992 $1,413 $6,568 $389 $1,505
1993 $1,254 $5,766 $391 $1,607
1994 $1,009 $4,565 $426 $1,464
1995 $933 $4,124 $433 $1,501
1996 $870 $3,812 $400 $1,585
1997 $987 $3,794 $466 $1,631
1998 $831 $3,794 $373 $1,601
1999 $632 $3,871 $350 $1,654
2000 $653 $4,228 $359 $1,709
2001 $800 $4,747 $397 $1,785
2002 $903 $5,123 $394 $1,837
2003 $1,076 $5,764 $446 $1,942
2004 $1,401 $6,663 $549 $2,068
2005 $1,875 $7,142 $711 $2,213
2006 $2,366 $7,971 $1,052 $2,378
2007 $3,160 $8,900 $1,119 $2,555
2008 $4,018 $9,324 $1,376 $2,708
2009 $2,607 $7,995 $1,136 $2,872
2010 $3,040 $8,453 $1,451 $3,098
2011 $3,657 $9,127 $1,625 $3,228
2012 $3,951 $9,552 $1,710 $3,324
2013 $4,130 $10,904 $1,821 $3,477
2014 $2,904 $10,494 $1,707 $3,441
2015 $1,988 $9,922 $1,296 $3,337
2016 $2,047 $10,865 $1,239 $3,313
2017 $2,467 $11,536 $1,483 $3,392
2018 $2,895 $12,555 $1,464 $3,442
2019 $3,423 $14,217 $1,259 $3,361
2020 $3,505 $15,541 $952 $3,157
2021 $4,510 $17,846 $1,127 $3,503
2022 $3,946 $14,770 $1,447 $3,841
2023 $4,803 $17,665 $1,331 $4,077
2024 $5,038 $18,550 $1,235 $4,224

Spending and national debt comparison

In 2024, Ukraine's government spending was $136B, accounting for 58% of its GDP, while Zambia's spent $6.71B, or 27.3% of GDP.

Debt-to-GDP ratio is 110% in Ukraine and 99% in Zambia, ranking 15/185 and 25/185, respectively.

Ukraine
Government spending

Government debt
Zambia
Government spending

Government debt
Year % of GDP
Ukraine Zambia
Government spending Government debt Government spending Government debt
1995 41.3% 30.2% - -
1996 36.9% 24.4% - -
1997 40.8% 28.9% - -
1998 37.1% 46.5% - -
1999 25.8% 59% - -
2000 35.5% 43.8% 21.4% 261%
2001 36.7% 36.7% 28% 210.2%
2002 37.9% 33.6% 27.6% 180.2%
2003 38.9% 29.4% 27.3% 159.5%
2004 41.6% 24.8% 23.3% 129.9%
2005 44.2% 17.7% 22.5% 75.7%
2006 44.6% 14.8% 19.7% 25%
2007 43.7% 12.3% 19.9% 21.9%
2008 47.1% 20.4% 19.5% 19.2%
2009 48.6% 35.4% 17.8% 20.5%
2010 49.2% 40.6% 18.1% 18.9%
2011 45.7% 36.9% 19.5% 20.8%
2012 49% 37.5% 21.9% 24.9%
2013 48.1% 40.5% 24% 25.9%
2014 44.8% 70.3% 24.3% 33.9%
2015 43% 79.3% 27.6% 61.9%
2016 40.8% 79.5% 23.9% 61.2%
2017 41.7% 71.6% 25% 66.6%
2018 41.9% 60.4% 27.7% 81.2%
2019 41.5% 50.5% 29.8% 103.3%
2020 45.6% 60.5% 34% 140%
2021 40.5% 48.9% 30.5% 111%
2022 65.4% 77.7% 28.2% 99.5%
2023 74.4% 82.3% 27.4% 129.1%
2024 71.4% 89.8% 25.5% 114.9%
2025 58% 110% 27.3% 99%

Government deficit by year

In 2024, Ukraine's government deficit, the difference between spending and revenue, was -$32.9B, equivalent to -17.2% of GDP. This compares to Zambia's deficit of -$874M, or -3.32% of GDP.

Over the past 25 years, Ukraine recorded a fiscal deficit in 25 of those years, while Zambia ran a deficit in 23 years. On average, Ukraine posted an annual deficit equal to -4.92% of GDP, compared to deficit of -4.15% of GDP for Zambia.

Deficit/surplus
Ukraine

Zambia
Year Deficit/surplus, % of GDP
Ukraine Zambia
1995 -4.72% -
1996 -3.09% -
1997 -5.37% -
1998 -2.69% -
1999 4.95% -
2000 -3.19% 1.16%
2001 -3.03% -5.89%
2002 -1.84% -4.5%
2003 -0.89% -5.31%
2004 -4.41% -2.51%
2005 -2.28% -2.37%
2006 -1.36% 16.9%
2007 -1.97% -1.04%
2008 -3.14% -0.67%
2009 -6.27% -2.06%
2010 -5.77% -2.43%
2011 -2.76% -1.78%
2012 -4.31% -3.16%
2013 -4.78% -6.4%
2014 -4.46% -5.43%
2015 -1.16% -8.88%
2016 -2.46% -5.69%
2017 -2.36% -7.5%
2018 -2.12% -8.31%
2019 -2.08% -9.41%
2020 -5.92% -13.8%
2021 -3.97% -8.13%
2022 -15.6% -7.82%
2023 -19.6% -5.48%
2024 -17.2% -3.32%
2025 -18.8% -4.92%

Inflation comparison by year

Over the past 30 years, Ukraine has recorded an average annual inflation rate of 15%, compared with 15.2% in Zambia. In 2025, inflation was 12.6% in Ukraine and 14.2% in Zambia.

Inflation
Ukraine

Zambia
Year Inflation
Ukraine Zambia Ukraine Zambia
1996 80.2% 38.6%
1997 15.9% 21.4%
1998 10.6% 22.7%
1999 22.7% 23.9%
2000 28.2% 24.1%
2001 12% 21.4%
2002 0.8% 22.2%
2003 5.2% 21.4%
2004 9% 18%
2005 13.5% 18.3%
2006 9.1% 9%
2007 12.8% 10.7%
2008 25.2% 12.4%
2009 15.9% 13.4%
2010 9.4% 8.5%
2011 8% 8.7%
2012 0.6% 6.6%
2013 -0.3% 7%
2014 12.1% 7.8%
2015 48.7% 10.1%
2016 13.9% 17.9%
2017 14.4% 6.6%
2018 10.9% 7.5%
2019 7.9% 9.2%
2020 2.7% 15.7%
2021 9.4% 22%
2022 20.2% 11%
2023 12.9% 10.9%
2024 6.5% 15%
2025 12.6% 14.2%

Top exports between countries

Ukraine
Export category Export value
Machinery & equipment $347K
Chemicals & pharma $186K
Animal & marine products $68K
Processed food, beverages & tobacco $40K
Raw materials & minerals $16K
Textiles & consumer goods $12K
Raw agricultural goods $10K
Metals $6K
Wood & paper products $2K
Zambia
Export category Export value
Metals $120K
Raw materials & minerals $10K

Balance of trade

Ukraine Zambia
Current account balance
-$15.9B
2024
-$583M
2023
Current account balance ranking
179/189
2024
105/189
2023
Current account balance, % of GDP
-8.35%
2024
-2.11%
2023
Goods imports
$72.7B
2024
$9.15B
2023
Goods exports
$38.9B
2024
$10.5B
2023
Service imports
$22.8B
2024
$1.71B
2023
Service exports
$17.2B
2024
$933M
2023
Imports of goods and services, % of GDP
48.3%
2024
37.4%
2023
Exports of goods and services, % of GDP
29.4%
2024
40.8%
2023

Economic freedom indices

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

Ukraine Zambia
Economic freedom 54.1 50.9
Economic freedom ranking 138/197 162/197
Property rights 21.5 45.8
Government integrity 35.4 36.7
Judicial effectiveness 29.9 45.3
Tax burden 89.1 74.7
Government spending 44.5 75
Fiscal health 73.6 0
Business freedom 61.1 45.9
Labor freedom 60.7 48.7
Monetary freedom 71.2 68.2
Trade freedom 73.2 65.8
Investment freedom 35 55
Financial freedom 30 50

Economic freedom by year comparison

The Economic Freedom Index for Ukraine is 54.1, ranking 138/197, compared to 50.9 for Zambia, ranking 162/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Ukraine
Zambia
Year Economic freedom index
Ukraine Zambia
1995 39.9 55.1
1996 40.6 59.6
1997 43.5 62.1
1998 40.4 62.7
1999 43.7 64.2
2000 47.8 62.8
2001 48.5 59.5
2002 48.2 59.6
2003 51.1 55.3
2004 53.7 54.9
2005 55.8 55
2006 54.4 56.8
2007 51.5 56.2
2008 51 56.2
2009 48.8 56.6
2010 46.4 58
2011 45.8 59.7
2012 46.1 58.3
2013 46.3 58.7
2014 49.3 60.4
2015 46.9 58.7
2016 46.8 58.8
2017 48.1 55.8
2018 51.9 54.3
2019 52.3 53.6
2020 54.9 53.5
2021 56.2 50.4
2022 54.1 48.7
2023 - 47.8
2024 - 48.4
2025 - 50.9

More economic indicators

Ukraine Zambia
Services, % of GDP
60.6%
2024
55.1%
2024
Industry, % of GDP
19%
2024
37.5%
2024
Agriculture, forestry, and fishing, % of GDP
7.11%
2024
1.8%
2024
GNI, Atlas method
$185B
2024
$27B
2024
GNI per capita, PPP
$18,580
2024
$3,950
2024
Total reserves including gold
$43.8B
2024
$4.09B
2024
Total reserves ranking
46/177
2024
106/177
2024
Net foreign direct investment
-$3.71B
2024
$31.1M
2023
Net inflows of foreign direct investment
$4.02B
2024
$1.24B
2024
Net outflows of foreign direct investment
$305M
2024
-$170M
2024
Servicing debt to the IMF, % of GNI
4.2%
2023
3.61%
2023
Poverty at national poverty lines
23.2%
2020
60%
2022
Gross capital formation, % of GDP
18.6%
2024
31.4%
2023

GDP per capita map

GDP per capita

Compare countries by 7 more topics

Economy comparisons

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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.