Montenegro vs Serbia: Government debt

Government debt in 2025: 63.5% of GDP in Montenegro and 42.2% of GDP in Serbia, by IMF estimates. In 2025 the value was higher in Montenegro, by 21.3 percentage points, or 1.5 times that in Serbia.

Watch it change on the map

% of GDP · IMF

MontenegroSerbiaIMF projection (World Economic Outlook, October 2026)

What the numbers say

Montenegro has been higher since 2017, when it overtook Serbia.
In 2025, Montenegro ranked 50 and Serbia ranked 97 of 149 countries, counting from the highest.
The IMF projection (World Economic Outlook, October 2026) puts Montenegro at 64.9% of GDP and Serbia at 40.9% of GDP in 2031.

Every year

% of GDP · IMF

Year	Montenegro	Serbia
2025	63.5	42.2
2024	59.8	44.1
2023	58.4	45.7
2022	69	50.9
2021	84.6	53.6
2020	106.4	54.3
2019	77.4	49.5
2018	71	51.1
2017	64.9	55.3
2016	64.7	65
2015	67.4	67.1
2014	60.1	63.5
2013	55.7	61.2
2012	53.6	58
2011	45.9	46
2010	42	42.5
2009	40.7	35.3
2008	31.2	29.4
2007	28.3	30
2006	32.4	37
2005	38.6	50.1
2004	45.4	57.6
2003	48.7	64.5
2002	85.7	68.4
2001	–	95.9
2000	–	200.6

IMF projection (World Economic Outlook, October 2026) · 2026–2031

Year	Montenegro	Serbia
2026	66.8	42.9
2027	61.1	42.9
2028	61.8	42.8
2029	62.5	42.2
2030	63.7	41.6
2031	64.9	40.9

Each country on its own

Good to know

What the government owes, as a share of the economy’s yearly output.
Source: IMF, World Economic Outlook, October 2026.
The dashed line is the IMF projection (World Economic Outlook, October 2026), a scenario rather than a forecast.
Ranks count the 149 countries with a value in 2025, highest first.

How the layers work, where their data comes from and what they can’t tell you: Countries through time

Montenegro vs Serbia: Government debt

What the numbers say

Every year

Each country on its own

Good to know

Montenegro vs Serbia

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