North Macedonia vs Serbia: Government debt
Government debt in 2025: 52.6% of GDP in North Macedonia and 42.2% of GDP in Serbia, by IMF estimates. In 2025 the value was higher in North Macedonia, by 10.4 percentage points, or 1.25 times that in Serbia.
North MacedoniaSerbia
Watch it change on the map% of GDP · IMF
Latest figures
% of GDP · IMF
| Country | Latest | 10 years before | Rank in 2025 | Projected |
|---|---|---|---|---|
| North Macedonia | 52.6 2025 | 38 | 77 of 149 | 56 2031 |
| Serbia | 42.2 2025 | 67.1 | 97 of 149 | 40.9 2031 |
What the numbers say
- North Macedonia has been higher since 2022, when it overtook Serbia.
- In 2025, North Macedonia ranked 77 and Serbia ranked 97 of 149 countries, counting from the highest.
- The IMF projection (World Economic Outlook, October 2026) puts North Macedonia at 56% of GDP and Serbia at 40.9% of GDP in 2031.
Every year
% of GDP · IMF
| Year | North Macedonia | Serbia |
|---|---|---|
| 2025 | 52.6 | 42.2 |
| 2024 | 54 | 44.1 |
| 2023 | 50.6 | 45.7 |
| 2022 | 50.9 | 50.9 |
| 2021 | 52.8 | 53.6 |
| 2020 | 50.8 | 54.3 |
| 2019 | 40.5 | 49.5 |
| 2018 | 40.4 | 51.1 |
| 2017 | 39.4 | 55.3 |
| 2016 | 39.8 | 65 |
| 2015 | 38 | 67.1 |
| 2014 | 38.1 | 63.5 |
| 2013 | 34.1 | 61.2 |
| 2012 | 33.7 | 58 |
| 2011 | 27.7 | 46 |
| 2010 | 24.3 | 42.5 |
| 2009 | 23.8 | 35.3 |
| 2008 | 20.4 | 29.4 |
| 2007 | 23.5 | 30 |
| 2006 | 30.6 | 37 |
| 2005 | 36.7 | 50.1 |
| 2004 | 34.6 | 57.6 |
| 2003 | 36.5 | 64.5 |
| 2002 | 40.5 | 68.4 |
| 2001 | 45.2 | 95.9 |
| 2000 | 45.6 | 200.6 |
| 1999 | 29.8 | – |
IMF projection (World Economic Outlook, October 2026) · 2026–2031
| Year | North Macedonia | Serbia |
|---|---|---|
| 2026 | 53.8 | 42.9 |
| 2027 | 54.6 | 42.9 |
| 2028 | 54.7 | 42.8 |
| 2029 | 55 | 42.2 |
| 2030 | 55.4 | 41.6 |
| 2031 | 56 | 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