Bhutan ranked 169/197 by economy size with a GDP of $3.02B and 132/197 by GDP per capita at $3,839. Bhutan has $3.49B in government debt, with a debt-to-GDP ratio of 102.9%.
In 2025, Bhutan made up 0.003% of the world's economy, compared to 0.002% in 1970.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1970 | $61,812,113 | $126,311,212 | - |
| 1971 | $66,289,450 | $129,692,690 | 7.24% |
| 1972 | $70,139,867 | $131,201,350 | 5.81% |
| 1973 | $78,900,289 | $133,126,191 | 12.5% |
| 1974 | $92,901,784 | $139,993,193 | 17.7% |
| 1975 | $86,820,762 | $135,363,169 | -6.55% |
| 1976 | $88,461,263 | $147,484,467 | 1.89% |
| 1977 | $97,884,434 | $159,137,561 | 10.7% |
| 1978 | $94,086,228 | $170,478,518 | -3.88% |
| 1979 | $105,377,995 | $178,646,088 | 12% |
| 1980 | $128,669,201 | $187,593,999 | 22.1% |
| 1981 | $139,174,178 | $215,962,517 | 8.16% |
| 1982 | $141,439,317 | $223,391,139 | 1.63% |
| 1983 | $156,704,290 | $246,693,105 | 10.8% |
| 1984 | $160,423,494 | $257,934,068 | 2.37% |
| 1985 | $163,288,815 | $268,325,027 | 1.79% |
| 1986 | $191,218,115 | $298,893,145 | 17.1% |
| 1987 | $242,742,766 | $385,734,527 | 26.9% |
| 1988 | $272,298,067 | $404,123,931 | 12.2% |
| 1989 | $264,798,626 | $433,849,538 | -2.75% |
| 1990 | $287,765,007 | $478,896,647 | 8.67% |
| 1991 | $240,294,286 | $476,943,344 | -16.5% |
| 1992 | $240,233,531 | $498,886,989 | -0.03% |
| 1993 | $225,973,693 | $508,796,713 | -5.94% |
| 1994 | $258,954,708 | $533,989,801 | 14.6% |
| 1995 | $290,490,984 | $571,764,867 | 12.2% |
| 1996 | $303,408,346 | $603,584,570 | 4.45% |
| 1997 | $352,229,077 | $636,020,231 | 16.1% |
| 1998 | $363,458,381 | $673,634,664 | 3.19% |
| 1999 | $399,311,200 | $727,417,466 | 9.86% |
| 2000 | $460,733,418 | $751,822,819 | 15.4% |
| 2001 | $496,110,226 | $806,919,210 | 7.68% |
| 2002 | $559,345,264 | $891,192,074 | 12.7% |
| 2003 | $651,935,430 | $960,585,284 | 16.6% |
| 2004 | $735,348,490 | $1,010,125,139 | 12.8% |
| 2005 | $860,391,000 | $1,080,178,039 | 17% |
| 2006 | $942,879,879 | $1,141,108,778 | 9.59% |
| 2007 | $1,255,767,964 | $1,324,881,878 | 33.2% |
| 2008 | $1,317,517,835 | $1,384,891,724 | 4.92% |
| 2009 | $1,331,343,798 | $1,491,078,191 | 1.05% |
| 2010 | $1,708,880,730 | $1,668,991,760 | 28.4% |
| 2011 | $1,977,728,659 | $1,810,676,784 | 15.7% |
| 2012 | $1,973,387,228 | $1,904,194,983 | -0.22% |
| 2013 | $1,943,696,952 | $1,937,258,290 | -1.5% |
| 2014 | $2,089,079,571 | $2,051,190,106 | 7.48% |
| 2015 | $2,187,815,803 | $2,187,815,803 | 4.73% |
| 2016 | $2,357,504,761 | $2,373,253,832 | 7.76% |
| 2017 | $2,591,358,009 | $2,422,779,967 | 9.92% |
| 2018 | $2,583,335,722 | $2,507,622,617 | -0.31% |
| 2019 | $2,735,683,570 | $2,651,940,022 | 5.9% |
| 2020 | $2,457,604,334 | $2,380,954,251 | -10.2% |
| 2021 | $2,768,802,960 | $2,486,224,986 | 12.7% |
| 2022 | $2,898,227,744 | $2,615,853,471 | 4.67% |
| 2023 | $3,019,253,885 | $2,743,574,975 | 4.18% |
Economic Statistics of Bhutan
Bhutan
|
Rank | |
|---|---|---|
| Gross domestic product |
$3.02B
2023 |
169/197 |
| GDP growth |
4.18%
2022-2023 |
125/196 |
| GDP per capita |
$3,839
2023 |
132/197 |
| GDP per capita, PPP |
$16,254
2023 |
109/197 |
| Government debt |
$3.49B
2023 |
152/185 |
| Debt-to-GDP ratio |
102.9%
2025 |
20/185 |
| Government debt per person |
$4,432
2023 |
87/185 |
| Average annual personal income after taxes |
$6,460
2025 |
99/197 |
| Income share by richest 10% |
22.7%
2022 |
153/169 |
| Income share by poorest 10% |
3.6%
2022 |
28/169 |
| Government expenditure, % of GDP |
30.5%
2025 |
96/195 |
| Consumer prices inflation |
2.4%
2024-2025 |
126/195 |
| Unemployment rate |
3.28%
2024 |
146/196 |
| Population |
801123
|
163/197 |
Bhutan's GDP per capita
Bhutan has a GDP per capita of $3,839, ranking 132/197, a GDP per capita based on purchasing power parity (PPP) of $16,254, ranking 109/197, and a median annual after tax income of $6,460, ranking 99/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1970 | $200.3 | - |
| 1971 | $207.7 | - |
| 1972 | $212.4 | - |
| 1973 | $230.9 | - |
| 1974 | $262.8 | - |
| 1975 | $237.4 | - |
| 1976 | $233.7 | - |
| 1977 | $249.9 | - |
| 1978 | $232.2 | - |
| 1979 | $251.4 | - |
| 1980 | $296.9 | - |
| 1981 | $311 | - |
| 1982 | $306 | - |
| 1983 | $328 | - |
| 1984 | $326 | - |
| 1985 | $321 | - |
| 1986 | $365 | - |
| 1987 | $449 | - |
| 1988 | $489 | - |
| 1989 | $462 | - |
| 1990 | $488 | $1,638 |
| 1991 | $401 | $1,657 |
| 1992 | $416 | $1,840 |
| 1993 | $407 | $2,001 |
| 1994 | $467 | $2,146 |
| 1995 | $530 | $2,374 |
| 1996 | $553 | $2,548 |
| 1997 | $630 | $2,683 |
| 1998 | $638 | $2,819 |
| 1999 | $685 | $3,017 |
| 2000 | $772 | $3,113 |
| 2001 | $812 | $3,338 |
| 2002 | $896 | $3,663 |
| 2003 | $1,022 | $3,942 |
| 2004 | $1,130 | $4,173 |
| 2005 | $1,300 | $4,523 |
| 2006 | $1,406 | $4,860 |
| 2007 | $1,850 | $5,729 |
| 2008 | $1,920 | $6,035 |
| 2009 | $1,918 | $6,466 |
| 2010 | $2,436 | $7,246 |
| 2011 | $2,788 | $7,935 |
| 2012 | $2,751 | $8,577 |
| 2013 | $2,680 | $8,667 |
| 2014 | $2,849 | $9,323 |
| 2015 | $2,954 | $10,214 |
| 2016 | $3,152 | $11,273 |
| 2017 | $3,435 | $11,677 |
| 2018 | $3,400 | $11,970 |
| 2019 | $3,577 | $12,909 |
| 2020 | $3,192 | $12,475 |
| 2021 | $3,571 | $13,459 |
| 2022 | $3,711 | $15,064 |
| 2023 | $3,839 | $16,254 |
Bhutan's government spending, deficit, and chart
This chart shows Bhutan's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 39 years, Bhutan recorded a fiscal deficit in 31 years — average annual deficit equal to -2.35% of GDP. In 2023, government spending reached $871M (30.5% of GDP), with a deficit of -2.51%.
The national debt reached $3.49B, ranking 152nd out of 185 countries by total size, with a debt-to-GDP ratio of 102.9%, ranking 20th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1987 | 47.5% | 17.3% | -0.56% |
| 1988 | 45.3% | 24.7% | 1.33% |
| 1989 | 46.8% | 26.4% | -10.1% |
| 1990 | 35.8% | 27.4% | -7.21% |
| 1991 | 30.8% | 33.5% | -0.48% |
| 1992 | 34.5% | 35.6% | -3.47% |
| 1993 | 35.2% | 60.2% | 4.71% |
| 1994 | 37.9% | 53.2% | -0.13% |
| 1995 | 38.6% | 38.7% | -0.88% |
| 1996 | 37.9% | 36.8% | 2.55% |
| 1997 | 37.8% | 33% | -1.92% |
| 1998 | 31.1% | 36.4% | 1.28% |
| 1999 | 40.2% | 39.2% | -1.28% |
| 2000 | 43% | 44% | -3.39% |
| 2001 | 50.3% | 52.4% | -12.2% |
| 2002 | 39.3% | 57.7% | -4.33% |
| 2003 | 34.7% | 68.5% | -10.2% |
| 2004 | 31% | 76% | 1.8% |
| 2005 | 36.4% | 80.8% | -6.96% |
| 2006 | 33.4% | 80.1% | -0.07% |
| 2007 | 33.2% | 67.3% | 0.79% |
| 2008 | 36.1% | 60.6% | -2.57% |
| 2009 | 39.3% | 61% | -0.8% |
| 2010 | 41.5% | 55.8% | 1.92% |
| 2011 | 36.1% | 62.3% | -3.02% |
| 2012 | 35.1% | 71.5% | -2.1% |
| 2013 | 32.5% | 92.4% | -4.55% |
| 2014 | 28.9% | 89.8% | 2.46% |
| 2015 | 27.5% | 90.2% | -0.49% |
| 2016 | 30.5% | 107.5% | -2.31% |
| 2017 | 30.6% | 104.1% | -4.49% |
| 2018 | 31.7% | 107.3% | -1.52% |
| 2019 | 24.2% | 99.7% | -1.49% |
| 2020 | 30.9% | 114.9% | -1.81% |
| 2021 | 36.6% | 123.3% | -5.76% |
| 2022 | 32.1% | 117.3% | -6.95% |
| 2023 | 28.8% | 115.4% | -4.7% |
| 2024 | 27.2% | 107.8% | -0.17% |
| 2025 | 30.5% | 102.9% | -2.51% |
Inflation rate by year
Over the past 20 years, Bhutan has had an average annual inflation rate of 5.69%. In 2025, inflation was 2.4%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1980 | 12.5% |
| 1981 | 5% |
| 1982 | 9.9% |
| 1983 | 12.1% |
| 1984 | 13% |
| 1985 | 8% |
| 1986 | 5.2% |
| 1987 | 7% |
| 1988 | 8.2% |
| 1989 | 8.9% |
| 1990 | 9.4% |
| 1991 | 10.3% |
| 1992 | 8.1% |
| 1993 | 9.6% |
| 1994 | 9.5% |
| 1995 | 7.1% |
| 1996 | 8.8% |
| 1997 | 8.6% |
| 1998 | 7.6% |
| 1999 | 9.1% |
| 2000 | 7.2% |
| 2001 | 3.7% |
| 2002 | 2.9% |
| 2003 | 2.5% |
| 2004 | 3.3% |
| 2005 | 4.8% |
| 2006 | 4.9% |
| 2007 | 5.2% |
| 2008 | 6.3% |
| 2009 | 7.1% |
| 2010 | 4.8% |
| 2011 | 8.6% |
| 2012 | 10.1% |
| 2013 | 8.1% |
| 2014 | 9.6% |
| 2015 | 6.7% |
| 2016 | 3.3% |
| 2017 | 4.3% |
| 2018 | 3.6% |
| 2019 | 2.8% |
| 2020 | 3% |
| 2021 | 8.2% |
| 2022 | 5.9% |
| 2023 | 4.5% |
| 2024 | 4.3% |
| 2025 | 2.4% |
Balance of trade
|
Bhutan
|
Rank | |
|---|---|---|
Current account balance
|
-$670M
2024 |
111/189 |
| Current account balance, % of GDP |
-31.9%
2023 |
186/189 |
| Goods imports |
$1.29B
2024 |
163/188 |
| Goods exports |
$656M
2024 |
155/188 |
| Service imports |
$228M
2024 |
171/188 |
| Service exports |
$288M
2024 |
156/188 |
| Imports of goods and services, % of GDP |
53.2%
2023 |
67/180 |
| Exports of goods and services, % of GDP |
28.3%
2023 |
120/193 |
Bhutan's top 10 trading partners
Bhutan's biggest trading partner accounting for 79.8%% of all exports and imports is India, with a trade balance between the two of -$693M — Bhutan exports $338M worth of goods and services to India and imports $1.03B.
Below is the list of the top 10 trade partners of Bhutan.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
India
|
$1.37B | 79.8% | $338M | $1.03B | Metals | Raw materials & minerals |
| 2 |
China
|
$86.9M | 5.07% | $3.6M | $83.3M | Metals | Machinery & equipment |
| 3 |
Bangladesh
|
$70.5M | 4.11% | $60.9M | $9.66M | Raw materials & minerals | Processed food, beverages & tobacco |
| 4 |
Singapore
|
$67M | 3.91% | $239K | $66.7M | Machinery & equipment | Machinery & equipment |
| 5 |
Thailand
|
$21.5M | 1.26% | $136K | $21.4M | Raw agricultural goods | Machinery & equipment |
| 6 |
Italy
|
$21M | 1.23% | $18.5M | $2.57M | Metals | Machinery & equipment |
| 7 |
Nepal
|
$14.2M | 0.83% | $8.65M | $5.58M | Raw materials & minerals | Raw materials & minerals |
| 8 |
Sweden
|
$6.37M | 0.37% | $0 | $6.37M | Animal & marine products | Machinery & equipment |
| 9 |
Germany
|
$5.2M | 0.3% | $110K | $5.1M | Metals | Machinery & equipment |
| 10 |
South Korea
|
$4.49M | 0.26% | $2M | $2.49M | Metals | Machinery & equipment |
Bhutan's top 10 exports
|
Bhutan
|
Rank | |
|---|---|---|
| Transport & tourism services | $298M | 142/188 |
| Metals | $222M | 109/192 |
| Raw materials & minerals | $151M | 145/193 |
| Raw agricultural goods | $29.9M | 136/193 |
| Processed food, beverages & tobacco | $27M | 150/192 |
| Business & finance services | $14.7M | 164/188 |
| Wood & paper products | $3.5M | 157/192 |
| Chemicals & pharma | $1.9M | 168/193 |
| Government & miscellaneous services | $1.79M | 168/180 |
| IT & IP services | $1.2M | 175/183 |
Bhutan's top 10 imports
|
Bhutan
|
Rank | |
|---|---|---|
| Machinery & equipment | $337M | 164/193 |
| Raw materials & minerals | $289M | 160/193 |
| Transport & tourism services | $283M | 156/188 |
| Metals | $146M | 152/193 |
| Processed food, beverages & tobacco | $100M | 171/193 |
| Chemicals & pharma | $99M | 168/193 |
| Raw agricultural goods | $91M | 163/193 |
| Textiles & consumer goods | $90M | 166/193 |
| Wood & paper products | $82.8M | 144/193 |
| Animal & marine products | $44.8M | 159/193 |
Economic freedom indices
|
Bhutan
|
Rank | |
|---|---|---|
| Economic freedom | 57.5 | 113/197 |
| Property rights | 69.7 | 50/182 |
| Government integrity | 71.1 | 50/182 |
| Judicial effectiveness | 62.9 | 50/182 |
| Tax burden | 83.4 | 69/181 |
| Government spending | 68.2 | 108/180 |
| Fiscal health | 25.8 | 149/181 |
| Business freedom | 67.2 | 88/182 |
| Labor freedom | 57.7 | 84/182 |
| Monetary freedom | 70.5 | 100/180 |
| Trade freedom | 63 | 140/181 |
| Investment freedom | 20 | 163/181 |
| Financial freedom | 30 | 133/181 |
Bhutan's economic freedom by year
Bhutan is ranked 100/180 for economic freedom with a score of 57.5, compared to 98/178 and a score of 57.7 in 2009.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2009 | 57.7 | - | 83.6 | 58.3 | - |
| 2010 | 57 | - | 84.1 | 58.3 | - |
| 2011 | 57.6 | - | 83.9 | 64.1 | - |
| 2012 | 56.6 | - | 83.8 | 55.3 | - |
| 2013 | 55 | - | 82.7 | 38.8 | - |
| 2014 | 56.7 | - | 82.9 | 57.2 | - |
| 2015 | 57.4 | - | 82.6 | 60.1 | - |
| 2016 | 59.5 | - | 83.1 | 67.5 | - |
| 2017 | 58.4 | 50.7 | 83.1 | 73.6 | 61.7 |
| 2018 | 61.8 | 51.6 | 83 | 72.2 | 80 |
| 2019 | 62.9 | 55.4 | 83 | 71.6 | 77.6 |
| 2020 | 62.1 | 46.4 | 82.9 | 71.1 | 74.8 |
| 2021 | 58.3 | 45.7 | 82.2 | 71.6 | 70.2 |
| 2022 | 59.3 | 60.9 | 82.4 | 71.6 | 72.4 |
| 2023 | 59 | 72.3 | 84 | 72.2 | 78.7 |
| 2024 | 55.4 | 64.2 | 83.6 | 61.8 | 36.5 |
| 2025 | 57.5 | 62.9 | 83.4 | 68.2 | 25.8 |
More economic indicators
|
Bhutan
|
Rank | |
|---|---|---|
| Services, % of GDP |
52.7%
2023 |
117/191 |
| Industry, % of GDP |
29.6%
2023 |
60/194 |
| Agriculture, forestry, and fishing, % of GDP |
15%
2023 |
54/193 |
|
GNI, Atlas method
|
$2.94B
2023 |
167/194 |
| GNI per capita, PPP |
$15,360
2023 |
106/191 |
| Total reserves including gold |
$941M
2024 |
143/177 |
|
Net foreign direct investment
|
-$22.8M
2024 |
50/188 |
|
Net inflows of foreign direct investment
|
$22.8M
2024 |
163/193 |
|
Servicing debt to the IMF, % of GNI
|
4.86%
2023 |
47/119 |
| Poverty at national poverty lines |
12.4%
2022 |
144/176 |
|
Gross capital formation, % of GDP
|
45.2%
2023 |
2/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Bhutan topic pages:
Economy comparisons
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.
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.