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Economy of Bahrain vs Bhutan compared: GDP & Debt

Updated on by Georank team

Bahrain has a GDP of $47.1B compared to $3.01B for Bhutan, ranking 96/197 and 170/197 by economy size, respectively.

Bahrain has $62.8B in government debt (133.4% of GDP), compared to $3.53B (110.4% of GDP) in Bhutan.

Bahrain vs Bhutan GDP by year

Bahrain
Bhutan
1x
Year GDP, current $
Bahrain Bhutan
2024 $47,109,734,309 -
2023 $46,192,260,638 $3,012,896,789
2022 $46,458,191,489 $2,898,227,744
2021 $40,840,212,766 $2,768,802,960
2020 $35,837,632,979 $2,457,604,334
2019 $40,446,808,511 $2,735,683,570
2018 $39,567,978,723 $2,583,335,722
2017 $37,204,813,830 $2,591,358,009
2016 $33,884,680,851 $2,357,504,761
2015 $32,523,297,872 $2,187,815,803
2014 $34,772,526,596 $2,089,079,571
2013 $33,823,324,468 $1,943,696,952
2012 $31,963,404,255 $1,973,387,228
2011 $29,914,680,851 $1,977,728,659
2010 $26,805,984,043 $1,708,880,730
2009 $22,938,218,085 $1,331,343,798
2008 $25,710,904,255 $1,317,517,835
2007 $21,730,000,000 $1,255,767,964
2006 $18,504,760,638 $942,879,879
2005 $15,968,723,404 $860,391,000
2004 $13,150,159,574 $735,348,490
2003 $11,074,813,830 $651,935,430
2002 $9,593,510,638 $559,345,264
2001 $8,976,196,809 $496,110,226
2000 $9,062,898,936 $460,733,418
1999 $7,528,469,149 $399,311,200
1998 $7,031,309,043 $363,458,381
1997 $7,219,407,713 $352,229,077
1996 $6,938,166,755 $303,408,346
1995 $6,651,180,851 $290,490,984
1994 $6,330,627,926 $258,954,708
1993 $5,913,001,064 $225,973,693
1992 $5,402,232,447 $240,233,531
1991 $5,248,911,170 $240,294,286
1990 $4,809,511,005 $287,765,007
1989 $4,393,093,963 $264,798,626
1988 $4,209,834,173 $272,298,067
1987 $3,856,922,694 $242,742,766
1986 $3,470,746,843 $191,218,115
1985 $4,152,376,484 $163,288,815
1984 $4,440,874,566 $160,423,494
1983 $4,247,030,468 $156,704,290
1982 $4,145,421,080 $141,439,317
1981 $3,943,109,532 $139,174,178
1980 $3,493,834,468 $128,669,201
1979 $2,710,160,739 $105,377,995
1978 $2,272,042,965 $94,086,228
1977 $1,989,060,283 $97,884,434
1976 $1,581,709,519 $88,461,263
1975 $1,099,107,601 $86,820,762
1974 $1,042,176,884 $92,901,784
1973 $761,132,545 $78,900,289
1972 $534,081,184 $70,139,867
1971 $422,181,562 $66,289,450
1970 $391,577,364 $61,812,113

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).

GeoRank.org/economy/bahrain/bhutan | CC BY

GDP per capita in Bahrain vs Bhutan by year

Bahrain
GDP per capita

GDP per capita, PPP
Bhutan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bahrain Bhutan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $29,654 $66,941 - -
2023 $29,290 $64,171 $3,831 $16,215
2022 $30,471 $61,678 $3,711 $15,064
2021 $27,148 $54,955 $3,571 $13,459
2020 $24,343 $53,436 $3,192 $12,475
2019 $27,260 $56,600 $3,577 $12,909
2018 $26,324 $51,993 $3,400 $11,970
2017 $24,785 $50,185 $3,435 $11,677
2016 $23,800 $47,429 $3,152 $11,273
2015 $23,734 $48,034 $2,954 $10,214
2014 $26,452 $54,299 $2,849 $9,323
2013 $26,990 $56,310 $2,680 $8,667
2012 $26,439 $56,713 $2,751 $8,577
2011 $25,033 $52,677 $2,788 $7,935
2010 $21,819 $49,255 $2,436 $7,246
2009 $19,465 $48,626 $1,918 $6,466
2008 $23,299 $50,330 $1,920 $6,035
2007 $20,908 $49,347 $1,850 $5,729
2006 $19,267 $48,009 $1,406 $4,860
2005 $17,966 $47,268 $1,300 $4,523
2004 $15,964 $46,317 $1,130 $4,173
2003 $14,486 $45,427 $1,022 $3,942
2002 $13,501 $45,091 $896 $3,663
2001 $13,573 $46,162 $812 $3,338
2000 $14,214 $45,688 $772 $3,113
1999 $12,123 $43,561 $685 $3,017
1998 $11,625 $42,281 $638 $2,819
1997 $12,255 $40,965 $630 $2,683
1996 $12,092 $40,106 $553 $2,548
1995 $11,901 $38,839 $530 $2,374
1994 $11,629 $37,579 $467 $2,146
1993 $11,152 $37,870 $407 $2,001
1992 $10,460 $33,648 $416 $1,840
1991 $10,434 $31,657 $401 $1,657
1990 $9,343 $26,902 $488 $1,638
1989 $8,833 - $462 -
1988 $8,772 - $489 -
1987 $8,333 - $449 -
1986 $7,777 - $365 -
1985 $9,649 - $321 -
1984 $10,697 - $326 -
1983 $10,599 - $328 -
1982 $10,712 - $306 -
1981 $10,557 - $311 -
1980 $9,733 - $296.9 -
1979 $7,891 - $251.4 -
1978 $6,926 - $232.2 -
1977 $6,358 - $249.9 -
1976 $5,310 - $233.7 -
1975 $3,880 - $237.4 -
1974 $3,874 - $262.8 -
1973 $2,981 - $230.9 -
1972 $2,206 - $212.4 -
1971 $1,830 - $207.7 -
1970 $1,742 - $200.3 -

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).

GeoRank.org/economy/bahrain/bhutan | CC BY

Bahrain's GDP per capita is $29,654, ranking 42/197, compared to $3,831 in Bhutan, ranking 132/197. Adjusted for purchasing power (GDP per capita PPP), Bahrain ranks 26th at $66,941, while Bhutan ranks 109th at $16,215.

Economic indicators

Bahrain Bhutan
Gross domestic product
$47.1B
2024
$3.01B
2023
GDP rank
96/197
2024
170/197
2023
GDP growth
2.6%
2023-2024
4.63%
2022-2023
GDP per capita
$29,654
2024
$3,831
2023
GDP per capita rank
42/197
2024
132/197
2023
GDP per capita, PPP
$66,941
2024
$16,215
2023
GDP per capita PPP rank
26/197
2024
109/197
2023
Government debt
$62.8B
2024
$3.53B
2023
Debt-to-GDP ratio
133.4%
2024
110.4%
2024
Government debt per person
$39,552
2024
$4,485
2023
Government debt per person rank
14/185
2024
87/185
2023
Average annual personal income after taxes
$23,253
2026
$5,506
2026
Market capitalization of domestic companies
$20.4B
2024
n/a
Income share by richest 10% n/a
22.7%
2022
Income share by poorest 10% n/a
3.6%
2022
Government expenditure, % of GDP
29.1%
2024
27.1%
2024
Consumer prices inflation
0.92%
2023-2024
4.3%
2023-2024
Central bank interest rate
4.25%
2025
n/a
Unemployment rate
1.2%
2012
3.28%
2024
Population
1669503
803385

Spending and national debt comparison by year

Bahrain
Spending

Debt
Bhutan
Spending

Debt
1x
Year % of GDP
Bahrain Bhutan
Government spending Government debt Government spending Government debt
2024 29.1% 133.4% 27.1% 110.4%
2023 29.1% 123% 28.8% 117.1%
2022 28.4% 111.6% 32.1% 119.9%
2021 30.6% 122.3% 36.6% 124.5%
2020 34.6% 125.7% 30.9% 116%
2019 31.2% 97.1% 24.2% 100.8%
2018 32.1% 90.4% 31.7% 103.4%
2017 30.7% 84% 30.6% 104.1%
2016 33.3% 77.4% 30.5% 103%
2015 34.8% 63.2% 27.5% 90.2%
2014 27.3% 42.6% 28.9% 89.8%
2013 32% 42.3% 32.5% 87.4%
2012 31.1% 34.8% 35.1% 71.5%
2011 30.2% 31.6% 36.1% 62.3%
2010 31.1% 28.8% 41.5% 55.8%
2009 24.6% 20.5% 39.3% 61%
2008 22.7% 12.1% 36.1% 60.6%
2007 22.4% 15.7% 33.2% 67.3%
2006 23.1% 19.4% 33.4% 80.1%
2005 23.9% 23.2% 36.4% 80.8%
2004 25% 28.2% 31% 76%
2003 28.1% 31.1% 34.7% 68.5%
2002 30.6% 27.2% 39.3% 57.7%
2001 26.5% 25% 50.3% 52.4%
2000 22.2% 24.7% 43% 44%
1999 27.1% 24.7% 40.2% 39.2%
1998 25.7% 20% 31.1% 36.4%
1997 31% 14.8% 37.8% 33%
1996 22.7% 13.1% 37.9% 36.8%
1995 25.1% 13.6% 38.6% 38.7%
1994 26.1% 5.62% 37.9% 53.2%
1993 26.7% 5.95% 35.2% 60.2%
1992 29.4% 6.45% 34.5% 35.6%
1991 28.5% 6.71% 30.8% 33.5%
1990 32.4% 7.24% 35.8% 27.4%
1989 - - 46.8% 26.4%
1988 - - 45.3% 24.7%
1987 - - 47.5% 17.3%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-02-20).

GeoRank.org/economy/bahrain/bhutan | CC BY

In 2024, Bahrain's government spending was $13.7B, accounting for 29.1% of its GDP, while Bhutan spent $869M, or 27.1% of GDP.

Debt-to-GDP ratio is 133.4% in Bahrain and 110.4% in Bhutan, ranking 9/185 and 17/185, respectively.

Government deficit by year

Deficit/surplus
Bahrain

Bhutan
1x
Year Deficit/surplus, % of GDP
Bahrain Bhutan
2024 -10.6% -0.17%
2023 -9.67% -4.73%
2022 -6.02% -6.95%
2021 -10.6% -5.76%
2020 -17.3% -1.81%
2019 -8.57% -1.49%
2018 -11.3% -1.52%
2017 -13.4% -4.49%
2016 -16.6% -2.31%
2015 -17.5% -0.49%
2014 -3.32% 2.46%
2013 -8.55% -4.55%
2012 -5.77% -2.1%
2011 -4.9% -3.02%
2010 -9.29% 1.92%
2009 -5.36% -0.8%
2008 4.08% -2.57%
2007 1.52% 0.79%
2006 2.24% -0.07%
2005 2.8% -6.96%
2004 0.24% 1.8%
2003 -1.7% -10.2%
2002 -3.27% -4.33%
2001 0.7% -12.2%
2000 7.33% -3.39%
1999 -4.85% -1.28%
1998 -5.49% 1.28%
1997 -6.39% -1.92%
1996 0.24% 2.55%
1995 -3.99% -0.88%
1994 -5.18% -0.13%
1993 -2.77% 4.71%
1992 -5.41% -3.47%
1991 -3.47% -0.48%
1990 -6.79% -7.21%
1989 - -10.1%
1988 - 1.33%
1987 - -0.56%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1989, retrieved 2026-02-20).

GeoRank.org/economy/bahrain/bhutan | CC BY

In 2023, Bahrain's government deficit, the difference between spending and revenue, was $4.47B, equivalent to 9.67% of GDP. This compares to Bhutan's deficit of $142M, or 4.73% of GDP.

Over the past 34 years, Bahrain recorded a fiscal deficit in 26 of those years, while Bhutan ran a deficit in 27 years. On average, Bahrain posted an annual deficit equal to 5.24% of GDP, compared to deficit of 2.34% of GDP for Bhutan.

Inflation comparison by year

Inflation
Bahrain

Bhutan
1x
Year Consumer prices inflation
Bahrain Bhutan
2024 0.92% 4.3%
2023 0.07% 4.5%
2022 3.63% 5.9%
2021 -0.61% 8.2%
2020 -2.32% 3%
2019 1.01% 2.8%
2018 2.09% 3.6%
2017 1.39% 4.3%
2016 2.79% 3.3%
2015 1.85% 6.7%
2014 2.65% 9.6%
2013 3.3% 8.1%
2012 2.76% 10.1%
2011 -0.4% 8.6%
2010 1.96% 4.8%
2009 2.8% 7.1%
2008 3.53% 6.3%
2007 3.26% 5.2%
2006 2.01% 4.9%
2005 2.59% 4.8%
2004 2.35% 3.3%
2003 1.59% 2.5%
2002 -0.5% 2.9%
2001 -1.21% 3.7%
2000 -0.7% 7.2%
1999 -1.29% 9.1%
1998 -0.37% 7.6%
1997 2.43% 8.6%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/bahrain/bhutan | CC BY

Over the past 28 years, Bahrain has recorded an average annual inflation rate of 1.34%, compared with 5.75% in Bhutan. In 2024, inflation was 0.92% in Bahrain and 4.3% in Bhutan.

Balance of trade

Bahrain Bhutan
Current account balance
$2.28B
2024
-$670M
2024
Current account balance ranking
44/190
2024
114/190
2024
Current account balance, % of GDP
+4.84%
2024
-32%
2023
Goods imports
$20.7B
2024
$1.29B
2024
Goods exports
$24.3B
2024
$656M
2024
Service imports
$12.4B
2024
$228M
2024
Service exports
$17B
2024
$288M
2024
Imports of goods and services, % of GDP
70.1%
2024
53.3%
2023
Exports of goods and services, % of GDP
87.7%
2024
28.4%
2023

Economic freedom indices

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

Bahrain Bhutan
Economic freedom 65.7 57.5
Economic freedom ranking 63/197 115/197
Property rights 60.9 69.2
Government integrity 45.9 72.2
Judicial effectiveness 30 61.8
Tax burden 99.9 83.4
Government spending 75 74.1
Fiscal health 0 25.8
Business freedom 75.9 67.8
Labor freedom 55.5 60.1
Monetary freedom 88.8 71.6
Trade freedom 86.8 63.4
Investment freedom 90 20
Financial freedom 80 20

Economic freedom comparison by year

Bahrain
Bhutan
1x
Year Economic freedom index
Bahrain Bhutan
2026 65.7 57.5
2025 65.6 57.5
2024 63.4 55.4
2023 62.5 59
2022 62 59.3
2021 69.9 58.3
2020 66.3 62.1
2019 66.4 62.9
2018 67.7 61.8
2017 68.5 58.4
2016 74.3 59.5
2015 73.4 57.4
2014 75.1 56.7
2013 75.5 55
2012 75.2 56.6
2011 77.7 57.6
2010 76.3 57
2009 74.8 57.7
2008 72.2 -
2007 71.2 -
2006 71.6 -
2005 71.2 -
2004 75.1 -
2003 76.3 -
2002 75.6 -
2001 75.9 -
2000 75.7 -
1999 75.2 -
1998 75.6 -
1997 76.1 -
1996 76.4 -
1995 76.2 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/bahrain/bhutan | CC BY

The Economic Freedom Index for Bahrain is 65.7, ranking 63/197, compared to 57.5 for Bhutan, ranking 115/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bahrain Bhutan
Services, % of GDP
53.2%
2024
52.8%
2023
Industry, % of GDP
42.3%
2024
29.4%
2023
Agriculture, forestry, and fishing, % of GDP
0.25%
2024
15%
2023
GNI, Atlas method
$44.6B
2024
$2.93B
2023
GNI per capita, PPP
$62,230
2024
$15,320
2023
Total reserves including gold
$4.95B
2024
$941M
2024
Total reserves ranking
102/177
2024
143/177
2024
Net foreign direct investment
-$2.43B
2024
-$22.8M
2024
Net inflows of foreign direct investment
$2.7B
2024
$2.82M
2024
Net outflows of foreign direct investment
$275M
2024
$0
2024
Servicing debt to the IMF, % of GNI n/a
4.96%
2023
Poverty at national poverty lines n/a
12.4%
2022
Gross capital formation, % of GDP
28.4%
2024
45.3%
2023

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/bahrain/bhutan | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

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.