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Economy of Belize vs Bhutan compared: GDP & Debt

Updated on by Georank team

Belize has a GDP of $3.2B compared to $3.01B for Bhutan, ranking 168/197 and 170/197 by economy size, respectively.

Belize has $2.1B in government debt (65.4% of GDP), compared to $3.53B (110.4% of GDP) in Bhutan.

Belize vs Bhutan GDP by year

Belize
Bhutan
1x
Year GDP, current $
Belize Bhutan
2024 $3,203,631,800 -
2023 $3,052,362,650 $3,012,896,789
2022 $2,846,604,350 $2,898,227,744
2021 $2,428,606,250 $2,768,802,960
2020 $2,047,284,600 $2,457,604,334
2019 $2,381,187,850 $2,735,683,570
2018 $2,285,915,050 $2,583,335,722
2017 $2,266,028,250 $2,591,358,009
2016 $2,239,604,950 $2,357,504,761
2015 $2,193,095,150 $2,187,815,803
2014 $2,138,242,200 $2,089,079,571
2013 $2,035,191,450 $1,943,696,952
2012 $1,917,083,500 $1,973,387,228
2011 $1,831,576,700 $1,977,728,659
2010 $1,748,988,400 $1,708,880,730
2009 $1,688,012,750 $1,331,343,798
2008 $1,738,453,600 $1,317,517,835
2007 $1,706,190,450 $1,255,767,964
2006 $1,590,463,100 $942,879,879
2005 $1,474,298,400 $860,391,000
2004 $1,400,202,000 $735,348,490
2003 $1,308,280,250 $651,935,430
2002 $1,243,912,050 $559,345,264
2001 $1,172,045,150 $496,110,226
2000 $1,138,138,100 $460,733,418
1999 $999,713,050 $399,311,200
1998 $929,047,000 $363,458,381
1997 $872,916,050 $352,229,077
1996 $850,339,100 $303,408,346
1995 $818,590,250 $290,490,984
1994 $771,838,000 $258,954,708
1993 $752,255,150 $225,973,693
1992 $695,741,150 $240,233,531
1991 $596,682,100 $240,294,286
1990 $546,750,912 $287,765,007
1989 $491,100,000 $264,798,626
1988 $421,450,000 $272,298,067
1987 $371,100,000 $242,742,766
1986 $311,500,000 $191,218,115
1985 $287,300,000 $163,288,815
1984 $290,350,000 $160,423,494
1983 $262,150,000 $156,704,290
1982 $248,550,000 $141,439,317
1981 $260,750,000 $139,174,178
1980 $257,400,000 $128,669,201
1979 $151,800,000 $105,377,995
1978 $136,300,000 $94,086,228
1977 $117,650,000 $97,884,434
1976 $97,094,227 $88,461,263
1975 $118,194,026 $86,820,762
1974 $103,160,450 $92,901,784
1973 $78,214,768 $78,900,289
1972 $65,998,069 $70,139,867
1971 $59,074,687 $66,289,450
1970 $53,339,893 $61,812,113
1969 $47,399,905 -
1968 $44,999,910 -
1967 $47,431,256 -
1966 $44,450,044 -
1965 $40,110,040 -
1964 $36,194,586 -
1963 $33,750,114 -
1962 $31,857,592 -
1961 $29,965,000 -
1960 $28,072,478 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Belize vs Bhutan by year

Belize
GDP per capita

GDP per capita, PPP
Bhutan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belize Bhutan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,681 $14,347 - -
2023 $7,425 $13,730 $3,831 $16,215
2022 $7,068 $13,461 $3,711 $15,064
2021 $6,143 $11,716 $3,571 $13,459
2020 $5,239 $9,639 $3,192 $12,475
2019 $6,172 $10,500 $3,577 $12,909
2018 $6,012 $9,497 $3,400 $11,970
2017 $6,072 $9,121 $3,435 $11,677
2016 $6,141 $9,399 $3,152 $11,273
2015 $6,155 $9,538 $2,954 $10,214
2014 $6,128 $9,490 $2,849 $9,323
2013 $5,957 $9,526 $2,680 $8,667
2012 $5,733 $9,303 $2,751 $8,577
2011 $5,596 $9,722 $2,788 $7,935
2010 $5,461 $9,748 $2,436 $7,246
2009 $5,400 $9,728 $1,918 $6,466
2008 $5,712 $9,975 $1,920 $6,035
2007 $5,762 $10,226 $1,850 $5,729
2006 $5,525 $9,910 $1,406 $4,860
2005 $5,270 $9,466 $1,300 $4,523
2004 $5,154 $9,245 $1,130 $4,173
2003 $4,960 $8,850 $1,022 $3,942
2002 $4,859 $8,154 $896 $3,663
2001 $4,719 $7,852 $812 $3,338
2000 $4,727 $7,544 $772 $3,113
1999 $4,290 $6,790 $685 $3,017
1998 $4,126 $6,333 $638 $2,819
1997 $4,014 $6,243 $630 $2,683
1996 $4,043 $6,087 $553 $2,548
1995 $4,010 $6,091 $530 $2,374
1994 $3,877 $6,073 $467 $2,146
1993 $3,860 $6,075 $407 $2,001
1992 $3,643 $5,706 $416 $1,840
1991 $3,190 $5,053 $401 $1,657
1990 $2,986 $4,467 $488 $1,638
1989 $2,742 - $462 -
1988 $2,406 - $489 -
1987 $2,166 - $449 -
1986 $1,859 - $365 -
1985 $1,754 - $321 -
1984 $1,814 - $326 -
1983 $1,677 - $328 -
1982 $1,629 - $306 -
1981 $1,753 - $311 -
1980 $1,774 - $296.9 -
1979 $1,071 - $251.4 -
1978 $983 - $232.2 -
1977 $866 - $249.9 -
1976 $729 - $233.7 -
1975 $906 - $237.4 -
1974 $805 - $262.8 -
1973 $619 - $230.9 -
1972 $529 - $212.4 -
1971 $481 - $207.7 -
1970 $442 - $200.3 -
1969 $402 - - -
1968 $392 - - -
1967 $426 - - -
1966 $412 - - -
1965 $383 - - -
1964 $356 - - -
1963 $342 - - -
1962 $332 - - -
1961 $320 - - -
1960 $307 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Belize's GDP per capita is $7,681, ranking 98/197, compared to $3,831 in Bhutan, ranking 132/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Bhutan ranks 109th at $16,215.

Economic indicators

Belize Bhutan
Gross domestic product
$3.2B
2024
$3.01B
2023
GDP rank
168/197
2024
170/197
2023
GDP growth
3.5%
2023-2024
4.63%
2022-2023
GDP per capita
$7,681
2024
$3,831
2023
GDP per capita rank
98/197
2024
132/197
2023
GDP per capita, PPP
$14,347
2024
$16,215
2023
GDP per capita PPP rank
117/197
2024
109/197
2023
Government debt
$2.1B
2024
$3.53B
2023
Debt-to-GDP ratio
65.4%
2024
110.4%
2024
Government debt per person
$5,026
2024
$4,485
2023
Government debt per person rank
78/185
2024
87/185
2023
Average annual personal income after taxes
$9,204
2026
$5,506
2026
Number of billionaires
1
2025
n/a
Income share by richest 10%
30%
2018
22.7%
2022
Income share by poorest 10%
2.2%
2018
3.6%
2022
Government expenditure, % of GDP
26.3%
2024
27.1%
2024
Consumer prices inflation
3.3%
2023-2024
4.3%
2023-2024
Unemployment rate
29.3%
2020
3.28%
2024
Population
430409
803385

Spending and national debt comparison by year

Belize
Spending

Debt
Bhutan
Spending

Debt
1x
Year % of GDP
Belize Bhutan
Government spending Government debt Government spending Government debt
2024 26.3% 65.4% 27.1% 110.4%
2023 25.8% 67.5% 28.8% 117.1%
2022 23.4% 66.8% 32.1% 119.9%
2021 25.7% 82.2% 36.6% 124.5%
2020 33.2% 103% 30.9% 116%
2019 27.5% 78.6% 24.2% 100.8%
2018 26.9% 79% 31.7% 103.4%
2017 27.7% 78.1% 30.6% 104.1%
2016 27.7% 70.5% 30.5% 103%
2015 27.9% 65.1% 27.5% 90.2%
2014 24.8% 61.5% 28.9% 89.8%
2013 23.8% 62.8% 32.5% 87.4%
2012 22.1% 63.1% 35.1% 71.5%
2011 23.5% 66.2% 36.1% 62.3%
2010 23.3% 68.4% 41.5% 55.8%
2009 23.2% 69.7% 39.3% 61%
2008 21.8% 64.7% 36.1% 60.6%
2007 22.1% 66.4% 33.2% 67.3%
2006 21.2% 71.4% 33.4% 80.1%
2005 21.4% 72.7% 36.4% 80.8%
2004 21.7% 70.7% 31% 76%
2003 24.6% 67.2% 34.7% 68.5%
2002 24.4% 53.2% 39.3% 57.7%
2001 25.9% 49.5% 50.3% 52.4%
2000 23.2% 79% 43% 44%
1999 23.6% 41.5% 40.2% 39.2%
1998 20.9% 38.7% 31.1% 36.4%
1997 19.9% 39.4% 37.8% 33%
1996 19.9% 38.4% 37.9% 36.8%
1995 - - 38.6% 38.7%
1994 - - 37.9% 53.2%
1993 - - 35.2% 60.2%
1992 - - 34.5% 35.6%
1991 - - 30.8% 33.5%
1990 - - 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 (1987–2000, retrieved 2026-02-20).

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

In 2024, Belize's government spending was $842M, accounting for 26.3% of its GDP, while Bhutan spent $869M, or 27.1% of GDP.

Debt-to-GDP ratio is 65.4% in Belize and 110.4% in Bhutan, ranking 67/185 and 17/185, respectively.

Government deficit by year

Deficit/surplus
Belize

Bhutan
1x
Year Deficit/surplus, % of GDP
Belize Bhutan
2024 -1.23% -0.17%
2023 -2.42% -4.73%
2022 -1.04% -6.95%
2021 -3.29% -5.76%
2020 -8.57% -1.81%
2019 -2.9% -1.49%
2018 -1.37% -1.52%
2017 -3.48% -4.49%
2016 -4.47% -2.31%
2015 -5.14% -0.49%
2014 -1.72% 2.46%
2013 -1.21% -4.55%
2012 -0.22% -2.1%
2011 -1.06% -3.02%
2010 -1.9% 1.92%
2009 -2.46% -0.8%
2008 1.25% -2.57%
2007 -0.19% 0.79%
2006 -2.27% -0.07%
2005 -3.7% -6.96%
2004 -4.52% 1.8%
2003 -8.41% -10.2%
2002 -5.41% -4.33%
2001 -7.23% -12.2%
2000 -6.68% -3.39%
1999 -6.51% -1.28%
1998 -2.69% 1.28%
1997 -1.81% -1.92%
1996 -1.76% 2.55%
1995 - -0.88%
1994 - -0.13%
1993 - 4.71%
1992 - -3.47%
1991 - -0.48%
1990 - -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/belize/bhutan | CC BY

In 2023, Belize's government deficit, the difference between spending and revenue, was $74M, equivalent to 2.42% of GDP. This compares to Bhutan's deficit of $142M, or 4.73% of GDP.

Over the past 28 years, Belize recorded a fiscal deficit in 27 of those years, while Bhutan ran a deficit in 22 years. On average, Belize posted an annual deficit equal to 3.26% of GDP, compared to deficit of 2.58% of GDP for Bhutan.

Inflation comparison by year

Inflation
Belize

Bhutan
1x
Year Consumer prices inflation
Belize Bhutan
2024 3.3% 4.3%
2023 4.4% 4.5%
2022 6.3% 5.9%
2021 3.2% 8.2%
2020 0.1% 3%
2019 0.2% 2.8%
2018 0.3% 3.6%
2017 1.1% 4.3%
2016 0.7% 3.3%
2015 -0.9% 6.7%
2014 1.2% 9.6%
2013 0.5% 8.1%
2012 1.2% 10.1%
2011 1.7% 8.6%
2010 0.9% 4.8%
2009 -1.1% 7.1%
2008 6.4% 6.3%
2007 2.3% 5.2%
2006 4.2% 4.9%
2005 3.7% 4.8%
2004 3.1% 3.3%
2003 2.6% 2.5%
2002 2.2% 2.9%
2001 1.1% 3.7%
2000 0.6% 7.2%
1999 -1.2% 9.1%
1998 -0.8% 7.6%
1997 1% 8.6%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

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

Over the past 28 years, Belize has recorded an average annual inflation rate of 1.73%, compared with 5.75% in Bhutan. In 2024, inflation was 3.3% in Belize and 4.3% in Bhutan.

Balance of trade

Belize Bhutan
Current account balance
-$51.7M
2024
-$670M
2024
Current account balance ranking
84/190
2024
114/190
2024
Current account balance, % of GDP
-1.61%
2024
-32%
2023
Goods imports
$1.36B
2024
$1.29B
2024
Goods exports
$482M
2024
$656M
2024
Service imports
$362M
2024
$228M
2024
Service exports
$1.16B
2024
$288M
2024
Imports of goods and services, % of GDP
53.7%
2024
53.3%
2023
Exports of goods and services, % of GDP
55.2%
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.

Belize Bhutan
Economic freedom 64.7 57.5
Economic freedom ranking 71/197 115/197
Property rights 46.3 69.2
Government integrity 46.2 72.2
Judicial effectiveness 73.9 61.8
Tax burden 81.8 83.4
Government spending 81 74.1
Fiscal health 87.5 25.8
Business freedom 67.2 67.8
Labor freedom 57.6 60.1
Monetary freedom 72.6 71.6
Trade freedom 57.8 63.4
Investment freedom 55 20
Financial freedom 50 20

Economic freedom comparison by year

Belize
Bhutan
1x
Year Economic freedom index
Belize Bhutan
2026 64.7 57.5
2025 64.2 57.5
2024 61.2 55.4
2023 59.8 59
2022 56.6 59.3
2021 57.5 58.3
2020 57.4 62.1
2019 55.4 62.9
2018 57.1 61.8
2017 58.6 58.4
2016 57.4 59.5
2015 56.8 57.4
2014 56.7 56.7
2013 57.3 55
2012 61.9 56.6
2011 63.8 57.6
2010 61.5 57
2009 63 57.7
2008 63 -
2007 63.3 -
2006 64.7 -
2005 64.5 -
2004 62.8 -
2003 63.5 -
2002 65.6 -
2001 65.9 -
2000 63.3 -
1999 60.7 -
1998 59.1 -
1997 64.3 -
1996 61.6 -
1995 62.9 -

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

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

The Economic Freedom Index for Belize is 64.7, ranking 71/197, 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

Belize Bhutan
Services, % of GDP
62.4%
2024
52.8%
2023
Industry, % of GDP
14.6%
2024
29.4%
2023
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
15%
2023
GNI, Atlas method
$2.98B
2024
$2.93B
2023
GNI per capita, PPP
$13,760
2024
$15,320
2023
Total reserves including gold
$498M
2024
$941M
2024
Total reserves ranking
156/177
2024
143/177
2024
Net foreign direct investment
-$126M
2024
-$22.8M
2024
Net inflows of foreign direct investment
$128M
2024
$2.82M
2024
Net outflows of foreign direct investment
$2.61M
2024
$0
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
4.96%
2023
Poverty at national poverty lines
52%
2018
12.4%
2022
Gross capital formation, % of GDP
19.8%
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/belize/bhutan | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, 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 (1987–2000, 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.