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Bhutan economy ranking: GDP & GDP per capita, debt

Updated on by Georank

Bhutan ranked 167/197 by economy size with a GDP of $3.58B and 128/197 by GDP per capita at $4,493. Bhutan has $3.71B in government debt, with a debt-to-GDP ratio of 103.6%.

In 2025, Bhutan made up 0.003% of the world's economy, compared to 0.002% in 1970.

Bhutan GDP & GDP growth by year

GDP, current $
Real growth
1x
Year GDP GDP growth
2025 $3,579,320,145 8.01%
2024 $3,346,603,859 7.5%
2023 $3,012,896,790 4.63%
2022 $2,898,227,744 5.21%
2021 $2,768,802,960 4.42%
2020 $2,457,604,334 -10.2%
2019 $2,735,683,570 5.76%
2018 $2,583,335,722 3.5%
2017 $2,591,358,009 2.09%
2016 $2,357,504,761 8.48%
2015 $2,187,815,803 6.66%
2014 $2,089,079,571 5.88%
2013 $1,943,696,952 1.74%
2012 $1,973,387,228 5.16%
2011 $1,977,728,659 8.49%
2010 $1,708,880,730 11.9%
2009 $1,331,343,798 7.67%
2008 $1,317,517,835 4.53%
2007 $1,255,767,964 16.1%
2006 $942,879,879 5.64%
2005 $860,391,000 6.94%
2004 $735,348,490 5.16%
2003 $651,935,430 7.79%
2002 $559,345,264 10.4%
2001 $496,110,226 7.33%
2000 $460,733,418 3.36%
1999 $399,311,200 7.98%
1998 $363,458,381 5.91%
1997 $352,229,077 5.37%
1996 $303,408,346 5.57%
1995 $290,490,984 7.07%
1994 $258,954,708 4.95%
1993 $225,973,693 1.99%
1992 $240,233,531 4.6%
1991 $240,294,286 -0.41%
1990 $287,765,007 10.4%
1989 $264,798,626 7.36%
1988 $272,298,067 4.77%
1987 $242,742,766 29.1%
1986 $191,218,115 11.4%
1985 $163,288,815 4.03%
1984 $160,423,494 4.56%
1983 $156,704,290 10.4%
1982 $141,439,317 3.44%
1981 $139,174,178 15.1%
1980 $128,669,201 5.01%
1979 $105,377,995 4.79%
1978 $94,086,228 7.13%
1977 $97,884,434 7.9%
1976 $88,461,263 8.95%
1975 $86,820,762 -3.31%
1974 $92,901,784 5.16%
1973 $78,900,289 1.47%
1972 $70,139,867 1.16%
1971 $66,289,450 2.68%
1970 $61,812,113 -

Data sources: World Bank | Economy & Growth (1970–2025, retrieved 2026-07-08).

GeoRank.org/economy/bhutan | CC BY

Bhutan GDP per capita by year

GDP per capita
GDP per capita, PPP
1x
Year Current $
GDP per capita GDP per capita, PPP
2025 $4,493 -
2024 $4,228 -
2023 $3,831 $16,215
2022 $3,711 $15,064
2021 $3,571 $13,459
2020 $3,192 $12,475
2019 $3,577 $12,909
2018 $3,400 $11,970
2017 $3,435 $11,677
2016 $3,152 $11,273
2015 $2,954 $10,214
2014 $2,849 $9,323
2013 $2,680 $8,667
2012 $2,751 $8,577
2011 $2,788 $7,935
2010 $2,436 $7,246
2009 $1,918 $6,466
2008 $1,920 $6,035
2007 $1,850 $5,729
2006 $1,406 $4,860
2005 $1,300 $4,523
2004 $1,130 $4,173
2003 $1,022 $3,942
2002 $896 $3,663
2001 $812 $3,338
2000 $772 $3,113
1999 $685 $3,017
1998 $638 $2,819
1997 $630 $2,683
1996 $553 $2,548
1995 $530 $2,374
1994 $467 $2,146
1993 $407 $2,001
1992 $416 $1,840
1991 $401 $1,657
1990 $488 $1,638
1989 $462 -
1988 $489 -
1987 $449 -
1986 $365 -
1985 $321 -
1984 $326 -
1983 $328 -
1982 $306 -
1981 $311 -
1980 $296.9 -
1979 $251.4 -
1978 $232.2 -
1977 $249.9 -
1976 $233.7 -
1975 $237.4 -
1974 $262.8 -
1973 $230.9 -
1972 $212.4 -
1971 $207.7 -
1970 $200.3 -

Data sources: World Bank | Economy & Growth (1970–2025, retrieved 2026-07-08).

GeoRank.org/economy/bhutan | CC BY

Bhutan has a GDP per capita of $4,493, ranking 128/197, a GDP per capita based on purchasing power parity (PPP) of $16,215, ranking 109/197, and a median annual after tax income of $4,215, ranking 117/197.

Bhutan GDP rankings by year

GDP
GDP per capita
GDP per capita, PPP
1x
Year Rank
GDP GDP per capita GDP per capita, PPP
2025 154 117 -
2024 164 125 -
2023 167 126 102
2022 167 127 102
2021 166 132 105
2020 167 134 105
2019 167 128 107
2018 168 131 108
2017 168 131 105
2016 168 130 104
2015 171 133 109
2014 171 138 116
2013 172 138 117
2012 170 134 116
2011 172 134 116
2010 173 135 119
2009 177 133 122
2008 176 137 125
2007 175 129 124
2006 176 135 127
2005 174 129 126
2004 175 129 127
2003 174 128 126
2002 176 131 125
2001 177 130 126
2000 177 133 128
1999 178 136 126
1998 179 140 126
1997 178 145 124
1996 177 146 122
1995 176 148 122
1994 174 143 126
1993 173 144 127
1992 171 144 131
1991 169 150 137
1990 165 146 135
1989 151 132 -
1988 148 131 -
1987 146 130 -
1986 141 133 -
1985 144 134 -
1984 141 133 -
1983 139 130 -
1982 140 134 -
1981 141 134 -
1980 141 137 -
1979 134 129 -
1978 132 129 -
1977 131 123 -
1976 130 120 -
1975 131 120 -
1974 129 115 -
1973 127 114 -
1972 125 110 -
1971 125 107 -
1970 126 106 -

Data sources: World Bank | Economy & Growth (1970–2025, retrieved 2026-07-08).

GeoRank.org/economy/bhutan | CC BY

Compared with 2000, in 2025 Bhutan is ranked 154th out of 179 by GDP (up from 177th), 117th by GDP per capita (up from 133rd), and 102nd by GDP per capita PPP (up from 128th).

Economic indicators

Bhutan Rank
Gross domestic product
$3.58B
2025
167/197
GDP growth
8.01%
2024-2025
13/194
GDP per capita
$4,493
2025
128/197
GDP per capita, PPP
$16,215
2023
109/197
Government debt
$3.71B
2025
151/185
Debt-to-GDP ratio
103.6%
2025
19/185
Government debt per person
$4,655
2025
88/185
Average annual personal income after taxes
$4,215
2026
117/197
Income share by richest 10%
22.7%
2022
152/169
Income share by poorest 10%
3.6%
2022
28/169
Government expenditure, % of GDP
30.5%
2025
93/195
Consumer prices inflation
2.6%
2024-2025
107/195
Unemployment rate
3.36%
2025
143/196
Population
805057
163/197

Government spending, deficit, and debt by year

Spending
Debt
Deficit/surplus
1x
Year % of GDP
Government spending Government debt Government deficit/surplus
2025 30.5% 103.6% -2.7%
2024 28.3% 108.7% -1.79%
2023 28.9% 117.2% -4.73%
2022 32.1% 119.9% -6.95%
2021 36.6% 124.5% -5.76%
2020 30.9% 116% -1.81%
2019 24.2% 100.8% -1.49%
2018 31.7% 103.4% -1.52%
2017 30.6% 104.1% -4.49%
2016 30.5% 103% -2.31%
2015 27.5% 90.2% -0.49%
2014 28.9% 89.8% 2.46%
2013 32.5% 87.4% -4.55%
2012 35.1% 71.5% -2.1%
2011 36.1% 62.3% -3.02%
2010 41.5% 55.8% 1.92%
2009 39.3% 61% -0.8%
2008 36.1% 60.6% -2.57%
2007 33.2% 67.3% 0.79%
2006 33.4% 80.1% -0.07%
2005 36.4% 80.8% -6.96%
2004 31% 76% 1.8%
2003 34.7% 68.5% -10.2%
2002 39.3% 57.7% -4.33%
2001 50.3% 52.4% -12.2%
2000 43% 44% -3.39%
1999 40.2% 39.2% -1.28%
1998 31.1% 36.4% 1.28%
1997 37.8% 33% -1.92%
1996 37.9% 36.8% 2.55%
1995 38.6% 38.7% -0.88%
1994 37.9% 53.2% -0.13%
1993 35.2% 60.2% 4.71%
1992 34.5% 35.6% -3.47%
1991 30.8% 33.5% -0.48%
1990 35.8% 27.4% -7.21%
1989 46.8% 26.4% -10.1%
1988 45.3% 24.7% 1.33%
1987 47.5% 17.3% -0.56%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-07-08).

GeoRank.org/economy/bhutan | CC BY

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 of them, with an average annual deficit equal to 2.4% of GDP. In 2025, government spending reached $1.09B (30.5% of GDP), with a deficit of 2.7%.

The national debt reached $3.71B, ranking 151st out of 185 countries by total size, with a debt-to-GDP ratio of 103.6%, ranking 19th.

Inflation rate by year

1x
Year Inflation
2025 2.6%
2024 4.3%
2023 4.5%
2022 5.9%
2021 8.2%
2020 3%
2019 2.8%
2018 3.6%
2017 4.3%
2016 3.3%
2015 6.7%
2014 9.6%
2013 8.1%
2012 10.1%
2011 8.6%
2010 4.8%
2009 7.1%
2008 6.3%
2007 5.2%
2006 4.9%
2005 4.8%
2004 3.3%
2003 2.5%
2002 2.9%
2001 3.7%
2000 7.2%
1999 9.1%
1998 7.6%
1997 8.6%
1996 8.8%
1995 7.1%
1994 9.5%
1993 9.6%
1992 8.1%
1991 10.3%
1990 9.4%
1989 8.9%
1988 8.2%
1987 7%
1986 5.2%
1985 8%
1984 13%
1983 12.1%
1982 9.9%
1981 5%
1980 12.5%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1980–2025, retrieved 2026-07-08).

GeoRank.org/economy/bhutan | CC BY

Over the past 20 years, Bhutan has had an average annual inflation rate of 5.7%. In 2025, inflation was 2.6%. The bar chart above shows consumer price inflation by year.

Balance of trade

Bhutan Rank
Current account balance
-$649M
2024
105/190
Current account balance, % of GDP
-19.4%
2024
178/190
Goods imports
$1.28B
2024
165/189
Goods exports
$660M
2024
156/189
Service imports
$228M
2024
172/189
Service exports
$288M
2024
157/189
Imports of goods and services, % of GDP
47.9%
2024
82/182
Exports of goods and services, % of GDP
31.5%
2024
108/193

Bhutan top 10 trading partners

Bhutan's biggest trading partner accounting for 60.3% of all exports and imports is India, with a trade balance between the two of -$750M: Bhutan exports $394M worth of goods and services to India and imports $1.14B.

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 $1.54B 60.3% $394M $1.14B Metals Raw materials & minerals
2 China $415M 16.3% $0 $415M Metals Machinery & equipment
3 Vietnam $258M 10.1% $350K $258M Raw agricultural goods Machinery & equipment
4 Bangladesh $84.4M 3.31% $68.8M $15.5M Raw materials & minerals Processed food, beverages & tobacco
5 Malaysia $53.6M 2.1% $16K $53.6M Raw agricultural goods Machinery & equipment
6 Singapore $26.5M 1.04% $221K $26.3M Chemicals & pharma Machinery & equipment
7 Thailand $22.9M 0.9% $1.13M $21.7M Raw agricultural goods Machinery & equipment
8 United States $22.2M 0.87% $12.3M $9.91M Metals Machinery & equipment
9 Japan $17.9M 0.7% $101K $17.8M Raw agricultural goods Machinery & equipment
10 South Korea $16.2M 0.63% $8.96M $7.2M Metals Processed food, beverages & tobacco

Top 10 exports

Bhutan Rank
Metals $261M 108/192
Transport & tourism services $231M 152/191
Raw materials & minerals $166M 142/193
Government & miscellaneous services $31M 122/187
Processed food, beverages & tobacco $30.3M 147/192
Business & finance services $24.9M 160/189
Machinery & equipment $23M 156/193
Wood & paper products $12.9M 134/192
Textiles & consumer goods $5.79M 154/193
Chemicals & pharma $2.08M 167/193

Top 10 imports

Bhutan Rank
Machinery & equipment $1.04B 141/193
Raw materials & minerals $351M 158/193
Metals $166M 153/193
Transport & tourism services $151M 172/191
Processed food, beverages & tobacco $112M 169/193
Chemicals & pharma $93.8M 168/193
Textiles & consumer goods $93.6M 166/193
Raw agricultural goods $85.8M 164/193
Wood & paper products $56.3M 152/193
Animal & marine products $44.3M 160/193

Economic freedom indices

Bhutan Rank
Economic freedom 57.5 115/197
Property rights 69.2 52/182
Government integrity 72.2 25/182
Judicial effectiveness 61.8 59/182
Tax burden 83.4 67/182
Government spending 74.1 91/180
Fiscal health 25.8 149/181
Business freedom 67.8 82/182
Labor freedom 60.1 51/182
Monetary freedom 71.6 122/180
Trade freedom 63.4 137/181
Investment freedom 20 161/181
Financial freedom 20 157/181

Economic freedom by year

1x
Year Index
Economic freedom Judicial effectiveness Tax burden Government spending Fiscal health
2026 57.5 61.8 83.4 74.1 25.8
2025 57.5 62.9 83.4 68.2 25.8
2024 55.4 64.2 83.6 61.8 36.5
2023 59 72.3 84 72.2 78.7
2022 59.3 60.9 82.4 71.6 72.4
2021 58.3 45.7 82.2 71.6 70.2
2020 62.1 46.4 82.9 71.1 74.8
2019 62.9 55.4 83 71.6 77.6
2018 61.8 51.6 83 72.2 80
2017 58.4 50.7 83.1 73.6 61.7
2016 59.5 - 83.1 67.5 -
2015 57.4 - 82.6 60.1 -
2014 56.7 - 82.9 57.2 -
2013 55 - 82.7 38.8 -
2012 56.6 - 83.8 55.3 -
2011 57.6 - 83.9 64.1 -
2010 57 - 84.1 58.3 -
2009 57.7 - 83.6 58.3 -

Data sources: The Heritage Foundation | Economic Freedom Index (2009–2026, retrieved 2026-07-08).

GeoRank.org/economy/bhutan | CC BY

Bhutan is ranked 102/174 for economic freedom with a score of 57.5, compared to 98/177 and a score of 57.7 in 2009.

Other economic metrics

Bhutan Rank
Services, % of GDP
53.2%
2025
121/191
Industry, % of GDP
33.2%
2025
42/194
Agriculture, forestry, and fishing, % of GDP
13.7%
2025
58/193
GNI, Atlas method
$3.43B
2025
167/194
GNI per capita, PPP
$18,520
2025
100/191
Total reserves including gold
$1.19B
2025
140/177
Net foreign direct investment
-$2.82M
2024
48/189
Net inflows of foreign direct investment
$2.82M
2024
166/193
Net outflows of foreign direct investment
$0
2024
137/193
Servicing debt to the IMF, % of GNI
5.11%
2024
52/121
Poverty at national poverty lines
12.4%
2022
144/176
Gross capital formation, % of GDP
42.6%
2024
4/179

Compare Bhutan vs other countries

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/bhutan | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1970–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (2009–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2024–2025, retrieved 2026-07-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.