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Economy of Bhutan vs Botswana compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $19.4B for Botswana, ranking 170/197 and 133/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $5.82B (30% of GDP) in Botswana.

Bhutan vs Botswana GDP by year

Bhutan
Botswana
1x
Year GDP, current $
Bhutan Botswana
2024 - $19,402,063,513
2023 $3,012,896,789 $19,411,266,967
2022 $2,898,227,744 $20,321,150,599
2021 $2,768,802,960 $18,750,182,236
2020 $2,457,604,334 $14,960,251,608
2019 $2,735,683,570 $16,725,908,149
2018 $2,583,335,722 $17,031,943,186
2017 $2,591,358,009 $16,105,155,857
2016 $2,357,504,761 $15,082,637,184
2015 $2,187,815,803 $13,530,748,845
2014 $2,089,079,571 $15,470,088,501
2013 $1,943,696,952 $14,271,738,933
2012 $1,973,387,228 $13,907,464,500
2011 $1,977,728,659 $15,110,643,612
2010 $1,708,880,730 $12,637,273,429
2009 $1,331,343,798 $10,118,459,242
2008 $1,317,517,835 $10,730,829,116
2007 $1,255,767,964 $10,567,270,656
2006 $942,879,879 $9,919,158,482
2005 $860,391,000 $9,918,907,108
2004 $735,348,490 $8,957,467,707
2003 $651,935,430 $7,511,582,173
2002 $559,345,264 $5,438,863,983
2001 $496,110,226 $5,489,608,300
2000 $460,733,418 $5,788,329,609
1999 $399,311,200 $5,484,263,347
1998 $363,458,381 $4,790,481,509
1997 $352,229,077 $5,020,265,627
1996 $303,408,346 $4,847,757,218
1995 $290,490,984 $4,730,599,122
1994 $258,954,708 $4,259,259,604
1993 $225,973,693 $4,160,129,175
1992 $240,233,531 $4,146,464,587
1991 $240,294,286 $3,942,876,703
1990 $287,765,007 $3,790,636,324
1989 $264,798,626 $3,083,822,112
1988 $272,298,067 $2,644,554,159
1987 $242,742,766 $1,965,226,890
1986 $191,218,115 $1,392,602,164
1985 $163,288,815 $1,114,783,343
1984 $160,423,494 $1,240,822,167
1983 $156,704,290 $1,172,230,397
1982 $141,439,317 $1,014,945,696
1981 $139,174,178 $1,073,812,830
1980 $128,669,201 $1,060,889,704
1979 $105,377,995 $819,870,259
1978 $94,086,228 $590,407,374
1977 $97,884,434 $451,624,780
1976 $88,461,263 $372,025,093
1975 $86,820,762 $355,168,572
1974 $92,901,784 $306,044,208
1973 $78,900,289 $244,124,164
1972 $70,139,867 $164,460,915
1971 $66,289,450 $127,448,614
1970 $61,812,113 $96,243,234
1969 - $77,361,547
1968 - $66,248,441
1967 - $58,642,354
1966 - $51,465,655
1965 - $45,788,696
1964 - $41,616,348
1963 - $38,091,843
1962 - $35,644,957
1961 - $32,902,613
1960 - $30,411,414

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

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

GDP per capita in Bhutan vs Botswana by year

Bhutan
GDP per capita

GDP per capita, PPP
Botswana
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Botswana
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $7,696 $20,538
2023 $3,831 $16,215 $7,826 $21,012
2022 $3,711 $15,064 $8,329 $19,977
2021 $3,571 $13,459 $7,808 $17,961
2020 $3,192 $12,475 $6,323 $15,292
2019 $3,577 $12,909 $7,172 $15,960
2018 $3,400 $11,970 $7,408 $15,786
2017 $3,435 $11,677 $7,105 $15,701
2016 $3,152 $11,273 $6,749 $16,228
2015 $2,954 $10,214 $6,141 $14,144
2014 $2,849 $9,323 $7,122 $15,003
2013 $2,680 $8,667 $6,667 $13,621
2012 $2,751 $8,577 $6,596 $12,737
2011 $2,788 $7,935 $7,287 $13,635
2010 $2,436 $7,246 $6,216 $12,753
2009 $1,918 $6,466 $5,083 $11,686
2008 $1,920 $6,035 $5,503 $13,810
2007 $1,850 $5,729 $5,529 $13,389
2006 $1,406 $4,860 $5,292 $12,563
2005 $1,300 $4,523 $5,391 $11,458
2004 $1,130 $4,173 $4,957 $10,818
2003 $1,022 $3,942 $4,230 $10,439
2002 $896 $3,663 $3,117 $9,958
2001 $812 $3,338 $3,206 $9,420
2000 $772 $3,113 $3,451 $9,380
1999 $685 $3,017 $3,340 $9,188
1998 $638 $2,819 $2,981 $8,441
1997 $630 $2,683 $3,194 $8,497
1996 $553 $2,548 $3,156 $7,890
1995 $530 $2,374 $3,156 $7,503
1994 $467 $2,146 $2,917 $7,049
1993 $407 $2,001 $2,929 $6,847
1992 $416 $1,840 $3,005 $6,753
1991 $401 $1,657 $2,939 $6,598
1990 $488 $1,638 $2,903 $6,104
1989 $462 - $2,428 -
1988 $489 - $2,141 -
1987 $449 - $1,639 -
1986 $365 - $1,200 -
1985 $321 - $994 -
1984 $326 - $1,145 -
1983 $328 - $1,121 -
1982 $306 - $1,006 -
1981 $311 - $1,107 -
1980 $296.9 - $1,132 -
1979 $251.4 - $909 -
1978 $232.2 - $695 -
1977 $249.9 - $565 -
1976 $233.7 - $490 -
1975 $237.4 - $493 -
1974 $262.8 - $446 -
1973 $230.9 - $374 -
1972 $212.4 - $264.2 -
1971 $207.7 - $212.2 -
1970 $200.3 - $163 -
1969 - - $131.8 -
1968 - - $113.4 -
1967 - - $100.9 -
1966 - - $89.1 -
1965 - - $79.7 -
1964 - - $73.5 -
1963 - - $68.9 -
1962 - - $66 -
1961 - - $62.3 -
1960 - - $58.9 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $7,696 in Botswana, ranking 97/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Botswana ranks 95th at $20,538.

Economic indicators

Bhutan Botswana
Gross domestic product
$3.01B
2023
$19.4B
2024
GDP rank
170/197
2023
133/197
2024
GDP growth
4.63%
2022-2023
-2.99%
2023-2024
GDP per capita
$3,831
2023
$7,696
2024
GDP per capita rank
132/197
2023
97/197
2024
GDP per capita, PPP
$16,215
2023
$20,538
2024
GDP per capita PPP rank
109/197
2023
95/197
2024
Government debt
$3.53B
2023
$5.82B
2024
Debt-to-GDP ratio
110.4%
2024
30%
2024
Government debt per person
$4,485
2023
$2,310
2024
Government debt per person rank
87/185
2023
114/185
2024
Average annual personal income after taxes
$5,506
2026
$5,271
2026
Market capitalization of domestic companies n/a
$3.59B
2023
Income share by richest 10%
22.7%
2022
42.9%
2015
Income share by poorest 10%
3.6%
2022
1.4%
2015
Government expenditure, % of GDP
27.1%
2024
33.8%
2024
Consumer prices inflation
4.3%
2023-2024
2.82%
2023-2024
Central bank interest rate n/a
1.9%
2024
Unemployment rate
3.28%
2024
24.4%
2024
Population
803385
2615162

Spending and national debt comparison by year

Bhutan
Spending

Debt
Botswana
Spending

Debt
1x
Year % of GDP
Bhutan Botswana
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 33.8% 30%
2023 28.8% 117.1% 32.4% 22.5%
2022 32.1% 119.9% 29.5% 21.3%
2021 36.6% 124.5% 33% 23.4%
2020 30.9% 116% 38.5% 24.8%
2019 24.2% 100.8% 36.4% 21.3%
2018 31.7% 103.4% 35.9% 19.8%
2017 30.6% 104.1% 35% 19.8%
2016 30.5% 103% 34.2% 22.4%
2015 27.5% 90.2% 39.7% 25.7%
2014 28.9% 89.8% 36.4% 23.9%
2013 32.5% 87.4% 34.8% 24.7%
2012 35.1% 71.5% 38.3% 27.3%
2011 36.1% 62.3% 37.4% 28.1%
2010 41.5% 55.8% 44.7% 27.9%
2009 39.3% 61% 54.5% 23.5%
2008 36.1% 60.6% 48% 7.77%
2007 33.2% 67.3% 38.3% 6.12%
2006 33.4% 80.1% 34.1% 6.32%
2005 36.4% 80.8% 35% 7.74%
2004 31% 76% 42% 11.3%
2003 34.7% 68.5% 44% 7.29%
2002 39.3% 57.7% 46% 8.55%
2001 50.3% 52.4% 42.9% 7.61%
2000 43% 44% 39.8% 8.37%
1999 40.2% 39.2% 41.7% 9.68%
1998 31.1% 36.4% 44.3% 12%
1997 37.8% 33% 40% -
1996 37.9% 36.8% 37.2% -
1995 38.6% 38.7% 38.1% -
1994 37.9% 53.2% 39.2% -
1993 35.2% 60.2% 44.2% -
1992 34.5% 35.6% 43.4% -
1991 30.8% 33.5% 42.3% -
1990 35.8% 27.4% 40.5% -
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/bhutan/botswana | CC BY

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Botswana spent $6.55B, or 33.8% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 30% in Botswana, ranking 17/185 and 158/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Botswana
1x
Year Deficit/surplus, % of GDP
Bhutan Botswana
2024 -0.17% -7.82%
2023 -4.73% -4.25%
2022 -6.95% -0.006%
2021 -5.76% -2.46%
2020 -1.81% -11.5%
2019 -1.49% -8.43%
2018 -1.52% -5.07%
2017 -4.49% -1.16%
2016 -2.31% 0.72%
2015 -0.49% -5.06%
2014 2.46% 3.88%
2013 -4.55% 6.07%
2012 -2.1% 0.92%
2011 -3.02% -0.12%
2010 1.92% -8.36%
2009 -0.8% -14.4%
2008 -2.57% -7.59%
2007 0.79% 5.92%
2006 -0.07% 13.7%
2005 -6.96% 10.7%
2004 1.8% 1.42%
2003 -10.2% -0.18%
2002 -4.33% -4.02%
2001 -12.2% -2.96%
2000 -3.39% 8.95%
1999 -1.28% 6.18%
1998 1.28% -
1997 -1.92% -
1996 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/bhutan/botswana | CC BY

In 2023, Bhutan's government deficit, the difference between spending and revenue, was $142M, equivalent to 4.73% of GDP. This compares to Botswana's deficit of $825M, or 4.25% of GDP.

Over the past 25 years, Bhutan recorded a fiscal deficit in 21 of those years, while Botswana ran a deficit in 15 years. On average, Bhutan posted an annual deficit equal to 2.96% of GDP, compared to deficit of 0.68% of GDP for Botswana.

Inflation comparison by year

Inflation
Bhutan

Botswana
1x
Year Consumer prices inflation
Bhutan Botswana
2024 4.3% 2.82%
2023 4.5% 5.07%
2022 5.9% 11.7%
2021 8.2% 7.24%
2020 3% 1.89%
2019 2.8% 2.77%
2018 3.6% 3.24%
2017 4.3% 3.31%
2016 3.3% 2.81%
2015 6.7% 3.06%
2014 9.6% 4.4%
2013 8.1% 5.88%
2012 10.1% 7.54%
2011 8.6% 8.46%
2010 4.8% 6.95%
2009 7.1% 8.03%
2008 6.3% 12.7%
2007 5.2% 7.08%
2006 4.9% 11.6%
2005 4.8% 8.61%
2004 3.3% 6.95%
2003 2.5% 9.19%
2002 2.9% 8.03%
2001 3.7% 6.56%
2000 7.2% 8.6%
1999 9.1% 7.75%
1998 7.6% 6.66%
1997 8.6% 8.72%

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/bhutan/botswana | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 6.7% in Botswana. In 2024, inflation was 4.3% in Bhutan and 2.82% in Botswana.

Balance of trade

Bhutan Botswana
Current account balance
-$670M
2024
-$821M
2024
Current account balance ranking
114/190
2024
118/190
2024
Current account balance, % of GDP
-32%
2023
-4.23%
2024
Goods imports
$1.29B
2024
$6.86B
2024
Goods exports
$656M
2024
$4.66B
2024
Service imports
$228M
2024
$1.29B
2024
Service exports
$288M
2024
$935M
2024
Imports of goods and services, % of GDP
53.3%
2023
43.7%
2024
Exports of goods and services, % of GDP
28.4%
2023
27.4%
2024

Economic freedom indices

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

Bhutan Botswana
Economic freedom 57.5 67.7
Economic freedom ranking 115/197 53/197
Property rights 69.2 71.7
Government integrity 72.2 59.6
Judicial effectiveness 61.8 70.2
Tax burden 83.4 87.1
Government spending 74.1 69.8
Fiscal health 25.8 72.4
Business freedom 67.8 61.5
Labor freedom 60.1 60.7
Monetary freedom 71.6 72
Trade freedom 63.4 77
Investment freedom 20 50
Financial freedom 20 60

Economic freedom comparison by year

Bhutan
Botswana
1x
Year Economic freedom index
Bhutan Botswana
2026 57.5 67.7
2025 57.5 69.9
2024 55.4 68
2023 59 64.9
2022 59.3 64.8
2021 58.3 67.6
2020 62.1 69.6
2019 62.9 69.5
2018 61.8 69.9
2017 58.4 70.1
2016 59.5 71.1
2015 57.4 69.8
2014 56.7 72
2013 55 70.6
2012 56.6 69.6
2011 57.6 68.8
2010 57 70.3
2009 57.7 69.7
2008 - 68.2
2007 - 68.1
2006 - 68.8
2005 - 69.3
2004 - 69.9
2003 - 68.6
2002 - 66.2
2001 - 66.8
2000 - 65.8
1999 - 62.9
1998 - 62.8
1997 - 59.1
1996 - 61.6
1995 - 56.8

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 67.7 for Botswana, ranking 53/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Botswana
Services, % of GDP
52.8%
2023
63.5%
2024
Industry, % of GDP
29.4%
2023
29.4%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
1.71%
2024
GNI, Atlas method
$2.93B
2023
$19.5B
2024
GNI per capita, PPP
$15,320
2023
$20,570
2024
Total reserves including gold
$941M
2024
$3.46B
2024
Total reserves ranking
143/177
2024
113/177
2024
Net foreign direct investment
-$22.8M
2024
-$464M
2024
Net inflows of foreign direct investment
$2.82M
2024
$467M
2024
Net outflows of foreign direct investment
$0
2024
$3.02M
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
1.42%
2024
Poverty at national poverty lines
12.4%
2022
16.1%
2015
Gross capital formation, % of GDP
45.3%
2023
36%
2024

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/bhutan/botswana | 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 (1987–1992, 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.