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Economy of Bhutan vs Bulgaria compared: GDP & Debt

Updated on by Georank

Bhutan has a GDP of $3.58B compared to $131B for Bulgaria, ranking 167/197 and 63/197 by economy size, respectively.

Bhutan has $3.71B in government debt (103.6% of GDP), compared to $35.4B (27.1% of GDP) in Bulgaria.

Bhutan vs Bulgaria GDP by year

Bhutan
Bulgaria
1x
Year GDP, current $
Bhutan Bulgaria
2025 $3,579,320,145 $130,777,235,530
2024 $3,346,603,859 $113,349,149,167
2023 $3,012,896,790 $102,204,457,335
2022 $2,898,227,744 $90,510,784,778
2021 $2,768,802,960 $84,378,926,047
2020 $2,457,604,334 $70,490,478,088
2019 $2,735,683,570 $68,511,235,459
2018 $2,583,335,722 $66,100,606,677
2017 $2,591,358,009 $59,170,671,046
2016 $2,357,504,761 $53,932,152,154
2015 $2,187,815,803 $50,768,512,173
2014 $2,089,079,571 $57,083,817,240
2013 $1,943,696,952 $55,822,115,861
2012 $1,973,387,228 $54,299,825,600
2011 $1,977,728,659 $57,684,243,980
2010 $1,708,880,730 $50,691,645,231
2009 $1,331,343,798 $52,026,461,290
2008 $1,317,517,835 $54,483,464,293
2007 $1,255,767,964 $44,433,521,725
2006 $942,879,879 $34,382,295,487
2005 $860,391,000 $29,870,182,425
2004 $735,348,490 $26,159,078,743
2003 $651,935,430 $21,146,038,619
2002 $559,345,264 $16,403,880,783
2001 $496,110,226 $14,184,170,319
2000 $460,733,418 $13,246,669,554
1999 $399,311,200 $13,637,793,854
1998 $363,458,381 $15,031,821,788
1997 $352,229,077 $11,316,706,412
1996 $303,408,346 $12,295,588,924
1995 $290,490,984 $18,992,388,645
1994 $258,954,708 $9,709,230,161
1993 $225,973,693 $10,832,041,595
1992 $240,233,531 $8,602,874,120
1991 $240,294,286 $7,628,764,750
1990 $287,765,007 $20,726,605,649
1989 $264,798,626 $21,746,286,447
1988 $272,298,067 $23,003,003,708
1987 $242,742,766 $28,428,718,531
1986 $191,218,115 $20,261,546,635
1985 $163,288,815 $17,562,270,447
1984 $160,423,494 $17,410,894,971
1983 $156,704,290 $16,959,180,922
1982 $141,439,317 $19,803,624,625
1981 $139,174,178 $20,055,685,481
1980 $128,669,201 $20,039,544,133
1979 $105,377,995 -
1978 $94,086,228 -
1977 $97,884,434 -
1976 $88,461,263 -
1975 $86,820,762 -
1974 $92,901,784 -
1973 $78,900,289 -
1972 $70,139,867 -
1971 $66,289,450 -
1970 $61,812,113 -

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

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

GDP per capita in Bhutan vs Bulgaria by year

Bhutan
GDP per capita

GDP per capita, PPP
Bulgaria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Bulgaria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,493 - $20,328 -
2024 $4,228 - $17,597 $41,969
2023 $3,831 $16,215 $15,854 $38,829
2022 $3,711 $15,064 $14,000 $36,320
2021 $3,571 $13,459 $12,967 $30,959
2020 $3,192 $12,475 $10,761 $27,352
2019 $3,577 $12,909 $10,354 $26,766
2018 $3,400 $11,970 $9,850 $23,998
2017 $3,435 $11,677 $8,697 $22,317
2016 $3,152 $11,273 $7,823 $20,746
2015 $2,954 $10,214 $7,269 $18,896
2014 $2,849 $9,323 $8,070 $17,991
2013 $2,680 $8,667 $7,796 $16,894
2012 $2,751 $8,577 $7,432 $16,327
2011 $2,788 $7,935 $7,850 $15,747
2010 $2,436 $7,246 $6,854 $14,954
2009 $1,918 $6,466 $6,989 $14,188
2008 $1,920 $6,035 $7,272 $14,347
2007 $1,850 $5,729 $5,889 $12,822
2006 $1,406 $4,860 $4,523 $11,406
2005 $1,300 $4,523 $3,900 $10,291
2004 $1,130 $4,173 $3,390 $9,200
2003 $1,022 $3,942 $2,720 $8,416
2002 $896 $3,663 $2,093 $7,786
2001 $812 $3,338 $1,771 $6,960
2000 $772 $3,113 $1,621 $6,424
1999 $685 $3,017 $1,661 $5,808
1998 $638 $2,819 $1,821 $6,178
1997 $630 $2,683 $1,361 $5,751
1996 $553 $2,548 $1,470 $6,849
1995 $530 $2,374 $2,259 $7,743
1994 $467 $2,146 $1,150 $7,338
1993 $407 $2,001 $1,279 $7,032
1992 $416 $1,840 $1,007 $6,917
1991 $401 $1,657 $884 $7,215
1990 $488 $1,638 $2,377 $7,548
1989 $462 - $2,450 -
1988 $489 - $2,561 -
1987 $449 - $3,169 -
1986 $365 - $2,262 -
1985 $321 - $1,960 -
1984 $326 - $1,943 -
1983 $328 - $1,897 -
1982 $306 - $2,221 -
1981 $311 - $2,256 -
1980 $296.9 - $2,261 -
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/bulgaria | CC BY

Bhutan's GDP per capita is $4,493, ranking 128/197, compared to $20,328 in Bulgaria, ranking 58/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Bulgaria ranks 54th at $41,969.

Economic indicators

Bhutan Bulgaria
Gross domestic product
$3.58B
2025
$131B
2025
GDP rank
167/197
2025
63/197
2025
GDP growth
8.01%
2024-2025
3.1%
2024-2025
GDP per capita
$4,493
2025
$20,328
2025
GDP per capita rank
128/197
2025
58/197
2025
GDP per capita, PPP
$16,215
2023
$41,969
2024
GDP per capita PPP rank
109/197
2023
54/197
2024
Government debt
$3.71B
2025
$35.4B
2025
Debt-to-GDP ratio
103.6%
2025
27.1%
2025
Government debt per person
$4,655
2025
$5,507
2025
Government debt per person rank
88/185
2025
79/185
2025
Average annual personal income after taxes
$4,215
2026
$16,126
2026
Market capitalization of domestic companies n/a
$11.2B
2025
Number of billionaires n/a
2
2026
Income share by richest 10%
22.7%
2022
31.1%
2023
Income share by poorest 10%
3.6%
2022
2.1%
2023
Government expenditure, % of GDP
30.5%
2025
38.9%
2025
Consumer prices inflation
2.6%
2024-2025
3.5%
2024-2025
Central bank interest rate n/a
1.81%
2025
Unemployment rate
3.36%
2025
3.5%
2025
Population
805057
6390149

Spending and national debt comparison by year

Bhutan
Spending

Debt
Bulgaria
Spending

Debt
1x
Year % of GDP
Bhutan Bulgaria
Government spending Government debt Government spending Government debt
2025 30.5% 103.6% 38.9% 27.1%
2024 28.3% 108.7% 36.3% 23.8%
2023 28.9% 117.2% 37.5% 22.9%
2022 32.1% 119.9% 37.6% 22.5%
2021 36.6% 124.5% 38.5% 23.9%
2020 30.9% 116% 37.7% 22.7%
2019 24.2% 100.8% 36.1% 18.4%
2018 31.7% 103.4% 34.4% 20.1%
2017 30.6% 104.1% 32% 22.9%
2016 30.5% 103% 32.7% 27%
2015 27.5% 90.2% 37.3% 25.4%
2014 28.9% 89.8% 37.1% 26.3%
2013 32.5% 87.4% 35.5% 17.2%
2012 35.1% 71.5% 32.5% 16.5%
2011 36.1% 62.3% 32% 14.3%
2010 41.5% 55.8% 34.6% 14.1%
2009 39.3% 61% 33.8% 14.5%
2008 36.1% 60.6% 33.5% 14.7%
2007 33.2% 67.3% 33.1% 17.6%
2006 33.4% 80.1% 32.5% 22.6%
2005 36.4% 80.8% 34% 28.5%
2004 31% 76% 34.6% 37.8%
2003 34.7% 68.5% 35.8% 45.4%
2002 39.3% 57.7% 35.1% 53.4%
2001 50.3% 52.4% 36.5% 67.1%
2000 43% 44% 37.1% 73.3%
1999 40.2% 39.2% 36.2% 78.7%
1998 31.1% 36.4% 30.6% 67.3%
1997 37.8% 33% 32.9% 88.4%
1996 37.9% 36.8% 44% 113.8%
1995 38.6% 38.7% 45.4% 72%
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1997, retrieved 2026-07-08).

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

In 2025, Bhutan's government spending was $1.09B, accounting for 30.5% of its GDP, while Bulgaria spent $50.8B, or 38.9% of GDP.

Debt-to-GDP ratio is 103.6% in Bhutan and 27.1% in Bulgaria, ranking 19/185 and 164/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Bulgaria
1x
Year Deficit/surplus, % of GDP
Bhutan Bulgaria
2025 -2.7% -3.01%
2024 -1.79% -3.01%
2023 -4.73% -3.04%
2022 -6.95% -0.8%
2021 -5.76% -2.8%
2020 -1.81% -2.92%
2019 -1.49% -0.96%
2018 -1.52% 0.12%
2017 -4.49% 0.82%
2016 -2.31% 1.54%
2015 -0.49% -2.77%
2014 2.46% -3.65%
2013 -4.55% -1.75%
2012 -2.1% -0.43%
2011 -3.02% -1.83%
2010 1.92% -3.77%
2009 -0.8% -0.86%
2008 -2.57% 2.73%
2007 0.79% 3.09%
2006 -0.07% 3.22%
2005 -6.96% 2.19%
2004 1.8% 1.59%
2003 -10.2% 0.003%
2002 -4.33% -0.61%
2001 -12.2% -0.58%
2000 -3.39% -0.6%
1999 -1.28% 0.15%
1998 1.28% 1.08%
1997 -1.92% 0.83%
1996 2.55% -10.1%
1995 -0.88% -7.98%
1994 -0.13% -
1993 4.71% -
1992 -3.47% -
1991 -0.48% -
1990 -7.21% -
1989 -10.1% -
1988 1.33% -
1987 -0.56% -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - 0%
1943 - 0%
1942 - -0.3%
1941 - 3.96%
1940 - 0.75%
1939 - 0.72%
1938 - 1%
1937 - 1.41%
1936 - 1.17%
1935 - 1.34%
1934 - -0.12%
1933 - -0.56%
1932 - -2.14%
1931 - -3.07%
1930 - -5.48%
1929 - -6.67%
1928 - -1.09%
1927 - -0.02%
1926 - -0.25%
1925 - -0.97%
1924 - 1.26%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-07-08).

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

In 2025, Bhutan's government deficit, the difference between spending and revenue, was $96.7M, equivalent to 2.7% of GDP. This compares to Bulgaria's deficit of $3.94B, or 3.01% of GDP.

Over the past 31 years, Bhutan recorded a fiscal deficit in 25 of those years, while Bulgaria ran a deficit in 19 years. On average, Bhutan posted an annual deficit equal to 2.5% of GDP, compared to deficit of 1.1% of GDP for Bulgaria.

Inflation comparison by year

Inflation
Bhutan

Bulgaria
1x
Year Consumer prices inflation
Bhutan Bulgaria
2025 2.6% 3.5%
2024 4.3% 2.6%
2023 4.5% 8.6%
2022 5.9% 13%
2021 8.2% 2.8%
2020 3% 1.2%
2019 2.8% 2.5%
2018 3.6% 2.6%
2017 4.3% 1.2%
2016 3.3% -1.3%
2015 6.7% -1.1%
2014 9.6% -1.6%
2013 8.1% 0.4%
2012 10.1% 2.4%
2011 8.6% 3.4%
2010 4.8% 3%
2009 7.1% 2.5%
2008 6.3% 12%
2007 5.2% 7.6%
2006 4.9% 7.4%
2005 4.8% 6%
2004 3.3% 6.1%
2003 2.5% 2.3%
2002 2.9% 5.8%
2001 3.7% 7.4%
2000 7.2% 10.3%
1999 9.1% 2.6%
1998 7.6% 18.7%
1997 8.6% 1,061%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Bhutan has recorded an average annual inflation rate of 5.64%, compared with 41.1% in Bulgaria. In 2025, inflation was 2.6% in Bhutan and 3.5% in Bulgaria.

Top exports between countries

Bhutan
Export category Export value
Bulgaria
Export category Export value
Chemicals & pharma $595K
Machinery & equipment $7K

Balance of trade

Bhutan Bulgaria
Current account balance
-$649M
2024
-$7.64B
2025
Current account balance ranking
105/190
2024
170/190
2025
Current account balance, % of GDP
-19.4%
2024
-5.84%
2025
Goods imports
$1.28B
2024
$58.5B
2025
Goods exports
$660M
2024
$47.9B
2025
Service imports
$228M
2024
$9.42B
2025
Service exports
$288M
2024
$18.6B
2025
Imports of goods and services, % of GDP
47.9%
2024
51.8%
2025
Exports of goods and services, % of GDP
31.5%
2024
50.7%
2025

Economic freedom indices

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

Bhutan Bulgaria
Economic freedom 57.5 68.9
Economic freedom ranking 115/197 44/197
Property rights 69.2 75.8
Government integrity 72.2 48.4
Judicial effectiveness 61.8 58.5
Tax burden 83.4 89.1
Government spending 74.1 58.4
Fiscal health 25.8 90.4
Business freedom 67.8 78.2
Labor freedom 60.1 62.4
Monetary freedom 71.6 75.8
Trade freedom 63.4 79.4
Investment freedom 20 60
Financial freedom 20 50

Economic freedom comparison by year

Bhutan
Bulgaria
1x
Year Economic freedom index
Bhutan Bulgaria
2026 57.5 68.9
2025 57.5 68.8
2024 55.4 68.5
2023 59 69.3
2022 59.3 71
2021 58.3 70.4
2020 62.1 70.2
2019 62.9 69
2018 61.8 68.3
2017 58.4 67.9
2016 59.5 65.9
2015 57.4 66.8
2014 56.7 65.7
2013 55 65
2012 56.6 64.7
2011 57.6 64.9
2010 57 62.3
2009 57.7 64.6
2008 - 63.7
2007 - 62.7
2006 - 64.1
2005 - 62.3
2004 - 59.2
2003 - 57
2002 - 57.1
2001 - 51.9
2000 - 47.3
1999 - 46.2
1998 - 45.7
1997 - 47.6
1996 - 48.6
1995 - 50

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 68.9 for Bulgaria, ranking 44/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Bulgaria
Services, % of GDP
53.2%
2025
63.3%
2025
Industry, % of GDP
33.2%
2025
21.2%
2025
Agriculture, forestry, and fishing, % of GDP
13.7%
2025
2.47%
2025
GNI, Atlas method
$3.43B
2025
$114B
2025
GNI per capita, PPP
$18,520
2025
$42,170
2025
Total reserves including gold
$1.19B
2025
$47.1B
2025
Total reserves ranking
140/177
2025
51/177
2025
Net foreign direct investment
-$2.82M
2024
-$3.37B
2025
Net inflows of foreign direct investment
$2.82M
2024
$3.05B
2024
Net outflows of foreign direct investment
$0
2024
$1.21B
2024
Servicing debt to the IMF, % of GNI
5.11%
2024
6.8%
2024
Poverty at national poverty lines
12.4%
2022
21.7%
2023
Gross capital formation, % of GDP
42.6%
2024
21.7%
2025

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/bulgaria | 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 (1995–2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2024, 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.