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Economy of Bhutan vs Cyprus compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $37.6B for Cyprus, ranking 170/197 and 103/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $24.5B (65.1% of GDP) in Cyprus.

Bhutan vs Cyprus GDP by year

Bhutan
Cyprus
1x
Year GDP, current $
Bhutan Cyprus
2024 - $37,634,533,332
2023 $3,012,896,789 $35,075,423,857
2022 $2,898,227,744 $31,218,038,929
2021 $2,768,802,960 $30,372,642,502
2020 $2,457,604,334 $25,555,093,854
2019 $2,735,683,570 $26,196,667,100
2018 $2,583,335,722 $25,754,001,368
2017 $2,591,358,009 $22,946,570,629
2016 $2,357,504,761 $21,046,462,281
2015 $2,187,815,803 $19,909,278,417
2014 $2,089,079,571 $23,225,918,260
2013 $1,943,696,952 $23,959,712,861
2012 $1,973,387,228 $25,047,436,975
2011 $1,977,728,659 $27,641,549,302
2010 $1,708,880,730 $25,799,940,078
2009 $1,331,343,798 $26,048,179,949
2008 $1,317,517,835 $27,844,646,258
2007 $1,255,767,964 $23,968,727,074
2006 $942,879,879 $20,072,754,987
2005 $860,391,000 $18,433,412,511
2004 $735,348,490 $17,320,551,250
2003 $651,935,430 $14,547,329,558
2002 $559,345,264 $11,420,228,846
2001 $496,110,226 $10,397,898,907
2000 $460,733,418 $9,985,847,314
1999 $399,311,200 $10,497,907,228
1998 $363,458,381 $10,248,618,778
1997 $352,229,077 $9,547,816,420
1996 $303,408,346 $10,011,914,680
1995 $290,490,984 $9,933,137,128
1994 $258,954,708 $7,425,703,929
1993 $225,973,693 $6,590,291,048
1992 $240,233,531 $6,912,150,456
1991 $240,294,286 $5,770,197,348
1990 $287,765,007 $5,591,130,218
1989 $264,798,626 $4,563,482,604
1988 $272,298,067 $4,278,792,597
1987 $242,742,766 $3,704,813,886
1986 $191,218,115 $3,090,734,463
1985 $163,288,815 $2,430,411,900
1984 $160,423,494 $2,278,248,953
1983 $156,704,290 $2,160,364,071
1982 $141,439,317 $2,159,242,417
1981 $139,174,178 $2,087,496,374
1980 $128,669,201 $2,154,311,277
1979 $105,377,995 $1,288,699,776
1978 $94,086,228 $964,024,364
1977 $97,884,434 $734,876,021
1976 $88,461,263 $576,090,074
1975 $86,820,762 $489,912,574
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 (1970–2024, retrieved 2026-04-06).

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

GDP per capita in Bhutan vs Cyprus by year

Bhutan
GDP per capita

GDP per capita, PPP
Cyprus
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Cyprus
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $27,707 $63,007
2023 $3,831 $16,215 $26,079 $59,875
2022 $3,711 $15,064 $23,448 $55,876
2021 $3,571 $13,459 $23,057 $47,633
2020 $3,192 $12,475 $19,624 $42,569
2019 $3,577 $12,909 $20,360 $44,394
2018 $3,400 $11,970 $20,267 $40,262
2017 $3,435 $11,677 $18,295 $37,768
2016 $3,152 $11,273 $17,013 $35,247
2015 $2,954 $10,214 $16,326 $31,380
2014 $2,849 $9,323 $19,326 $29,893
2013 $2,680 $8,667 $20,238 $30,416
2012 $2,751 $8,577 $21,493 $31,924
2011 $2,788 $7,935 $24,110 $33,406
2010 $2,436 $7,246 $22,876 $33,502
2009 $1,918 $6,466 $23,480 $33,901
2008 $1,920 $6,035 $25,522 $34,830
2007 $1,850 $5,729 $22,344 $32,888
2006 $1,406 $4,860 $19,037 $30,009
2005 $1,300 $4,523 $17,790 $27,763
2004 $1,130 $4,173 $17,016 $25,942
2003 $1,022 $3,942 $14,553 $24,278
2002 $896 $3,663 $11,636 $23,556
2001 $812 $3,338 $10,785 $22,866
2000 $772 $3,113 $10,537 $21,296
1999 $685 $3,017 $11,273 $19,663
1998 $638 $2,819 $11,206 $18,760
1997 $630 $2,683 $10,637 $17,781
1996 $553 $2,548 $11,373 $17,320
1995 $530 $2,374 $11,514 $17,096
1994 $467 $2,146 $8,791 $15,735
1993 $407 $2,001 $7,978 $14,852
1992 $416 $1,840 $8,530 $14,759
1991 $401 $1,657 $7,222 $13,546
1990 $488 $1,638 $7,092 $13,348
1989 $462 - $5,870 -
1988 $489 - $5,584 -
1987 $449 - $4,908 -
1986 $365 - $4,159 -
1985 $321 - $3,324 -
1984 $326 - $3,167 -
1983 $328 - $3,055 -
1982 $306 - $3,100 -
1981 $311 - $3,030 -
1980 $296.9 - $3,154 -
1979 $251.4 - $1,902 -
1978 $232.2 - $1,434 -
1977 $249.9 - $1,102 -
1976 $233.7 - $870 -
1975 $237.4 - $743 -
1974 $262.8 - - -
1973 $230.9 - - -
1972 $212.4 - - -
1971 $207.7 - - -
1970 $200.3 - - -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $27,707 in Cyprus, ranking 45/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Cyprus ranks 29th at $63,007.

Economic indicators

Bhutan Cyprus
Gross domestic product
$3.01B
2023
$37.6B
2024
GDP rank
170/197
2023
103/197
2024
GDP growth
4.63%
2022-2023
3.94%
2023-2024
GDP per capita
$3,831
2023
$27,707
2024
GDP per capita rank
132/197
2023
45/197
2024
GDP per capita, PPP
$16,215
2023
$63,007
2024
GDP per capita PPP rank
109/197
2023
29/197
2024
Government debt
$3.53B
2023
$24.5B
2024
Debt-to-GDP ratio
110.4%
2024
65.1%
2024
Government debt per person
$4,485
2023
$18,034
2024
Government debt per person rank
87/185
2023
34/185
2024
Average annual personal income after taxes
$5,506
2026
$25,384
2026
Market capitalization of domestic companies n/a
$10.9B
2024
Number of billionaires n/a
10
2025
Income share by richest 10%
22.7%
2022
26.3%
2023
Income share by poorest 10%
3.6%
2022
3.6%
2023
Government expenditure, % of GDP
27.1%
2024
40%
2024
Consumer prices inflation
4.3%
2023-2024
1.8%
2023-2024
Unemployment rate
3.28%
2024
4.87%
2024
Population
803385
1386362

Spending and national debt comparison by year

Bhutan
Spending

Debt
Cyprus
Spending

Debt
1x
Year % of GDP
Bhutan Cyprus
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 40% 65.1%
2023 28.8% 117.1% 42% 73.6%
2022 32.1% 119.9% 38% 81.1%
2021 36.6% 124.5% 42.6% 96.5%
2020 30.9% 116% 45.9% 113.6%
2019 24.2% 100.8% 40.3% 92.3%
2018 31.7% 103.4% 44.3% 100.7%
2017 30.6% 104.1% 38.4% 96.4%
2016 30.5% 103% 39.6% 106.8%
2015 27.5% 90.2% 43% 111.6%
2014 28.9% 89.8% 52.1% 113%
2013 32.5% 87.4% 42.1% 102.7%
2012 35.1% 71.5% 41.9% 79.2%
2011 36.1% 62.3% 42.1% 64.8%
2010 41.5% 55.8% 41.7% 55.3%
2009 39.3% 61% 41.9% 52.8%
2008 36.1% 60.6% 38.2% 44.1%
2007 33.2% 67.3% 37.6% 53.1%
2006 33.4% 80.1% 39.1% 59%
2005 36.4% 80.8% 39.7% 64%
2004 31% 76% 38.6% 64.7%
2003 34.7% 68.5% 40.4% 63%
2002 39.3% 57.7% 37.4% 61%
2001 50.3% 52.4% 35.7% 57.5%
2000 43% 44% 35% 56%
1999 40.2% 39.2% 34.3% 55.7%
1998 31.1% 36.4% 34.4% 55%
1997 37.8% 33% 34.2% 53.5%
1996 37.9% 36.8% 32.4% 48.8%
1995 38.6% 38.7% 30.4% 46.7%
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 (1987–1992, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Cyprus spent $15B, or 40% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 65.1% in Cyprus, ranking 17/185 and 68/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Cyprus
1x
Year Deficit/surplus, % of GDP
Bhutan Cyprus
2024 -0.17% 4.28%
2023 -4.73% 1.7%
2022 -6.95% 2.65%
2021 -5.76% -1.64%
2020 -1.81% -5.57%
2019 -1.49% 1.03%
2018 -1.52% -3.36%
2017 -4.49% 2.13%
2016 -2.31% 0.45%
2015 -0.49% -0.77%
2014 2.46% -8.8%
2013 -4.55% -5.16%
2012 -2.1% -5.55%
2011 -3.02% -5.65%
2010 1.92% -4.68%
2009 -0.8% -5.43%
2008 -2.57% 0.87%
2007 0.79% 3.23%
2006 -0.07% -1.04%
2005 -6.96% -2.22%
2004 1.8% -3.71%
2003 -10.2% -5.91%
2002 -4.33% -4.13%
2001 -12.2% -2.11%
2000 -3.39% -2.24%
1999 -1.28% -4.05%
1998 1.28% -3.85%
1997 -1.92% -4.82%
1996 2.55% -2.96%
1995 -0.88% -0.71%
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/cyprus | 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 Cyprus' surplus of $596M, or 1.7% of GDP.

Over the past 29 years, Bhutan recorded a fiscal deficit in 23 of those years, while Cyprus ran a deficit in 22 years. On average, Bhutan posted an annual deficit equal to 2.52% of GDP, compared to deficit of 2.49% of GDP for Cyprus.

Inflation comparison by year

Inflation
Bhutan

Cyprus
1x
Year Consumer prices inflation
Bhutan Cyprus
2024 4.3% 1.8%
2023 4.5% 3.54%
2022 5.9% 8.4%
2021 8.2% 2.45%
2020 3% -0.64%
2019 2.8% 0.25%
2018 3.6% 1.44%
2017 4.3% 0.53%
2016 3.3% -1.43%
2015 6.7% -2.1%
2014 9.6% -1.35%
2013 8.1% -0.4%
2012 10.1% 2.39%
2011 8.6% 3.29%
2010 4.8% 2.43%
2009 7.1% 0.33%
2008 6.3% 4.67%
2007 5.2% 2.37%
2006 4.9% 2.3%
2005 4.8% 2.56%
2004 3.3% 2.29%
2003 2.5% 4.14%
2002 2.9% 2.8%
2001 3.7% 1.97%
2000 7.2% 4.14%
1999 9.1% 1.63%
1998 7.6% 2.23%
1997 8.6% 3.61%

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/cyprus | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 1.99% in Cyprus. In 2024, inflation was 4.3% in Bhutan and 1.8% in Cyprus.

Top exports between countries

Bhutan
Export category Export value
Cyprus
Export category Export value
Precious metals & jewellery $49K

Balance of trade

Bhutan Cyprus
Current account balance
-$670M
2024
-$3.07B
2024
Current account balance ranking
114/190
2024
157/190
2024
Current account balance, % of GDP
-32%
2023
-8.16%
2024
Goods imports
$1.29B
2024
$11.9B
2024
Goods exports
$656M
2024
$4.43B
2024
Service imports
$228M
2024
$23.2B
2024
Service exports
$288M
2024
$32.1B
2024
Imports of goods and services, % of GDP
53.3%
2023
93.4%
2024
Exports of goods and services, % of GDP
28.4%
2023
97%
2024

Economic freedom indices

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

Bhutan Cyprus
Economic freedom 57.5 74.1
Economic freedom ranking 115/197 21/197
Property rights 69.2 85.1
Government integrity 72.2 59.7
Judicial effectiveness 61.8 89.8
Tax burden 83.4 80.8
Government spending 74.1 52.1
Fiscal health 25.8 91.5
Business freedom 67.8 82.3
Labor freedom 60.1 60.3
Monetary freedom 71.6 78.7
Trade freedom 63.4 79.4
Investment freedom 20 70
Financial freedom 20 60

Economic freedom comparison by year

Bhutan
Cyprus
1x
Year Economic freedom index
Bhutan Cyprus
2026 57.5 74.1
2025 57.5 73.2
2024 55.4 72.2
2023 59 72.3
2022 59.3 72.9
2021 58.3 71.4
2020 62.1 70.1
2019 62.9 68.1
2018 61.8 67.8
2017 58.4 67.9
2016 59.5 68.7
2015 57.4 67.9
2014 56.7 67.6
2013 55 69
2012 56.6 71.8
2011 57.6 73.3
2010 57 70.9
2009 57.7 70.8
2008 - 71.3
2007 - 71.7
2006 - 71.8
2005 - 71.9
2004 - 74.1
2003 - 73.3
2002 - 73
2001 - 71
2000 - 67.2
1999 - 67.8
1998 - 68.2
1997 - 67.9
1996 - 67.7

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 74.1 for Cyprus, ranking 21/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Cyprus
Services, % of GDP
52.8%
2023
76.5%
2024
Industry, % of GDP
29.4%
2023
11.1%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
1.16%
2024
GNI, Atlas method
$2.93B
2023
$32B
2024
GNI per capita, PPP
$15,320
2023
$56,200
2024
Total reserves including gold
$941M
2024
$2.09B
2024
Total reserves ranking
143/177
2024
124/177
2024
Net foreign direct investment
-$22.8M
2024
-$5.49B
2024
Net inflows of foreign direct investment
$2.82M
2024
-$50.4B
2024
Net outflows of foreign direct investment
$0
2024
-$55.9B
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
n/a
Poverty at national poverty lines
12.4%
2022
13.9%
2021
Gross capital formation, % of GDP
45.3%
2023
20.7%
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/cyprus | 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 (1996–2026, 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)
  8. TradeMap (2023, retrieved 2026-02-08)

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.