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Economy of Bhutan vs Ecuador compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $125B for Ecuador, ranking 170/197 and 62/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $67B (53.8% of GDP) in Ecuador.

Bhutan vs Ecuador GDP by year

Bhutan
Ecuador
1x
Year GDP, current $
Bhutan Ecuador
2024 - $124,676,074,700
2023 $3,012,896,789 $121,147,057,000
2022 $2,898,227,744 $116,133,121,000
2021 $2,768,802,960 $107,179,074,000
2020 $2,457,604,334 $95,865,473,000
2019 $2,735,683,570 $107,595,830,000
2018 $2,583,335,722 $107,478,961,000
2017 $2,591,358,009 $104,467,486,000
2016 $2,357,504,761 $97,671,433,000
2015 $2,187,815,803 $97,209,558,000
2014 $2,089,079,571 $102,717,794,000
2013 $1,943,696,952 $96,570,334,000
2012 $1,973,387,228 $87,735,048,000
2011 $1,977,728,659 $78,986,648,000
2010 $1,708,880,730 $68,151,329,000
2009 $1,331,343,798 $60,094,978,000
2008 $1,317,517,835 $61,139,438,000
2007 $1,255,767,964 $49,848,725,000
2006 $942,879,879 $45,690,762,000
2005 $860,391,000 $40,278,849,000
2004 $735,348,490 $35,194,947,000
2003 $651,935,430 $30,965,208,000
2002 $559,345,264 $27,054,197,000
2001 $496,110,226 $23,127,055,000
2000 $460,733,418 $17,539,454,727
1999 $399,311,200 $19,645,272,636
1998 $363,458,381 $27,981,896,948
1997 $352,229,077 $28,162,053,027
1996 $303,408,346 $25,226,393,197
1995 $290,490,984 $24,432,884,442
1994 $258,954,708 $22,708,673,337
1993 $225,973,693 $18,938,717,359
1992 $240,233,531 $18,094,238,119
1991 $240,294,286 $16,988,535,268
1990 $287,765,007 $15,239,272,612
1989 $264,798,626 $13,890,823,705
1988 $272,298,067 $13,051,881,851
1987 $242,742,766 $13,945,426,859
1986 $191,218,115 $15,314,138,472
1985 $163,288,815 $17,149,088,413
1984 $160,423,494 $16,912,509,092
1983 $156,704,290 $17,152,477,037
1982 $141,439,317 $19,929,846,396
1981 $139,174,178 $21,810,759,354
1980 $128,669,201 $17,881,508,242
1979 $105,377,995 $14,175,160,902
1978 $94,086,228 $11,922,497,876
1977 $97,884,434 $11,026,342,618
1976 $88,461,263 $9,091,921,030
1975 $86,820,762 $7,731,674,472
1974 $92,901,784 $6,599,257,044
1973 $78,900,289 $3,891,754,150
1972 $70,139,867 $3,185,986,087
1971 $66,289,450 $2,754,219,271
1970 $61,812,113 $2,862,503,139
1969 - $3,112,165,727
1968 - $2,582,179,864
1967 - $2,553,595,172
1966 - $2,429,308,639
1965 - $2,387,047,396
1964 - $2,244,146,103
1963 - $1,824,343,871
1962 - $1,518,207,703
1961 - $1,753,850,955
1960 - $2,069,464,937

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

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

GDP per capita in Bhutan vs Ecuador by year

Bhutan
GDP per capita

GDP per capita, PPP
Ecuador
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Ecuador
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $6,875 $15,840
2023 $3,831 $16,215 $6,738 $15,919
2022 $3,711 $15,064 $6,516 $15,198
2021 $3,571 $13,459 $6,061 $13,507
2020 $3,192 $12,475 $5,464 $11,527
2019 $3,577 $12,909 $6,205 $12,543
2018 $3,400 $11,970 $6,304 $12,187
2017 $3,435 $11,677 $6,233 $11,793
2016 $3,152 $11,273 $5,918 $10,881
2015 $2,954 $10,214 $5,976 $10,878
2014 $2,849 $9,323 $6,406 $11,836
2013 $2,680 $8,667 $6,109 $11,296
2012 $2,751 $8,577 $5,634 $10,245
2011 $2,788 $7,935 $5,154 $9,769
2010 $2,436 $7,246 $4,520 $8,969
2009 $1,918 $6,466 $4,053 $8,662
2008 $1,920 $6,035 $4,195 $8,663
2007 $1,850 $5,729 $3,479 $8,112
2006 $1,406 $4,860 $3,244 $7,885
2005 $1,300 $4,523 $2,909 $7,457
2004 $1,130 $4,173 $2,586 $6,980
2003 $1,022 $3,942 $2,316 $6,475
2002 $896 $3,663 $2,059 $6,282
2001 $812 $3,338 $1,791 $5,999
2000 $772 $3,113 $1,382 $5,728
1999 $685 $3,017 $1,575 $5,638
1998 $638 $2,819 $2,284 $5,940
1997 $630 $2,683 $2,341 $5,793
1996 $553 $2,548 $2,136 $5,560
1995 $530 $2,374 $2,108 $5,469
1994 $467 $2,146 $1,997 $5,339
1993 $407 $2,001 $1,698 $5,112
1992 $416 $1,840 $1,655 $4,998
1991 $401 $1,657 $1,587 $4,887
1990 $488 $1,638 $1,455 $4,632
1989 $462 - $1,356 -
1988 $489 - $1,304 -
1987 $449 - $1,426 -
1986 $365 - $1,604 -
1985 $321 - $1,842 -
1984 $326 - $1,864 -
1983 $328 - $1,940 -
1982 $306 - $2,314 -
1981 $311 - $2,601 -
1980 $296.9 - $2,190 -
1979 $251.4 - $1,783 -
1978 $232.2 - $1,541 -
1977 $249.9 - $1,465 -
1976 $233.7 - $1,242 -
1975 $237.4 - $1,086 -
1974 $262.8 - $954 -
1973 $230.9 - $579 -
1972 $212.4 - $488 -
1971 $207.7 - $434 -
1970 $200.3 - $465 -
1969 - - $521 -
1968 - - $445 -
1967 - - $454 -
1966 - - $445 -
1965 - - $450 -
1964 - - $436 -
1963 - - $365 -
1962 - - $312 -
1961 - - $371 -
1960 - - $451 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $6,875 in Ecuador, ranking 103/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Ecuador ranks 110th at $15,840.

Economic indicators

Bhutan Ecuador
Gross domestic product
$3.01B
2023
$125B
2024
GDP rank
170/197
2023
62/197
2024
GDP growth
4.63%
2022-2023
-2%
2023-2024
GDP per capita
$3,831
2023
$6,875
2024
GDP per capita rank
132/197
2023
103/197
2024
GDP per capita, PPP
$16,215
2023
$15,840
2024
GDP per capita PPP rank
109/197
2023
110/197
2024
Government debt
$3.53B
2023
$67B
2024
Debt-to-GDP ratio
110.4%
2024
53.8%
2024
Government debt per person
$4,485
2023
$3,695
2024
Government debt per person rank
87/185
2023
93/185
2024
Average annual personal income after taxes
$5,506
2026
$5,894
2026
Market capitalization of domestic companies n/a
$747M
2000
Income share by richest 10%
22.7%
2022
33.4%
2024
Income share by poorest 10%
3.6%
2022
1.5%
2024
Government expenditure, % of GDP
27.1%
2024
38.1%
2024
Consumer prices inflation
4.3%
2023-2024
1.55%
2023-2024
Unemployment rate
3.28%
2024
3.39%
2024
Population
803385
18487749

Spending and national debt comparison by year

Bhutan
Spending

Debt
Ecuador
Spending

Debt
1x
Year % of GDP
Bhutan Ecuador
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 38.1% 53.8%
2023 28.8% 117.1% 39.5% 54.3%
2022 32.1% 119.9% 38.9% 57.2%
2021 36.6% 124.5% 37.5% 61.8%
2020 30.9% 116% 40.2% 63.6%
2019 24.2% 100.8% 39.8% 52.1%
2018 31.7% 103.4% 40.9% 49.5%
2017 30.6% 104.1% 40.5% 47.4%
2016 30.5% 103% 44.1% 46.1%
2015 27.5% 90.2% 44.1% 36.4%
2014 28.9% 89.8% 45.9% 28.2%
2013 32.5% 87.4% 46.7% 23.4%
2012 35.1% 71.5% 43.2% 19.3%
2011 36.1% 62.3% 39.6% 18.6%
2010 41.5% 55.8% 35.4% 18.4%
2009 39.3% 61% 34.3% 19.7%
2008 36.1% 60.6% 35.6% 24.9%
2007 33.2% 67.3% 24.7% 29.6%
2006 33.4% 80.1% 21.7% 33.1%
2005 36.4% 80.8% 22% 35.8%
2004 31% 76% 21.3% 40.2%
2003 34.7% 68.5% 21.3% 47.2%
2002 39.3% 57.7% 22.8% 55%
2001 50.3% 52.4% 21.4% 63.8%
2000 43% 44% 24.3% 92.2%
1999 40.2% 39.2% 24.1% 105.2%
1998 31.1% 36.4% 21.5% 70.3%
1997 37.8% 33% 22% 61.5%
1996 37.9% 36.8% 22.7% 69.3%
1995 38.6% 38.7% 22% 70.5%
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/bhutan/ecuador | CC BY

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Ecuador spent $47.5B, or 38.1% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 53.8% in Ecuador, ranking 17/185 and 98/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Ecuador
1x
Year Deficit/surplus, % of GDP
Bhutan Ecuador
2024 -0.17% -1.28%
2023 -4.73% -3.48%
2022 -6.95% 0.04%
2021 -5.76% -1.59%
2020 -1.81% -7.38%
2019 -1.49% -3.47%
2018 -1.52% -2.8%
2017 -4.49% -5.77%
2016 -2.31% -10.3%
2015 -0.49% -6.87%
2014 2.46% -8.11%
2013 -4.55% -8.17%
2012 -2.1% -2.83%
2011 -3.02% -0.13%
2010 1.92% -1.39%
2009 -0.8% -3.71%
2008 -2.57% 0.57%
2007 0.79% 2.66%
2006 -0.07% 2.92%
2005 -6.96% 0.66%
2004 1.8% 1.94%
2003 -10.2% 1.05%
2002 -4.33% 0.74%
2001 -12.2% 0.03%
2000 -3.39% -0.32%
1999 -1.28% -4.82%
1998 1.28% -5.1%
1997 -1.92% -2.83%
1996 2.55% -3.44%
1995 -0.88% -2.02%
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/ecuador | 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 Ecuador's deficit of $4.22B, or 3.48% of GDP.

Over the past 29 years, Bhutan recorded a fiscal deficit in 23 of those years, while Ecuador ran a deficit in 20 years. On average, Bhutan posted an annual deficit equal to 2.52% of GDP, compared to deficit of 2.55% of GDP for Ecuador.

Inflation comparison by year

Inflation
Bhutan

Ecuador
1x
Year Consumer prices inflation
Bhutan Ecuador
2024 4.3% 1.55%
2023 4.5% 2.22%
2022 5.9% 3.47%
2021 8.2% 0.13%
2020 3% -0.34%
2019 2.8% 0.27%
2018 3.6% -0.22%
2017 4.3% 0.42%
2016 3.3% 1.73%
2015 6.7% 3.97%
2014 9.6% 3.59%
2013 8.1% 2.72%
2012 10.1% 5.1%
2011 8.6% 4.47%
2010 4.8% 3.55%
2009 7.1% 5.16%
2008 6.3% 8.4%
2007 5.2% 2.28%
2006 4.9% 3.3%
2005 4.8% 2.17%
2004 3.3% 2.74%
2003 2.5% 7.93%
2002 2.9% 12.5%
2001 3.7% 37.7%
2000 7.2% 96.1%
1999 9.1% 52.2%
1998 7.6% 36.1%
1997 8.6% 30.7%

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/ecuador | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 11.8% in Ecuador. In 2024, inflation was 4.3% in Bhutan and 1.55% in Ecuador.

Balance of trade

Bhutan Ecuador
Current account balance
-$670M
2024
$7.06B
2024
Current account balance ranking
114/190
2024
27/190
2024
Current account balance, % of GDP
-32%
2023
+5.66%
2024
Goods imports
$1.29B
2024
$27.9B
2024
Goods exports
$656M
2024
$34.7B
2024
Service imports
$228M
2024
$6.18B
2024
Service exports
$288M
2024
$3.86B
2024
Imports of goods and services, % of GDP
53.3%
2023
26.9%
2024
Exports of goods and services, % of GDP
28.4%
2023
30.3%
2024

Economic freedom indices

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

Bhutan Ecuador
Economic freedom 57.5 55.6
Economic freedom ranking 115/197 127/197
Property rights 69.2 33.2
Government integrity 72.2 33
Judicial effectiveness 61.8 48.1
Tax burden 83.4 74.2
Government spending 74.1 54.9
Fiscal health 25.8 90.3
Business freedom 67.8 64.3
Labor freedom 60.1 56.9
Monetary freedom 71.6 76.3
Trade freedom 63.4 66.4
Investment freedom 20 30
Financial freedom 20 40

Economic freedom comparison by year

Bhutan
Ecuador
1x
Year Economic freedom index
Bhutan Ecuador
2026 57.5 55.6
2025 57.5 55.8
2024 55.4 55
2023 59 55
2022 59.3 54.3
2021 58.3 52.4
2020 62.1 51.3
2019 62.9 46.9
2018 61.8 48.5
2017 58.4 49.3
2016 59.5 48.6
2015 57.4 49.2
2014 56.7 48
2013 55 46.9
2012 56.6 48.3
2011 57.6 47.1
2010 57 49.3
2009 57.7 52.5
2008 - 55.2
2007 - 55.3
2006 - 54.6
2005 - 52.9
2004 - 54.4
2003 - 54.1
2002 - 53.1
2001 - 55.1
2000 - 59.8
1999 - 62.9
1998 - 62.8
1997 - 61
1996 - 60.1
1995 - 57.7

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 55.6 for Ecuador, ranking 127/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Ecuador
Services, % of GDP
52.8%
2023
57.2%
2024
Industry, % of GDP
29.4%
2023
26.5%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
9.48%
2024
GNI, Atlas method
$2.93B
2023
$117B
2024
GNI per capita, PPP
$15,320
2023
$15,410
2024
Total reserves including gold
$941M
2024
$6.91B
2024
Total reserves ranking
143/177
2024
87/177
2024
Net foreign direct investment
-$22.8M
2024
-$438M
2024
Net inflows of foreign direct investment
$2.82M
2024
$443M
2024
Net outflows of foreign direct investment
$0
2024
$0
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
7%
2024
Poverty at national poverty lines
12.4%
2022
28%
2024
Gross capital formation, % of GDP
45.3%
2023
18.5%
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/ecuador | 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.