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Economy of Bhutan vs Eswatini compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $4.86B for Eswatini, ranking 170/197 and 162/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $1.93B (39.8% of GDP) in Eswatini.

Bhutan vs Eswatini GDP by year

Bhutan
Eswatini
1x
Year GDP, current $
Bhutan Eswatini
2024 - $4,858,885,841
2023 $3,012,896,789 $4,621,191,262
2022 $2,898,227,744 $4,746,660,274
2021 $2,768,802,960 $4,807,069,277
2020 $2,457,604,334 $4,134,677,810
2019 $2,735,683,570 $4,617,018,959
2018 $2,583,335,722 $4,643,751,059
2017 $2,591,358,009 $4,462,640,651
2016 $2,357,504,761 $3,722,306,117
2015 $2,187,815,803 $3,908,217,914
2014 $2,089,079,571 $4,285,065,665
2013 $1,943,696,952 $4,463,396,204
2012 $1,973,387,228 $4,747,813,067
2011 $1,977,728,659 $4,722,912,047
2010 $1,708,880,730 $4,360,714,359
2009 $1,331,343,798 $3,525,213,502
2008 $1,317,517,835 $3,235,921,171
2007 $1,255,767,964 $3,391,122,887
2006 $942,879,879 $3,215,307,901
2005 $860,391,000 $3,097,946,371
2004 $735,348,490 $2,710,331,785
2003 $651,935,430 $2,149,632,433
2002 $559,345,264 $1,393,945,031
2001 $496,110,226 $1,502,870,486
2000 $460,733,418 $1,697,161,558
1999 $399,311,200 $1,547,888,496
1998 $363,458,381 $1,576,908,856
1997 $352,229,077 $1,716,714,070
1996 $303,408,346 $1,602,741,834
1995 $290,490,984 $1,698,989,464
1994 $258,954,708 $1,419,294,254
1993 $225,973,693 $1,357,189,552
1992 $240,233,531 $1,284,759,928
1991 $240,294,286 $1,156,135,718
1990 $287,765,007 $1,114,694,041
1989 $264,798,626 $696,921,542
1988 $272,298,067 $692,026,455
1987 $242,742,766 $584,126,092
1986 $191,218,115 $449,140,318
1985 $163,288,815 $360,079,419
1984 $160,423,494 $494,483,409
1983 $156,704,290 $555,336,146
1982 $141,439,317 $537,568,059
1981 $139,174,178 $570,774,825
1980 $128,669,201 $541,976,853
1979 $105,377,995 $412,093,134
1978 $94,086,228 $340,630,085
1977 $97,884,434 $304,060,076
1976 $88,461,263 $272,550,068
1975 $86,820,762 $288,299,789
1974 $92,901,784 $264,320,941
1973 $78,900,289 $221,915,128
1972 $70,139,867 $146,736,479
1971 $66,289,450 $136,462,081
1970 $61,812,113 $112,139,955
1969 - $105,419,958
1968 - $79,799,968
1967 - $74,759,970
1966 - $76,859,969
1965 - $70,279,972
1964 - $64,980,554
1963 - $54,129,438
1962 - $45,927,962
1961 - $43,026,043
1960 - $35,076,846

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

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

GDP per capita in Bhutan vs Eswatini by year

Bhutan
GDP per capita

GDP per capita, PPP
Eswatini
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Eswatini
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $3,910 $11,799
2023 $3,831 $16,215 $3,756 $11,300
2022 $3,711 $15,064 $3,894 $10,635
2021 $3,571 $13,459 $3,984 $9,990
2020 $3,192 $12,475 $3,467 $9,329
2019 $3,577 $12,909 $3,913 $9,248
2018 $3,400 $11,970 $3,973 $8,535
2017 $3,435 $11,677 $3,853 $8,584
2016 $3,152 $11,273 $3,238 $8,484
2015 $2,954 $10,214 $3,420 $8,391
2014 $2,849 $9,323 $3,771 $8,366
2013 $2,680 $8,667 $3,950 $8,231
2012 $2,751 $8,577 $4,225 $7,760
2011 $2,788 $7,935 $4,225 $7,571
2010 $2,436 $7,246 $3,923 $7,324
2009 $1,918 $6,466 $3,190 $7,011
2008 $1,920 $6,035 $2,947 $6,914
2007 $1,850 $5,729 $3,109 $6,732
2006 $1,406 $4,860 $2,965 $6,319
2005 $1,300 $4,523 $2,871 $5,773
2004 $1,130 $4,173 $2,526 $5,310
2003 $1,022 $3,942 $2,015 $5,020
2002 $896 $3,663 $1,316 $4,742
2001 $812 $3,338 $1,430 $4,521
2000 $772 $3,113 $1,630 $4,401
1999 $685 $3,017 $1,502 $4,272
1998 $638 $2,819 $1,547 $4,137
1997 $630 $2,683 $1,705 $4,038
1996 $553 $2,548 $1,619 $3,916
1995 $530 $2,374 $1,751 $3,777
1994 $467 $2,146 $1,461 $3,526
1993 $407 $2,001 $1,397 $3,371
1992 $416 $1,840 $1,362 $3,289
1991 $401 $1,657 $1,273 $3,236
1990 $488 $1,638 $1,278 $3,202
1989 $462 - $832 -
1988 $489 - $865 -
1987 $449 - $765 -
1986 $365 - $611 -
1985 $321 - $510 -
1984 $326 - $726 -
1983 $328 - $843 -
1982 $306 - $843 -
1981 $311 - $925 -
1980 $296.9 - $908 -
1979 $251.4 - $714 -
1978 $232.2 - $610 -
1977 $249.9 - $563 -
1976 $233.7 - $521 -
1975 $237.4 - $568 -
1974 $262.8 - $536 -
1973 $230.9 - $463 -
1972 $212.4 - $315 -
1971 $207.7 - $301 -
1970 $200.3 - $254.2 -
1969 - - $245.2 -
1968 - - $190.4 -
1967 - - $182.8 -
1966 - - $192.7 -
1965 - - $181 -
1964 - - $171.6 -
1963 - - $146.4 -
1962 - - $127.1 -
1961 - - $121.8 -
1960 - - $101.6 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $3,910 in Eswatini, ranking 131/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Eswatini ranks 126th at $11,799.

Economic indicators

Bhutan Eswatini
Gross domestic product
$3.01B
2023
$4.86B
2024
GDP rank
170/197
2023
162/197
2024
GDP growth
4.63%
2022-2023
2.97%
2023-2024
GDP per capita
$3,831
2023
$3,910
2024
GDP per capita rank
132/197
2023
131/197
2024
GDP per capita, PPP
$16,215
2023
$11,799
2024
GDP per capita PPP rank
109/197
2023
126/197
2024
Government debt
$3.53B
2023
$1.93B
2024
Debt-to-GDP ratio
110.4%
2024
39.8%
2024
Government debt per person
$4,485
2023
$1,554
2024
Government debt per person rank
87/185
2023
130/185
2024
Average annual personal income after taxes
$5,506
2026
$3,913
2026
Market capitalization of domestic companies n/a
$234M
2007
Number of billionaires n/a
1
2025
Income share by richest 10%
22.7%
2022
42.7%
2016
Income share by poorest 10%
3.6%
2022
1.4%
2016
Government expenditure, % of GDP
27.1%
2024
33.3%
2024
Consumer prices inflation
4.3%
2023-2024
2.6%
2018-2019
Central bank interest rate n/a
6.75%
2025
Unemployment rate
3.28%
2024
34.6%
2023
Population
803385
1273390

Spending and national debt comparison by year

Bhutan
Spending

Debt
Eswatini
Spending

Debt
1x
Year % of GDP
Bhutan Eswatini
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 33.3% 39.8%
2023 28.8% 117.1% 32% 40%
2022 32.1% 119.9% 29.6% 40.5%
2021 36.6% 124.5% 30.1% 38.4%
2020 30.9% 116% 32.7% 38.2%
2019 24.2% 100.8% 32.9% 30.7%
2018 31.7% 103.4% 32.2% 27%
2017 30.6% 104.1% 33.9% 21.9%
2016 30.5% 103% 34.7% 20.5%
2015 27.5% 90.2% 35.3% 16.4%
2014 28.9% 89.8% 33.3% 14.3%
2013 32.5% 87.4% 29.4% 15.5%
2012 35.1% 71.5% 27.8% 15.2%
2011 36.1% 62.3% 26% 15.1%
2010 41.5% 55.8% 31.6% 14.5%
2009 39.3% 61% 34.5% 10.8%
2008 36.1% 60.6% 34.4% 15%
2007 33.2% 67.3% 31.2% 16.6%
2006 33.4% 80.1% 28.2% 15%
2005 36.4% 80.8% 29.7% 13.9%
2004 31% 76% 32% 15.5%
2003 34.7% 68.5% 26.4% 18%
2002 39.3% 57.7% 27.2% 17.6%
2001 50.3% 52.4% 26.4% 22.4%
2000 43% 44% 25.3% 18.7%
1999 40.2% 39.2% 26.5% 17.2%
1998 31.1% 36.4% 22.5% 15.9%
1997 37.8% 33% 21.2% 13%
1996 37.9% 36.8% 23.3% 12%
1995 38.6% 38.7% 20.5% 12.9%
1994 37.9% 53.2% 24.7% 13.8%
1993 35.2% 60.2% 24% 15.6%
1992 34.5% 35.6% 26% 16.6%
1991 30.8% 33.5% 20.3% 20.1%
1990 35.8% 27.4% 18.7% 20.4%
1989 46.8% 26.4% 15.8% 26.8%
1988 45.3% 24.7% 15.6% 27.5%
1987 47.5% 17.3% 17% 36.1%
1986 - - 19.8% 44%
1985 - - 22.3% 45.5%
1984 - - 22.2% 29.7%
1983 - - 23.2% 28.7%
1982 - - 24% 29.2%
1981 - - 23.8% 24.3%
1980 - - 19.6% 27.2%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Eswatini spent $1.62B, or 33.3% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 39.8% in Eswatini, ranking 17/185 and 134/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Eswatini
1x
Year Deficit/surplus, % of GDP
Bhutan Eswatini
2024 -0.17% -1.36%
2023 -4.73% -0.67%
2022 -6.95% -5.4%
2021 -5.76% -4.68%
2020 -1.81% -4.27%
2019 -1.49% -6.26%
2018 -1.52% -6.72%
2017 -4.49% -5.68%
2016 -2.31% -8.54%
2015 -0.49% -6.03%
2014 2.46% -1.18%
2013 -4.55% 0.59%
2012 -2.1% 3.48%
2011 -3.02% -4.02%
2010 1.92% -9.52%
2009 -0.8% -3.06%
2008 -2.57% 1.63%
2007 0.79% 2.44%
2006 -0.07% 8.88%
2005 -6.96% -1.7%
2004 1.8% -4.1%
2003 -10.2% -2.15%
2002 -4.33% -3.78%
2001 -12.2% -2.31%
2000 -3.39% -1.22%
1999 -1.28% -1.27%
1998 1.28% 1.07%
1997 -1.92% 2.11%
1996 2.55% -1%
1995 -0.88% 0.9%
1994 -0.13% -3.61%
1993 4.71% -3.29%
1992 -3.47% -2.9%
1991 -0.48% 3.4%
1990 -7.21% 5.61%
1989 -10.1% 5.82%
1988 1.33% 3.23%
1987 -0.56% 2.03%
1986 - -2.41%
1985 - -1.33%
1984 - 1.25%
1983 - -0.6%
1982 - 0.11%
1981 - -4.29%
1980 - 6.55%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/eswatini | 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 Eswatini's deficit of $30.8M, or 0.67% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while Eswatini ran a deficit in 24 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to deficit of 1.41% of GDP for Eswatini.

Inflation comparison by year

Inflation
Bhutan

Eswatini
1x
Year Consumer prices inflation
Bhutan Eswatini
2024 4.3% -
2023 4.5% -
2022 5.9% -
2021 8.2% -
2020 3% -
2019 2.8% 2.6%
2018 3.6% 4.82%
2017 4.3% 6.22%
2016 3.3% 7.85%
2015 6.7% 4.95%
2014 9.6% 5.68%
2013 8.1% 5.62%
2012 10.1% 8.94%
2011 8.6% 6.11%
2010 4.8% 4.51%
2009 7.1% 7.45%
2008 6.3% 12.7%
2007 5.2% 8.08%
2006 4.9% 5.3%
2005 4.8% 4.77%
2004 3.3% 3.45%
2003 2.5% 7.29%
2002 2.9% 12%
2001 3.7% 5.94%
2000 7.2% 12.2%
1999 9.1% 6.09%
1998 7.6% 8.11%
1997 8.6% 7.13%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2019, retrieved 2026-04-06).

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

Over the past 23 years, Bhutan has recorded an average annual inflation rate of 5.87%, compared with 6.86% in Eswatini. In 2019, inflation was 4.3% in Bhutan and 2.6% in Eswatini.

Top exports between countries

Bhutan
Export category Export value
Raw agricultural goods $13K
Eswatini
Export category Export value

Balance of trade

Bhutan Eswatini
Current account balance
-$670M
2024
$78.3M
2024
Current account balance ranking
114/190
2024
69/190
2024
Current account balance, % of GDP
-32%
2023
+1.61%
2024
Goods imports
$1.29B
2024
$2.07B
2024
Goods exports
$656M
2024
$2.33B
2024
Service imports
$228M
2024
$542M
2024
Service exports
$288M
2024
$234M
2024
Imports of goods and services, % of GDP
53.3%
2023
53.7%
2024
Exports of goods and services, % of GDP
28.4%
2023
53.8%
2024

Economic freedom indices

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

Bhutan Eswatini
Economic freedom 57.5 57.5
Economic freedom ranking 115/197 116/197
Property rights 69.2 42.5
Government integrity 72.2 29.7
Judicial effectiveness 61.8 35.5
Tax burden 83.4 78.6
Government spending 74.1 71
Fiscal health 25.8 87.5
Business freedom 67.8 49.9
Labor freedom 60.1 55.2
Monetary freedom 71.6 76.8
Trade freedom 63.4 73.6
Investment freedom 20 50
Financial freedom 20 40

Economic freedom comparison by year

Bhutan
Eswatini
1x
Year Economic freedom index
Bhutan Eswatini
2026 57.5 57.5
2025 57.5 56.4
2024 55.4 55.6
2023 59 54.9
2022 59.3 51.4
2021 58.3 55.1
2020 62.1 55.3
2019 62.9 54.7
2018 61.8 55.9
2017 58.4 61.1
2016 59.5 59.7
2015 57.4 59.9
2014 56.7 61.2
2013 55 57.2
2012 56.6 57.2
2011 57.6 59.1
2010 57 57.4
2009 57.7 59.1
2008 - 58.4
2007 - 60.1
2006 - 61.4
2005 - 59.4
2004 - 58.6
2003 - 59.6
2002 - 60.9
2001 - 63.6
2000 - 62.6
1999 - 62.1
1998 - 62
1997 - 59.4
1996 - 58.6
1995 - 63.3

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 57.5 for Eswatini, ranking 116/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Eswatini
Services, % of GDP
52.8%
2023
51.4%
2024
Industry, % of GDP
29.4%
2023
34.7%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
6.48%
2024
GNI, Atlas method
$2.93B
2023
$4.46B
2024
GNI per capita, PPP
$15,320
2023
$10,760
2024
Total reserves including gold
$941M
2024
$479M
2023
Total reserves ranking
143/177
2024
159/177
2023
Net foreign direct investment
-$22.8M
2024
-$11.8M
2024
Net inflows of foreign direct investment
$2.82M
2024
$75.5M
2024
Net outflows of foreign direct investment
$0
2024
$63.8M
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
4.68%
2024
Poverty at national poverty lines
12.4%
2022
58.9%
2016
Gross capital formation, % of GDP
45.3%
2023
15%
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/eswatini | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2020, 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.