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Economy of Bhutan vs Ethiopia compared: GDP & Debt

Updated on by Georank

Bhutan has a GDP of $3.58B compared to $126B for Ethiopia, ranking 167/197 and 66/197 by economy size, respectively.

Bhutan has $3.71B in government debt (103.6% of GDP), compared to $54.4B (43.1% of GDP) in Ethiopia.

Bhutan vs Ethiopia GDP by year

Bhutan
Ethiopia
1x
Year GDP, current $
Bhutan Ethiopia
2025 $3,579,320,145 $126,358,758,448
2024 $3,346,603,859 $149,740,297,952
2023 $3,012,896,790 $135,874,093,203
2022 $2,898,227,744 $123,140,304,665
2021 $2,768,802,960 $109,070,960,371
2020 $2,457,604,334 $98,676,811,062
2019 $2,735,683,570 $91,834,517,114
2018 $2,583,335,722 $83,337,901,072
2017 $2,591,358,009 $76,366,081,767
2016 $2,357,504,761 $68,475,871,210
2015 $2,187,815,803 $62,103,418,182
2014 $2,089,079,571 $55,612,228,234
2013 $1,943,696,952 $47,648,276,605
2012 $1,973,387,228 $43,310,721,414
2011 $1,977,728,659 $31,952,763,089
2010 $1,708,880,730 $29,933,790,334
2009 $1,331,343,798 $32,437,389,116
2008 $1,317,517,835 $27,066,912,635
2007 $1,255,767,964 $19,707,616,773
2006 $942,879,879 $15,280,861,835
2005 $860,391,000 $12,401,139,454
2004 $735,348,490 $10,131,187,261
2003 $651,935,430 $8,623,691,300
2002 $559,345,264 $7,850,809,498
2001 $496,110,226 $8,231,326,016
2000 $460,733,418 $8,242,349,618
1999 $399,311,200 $7,892,973,532
1998 $363,458,381 $8,013,274,132
1997 $352,229,077 $8,803,539,988
1996 $303,408,346 $8,761,215,548
1995 $290,490,984 $7,855,205,207
1994 $258,954,708 $7,100,806,754
1993 $225,973,693 $9,051,043,870
1992 $240,233,531 $10,754,799,037
1991 $240,294,286 $13,799,799,324
1990 $287,765,007 $12,478,943,895
1989 $264,798,626 $11,762,932,007
1988 $272,298,067 $11,181,119,718
1987 $242,742,766 $10,790,001,558
1986 $191,218,115 $10,094,328,898
1985 $163,288,815 $9,717,392,687
1984 $160,423,494 $8,298,309,581
1983 $156,704,290 $8,781,664,427
1982 $141,439,317 $7,899,988,841
1981 $139,174,178 $7,507,663,567
1980 $128,669,201 $7,012,585,454
1979 $105,377,995 $6,586,048,398
1978 $94,086,228 $6,014,961,435
1977 $97,884,434 $5,651,840,585
1976 $88,461,263 $4,943,806,093
1975 $86,820,762 $4,577,047,854
1974 $92,901,784 $4,577,209,966
1973 $78,900,289 $4,070,570,550
1972 $70,139,867 $3,520,252,938
1971 $66,289,450 $3,224,280,835
1970 $61,812,113 $3,045,354,455
1969 - $2,768,987,372
1968 - $2,619,948,865
1967 - $2,461,762,003
1966 - $2,324,466,416
1965 - $2,159,998,591
1964 - $1,984,129,186
1963 - $1,825,058,828
1962 - $1,747,566,307
1961 - $1,680,859,514
1960 - $1,610,511,694

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Bhutan vs Ethiopia by year

Bhutan
GDP per capita

GDP per capita, PPP
Ethiopia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Ethiopia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,493 - $933 -
2024 $4,228 - $1,134 $3,288
2023 $3,831 $16,215 $1,056 $3,061
2022 $3,711 $15,064 $982 $2,845
2021 $3,571 $13,459 $893 $2,588
2020 $3,192 $12,475 $830 $2,407
2019 $3,577 $12,909 $793 $2,242
2018 $3,400 $11,970 $740 $2,095
2017 $3,435 $11,677 $696 $2,005
2016 $3,152 $11,273 $642 $1,858
2015 $2,954 $10,214 $598 $1,633
2014 $2,849 $9,323 $550 $1,485
2013 $2,680 $8,667 $484 $1,253
2012 $2,751 $8,577 $452 $1,179
2011 $2,788 $7,935 $343 $1,098
2010 $2,436 $7,246 $331 $996
2009 $1,918 $6,466 $369 $899
2008 $1,920 $6,035 $316 $845
2007 $1,850 $5,729 $237.1 $770
2006 $1,406 $4,860 $189.3 $693
2005 $1,300 $4,523 $158.2 $625
2004 $1,130 $4,173 $133.2 $558
2003 $1,022 $3,942 $116.8 $493
2002 $896 $3,663 $109.6 $509
2001 $812 $3,338 $118.5 $509
2000 $772 $3,113 $122.3 $474
1999 $685 $3,017 $120.7 $450
1998 $638 $2,819 $126.5 $436
1997 $630 $2,683 $143.4 $461
1996 $553 $2,548 $147.3 $453
1995 $530 $2,374 $136.5 $409
1994 $467 $2,146 $127.7 $391
1993 $407 $2,001 $168.5 $384
1992 $416 $1,840 $207.4 $343
1991 $401 $1,657 $277.6 $383
1990 $488 $1,638 $262.1 $417
1989 $462 - $256.4 -
1988 $489 - $253.2 -
1987 $449 - $254.1 -
1986 $365 - $246 -
1985 $321 - $243.9 -
1984 $326 - $214.2 -
1983 $328 - $232.7 -
1982 $306 - $215.3 -
1981 $311 - $212.7 -
1980 $296.9 - $203.7 -
1979 $251.4 - $192.4 -
1978 $232.2 - $178.3 -
1977 $249.9 - $170.4 -
1976 $233.7 - $152 -
1975 $237.4 - $144.3 -
1974 $262.8 - $147.9 -
1973 $230.9 - $134.9 -
1972 $212.4 - $119.8 -
1971 $207.7 - $112.7 -
1970 $200.3 - $109.4 -
1969 - - $102.3 -
1968 - - $99.5 -
1967 - - $96.1 -
1966 - - $93.2 -
1965 - - $88.9 -
1964 - - $83.8 -
1963 - - $79.2 -
1962 - - $77.8 -
1961 - - $76.7 -
1960 - - $75.3 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Bhutan's GDP per capita is $4,493, ranking 128/197, compared to $933 in Ethiopia, ranking 182/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Ethiopia ranks 175th at $3,288.

Economic indicators

Bhutan Ethiopia
Gross domestic product
$3.58B
2025
$126B
2025
GDP rank
167/197
2025
66/197
2025
GDP growth
8.01%
2024-2025
9.77%
2024-2025
GDP per capita
$4,493
2025
$933
2025
GDP per capita rank
128/197
2025
182/197
2025
GDP per capita, PPP
$16,215
2023
$3,288
2024
GDP per capita PPP rank
109/197
2023
175/197
2024
Government debt
$3.71B
2025
$54.4B
2025
Debt-to-GDP ratio
103.6%
2025
43.1%
2025
Government debt per person
$4,655
2025
$402
2025
Government debt per person rank
88/185
2025
172/185
2025
Average annual personal income after taxes
$4,215
2026
$2,030
2026
Income share by richest 10%
22.7%
2022
24.8%
2021
Income share by poorest 10%
3.6%
2022
3.5%
2021
Government expenditure, % of GDP
30.5%
2025
12%
2025
Consumer prices inflation
2.6%
2024-2025
13.2%
2024-2025
Unemployment rate
3.36%
2025
3.94%
2021
Population
805057
140722974

Spending and national debt comparison by year

Bhutan
Spending

Debt
Ethiopia
Spending

Debt
1x
Year % of GDP
Bhutan Ethiopia
Government spending Government debt Government spending Government debt
2025 30.5% 103.6% 12% 43.1%
2024 28.3% 108.7% 9.54% 33.4%
2023 28.9% 117.2% 10.8% 38.7%
2022 32.1% 119.9% 12.7% 46.9%
2021 36.6% 124.5% 13.8% 53.8%
2020 30.9% 116% 14.5% 53.2%
2019 24.2% 100.8% 15.4% 54.7%
2018 31.7% 103.4% 16.1% 58.4%
2017 30.6% 104.1% 18% 55.3%
2016 30.5% 103% 17.9% 51.8%
2015 27.5% 90.2% 17.3% 50.7%
2014 28.9% 89.8% 17.5% 44.2%
2013 32.5% 87.4% 17.8% 44.1%
2012 35.1% 71.5% 16.6% 39.4%
2011 36.1% 62.3% 18.2% 44.6%
2010 41.5% 55.8% 18.5% 39.4%
2009 39.3% 61% 17.1% 30%
2008 36.1% 60.6% 18.8% 56.1%
2007 33.2% 67.3% 20.5% 55.7%
2006 33.4% 80.1% 22.1% 79.6%
2005 36.4% 80.8% 22.9% 78.2%
2004 31% 76% 23.1% 103.1%
2003 34.7% 68.5% 27% 103.7%
2002 39.3% 57.7% 24.9% 107.4%
2001 50.3% 52.4% 22.4% 97.3%
2000 43% 44% 25.6% 93.6%
1999 40.2% 39.2% 26.8% 97.8%
1998 31.1% 36.4% 21.1% 89.3%
1997 37.8% 33% 17.9% 80.3%
1996 37.9% 36.8% 18.8% 132.8%
1995 38.6% 38.7% 17.4% 146.6%
1994 37.9% 53.2% 17.6% 155.2%
1993 35.2% 60.2% 13.8% 141%
1992 34.5% 35.6% 14.2% 87.9%
1991 30.8% 33.5% 17.3% 89.3%
1990 35.8% 27.4% 20.9% 91.6%
1989 46.8% 26.4% 24% 84.7%
1988 45.3% 24.7% 21.6% 84.3%
1987 47.5% 17.3% 18.4% 82.3%
1986 - - 19.8% 75.7%
1985 - - 19.7% 67.7%
1984 - - 18.8% 65.4%
1983 - - 21.3% 55.2%
1982 - - 16.4% 48.8%
1981 - - 14.2% 30.6%
1980 - - 13.5% 18.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-07-08).

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

In 2025, Bhutan's government spending was $1.09B, accounting for 30.5% of its GDP, while Ethiopia spent $15.2B, or 12% of GDP.

Debt-to-GDP ratio is 103.6% in Bhutan and 43.1% in Ethiopia, ranking 19/185 and 122/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Ethiopia
1x
Year Deficit/surplus, % of GDP
Bhutan Ethiopia
2025 -2.7% -1.19%
2024 -1.79% -1.99%
2023 -4.73% -2.6%
2022 -6.95% -4.16%
2021 -5.76% -2.77%
2020 -1.81% -2.76%
2019 -1.49% -2.53%
2018 -1.52% -3.03%
2017 -4.49% -3.24%
2016 -2.31% -2.3%
2015 -0.49% -1.95%
2014 2.46% -2.58%
2013 -4.55% -1.93%
2012 -2.1% -1.17%
2011 -3.02% -1.61%
2010 1.92% -1.32%
2009 -0.8% -0.93%
2008 -2.57% -2.88%
2007 0.79% -3.57%
2006 -0.07% -3.79%
2005 -6.96% -4.12%
2004 1.8% -2.65%
2003 -10.2% -5.59%
2002 -4.33% -5.76%
2001 -12.2% -3.76%
2000 -3.39% -8.88%
1999 -1.28% -8.54%
1998 1.28% -3.65%
1997 -1.92% -1.76%
1996 2.55% -3.93%
1995 -0.88% -2.76%
1994 -0.13% -5.39%
1993 4.71% -4.12%
1992 -3.47% -4.92%
1991 -0.48% -6%
1990 -7.21% -6.86%
1989 -10.1% -4.33%
1988 1.33% -3.48%
1987 -0.56% -3.54%
1986 - -3.98%
1985 - -4.71%
1984 - -3.69%
1983 - -7.59%
1982 - -3.6%
1981 - -2.19%
1980 - -2.56%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

GeoRank.org/economy/bhutan/ethiopia | 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 Ethiopia's deficit of $1.5B, or 1.19% of GDP.

Over the past 39 years, Bhutan recorded a fiscal deficit in 31 of those years, while Ethiopia ran a deficit in 39 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to deficit of 3.55% of GDP for Ethiopia.

Inflation comparison by year

Inflation
Bhutan

Ethiopia
1x
Year Consumer prices inflation
Bhutan Ethiopia
2025 2.6% 13.2%
2024 4.3% 21%
2023 4.5% 30.2%
2022 5.9% 33.9%
2021 8.2% 26.8%
2020 3% 20.4%
2019 2.8% 15.8%
2018 3.6% 13.8%
2017 4.3% 10.7%
2016 3.3% 6.63%
2015 6.7% 9.57%
2014 9.6% 6.89%
2013 8.1% 7.46%
2012 10.1% 23.6%
2011 8.6% 33.2%
2010 4.8% 8.15%
2009 7.1% 8.48%
2008 6.3% 44.4%
2007 5.2% 17.2%
2006 4.9% 12.3%
2005 4.8% 9.97%
2004 3.3% 3.33%
2003 2.5% 13.7%
2002 2.9% 0.68%
2001 3.7% -8.24%
2000 7.2% 0.66%
1999 9.1% 7.94%
1998 7.6% 0.89%
1997 8.6% 2.4%

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

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

Over the past 29 years, Bhutan has recorded an average annual inflation rate of 5.64%, compared with 13.6% in Ethiopia. In 2025, inflation was 2.6% in Bhutan and 13.2% in Ethiopia.

Top exports between countries

Bhutan
Export category Export value
Ethiopia
Export category Export value
Raw agricultural goods $6K

Balance of trade

Bhutan Ethiopia
Current account balance
-$649M
2024
-$3.79B
2024
Current account balance ranking
105/190
2024
154/190
2024
Current account balance, % of GDP
-19.4%
2024
-2.53%
2024
Goods imports
$1.28B
2024
$19.6B
2024
Goods exports
$660M
2024
$5.58B
2024
Service imports
$228M
2024
$5.51B
2024
Service exports
$288M
2024
$7.61B
2024
Imports of goods and services, % of GDP
47.9%
2024
20.2%
2025
Exports of goods and services, % of GDP
31.5%
2024
13.3%
2025

Economic freedom indices

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

Bhutan Ethiopia
Economic freedom 57.5 48.1
Economic freedom ranking 115/197 171/197
Property rights 69.2 22.1
Government integrity 72.2 33.2
Judicial effectiveness 61.8 19.1
Tax burden 83.4 78.6
Government spending 74.1 96.4
Fiscal health 25.8 84.3
Business freedom 67.8 44.5
Labor freedom 60.1 37.8
Monetary freedom 71.6 53.7
Trade freedom 63.4 57.4
Investment freedom 20 30
Financial freedom 20 20

Economic freedom comparison by year

Bhutan
Ethiopia
1x
Year Economic freedom index
Bhutan Ethiopia
2026 57.5 48.1
2025 57.5 48.1
2024 55.4 47.9
2023 59 48.3
2022 59.3 49.6
2021 58.3 51.7
2020 62.1 53.6
2019 62.9 53.6
2018 61.8 52.8
2017 58.4 52.7
2016 59.5 51.5
2015 57.4 51.5
2014 56.7 50
2013 55 49.4
2012 56.6 52
2011 57.6 50.5
2010 57 51.2
2009 57.7 53
2008 - 52.5
2007 - 53.6
2006 - 50.9
2005 - 51.1
2004 - 54.5
2003 - 48.8
2002 - 49.8
2001 - 48.9
2000 - 50.2
1999 - 46.7
1998 - 49.2
1997 - 48.1
1996 - 45.9
1995 - 42.6

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 48.1 for Ethiopia, ranking 171/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Ethiopia
Services, % of GDP
53.2%
2025
36.6%
2025
Industry, % of GDP
33.2%
2025
27.8%
2025
Agriculture, forestry, and fishing, % of GDP
13.7%
2025
32.8%
2025
GNI, Atlas method
$3.43B
2025
$151B
2025
GNI per capita, PPP
$18,520
2025
$3,620
2025
Total reserves including gold
$1.19B
2025
$3.78B
2024
Total reserves ranking
140/177
2025
113/177
2024
Net foreign direct investment
-$2.82M
2024
-$4.02B
2024
Net inflows of foreign direct investment
$2.82M
2024
$4.02B
2024
Net outflows of foreign direct investment
$0
2024
$0
2024
Servicing debt to the IMF, % of GNI
5.11%
2024
0.91%
2024
Poverty at national poverty lines
12.4%
2022
33.1%
2021
Gross capital formation, % of GDP
42.6%
2024
20.1%
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/ethiopia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, 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 (1980–1992, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)
  8. TradeMap (2020, 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.