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Economy of Bhutan vs Finland compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $299B for Finland, ranking 170/197 and 47/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $245B (82.1% of GDP) in Finland.

Bhutan vs Finland GDP by year

Bhutan
Finland
1x
Year GDP, current $
Bhutan Finland
2024 - $298,696,961,298
2023 $3,012,896,789 $295,021,982,463
2022 $2,898,227,744 $280,253,099,309
2021 $2,768,802,960 $294,223,210,496
2020 $2,457,604,334 $270,000,311,606
2019 $2,735,683,570 $267,014,821,129
2018 $2,583,335,722 $273,869,255,596
2017 $2,591,358,009 $253,846,138,440
2016 $2,357,504,761 $238,777,818,793
2015 $2,187,815,803 $233,210,733,506
2014 $2,089,079,571 $273,478,528,955
2013 $1,943,696,952 $270,268,036,626
2012 $1,973,387,228 $257,443,384,493
2011 $1,977,728,659 $275,126,915,516
2010 $1,708,880,730 $249,429,613,683
2009 $1,331,343,798 $253,480,783,439
2008 $1,317,517,835 $285,698,662,071
2007 $1,255,767,964 $256,360,251,538
2006 $942,879,879 $217,044,068,234
2005 $860,391,000 $204,859,368,791
2004 $735,348,490 $197,458,297,640
2003 $651,935,430 $171,612,867,736
2002 $559,345,264 $140,360,963,812
2001 $496,110,226 $129,519,672,869
2000 $460,733,418 $125,967,821,111
1999 $399,311,200 $135,234,241,918
1998 $363,458,381 $133,990,876,725
1997 $352,229,077 $126,862,902,302
1996 $303,408,346 $131,991,975,149
1995 $290,490,984 $134,060,457,516
1994 $258,954,708 $103,182,697,780
1993 $225,973,693 $89,112,105,756
1992 $240,233,531 $112,537,828,511
1991 $240,294,286 $127,794,441,994
1990 $287,765,007 $141,446,120,355
1989 $264,798,626 $118,991,270,611
1988 $272,298,067 $109,039,090,263
1987 $242,742,766 $91,564,993,913
1986 $191,218,115 $73,511,611,541
1985 $163,288,815 $55,856,676,899
1984 $160,423,494 $52,870,993,273
1983 $156,704,290 $50,956,447,481
1982 $141,439,317 $52,784,013,815
1981 $139,174,178 $52,440,066,134
1980 $128,669,201 $53,649,984,061
1979 $105,377,995 $44,469,218,440
1978 $94,086,228 $36,259,392,058
1977 $97,884,434 $33,502,784,418
1976 $88,461,263 $31,852,352,670
1975 $86,820,762 $29,475,251,333
1974 $92,901,784 $24,851,036,710
1973 $78,900,289 $19,474,098,335
1972 $70,139,867 $14,744,499,570
1971 $66,289,450 $12,528,522,307
1970 $61,812,113 $11,358,529,162
1969 - $10,177,524,839
1968 - $8,916,565,041
1967 - $9,468,272,357
1966 - $9,306,142,172
1965 - $8,680,393,839
1964 - $7,848,987,793
1963 - $6,958,916,548
1962 - $6,407,796,043
1961 - $5,984,433,774
1960 - $5,279,481,824

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

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

GDP per capita in Bhutan vs Finland by year

Bhutan
GDP per capita

GDP per capita, PPP
Finland
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Finland
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $53,150 $65,378
2023 $3,831 $16,215 $52,834 $63,415
2022 $3,711 $15,064 $50,441 $62,133
2021 $3,571 $13,459 $53,099 $56,790
2020 $3,192 $12,475 $48,829 $53,297
2019 $3,577 $12,909 $48,358 $52,276
2018 $3,400 $11,970 $49,654 $49,249
2017 $3,435 $11,677 $46,085 $47,235
2016 $3,152 $11,273 $43,451 $44,562
2015 $2,954 $10,214 $42,560 $42,258
2014 $2,849 $9,323 $50,074 $41,547
2013 $2,680 $8,667 $49,691 $41,326
2012 $2,751 $8,577 $47,552 $40,739
2011 $2,788 $7,935 $51,060 $40,846
2010 $2,436 $7,246 $46,506 $38,946
2009 $1,918 $6,466 $47,478 $37,988
2008 $1,920 $6,035 $53,769 $40,081
2007 $1,850 $5,729 $48,473 $37,843
2006 $1,406 $4,860 $41,214 $34,440
2005 $1,300 $4,523 $39,050 $32,048
2004 $1,130 $4,173 $37,768 $31,195
2003 $1,022 $3,942 $32,920 $29,043
2002 $896 $3,663 $26,989 $28,596
2001 $812 $3,338 $24,965 $27,798
2000 $772 $3,113 $24,336 $26,783
1999 $685 $3,017 $26,180 $24,762
1998 $638 $2,819 $26,000 $23,570
1997 $630 $2,683 $24,682 $21,787
1996 $553 $2,548 $25,757 $20,067
1995 $530 $2,374 $26,246 $19,568
1994 $467 $2,146 $20,278 $18,458
1993 $407 $2,001 $17,589 $17,458
1992 $416 $1,840 $22,320 $17,271
1991 $401 $1,657 $25,489 $17,563
1990 $488 $1,638 $28,366 $18,149
1989 $462 - $23,969 -
1988 $489 - $22,044 -
1987 $449 - $18,565 -
1986 $365 - $14,947 -
1985 $321 - $11,394 -
1984 $326 - $10,830 -
1983 $328 - $10,494 -
1982 $306 - $10,935 -
1981 $311 - $10,925 -
1980 $296.9 - $11,225 -
1979 $251.4 - $9,333 -
1978 $232.2 - $7,629 -
1977 $249.9 - $7,070 -
1976 $233.7 - $6,740 -
1975 $237.4 - $6,256 -
1974 $262.8 - $5,298 -
1973 $230.9 - $4,174 -
1972 $212.4 - $3,178 -
1971 $207.7 - $2,716 -
1970 $200.3 - $2,466 -
1969 - - $2,201 -
1968 - - $1,927 -
1967 - - $2,056 -
1966 - - $2,032 -
1965 - - $1,902 -
1964 - - $1,726 -
1963 - - $1,538 -
1962 - - $1,427 -
1961 - - $1,341 -
1960 - - $1,192 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $53,150 in Finland, ranking 23/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Finland ranks 27th at $65,378.

Economic indicators

Bhutan Finland
Gross domestic product
$3.01B
2023
$299B
2024
GDP rank
170/197
2023
47/197
2024
GDP growth
4.63%
2022-2023
0.42%
2023-2024
GDP per capita
$3,831
2023
$53,150
2024
GDP per capita rank
132/197
2023
23/197
2024
GDP per capita, PPP
$16,215
2023
$65,378
2024
GDP per capita PPP rank
109/197
2023
27/197
2024
Government debt
$3.53B
2023
$245B
2024
Debt-to-GDP ratio
110.4%
2024
82.1%
2024
Government debt per person
$4,485
2023
$43,662
2024
Government debt per person rank
87/185
2023
12/185
2024
Average annual personal income after taxes
$5,506
2026
$36,394
2026
Market capitalization of domestic companies n/a
$20.3B
2004
Number of billionaires n/a
7
2025
Income share by richest 10%
22.7%
2022
22.5%
2023
Income share by poorest 10%
3.6%
2022
3.7%
2023
Government expenditure, % of GDP
27.1%
2024
57.7%
2024
Consumer prices inflation
4.3%
2023-2024
1.57%
2023-2024
Unemployment rate
3.28%
2024
8.34%
2024
Population
803385
5631965

Spending and national debt comparison by year

Bhutan
Spending

Debt
Finland
Spending

Debt
1x
Year % of GDP
Bhutan Finland
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 57.7% 82.1%
2023 28.8% 117.1% 55.9% 77.5%
2022 32.1% 119.9% 52.6% 74%
2021 36.6% 124.5% 55.2% 73.2%
2020 30.9% 116% 56.5% 75.3%
2019 24.2% 100.8% 52.6% 65.3%
2018 31.7% 103.4% 52.7% 65.3%
2017 30.6% 104.1% 52.8% 66.6%
2016 30.5% 103% 55.1% 68.6%
2015 27.5% 90.2% 55.7% 68.8%
2014 28.9% 89.8% 57.6% 64.8%
2013 32.5% 87.4% 57.1% 60.8%
2012 35.1% 71.5% 55.7% 57.9%
2011 36.1% 62.3% 53.8% 52%
2010 41.5% 55.8% 54% 50.1%
2009 39.3% 61% 54.1% 41.5%
2008 36.1% 60.6% 47.9% 32.6%
2007 33.2% 67.3% 46.7% 33.9%
2006 33.4% 80.1% 48.3% 38%
2005 36.4% 80.8% 49.2% 39.9%
2004 31% 76% 48.2% 42.6%
2003 34.7% 68.5% 48.3% 42.7%
2002 39.3% 57.7% 47.5% 40.1%
2001 50.3% 52.4% 46.2% 40.9%
2000 43% 44% 46.9% 42.4%
1999 40.2% 39.2% 49.9% 44%
1998 31.1% 36.4% 51.3% 46.8%
1997 37.8% 33% 54.9% 52.2%
1996 37.9% 36.8% 58.5% 55.4%
1995 38.6% 38.7% 60% 55.2%
1994 37.9% 53.2% 62.2% 56.2%
1993 35.2% 60.2% 63.7% 54.2%
1992 34.5% 35.6% 60.8% 39.3%
1991 30.8% 33.5% 55.8% 21.9%
1990 35.8% 27.4% 47.1% 13.9%
1989 46.8% 26.4% 44.4% 14.3%
1988 45.3% 24.7% 46.4% 16.5%
1987 47.5% 17.3% 47.8% 17.6%
1986 - - 46.9% 16.4%
1985 - - 46.3% 15.8%
1984 - - 44.4% 15.2%
1983 - - 44.4% 15.4%
1982 - - 42.7% 13.9%
1981 - - 41% 11.5%
1980 - - 40.1% 10.9%
1979 - - 40.3% 11%
1978 - - 41.3% 10.7%
1977 - - 41.7% 8.22%
1976 - - 39.8% 7.09%
1975 - - 38.6% 6.76%
1974 - - 22.9% 2.97%
1973 - - 21.8% 4.42%
1972 - - 20.4% 6.46%
1971 - - 22.8% 7.94%
1970 - - 21.9% 9.19%
1969 - - 22.2% 10.8%
1968 - - 25.5% 13.9%
1967 - - 23.5% 14.2%
1966 - - 23.3% 13.7%
1965 - - 23.2% 13%
1964 - - 22.8% 12.5%
1963 - - 21.6% 12.2%
1962 - - 23.9% 10.3%
1961 - - 22.7% 9.12%
1960 - - 22.5% 9.96%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1992, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Finland spent $172B, or 57.7% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 82.1% in Finland, ranking 17/185 and 42/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Finland
1x
Year Deficit/surplus, % of GDP
Bhutan Finland
2024 -0.17% -4.41%
2023 -4.73% -2.98%
2022 -6.95% -0.18%
2021 -5.76% -2.69%
2020 -1.81% -5.53%
2019 -1.49% -0.93%
2018 -1.52% -0.87%
2017 -4.49% -0.63%
2016 -2.31% -1.7%
2015 -0.49% -2.43%
2014 2.46% -2.99%
2013 -4.55% -2.52%
2012 -2.1% -2.15%
2011 -3.02% -1.01%
2010 1.92% -2.57%
2009 -0.8% -2.48%
2008 -2.57% 4.18%
2007 0.79% 5.12%
2006 -0.07% 3.93%
2005 -6.96% 2.59%
2004 1.8% 2.16%
2003 -10.2% 2.34%
2002 -4.33% 3.97%
2001 -12.2% 4.89%
2000 -3.39% 6.73%
1999 -1.28% 1.6%
1998 1.28% 1.54%
1997 -1.92% -1.33%
1996 2.55% -3.37%
1995 -0.88% -5.98%
1994 -0.13% -6.41%
1993 4.71% -8.09%
1992 -3.47% -4.88%
1991 -0.48% 0.3%
1990 -7.21% 6.63%
1989 -10.1% 6.73%
1988 1.33% 5.09%
1987 -0.56% 1.63%
1986 - 3.83%
1985 - 3.33%
1984 - 3.23%
1983 - 1.52%
1982 - 3.06%
1981 - 5.11%
1980 - 3.7%
1979 - 3.41%
1978 - 3.83%
1977 - 6.27%
1976 - 7.65%
1975 - 4.96%
1974 - -0.03%
1973 - 1.48%
1972 - -0.18%
1971 - 0.15%
1970 - 1.06%
1969 - 0.94%
1968 - -1.69%
1967 - -0.26%
1966 - -1.08%
1965 - -1.67%
1964 - -1.35%
1963 - -2.5%
1962 - -2.37%
1961 - -3.03%
1960 - -0.52%
1959 - -0.12%
1958 - -1.73%
1957 - 0.08%
1956 - -1.14%
1955 - -1%
1954 - -0.17%
1953 - 0.02%
1952 - -1.24%
1951 - 1.1%
1950 - -0.26%
1949 - -2.77%
1948 - 1.88%
1947 - -5.99%
1946 - -15.3%
1945 - -6.35%
1944 - -21.5%
1943 - -14.2%
1942 - -16.4%
1941 - -35.8%
1940 - -36.9%
1939 - -9.76%
1938 - -1.48%
1937 - -4.44%
1936 - -3.75%
1935 - -3.81%
1934 - -2.81%
1933 - -1.63%
1932 - -2.61%
1931 - -2.32%
1930 - -1.94%
1929 - -0.78%
1928 - -2.07%
1927 - -0.32%
1926 - -2.9%
1925 - -2.92%
1924 - 0.04%
1923 - -2.3%
1922 - 0.62%
1921 - -2.59%
1920 - -2.6%
1919 - -7.49%
1918 - -11.4%
1917 - -1.27%
1916 - 1.48%
1915 - -0.29%
1914 - -1.15%
1913 - -0.25%
1912 - 0.33%
1911 - -0.14%
1910 - -0.3%
1909 - -2.64%
1908 - -1.92%
1907 - 0.24%
1906 - 0.86%
1905 - -1.28%
1904 - -1.63%
1903 - -0.3%
1902 - -1.74%
1901 - -2.13%
1900 - -0.52%
1899 - -1%
1898 - -4.55%
1897 - -0.37%
1896 - -0.56%
1895 - -1.21%
1894 - -0.62%
1893 - 0%
1892 - 0.82%
1891 - 0.16%
1890 - 0.17%
1889 - 0.18%
1888 - -0.59%
1887 - -1.46%
1886 - 0%
1885 - -1.2%
1884 - -0.2%
1883 - 0%
1882 - 0.2%

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1882–1989, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/finland | 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 Finland's deficit of $8.81B, or 2.98% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while Finland ran a deficit in 21 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to deficit of 0.06% of GDP for Finland.

Inflation comparison by year

Inflation
Bhutan

Finland
1x
Year Consumer prices inflation
Bhutan Finland
2024 4.3% 1.57%
2023 4.5% 6.25%
2022 5.9% 7.12%
2021 8.2% 2.19%
2020 3% 0.29%
2019 2.8% 1.02%
2018 3.6% 1.08%
2017 4.3% 0.75%
2016 3.3% 0.36%
2015 6.7% -0.21%
2014 9.6% 1.04%
2013 8.1% 1.48%
2012 10.1% 2.81%
2011 8.6% 3.42%
2010 4.8% 1.18%
2009 7.1% -0%
2008 6.3% 4.07%
2007 5.2% 2.51%
2006 4.9% 1.57%
2005 4.8% 0.62%
2004 3.3% 0.19%
2003 2.5% 0.88%
2002 2.9% 1.57%
2001 3.7% 2.58%
2000 7.2% 3.04%
1999 9.1% 1.16%
1998 7.6% 1.4%
1997 8.6% 1.19%

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/finland | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 1.83% in Finland. In 2024, inflation was 4.3% in Bhutan and 1.57% in Finland.

Top exports between countries

Bhutan
Export category Export value
Raw agricultural goods $2K
Finland
Export category Export value
Machinery & equipment $43K
Textiles & consumer goods $9K
Wood & paper products $3K
Metals $2K

Balance of trade

Bhutan Finland
Current account balance
-$670M
2024
-$1.99B
2024
Current account balance ranking
114/190
2024
143/190
2024
Current account balance, % of GDP
-32%
2023
-0.67%
2024
Goods imports
$1.29B
2024
$76.6B
2024
Goods exports
$656M
2024
$83.1B
2024
Service imports
$228M
2024
$47.4B
2024
Service exports
$288M
2024
$42B
2024
Imports of goods and services, % of GDP
53.3%
2023
41.6%
2024
Exports of goods and services, % of GDP
28.4%
2023
41.9%
2024

Economic freedom indices

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

Bhutan Finland
Economic freedom 57.5 76.6
Economic freedom ranking 115/197 15/197
Property rights 69.2 99.9
Government integrity 72.2 95.4
Judicial effectiveness 61.8 96.4
Tax burden 83.4 68.4
Government spending 74.1 7.9
Fiscal health 25.8 76.3
Business freedom 67.8 85.3
Labor freedom 60.1 65.4
Monetary freedom 71.6 80.3
Trade freedom 63.4 79.4
Investment freedom 20 85
Financial freedom 20 80

Economic freedom comparison by year

Bhutan
Finland
1x
Year Economic freedom index
Bhutan Finland
2026 57.5 76.6
2025 57.5 77
2024 55.4 76.3
2023 59 77.1
2022 59.3 78.3
2021 58.3 76.1
2020 62.1 75.7
2019 62.9 74.9
2018 61.8 74.1
2017 58.4 74
2016 59.5 72.6
2015 57.4 73.4
2014 56.7 73.4
2013 55 74
2012 56.6 72.3
2011 57.6 74
2010 57 73.8
2009 57.7 74.5
2008 - 74.6
2007 - 74
2006 - 72.9
2005 - 71
2004 - 73.4
2003 - 73.7
2002 - 73.6
2001 - 69.7
2000 - 64.3
1999 - 63.9
1998 - 63.5
1997 - 65.2
1996 - 63.7

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 76.6 for Finland, ranking 15/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Finland
Services, % of GDP
52.8%
2023
62.2%
2024
Industry, % of GDP
29.4%
2023
22.8%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
2.47%
2024
GNI, Atlas method
$2.93B
2023
$290B
2024
GNI per capita, PPP
$15,320
2023
$65,640
2024
Total reserves including gold
$941M
2024
$18B
2024
Total reserves ranking
143/177
2024
65/177
2024
Net foreign direct investment
-$22.8M
2024
$3.28B
2024
Net inflows of foreign direct investment
$2.82M
2024
$8.74B
2024
Net outflows of foreign direct investment
$0
2024
$12B
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
n/a
Poverty at national poverty lines
12.4%
2022
12.2%
2022
Gross capital formation, % of GDP
45.3%
2023
22.3%
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/finland | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Public Finances in Modern History (1882–1992, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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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.