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Economy of Bhutan vs Hungary compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $223B for Hungary, ranking 170/197 and 55/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $164B (73.5% of GDP) in Hungary.

Bhutan vs Hungary GDP by year

Bhutan
Hungary
1x
Year GDP, current $
Bhutan Hungary
2024 - $222,722,738,926
2023 $3,012,896,789 $213,240,316,635
2022 $2,898,227,744 $177,002,580,544
2021 $2,768,802,960 $183,282,685,440
2020 $2,457,604,334 $158,468,487,754
2019 $2,735,683,570 $164,936,682,034
2018 $2,583,335,722 $161,184,691,014
2017 $2,591,358,009 $143,335,098,992
2016 $2,357,504,761 $128,983,560,865
2015 $2,187,815,803 $125,244,126,623
2014 $2,089,079,571 $141,128,696,412
2013 $1,943,696,952 $135,646,053,779
2012 $1,973,387,228 $128,470,269,690
2011 $1,977,728,659 $141,712,804,954
2010 $1,708,880,730 $131,898,737,241
2009 $1,331,343,798 $130,807,441,076
2008 $1,317,517,835 $158,228,265,916
2007 $1,255,767,964 $140,123,326,896
2006 $942,879,879 $115,604,111,412
2005 $860,391,000 $113,098,237,571
2004 $735,348,490 $104,015,363,080
2003 $651,935,430 $85,190,469,121
2002 $559,345,264 $67,636,468,625
2001 $496,110,226 $53,800,068,066
2000 $460,733,418 $47,275,954,429
1999 $399,311,200 $49,160,204,397
1998 $363,458,381 $48,784,412,624
1997 $352,229,077 $47,398,564,799
1996 $303,408,346 $46,833,767,124
1995 $290,490,984 $46,577,614,589
1994 $258,954,708 $43,307,949,890
1993 $225,973,693 $40,256,233,360
1992 $240,233,531 $38,857,339,125
1991 $240,294,286 $34,867,307,353
1990 $287,765,007 $34,478,360,679
1989 $264,798,626 $30,422,508,938
1988 $272,298,067 $29,799,838,597
1987 $242,742,766 $27,232,016,527
1986 $191,218,115 $24,778,163,812
1985 $163,288,815 $21,510,643,750
1984 $160,423,494 $21,242,726,264
1983 $156,704,290 $21,910,365,258
1982 $141,439,317 $24,141,667,188
1981 $139,174,178 $23,705,883,892
1980 $128,669,201 $23,116,977,148
1979 $105,377,995 $19,959,731,325
1978 $94,086,228 $17,286,744,154
1977 $97,884,434 $14,783,674,055
1976 $88,461,263 $13,235,612,079
1975 $86,820,762 $11,420,392,515
1974 $92,901,784 $10,016,338,179
1973 $78,900,289 $9,138,292,402
1972 $70,139,867 $7,379,313,742
1971 $66,289,450 $6,291,568,221
1970 $61,812,113 $5,780,929,203
1969 - $5,429,812,387
1968 - $4,886,222,555

Data sources: World Bank | Economy & Growth (1968–2024, retrieved 2026-04-06).

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

GDP per capita in Bhutan vs Hungary by year

Bhutan
GDP per capita

GDP per capita, PPP
Hungary
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Hungary
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $23,292 $48,552
2023 $3,831 $16,215 $22,231 $46,592
2022 $3,711 $15,064 $18,428 $44,366
2021 $3,571 $13,459 $19,031 $38,887
2020 $3,192 $12,475 $16,387 $35,584
2019 $3,577 $12,909 $17,013 $35,627
2018 $3,400 $11,970 $16,605 $32,258
2017 $3,435 $11,677 $14,736 $29,728
2016 $3,152 $11,273 $13,216 $28,179
2015 $2,954 $10,214 $12,783 $26,938
2014 $2,849 $9,323 $14,353 $25,796
2013 $2,680 $8,667 $13,739 $24,592
2012 $2,751 $8,577 $12,950 $23,205
2011 $2,788 $7,935 $14,211 $22,992
2010 $2,436 $7,246 $13,190 $21,691
2009 $1,918 $6,466 $13,051 $20,691
2008 $1,920 $6,035 $15,763 $20,709
2007 $1,850 $5,729 $13,935 $19,089
2006 $1,406 $4,860 $11,478 $18,362
2005 $1,300 $4,523 $11,212 $17,091
2004 $1,130 $4,173 $10,291 $16,251
2003 $1,022 $3,942 $8,410 $15,460
2002 $896 $3,663 $6,658 $14,532
2001 $812 $3,338 $5,281 $13,223
2000 $772 $3,113 $4,630 $11,872
1999 $685 $3,017 $4,802 $10,892
1998 $638 $2,819 $4,752 $10,415
1997 $630 $2,683 $4,606 $9,846
1996 $553 $2,548 $4,542 $9,388
1995 $530 $2,374 $4,509 $9,222
1994 $467 $2,146 $4,187 $8,888
1993 $407 $2,001 $3,887 $8,441
1992 $416 $1,840 $3,747 $8,284
1991 $401 $1,657 $3,361 $8,352
1990 $488 $1,638 $3,324 $9,169
1989 $462 - $2,902 -
1988 $489 - $2,812 -
1987 $449 - $2,566 -
1986 $365 - $2,331 -
1985 $321 - $2,020 -
1984 $326 - $1,991 -
1983 $328 - $2,050 -
1982 $306 - $2,255 -
1981 $311 - $2,213 -
1980 $296.9 - $2,158 -
1979 $251.4 - $1,865 -
1978 $232.2 - $1,618 -
1977 $249.9 - $1,388 -
1976 $233.7 - $1,249 -
1975 $237.4 - $1,083 -
1974 $262.8 - $956 -
1973 $230.9 - $876 -
1972 $212.4 - $710 -
1971 $207.7 - $607 -
1970 $200.3 - $559 -
1969 - - $527 -
1968 - - $476 -

Data sources: World Bank | Economy & Growth (1968–2024, retrieved 2026-04-06).

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $23,292 in Hungary, ranking 55/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Hungary ranks 48th at $48,552.

Economic indicators

Bhutan Hungary
Gross domestic product
$3.01B
2023
$223B
2024
GDP rank
170/197
2023
55/197
2024
GDP growth
4.63%
2022-2023
0.56%
2023-2024
GDP per capita
$3,831
2023
$23,292
2024
GDP per capita rank
132/197
2023
55/197
2024
GDP per capita, PPP
$16,215
2023
$48,552
2024
GDP per capita PPP rank
109/197
2023
48/197
2024
Government debt
$3.53B
2023
$164B
2024
Debt-to-GDP ratio
110.4%
2024
73.5%
2024
Government debt per person
$4,485
2023
$17,109
2024
Government debt per person rank
87/185
2023
37/185
2024
Average annual personal income after taxes
$5,506
2026
$16,996
2026
Market capitalization of domestic companies n/a
$41.5B
2024
Number of millionaires n/a
24,692
2025
Number of billionaires n/a
4
2025
Income share by richest 10%
22.7%
2022
24.4%
2022
Income share by poorest 10%
3.6%
2022
2.8%
2022
Government expenditure, % of GDP
27.1%
2024
46.9%
2024
Consumer prices inflation
4.3%
2023-2024
3.7%
2023-2024
Central bank interest rate n/a
6.5%
2024
Unemployment rate
3.28%
2024
4.47%
2024
Population
803385
9475525

Spending and national debt comparison by year

Bhutan
Spending

Debt
Hungary
Spending

Debt
1x
Year % of GDP
Bhutan Hungary
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 46.9% 73.5%
2023 28.8% 117.1% 49.2% 73%
2022 32.1% 119.9% 48.7% 73.9%
2021 36.6% 124.5% 48.1% 76.2%
2020 30.9% 116% 51% 78.7%
2019 24.2% 100.8% 45.8% 65%
2018 31.7% 103.4% 45.9% 68.8%
2017 30.6% 104.1% 46.6% 72%
2016 30.5% 103% 46.7% 74.6%
2015 27.5% 90.2% 50.4% 75.7%
2014 28.9% 89.8% 50% 76.5%
2013 32.5% 87.4% 50.1% 77.2%
2012 35.1% 71.5% 49.2% 78.4%
2011 36.1% 62.3% 49.1% 80.5%
2010 41.5% 55.8% 48.9% 80.2%
2009 39.3% 61% 50.7% 78.2%
2008 36.1% 60.6% 48.8% 71.8%
2007 33.2% 67.3% 49.9% 65.6%
2006 33.4% 80.1% 51.4% 64.5%
2005 36.4% 80.8% 49.4% 60.6%
2004 31% 76% 48.8% 58.9%
2003 34.7% 68.5% 49.2% 58.2%
2002 39.3% 57.7% 51% 55.6%
2001 50.3% 52.4% 47.2% 52.2%
2000 43% 44% 47.3% 55.6%
1999 40.2% 39.2% 48.9% 60.3%
1998 31.1% 36.4% 50.7% 60.4%
1997 37.8% 33% 49.5% 62.2%
1996 37.9% 36.8% 50.9% 71.2%
1995 38.6% 38.7% 55% 83.9%
1994 37.9% 53.2% - 86.2%
1993 35.2% 60.2% - 87.2%
1992 34.5% 35.6% - 76.5%
1991 30.8% 33.5% - 74.2%
1990 35.8% 27.4% - 63.7%
1989 46.8% 26.4% - 70.7%
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 (1987–1994, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Hungary spent $104B, or 46.9% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 73.5% in Hungary, ranking 17/185 and 49/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Hungary
1x
Year Deficit/surplus, % of GDP
Bhutan Hungary
2024 -0.17% -4.92%
2023 -4.73% -6.75%
2022 -6.95% -6.17%
2021 -5.76% -7.11%
2020 -1.81% -7.49%
2019 -1.49% -2.02%
2018 -1.52% -2.05%
2017 -4.49% -2.45%
2016 -2.31% -1.79%
2015 -0.49% -2%
2014 2.46% -2.77%
2013 -4.55% -2.6%
2012 -2.1% -2.33%
2011 -3.02% -5.22%
2010 1.92% -4.44%
2009 -0.8% -4.76%
2008 -2.57% -3.78%
2007 0.79% -5.09%
2006 -0.07% -9.27%
2005 -6.96% -7.79%
2004 1.8% -6.6%
2003 -10.2% -7.19%
2002 -4.33% -8.79%
2001 -12.2% -4%
2000 -3.39% -3.04%
1999 -1.28% -5.27%
1998 1.28% -7.41%
1997 -1.92% -5.54%
1996 2.55% -4.36%
1995 -0.88% -8.57%
1994 -0.13% -
1993 4.71% -
1992 -3.47% -
1991 -0.48% -
1990 -7.21% -
1989 -10.1% -
1988 1.33% -
1987 -0.56% -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -0.17%
1942 - 0.31%
1941 - 0.2%
1940 - -0.07%
1939 - 0.19%
1938 - -0.11%
1937 - -0.01%
1936 - 0.08%
1935 - 0.03%
1934 - 0.04%
1933 - -0.03%
1932 - -0.22%
1931 - -0.32%
1930 - -0.26%
1929 - 0.02%
1928 - 0.12%
1927 - 0.15%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1927–1989, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/hungary | 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 Hungary's deficit of $14.4B, or 6.75% of GDP.

Over the past 29 years, Bhutan recorded a fiscal deficit in 23 of those years, while Hungary ran a deficit in 29 years. On average, Bhutan posted an annual deficit equal to 2.52% of GDP, compared to deficit of 5.06% of GDP for Hungary.

Inflation comparison by year

Inflation
Bhutan

Hungary
1x
Year Consumer prices inflation
Bhutan Hungary
2024 4.3% 3.7%
2023 4.5% 17.1%
2022 5.9% 14.6%
2021 8.2% 5.11%
2020 3% 3.33%
2019 2.8% 3.34%
2018 3.6% 2.85%
2017 4.3% 2.35%
2016 3.3% 0.39%
2015 6.7% -0.06%
2014 9.6% -0.23%
2013 8.1% 1.73%
2012 10.1% 5.65%
2011 8.6% 3.93%
2010 4.8% 4.86%
2009 7.1% 4.21%
2008 6.3% 6.04%
2007 5.2% 7.96%
2006 4.9% 3.93%
2005 4.8% 3.56%
2004 3.3% 6.74%
2003 2.5% 4.66%
2002 2.9% 5.27%
2001 3.7% 9.12%
2000 7.2% 9.8%
1999 9.1% 10%
1998 7.6% 14.2%
1997 8.6% 18.3%

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/hungary | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 6.16% in Hungary. In 2024, inflation was 4.3% in Bhutan and 3.7% in Hungary.

Top exports between countries

Bhutan
Export category Export value
Hungary
Export category Export value
Machinery & equipment $28K
Textiles & consumer goods $13K
Chemicals & pharma $8K

Balance of trade

Bhutan Hungary
Current account balance
-$670M
2024
$3.52B
2024
Current account balance ranking
114/190
2024
36/190
2024
Current account balance, % of GDP
-32%
2023
+1.58%
2024
Goods imports
$1.29B
2024
$130B
2024
Goods exports
$656M
2024
$129B
2024
Service imports
$228M
2024
$27.9B
2024
Service exports
$288M
2024
$38.9B
2024
Imports of goods and services, % of GDP
53.3%
2023
71.1%
2024
Exports of goods and services, % of GDP
28.4%
2023
75.4%
2024

Economic freedom indices

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

Bhutan Hungary
Economic freedom 57.5 62.5
Economic freedom ranking 115/197 86/197
Property rights 69.2 67.3
Government integrity 72.2 44
Judicial effectiveness 61.8 61.9
Tax burden 83.4 85.1
Government spending 74.1 30.2
Fiscal health 25.8 32.7
Business freedom 67.8 70.8
Labor freedom 60.1 56.5
Monetary freedom 71.6 72.1
Trade freedom 63.4 79.4
Investment freedom 20 80
Financial freedom 20 70

Economic freedom comparison by year

Bhutan
Hungary
1x
Year Economic freedom index
Bhutan Hungary
2026 57.5 62.5
2025 57.5 61.4
2024 55.4 61.2
2023 59 64.1
2022 59.3 66.9
2021 58.3 67.2
2020 62.1 66.4
2019 62.9 65
2018 61.8 66.7
2017 58.4 65.8
2016 59.5 66
2015 57.4 66.8
2014 56.7 67
2013 55 67.3
2012 56.6 67.1
2011 57.6 66.6
2010 57 66.1
2009 57.7 66.8
2008 - 67.6
2007 - 64.8
2006 - 65
2005 - 63.5
2004 - 62.7
2003 - 63
2002 - 64.5
2001 - 65.6
2000 - 64.4
1999 - 59.6
1998 - 56.9
1997 - 55.3
1996 - 56.8
1995 - 55.2

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 62.5 for Hungary, ranking 86/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Hungary
Services, % of GDP
52.8%
2023
59.5%
2024
Industry, % of GDP
29.4%
2023
23.7%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
2.71%
2024
GNI, Atlas method
$2.93B
2023
$199B
2024
GNI per capita, PPP
$15,320
2023
$47,290
2024
Total reserves including gold
$941M
2024
$46.4B
2024
Total reserves ranking
143/177
2024
42/177
2024
Net foreign direct investment
-$22.8M
2024
-$15.8B
2024
Net inflows of foreign direct investment
$2.82M
2024
-$62.2B
2024
Net outflows of foreign direct investment
$0
2024
-$78B
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
n/a
Poverty at national poverty lines
12.4%
2022
12.1%
2021
Gross capital formation, % of GDP
45.3%
2023
23.5%
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/hungary | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1968–2024, 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 (1927–1994, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.