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Economy of Bhutan vs Indonesia compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $1.4T for Indonesia, ranking 170/197 and 16/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $561B (40.2% of GDP) in Indonesia.

Bhutan vs Indonesia GDP by year

Bhutan
Indonesia
1x
Year GDP, current $
Bhutan Indonesia
2024 - $1,396,300,098,191
2023 $3,012,896,789 $1,371,169,301,564
2022 $2,898,227,744 $1,319,101,183,380
2021 $2,768,802,960 $1,186,509,691,087
2020 $2,457,604,334 $1,059,054,842,698
2019 $2,735,683,570 $1,119,099,871,350
2018 $2,583,335,722 $1,042,271,532,989
2017 $2,591,358,009 $1,015,618,744,160
2016 $2,357,504,761 $931,877,364,038
2015 $2,187,815,803 $860,854,232,686
2014 $2,089,079,571 $890,814,755,534
2013 $1,943,696,952 $912,524,136,718
2012 $1,973,387,228 $917,869,913,333
2011 $1,977,728,659 $892,969,104,563
2010 $1,708,880,730 $755,094,157,622
2009 $1,331,343,798 $539,580,085,612
2008 $1,317,517,835 $510,228,634,992
2007 $1,255,767,964 $432,216,737,775
2006 $942,879,879 $364,570,515,618
2005 $860,391,000 $285,868,619,196
2004 $735,348,490 $256,836,875,295
2003 $651,935,430 $234,772,463,824
2002 $559,345,264 $195,660,611,165
2001 $496,110,226 $160,446,947,785
2000 $460,733,418 $165,021,012,078
1999 $399,311,200 $140,001,351,215
1998 $363,458,381 $95,445,547,873
1997 $352,229,077 $215,748,998,610
1996 $303,408,346 $227,369,679,375
1995 $290,490,984 $202,132,028,723
1994 $258,954,708 $176,892,143,932
1993 $225,973,693 $158,006,700,302
1992 $240,233,531 $128,026,966,580
1991 $240,294,286 $116,621,996,217
1990 $287,765,007 $106,140,727,334
1989 $264,798,626 $94,451,427,877
1988 $272,298,067 $84,300,174,486
1987 $242,742,766 $75,929,617,558
1986 $191,218,115 $79,954,072,545
1985 $163,288,815 $85,289,488,375
1984 $160,423,494 $84,853,700,028
1983 $156,704,290 $81,052,283,384
1982 $141,439,317 $90,158,449,295
1981 $139,174,178 $85,518,233,419
1980 $128,669,201 $72,482,337,397
1979 $105,377,995 $51,400,186,343
1978 $94,086,228 $51,455,719,076
1977 $97,884,434 $45,808,915,663
1976 $88,461,263 $37,269,156,627
1975 $86,820,762 $30,463,855,422
1974 $92,901,784 $25,802,409,639
1973 $78,900,289 $16,273,253,012
1972 $70,139,867 $10,997,590,361
1971 $66,289,450 $9,333,536,370
1970 $61,812,113 $9,150,684,932
1969 - $8,337,423,313
1968 - $7,076,465,300
1967 - $5,667,756,628

Data sources: World Bank | Economy & Growth (1967–2024, retrieved 2026-04-06).

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

GDP per capita in Bhutan vs Indonesia by year

Bhutan
GDP per capita

GDP per capita, PPP
Indonesia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Indonesia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $4,925 $16,448
2023 $3,831 $16,215 $4,876 $15,416
2022 $3,711 $15,064 $4,731 $14,285
2021 $3,571 $13,459 $4,287 $12,757
2020 $3,192 $12,475 $3,854 $11,729
2019 $3,577 $12,909 $4,107 $11,986
2018 $3,400 $11,970 $3,861 $11,372
2017 $3,435 $11,677 $3,799 $10,688
2016 $3,152 $11,273 $3,521 $10,263
2015 $2,954 $10,214 $3,288 $10,028
2014 $2,849 $9,323 $3,441 $10,065
2013 $2,680 $8,667 $3,567 $9,866
2012 $2,751 $8,577 $3,632 $9,530
2011 $2,788 $7,935 $3,579 $8,937
2010 $2,436 $7,246 $3,066 $8,353
2009 $1,918 $6,466 $2,218 $7,868
2008 $1,920 $6,035 $2,125 $7,569
2007 $1,850 $5,729 $1,823 $7,096
2006 $1,406 $4,860 $1,558 $6,583
2005 $1,300 $4,523 $1,238 $6,134
2004 $1,130 $4,173 $1,127 $5,700
2003 $1,022 $3,942 $1,043 $5,353
2002 $896 $3,663 $881 $5,076
2001 $812 $3,338 $732 $4,849
2000 $772 $3,113 $764 $4,639
1999 $685 $3,017 $657 $4,386
1998 $638 $2,819 $455 $4,356
1997 $630 $2,683 $1,045 $5,037
1996 $553 $2,548 $1,119 $4,807
1995 $530 $2,374 $1,011 $4,451
1994 $467 $2,146 $900 $4,096
1993 $407 $2,001 $817 $3,793
1992 $416 $1,840 $674 $3,538
1991 $401 $1,657 $624 $3,305
1990 $488 $1,638 $578 $3,044
1989 $462 - $524 -
1988 $489 - $477 -
1987 $449 - $438 -
1986 $365 - $470 -
1985 $321 - $511 -
1984 $326 - $520 -
1983 $328 - $508 -
1982 $306 - $578 -
1981 $311 - $561 -
1980 $296.9 - $487 -
1979 $251.4 - $353 -
1978 $232.2 - $362 -
1977 $249.9 - $331 -
1976 $233.7 - $275.7 -
1975 $237.4 - $231.1 -
1974 $262.8 - $200.7 -
1973 $230.9 - $129.9 -
1972 $212.4 - $90.1 -
1971 $207.7 - $78.5 -
1970 $200.3 - $79.1 -
1969 - - $74.1 -
1968 - - $64.7 -
1967 - - $53.2 -

Data sources: World Bank | Economy & Growth (1967–2024, retrieved 2026-04-06).

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $4,925 in Indonesia, ranking 121/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Indonesia ranks 107th at $16,448.

Economic indicators

Bhutan Indonesia
Gross domestic product
$3.01B
2023
$1.4T
2024
GDP rank
170/197
2023
16/197
2024
GDP growth
4.63%
2022-2023
5.03%
2023-2024
GDP per capita
$3,831
2023
$4,925
2024
GDP per capita rank
132/197
2023
121/197
2024
GDP per capita, PPP
$16,215
2023
$16,448
2024
GDP per capita PPP rank
109/197
2023
107/197
2024
Government debt
$3.53B
2023
$561B
2024
Debt-to-GDP ratio
110.4%
2024
40.2%
2024
Government debt per person
$4,485
2023
$1,978
2024
Government debt per person rank
87/185
2023
120/185
2024
Average annual personal income after taxes
$5,506
2026
$3,371
2026
Market capitalization of domestic companies n/a
$758B
2023
Number of millionaires n/a
178,605
2025
Number of billionaires n/a
33
2025
Income share by richest 10%
22.7%
2022
28.8%
2024
Income share by poorest 10%
3.6%
2022
3.5%
2024
Government expenditure, % of GDP
27.1%
2024
16.8%
2024
Consumer prices inflation
4.3%
2023-2024
2.18%
2023-2024
Central bank interest rate n/a
4.75%
2025
Unemployment rate
3.28%
2024
3.31%
2023
Population
803385
288551776

Spending and national debt comparison by year

Bhutan
Spending

Debt
Indonesia
Spending

Debt
1x
Year % of GDP
Bhutan Indonesia
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 16.8% 40.2%
2023 28.8% 117.1% 16.6% 39.6%
2022 32.1% 119.9% 17.3% 40.1%
2021 36.6% 124.5% 18.1% 41.1%
2020 30.9% 116% 18.4% 39.7%
2019 24.2% 100.8% 16.4% 30.6%
2018 31.7% 103.4% 16.6% 30.4%
2017 30.6% 104.1% 16.4% 29.4%
2016 30.5% 103% 16.9% 28%
2015 27.5% 90.2% 17.6% 27%
2014 28.9% 89.8% 18.4% 24.6%
2013 32.5% 87.4% 18.8% 24.9%
2012 35.1% 71.5% 18.8% 23%
2011 36.1% 62.3% 17.7% 23.1%
2010 41.5% 55.8% 16.9% 26.4%
2009 39.3% 61% 17% 26.5%
2008 36.1% 60.6% 19.4% 30.3%
2007 33.2% 67.3% 18.7% 38.1%
2006 33.4% 80.1% 18.4% 35.8%
2005 36.4% 80.8% 17.4% 42.6%
2004 31% 76% 17.8% 51.3%
2003 34.7% 68.5% 18.2% 55.6%
2002 39.3% 57.7% 16.9% 62.3%
2001 50.3% 52.4% 19.5% 73.7%
2000 43% 44% 15.3% 87.4%
1999 40.2% 39.2% 15.1% 95.9%
1998 31.1% 36.4% 15.1% 72.5%
1997 37.8% 33% 15.2% 26.4%
1996 37.9% 36.8% 11.5% 27.5%
1995 38.6% 38.7% 11.9% 32%
1994 37.9% 53.2% 13.5% 37%
1993 35.2% 60.2% 14.1% 40.4%
1992 34.5% 35.6% 16.8% 42.6%
1991 30.8% 33.5% 15% 39.2%
1990 35.8% 27.4% 15.8% 40.8%
1989 46.8% 26.4% 16.5% 42.5%
1988 45.3% 24.7% 17.3% 45.6%
1987 47.5% 17.3% 18% 49.7%
1986 - - 20.9% 38.3%
1985 - - 18.5% 28%
1984 - - 16.1% 23.5%
1983 - - 18.2% 23.1%
1982 - - 18.8% 18.6%
1981 - - 24.4% 16.4%
1980 - - 22.1% 17.3%
1979 - - 20.9% 22%
1978 - - 20.1% 30.3%
1977 - - 19.5% 27.7%
1976 - - 21.8% 38.1%
1975 - - 20.5% 36.7%
1974 - - 17.3% 34.4%
1973 - - 16.3% 43.1%
1972 - - 15.7% 51.2%
1971 - - 14.5% 50.5%
1970 - - 13.8% 46.7%
1969 - - 12.8% -
1968 - - 8.82% -
1967 - - 10.4% -
1966 - - 9.18% -
1965 - - 10.7% -
1964 - - 9.55% -
1963 - - 10.3% -
1962 - - 7.89% -
1961 - - 15.1% -
1960 - - 14.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1999, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Indonesia spent $235B, or 16.8% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 40.2% in Indonesia, ranking 17/185 and 132/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Indonesia
1x
Year Deficit/surplus, % of GDP
Bhutan Indonesia
2024 -0.17% -2.3%
2023 -4.73% -1.64%
2022 -6.95% -2.31%
2021 -5.76% -4.4%
2020 -1.81% -6.07%
2019 -1.49% -2.09%
2018 -1.52% -1.69%
2017 -4.49% -2.26%
2016 -2.31% -2.56%
2015 -0.49% -2.72%
2014 2.46% -1.8%
2013 -4.55% -1.96%
2012 -2.1% -1.59%
2011 -3.02% -0.7%
2010 1.92% -1.24%
2009 -0.8% -1.64%
2008 -2.57% 0.05%
2007 0.79% -0.95%
2006 -0.07% 0.45%
2005 -6.96% 0.46%
2004 1.8% -0.26%
2003 -10.2% -1.08%
2002 -4.33% -0.58%
2001 -12.2% -1.76%
2000 -3.39% -1.87%
1999 -1.28% -0.96%
1998 1.28% -1.89%
1997 -1.92% -1.03%
1996 2.55% 0.96%
1995 -0.88% 0.64%
1994 -0.13% 0.005%
1993 4.71% -0.59%
1992 -3.47% -2.95%
1991 -0.48% -0.87%
1990 -7.21% -0.55%
1989 -10.1% -1.72%
1988 1.33% -2.68%
1987 -0.56% -0.9%
1986 - -2.94%
1985 - -0.45%
1984 - 1.83%
1983 - -1%
1982 - -1.11%
1981 - -0.69%
1980 - -0.82%
1979 - -0.67%
1978 - -2.03%
1977 - -0.38%
1976 - -2.63%
1975 - -2.33%
1974 - -0.35%
1973 - -1.33%
1972 - -1.82%
1971 - -2.51%
1970 - -3.02%
1969 - -2.8%
1968 - 0%
1967 - -0.35%
1966 - -5.06%
1965 - -6.62%
1964 - -5.58%
1963 - -5.24%
1962 - -3.1%
1961 - -4.57%
1960 - -1.65%
1959 - -4.06%
1958 - -6.67%
1957 - -2.92%
1956 - -1.38%
1955 - -1.6%
1954 - -3.16%
1953 - -2.33%
1952 - -3.66%
1951 - 1.52%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1951–1992, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/indonesia | 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 Indonesia's deficit of $22.5B, or 1.64% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while Indonesia ran a deficit in 31 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to deficit of 1.43% of GDP for Indonesia.

Inflation comparison by year

Inflation
Bhutan

Indonesia
1x
Year Consumer prices inflation
Bhutan Indonesia
2024 4.3% 2.18%
2023 4.5% 3.67%
2022 5.9% 4.21%
2021 8.2% 1.56%
2020 3% 1.92%
2019 2.8% 3.03%
2018 3.6% 3.2%
2017 4.3% 3.81%
2016 3.3% 3.53%
2015 6.7% 6.36%
2014 9.6% 6.39%
2013 8.1% 6.41%
2012 10.1% 4.28%
2011 8.6% 5.36%
2010 4.8% 5.13%
2009 7.1% 4.39%
2008 6.3% 10.2%
2007 5.2% 6.41%
2006 4.9% 13.1%
2005 4.8% 10.5%
2004 3.3% 6.06%
2003 2.5% 6.76%
2002 2.9% 11.9%
2001 3.7% 11.5%
2000 7.2% 3.69%
1999 9.1% 20.5%
1998 7.6% 58.5%
1997 8.6% 6.23%

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/indonesia | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 8.24% in Indonesia. In 2024, inflation was 4.3% in Bhutan and 2.18% in Indonesia.

Top exports between countries

Bhutan
Export category Export value
Chemicals & pharma $1K
Raw agricultural goods $1K
Indonesia
Export category Export value
Raw agricultural goods $160K
Processed food, beverages & tobacco $38K
Chemicals & pharma $27K
Machinery & equipment $27K
Textiles & consumer goods $25K
Wood & paper products $11K
Metals $2K
Miscellaneous $2K
Raw materials & minerals $2K

Balance of trade

Bhutan Indonesia
Current account balance
-$670M
2024
-$8.72B
2024
Current account balance ranking
114/190
2024
174/190
2024
Current account balance, % of GDP
-32%
2023
-0.62%
2024
Goods imports
$1.29B
2024
$223B
2024
Goods exports
$656M
2024
$263B
2024
Service imports
$228M
2024
$57.6B
2024
Service exports
$288M
2024
$39B
2024
Imports of goods and services, % of GDP
53.3%
2023
20.4%
2024
Exports of goods and services, % of GDP
28.4%
2023
22.2%
2024

Economic freedom indices

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

Bhutan Indonesia
Economic freedom 57.5 65.1
Economic freedom ranking 115/197 67/197
Property rights 69.2 39.7
Government integrity 72.2 42
Judicial effectiveness 61.8 43.1
Tax burden 83.4 81.5
Government spending 74.1 91.4
Fiscal health 25.8 89.8
Business freedom 67.8 69.2
Labor freedom 60.1 56.8
Monetary freedom 71.6 79.4
Trade freedom 63.4 78.6
Investment freedom 20 50
Financial freedom 20 60

Economic freedom comparison by year

Bhutan
Indonesia
1x
Year Economic freedom index
Bhutan Indonesia
2026 57.5 65.1
2025 57.5 65.2
2024 55.4 63.5
2023 59 63.5
2022 59.3 64.4
2021 58.3 66.9
2020 62.1 67.2
2019 62.9 65.8
2018 61.8 64.2
2017 58.4 61.9
2016 59.5 59.4
2015 57.4 58.1
2014 56.7 58.5
2013 55 56.9
2012 56.6 56.4
2011 57.6 56
2010 57 55.5
2009 57.7 53.4
2008 - 53.2
2007 - 53.2
2006 - 51.9
2005 - 52.9
2004 - 52.1
2003 - 55.8
2002 - 54.8
2001 - 52.5
2000 - 55.2
1999 - 61.5
1998 - 63.4
1997 - 62
1996 - 61
1995 - 54.9

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 65.1 for Indonesia, ranking 67/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Indonesia
Services, % of GDP
52.8%
2023
43.8%
2024
Industry, % of GDP
29.4%
2023
39.3%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
12.6%
2024
GNI, Atlas method
$2.93B
2023
$1.39T
2024
GNI per capita, PPP
$15,320
2023
$16,010
2024
Total reserves including gold
$941M
2024
$156B
2024
Total reserves ranking
143/177
2024
20/177
2024
Net foreign direct investment
-$22.8M
2024
-$15.9B
2024
Net inflows of foreign direct investment
$2.82M
2024
$24.2B
2024
Net outflows of foreign direct investment
$0
2024
$8.39B
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
5.65%
2024
Poverty at national poverty lines
12.4%
2022
9%
2024
Gross capital formation, % of GDP
45.3%
2023
31.4%
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/indonesia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1967–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1951–1999, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  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.