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Economy of Bhutan vs Iran compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $475B for Iran, ranking 170/197 and 34/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $162B (34% of GDP) in Iran.

Bhutan vs Iran GDP by year

Bhutan
Iran
1x
Year GDP, current $
Bhutan Iran
2024 - $475,252,089,215
2023 $3,012,896,789 $457,510,482,317
2022 $2,898,227,744 $422,662,261,526
2021 $2,768,802,960 $407,350,685,583
2020 $2,457,604,334 $280,934,329,280
2019 $2,735,683,570 $347,988,400,958
2018 $2,583,335,722 $411,903,303,606
2017 $2,591,358,009 $510,239,893,418
2016 $2,357,504,761 $478,618,064,871
2015 $2,187,815,803 $409,191,686,497
2014 $2,089,079,571 $462,284,793,281
2013 $1,943,696,952 $500,399,839,840
2012 $1,973,387,228 $644,019,315,004
2011 $1,977,728,659 $629,082,257,472
2010 $1,708,880,730 $487,069,570,464
2009 $1,331,343,798 $414,059,094,949
2008 $1,317,517,835 $406,070,949,554
2007 $1,255,767,964 $349,736,591,832
2006 $942,879,879 $265,602,187,404
2005 $860,391,000 $224,970,371,325
2004 $735,348,490 $187,754,571,248
2003 $651,935,430 $151,911,222,119
2002 $559,345,264 $128,626,917,504
2001 $496,110,226 $126,878,750,296
2000 $460,733,418 $109,591,707,802
1999 $399,311,200 $113,848,450,088
1998 $363,458,381 $110,276,913,363
1997 $352,229,077 $113,919,163,421
1996 $303,408,346 $120,403,931,885
1995 $290,490,984 $96,419,225,744
1994 $258,954,708 $71,841,461,173
1993 $225,973,693 $63,743,623,232
1992 $240,233,531 $119,768,691,217
1991 $240,294,286 $131,637,664,958
1990 $287,765,007 $124,813,263,926
1989 $264,798,626 $120,496,362,916
1988 $272,298,067 $123,057,861,334
1987 $242,742,766 $134,009,995,923
1986 $191,218,115 $209,094,561,833
1985 $163,288,815 $180,183,629,600
1984 $160,423,494 $162,276,728,620
1983 $156,704,290 $156,365,156,618
1982 $141,439,317 $125,948,756,439
1981 $139,174,178 $100,499,312,750
1980 $128,669,201 $94,362,275,580
1979 $105,377,995 $90,391,877,326
1978 $94,086,228 $77,994,316,621
1977 $97,884,434 $80,600,122,702
1976 $88,461,263 $68,055,295,081
1975 $86,820,762 $51,776,222,350
1974 $92,901,784 $46,209,092,072
1973 $78,900,289 $27,081,698,250
1972 $70,139,867 $17,153,463,263
1971 $66,289,450 $13,731,802,833
1970 $61,812,113 $10,976,245,154
1969 - $9,743,089,607
1968 - $8,623,172,960
1967 - $7,555,383,690
1966 - $6,789,938,672
1965 - $6,197,319,929
1964 - $5,379,845,648
1963 - $4,928,628,018
1962 - $4,693,566,416
1961 - $4,426,949,095
1960 - $4,199,134,390

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

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

GDP per capita in Bhutan vs Iran by year

Bhutan
GDP per capita

GDP per capita, PPP
Iran
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Iran
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $5,190 $19,874
2023 $3,831 $16,215 $5,049 $18,917
2022 $3,711 $15,064 $4,721 $17,546
2021 $3,571 $13,459 $4,605 $15,884
2020 $3,192 $12,475 $3,203 $15,119
2019 $3,577 $12,909 $3,997 $13,928
2018 $3,400 $11,970 $4,783 $15,324
2017 $3,435 $11,677 $6,001 $15,719
2016 $3,152 $11,273 $5,711 $15,195
2015 $2,954 $10,214 $4,953 $14,274
2014 $2,849 $9,323 $5,672 $16,065
2013 $2,680 $8,667 $6,223 $16,215
2012 $2,751 $8,577 $8,114 $17,021
2011 $2,788 $7,935 $8,026 $19,275
2010 $2,436 $7,246 $6,291 $18,628
2009 $1,918 $6,466 $5,416 $17,615
2008 $1,920 $6,035 $5,377 $17,549
2007 $1,850 $5,729 $4,688 $17,384
2006 $1,406 $4,860 $3,619 $15,907
2005 $1,300 $4,523 $3,132 $15,016
2004 $1,130 $4,173 $2,672 $14,425
2003 $1,022 $3,942 $2,209 $13,755
2002 $896 $3,663 $1,891 $12,554
2001 $812 $3,338 $1,881 $11,533
2000 $772 $3,113 $1,650 $11,187
1999 $685 $3,017 $1,740 $10,489
1998 $638 $2,819 $1,709 $10,285
1997 $630 $2,683 $1,790 $10,101
1996 $553 $2,548 $1,915 $9,916
1995 $530 $2,374 $1,550 $9,255
1994 $467 $2,146 $1,168 $8,951
1993 $407 $2,001 $1,038 $8,933
1992 $416 $1,840 $1,957 $8,888
1991 $401 $1,657 $2,194 $8,580
1990 $488 $1,638 $2,138 $7,566
1989 $462 - $2,125 -
1988 $489 - $2,234 -
1987 $449 - $2,513 -
1986 $365 - $4,064 -
1985 $321 - $3,634 -
1984 $326 - $3,395 -
1983 $328 - $3,397 -
1982 $306 - $2,845 -
1981 $311 - $2,393 -
1980 $296.9 - $2,368 -
1979 $251.4 - $2,352 -
1978 $232.2 - $2,101 -
1977 $249.9 - $2,243 -
1976 $233.7 - $1,954 -
1975 $237.4 - $1,532 -
1974 $262.8 - $1,409 -
1973 $230.9 - $851 -
1972 $212.4 - $555 -
1971 $207.7 - $457 -
1970 $200.3 - $377 -
1969 - - $345 -
1968 - - $314 -
1967 - - $283.7 -
1966 - - $262.9 -
1965 - - $247.5 -
1964 - - $221.7 -
1963 - - $209.6 -
1962 - - $205.8 -
1961 - - $200.1 -
1960 - - $195.6 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $5,190 in Iran, ranking 119/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Iran ranks 97th at $19,874.

Economic indicators

Bhutan Iran
Gross domestic product
$3.01B
2023
$475B
2024
GDP rank
170/197
2023
34/197
2024
GDP growth
4.63%
2022-2023
3.66%
2023-2024
GDP per capita
$3,831
2023
$5,190
2024
GDP per capita rank
132/197
2023
119/197
2024
GDP per capita, PPP
$16,215
2023
$19,874
2024
GDP per capita PPP rank
109/197
2023
97/197
2024
Government debt
$3.53B
2023
$162B
2024
Debt-to-GDP ratio
110.4%
2024
34%
2024
Government debt per person
$4,485
2023
$1,764
2024
Government debt per person rank
87/185
2023
122/185
2024
Average annual personal income after taxes
$5,506
2026
$2,964
2026
Market capitalization of domestic companies n/a
$172B
2024
Income share by richest 10%
22.7%
2022
28.2%
2023
Income share by poorest 10%
3.6%
2022
2.8%
2023
Government expenditure, % of GDP
27.1%
2024
14.2%
2024
Consumer prices inflation
4.3%
2023-2024
32.5%
2023-2024
Central bank interest rate n/a
23%
2023
Unemployment rate
3.28%
2024
7.63%
2024
Population
803385
93468444

Spending and national debt comparison by year

Bhutan
Spending

Debt
Iran
Spending

Debt
1x
Year % of GDP
Bhutan Iran
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 14.2% 34%
2023 28.8% 117.1% 12.8% 29.6%
2022 32.1% 119.9% 12.8% 34.5%
2021 36.6% 124.5% 13.4% 39.9%
2020 30.9% 116% 12.1% 47.1%
2019 24.2% 100.8% 13.6% 44.6%
2018 31.7% 103.4% 14.8% 41.6%
2017 30.6% 104.1% 16.4% 43.2%
2016 30.5% 103% 16.3% 45.9%
2015 27.5% 90.2% 14.1% 32.1%
2014 28.9% 89.8% 12.3% 10.9%
2013 32.5% 87.4% 11.5% 10.2%
2012 35.1% 71.5% 11.4% 11.7%
2011 36.1% 62.3% 14.6% 10.6%
2010 41.5% 55.8% 14.1% 12.8%
2009 39.3% 61% 15.7% 11.5%
2008 36.1% 60.6% 16.8% 10.6%
2007 33.2% 67.3% 14.2% 13.5%
2006 33.4% 80.1% 18.7% 15.2%
2005 36.4% 80.8% 17.9% 18.3%
2004 31% 76% 15.1% 21.1%
2003 34.7% 68.5% 15.7% 21.9%
2002 39.3% 57.7% 15.6% 23.4%
2001 50.3% 52.4% 13.6% 21%
2000 43% 44% 13.3% 18.2%
1999 40.2% 39.2% 15.7% 22.2%
1998 31.1% 36.4% 16.9% 29.6%
1997 37.8% 33% 17.4% 30.9%
1996 37.9% 36.8% 17.3% 29.3%
1995 38.6% 38.7% 21% 31.2%
1994 37.9% 53.2% 23% 41.7%
1993 35.2% 60.2% 27.2% 25.6%
1992 34.5% 35.6% 14.4% 25.2%
1991 30.8% 33.5% 14% 29.3%
1990 35.8% 27.4% 16.4% 37%
1989 46.8% 26.4% 20% 48.8%
1988 45.3% 24.7% 23.6% 53.2%
1987 47.5% 17.3% 18.6% 48.6%
1986 - - 19% 47.4%
1985 - - 21.6% 8.73%
1984 - - 23.7% 10%
1983 - - 27.5% 35.7%
1982 - - 29.7% 47.7%
1981 - - 33.7% 47.6%
1980 - - 35.8% 35.5%
1979 - - - -
1978 - - - -
1977 - - - 9.23%
1976 - - - 6.92%
1975 - - - 8.81%
1974 - - - 6.68%
1973 - - - 12.8%
1972 - - - 12.7%
1971 - - - 14.2%
1970 - - - 14.1%
1969 - - - -
1968 - - 23.6% -
1967 - - 22.3% -
1966 - - 20.5% -
1965 - - 16.3% 14.9%
1964 - - 15.4% 15.2%
1963 - - 14.8% 12.4%
1962 - - 15.6% 13.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1995, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Iran spent $67.5B, or 14.2% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 34% in Iran, ranking 17/185 and 147/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Iran
1x
Year Deficit/surplus, % of GDP
Bhutan Iran
2024 -0.17% -3.83%
2023 -4.73% -2.54%
2022 -6.95% -2.64%
2021 -5.76% -3.01%
2020 -1.81% -4.87%
2019 -1.49% -4.3%
2018 -1.52% -1.59%
2017 -4.49% -1.55%
2016 -2.31% -1.7%
2015 -0.49% -1.3%
2014 2.46% -0.91%
2013 -4.55% -0.72%
2012 -2.1% -0.5%
2011 -3.02% -0.66%
2010 1.92% -0.84%
2009 -0.8% -3.3%
2008 -2.57% -4.39%
2007 0.79% -2.41%
2006 -0.07% -4.91%
2005 -6.96% -2.44%
2004 1.8% -2.45%
2003 -10.2% -2.76%
2002 -4.33% -2.88%
2001 -12.2% 0.02%
2000 -3.39% 5.42%
1999 -1.28% -0.51%
1998 1.28% -5.03%
1997 -1.92% -1.81%
1996 2.55% -0.75%
1995 -0.88% -2.63%
1994 -0.13% -3.36%
1993 4.71% -5.15%
1992 -3.47% -0.86%
1991 -0.48% -1.64%
1990 -7.21% -1.73%
1989 -10.1% -4.45%
1988 1.33% -10.3%
1987 -0.56% -6.84%
1986 - -7.84%
1985 - -3.74%
1984 - -4.02%
1983 - -6.15%
1982 - -5.55%
1981 - -10.7%
1980 - -14.2%
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -4.57%
1967 - -4%
1966 - -2.63%
1965 - -1.23%
1964 - -0.04%
1963 - 0.26%
1962 - -1.39%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/iran | 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 Iran's deficit of $11.6B, or 2.54% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while Iran ran a deficit in 35 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to deficit of 2.49% of GDP for Iran.

Inflation comparison by year

Inflation
Bhutan

Iran
1x
Year Consumer prices inflation
Bhutan Iran
2024 4.3% 32.5%
2023 4.5% 44.6%
2022 5.9% 43.5%
2021 8.2% 43.4%
2020 3% 30.6%
2019 2.8% 39.9%
2018 3.6% 18%
2017 4.3% 8.04%
2016 3.3% 7.25%
2015 6.7% 12.5%
2014 9.6% 16.6%
2013 8.1% 36.6%
2012 10.1% 27.3%
2011 8.6% 26.3%
2010 4.8% 10.1%
2009 7.1% 13.6%
2008 6.3% 25.4%
2007 5.2% 17.3%
2006 4.9% 10%
2005 4.8% 13.4%
2004 3.3% 14.8%
2003 2.5% 16.5%
2002 2.9% 14.3%
2001 3.7% 11.3%
2000 7.2% 14.5%
1999 9.1% 20.1%
1998 7.6% 17.9%
1997 8.6% 17.3%

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/iran | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 21.6% in Iran. In 2024, inflation was 4.3% in Bhutan and 32.5% in Iran.

Top exports between countries

Bhutan
Export category Export value
Processed food, beverages & tobacco $1K
Iran
Export category Export value

Balance of trade

Bhutan Iran
Current account balance
-$670M
2024
$12.5B
2000
Current account balance ranking
114/190
2024
22/190
2000
Current account balance, % of GDP
-32%
2023
+11.4%
2000
Goods imports
$1.29B
2024
$15.2B
2000
Goods exports
$656M
2024
$28.3B
2000
Service imports
$228M
2024
$2.3B
2000
Service exports
$288M
2024
$1.38B
2000
Imports of goods and services, % of GDP
53.3%
2023
28.5%
2024
Exports of goods and services, % of GDP
28.4%
2023
23.6%
2024

Economic freedom indices

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

Bhutan Iran
Economic freedom 57.5 41.8
Economic freedom ranking 115/197 185/197
Property rights 69.2 20.2
Government integrity 72.2 16.2
Judicial effectiveness 61.8 18.7
Tax burden 83.4 81.3
Government spending 74.1 94.7
Fiscal health 25.8 83.3
Business freedom 67.8 37.4
Labor freedom 60.1 41.8
Monetary freedom 71.6 42.2
Trade freedom 63.4 55.8
Investment freedom 20 5
Financial freedom 20 5

Economic freedom comparison by year

Bhutan
Iran
1x
Year Economic freedom index
Bhutan Iran
2026 57.5 41.8
2025 57.5 42.5
2024 55.4 41.2
2023 59 42.2
2022 59.3 42.4
2021 58.3 47.2
2020 62.1 49.2
2019 62.9 51.1
2018 61.8 50.9
2017 58.4 50.5
2016 59.5 43.5
2015 57.4 41.8
2014 56.7 40.3
2013 55 43.2
2012 56.6 42.3
2011 57.6 42.1
2010 57 43.4
2009 57.7 44.6
2008 - 45
2007 - 45
2006 - 45
2005 - 50.5
2004 - 42.8
2003 - 43.2
2002 - 36.4
2001 - 35.9
2000 - 36.1
1999 - 36.8
1998 - 36
1997 - 34.5
1996 - 36.1

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 41.8 for Iran, ranking 185/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Iran
Services, % of GDP
52.8%
2023
49.8%
2024
Industry, % of GDP
29.4%
2023
36.1%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
10.8%
2024
GNI, Atlas method
$2.93B
2023
$469B
2024
GNI per capita, PPP
$15,320
2023
$19,820
2024
Total reserves including gold
$941M
2024
$7.69B
1982
Total reserves ranking
143/177
2024
85/177
1982
Net foreign direct investment
-$22.8M
2024
-$39M
2000
Net inflows of foreign direct investment
$2.82M
2024
$1.45B
2024
Net outflows of foreign direct investment
$0
2024
$89.4M
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
0.08%
2024
Poverty at national poverty lines
12.4%
2022
18.7%
2020
Gross capital formation, % of GDP
45.3%
2023
44.3%
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/iran | CC BY

Compare countries by 7 more topics

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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. International Monetary Fund (IMF) | Public Finances in Modern History (1962–1995, 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. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)
  9. 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.