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Economy of Bhutan vs Israel compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $540B for Israel, ranking 170/197 and 29/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $366B (67.6% of GDP) in Israel.

Bhutan vs Israel GDP by year

Bhutan
Israel
1x
Year GDP, current $
Bhutan Israel
2024 - $540,379,921,262
2023 $3,012,896,789 $512,184,638,999
2022 $2,898,227,744 $525,181,008,026
2021 $2,768,802,960 $489,851,549,972
2020 $2,457,604,334 $410,768,352,658
2019 $2,735,683,570 $400,645,216,359
2018 $2,583,335,722 $376,299,083,108
2017 $2,591,358,009 $358,451,839,053
2016 $2,357,504,761 $321,940,971,558
2015 $2,187,815,803 $303,469,434,072
2014 $2,089,079,571 $315,017,088,117
2013 $1,943,696,952 $298,478,070,673
2012 $1,973,387,228 $263,589,172,712
2011 $1,977,728,659 $268,094,998,225
2010 $1,708,880,730 $239,679,036,634
2009 $1,331,343,798 $213,403,181,853
2008 $1,317,517,835 $221,231,658,863
2007 $1,255,767,964 $184,681,214,673
2006 $942,879,879 $158,900,547,825
2005 $860,391,000 $147,519,922,009
2004 $735,348,490 $140,047,984,605
2003 $651,935,430 $131,408,914,824
2002 $559,345,264 $125,332,331,884
2001 $496,110,226 $135,002,039,613
2000 $460,733,418 $136,512,300,542
1999 $399,311,200 $121,417,185,062
1998 $363,458,381 $120,547,409,279
1997 $352,229,077 $119,459,826,347
1996 $303,408,346 $115,116,595,545
1995 $290,490,984 $105,497,418,059
1994 $258,954,708 $90,740,103,829
1993 $225,973,693 $79,855,877,174
1992 $240,233,531 $79,457,685,757
1991 $240,294,286 $70,998,755,007
1990 $287,765,007 $62,016,729,541
1989 $264,798,626 $52,443,479,454
1988 $272,298,067 $52,650,948,910
1987 $242,742,766 $43,049,543,635
1986 $191,218,115 $35,834,154,874
1985 $163,288,815 $28,905,736,367
1984 $160,423,494 $30,645,607,293
1983 $156,704,290 $32,675,755,462
1982 $141,439,317 $29,255,285,401
1981 $139,174,178 $26,882,009,819
1980 $128,669,201 $25,395,256,478
1979 $105,377,995 $22,609,741,060
1978 $94,086,228 $17,701,286,907
1977 $97,884,434 $18,257,113,904
1976 $88,461,263 $15,956,349,550
1975 $86,820,762 $16,141,767,373
1974 $92,901,784 $17,172,607,138
1973 $78,900,289 $11,902,574,259
1972 $70,139,867 $9,222,557,539
1971 $66,289,450 $7,052,544,000
1970 $61,812,113 $7,406,712,876
1969 - $6,297,852,761
1968 - $5,458,427,928
1967 - $4,762,386,783
1966 - $4,703,300,098
1965 - $4,329,084,429
1964 - $4,024,344,853
1963 - $3,535,949,089
1962 - $2,966,154,031
1961 - $3,708,586,471
1960 - $3,070,585,807

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

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

GDP per capita in Bhutan vs Israel by year

Bhutan
GDP per capita

GDP per capita, PPP
Israel
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Israel
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $54,177 $57,236
2023 $3,831 $16,215 $52,004 $55,171
2022 $3,711 $15,064 $54,950 $53,619
2021 $3,571 $13,459 $52,271 $46,162
2020 $3,192 $12,475 $44,576 $40,955
2019 $3,577 $12,909 $44,251 $41,325
2018 $3,400 $11,970 $42,363 $40,190
2017 $3,435 $11,677 $41,138 $39,471
2016 $3,152 $11,273 $37,672 $38,189
2015 $2,954 $10,214 $36,213 $35,871
2014 $2,849 $9,323 $38,343 $34,816
2013 $2,680 $8,667 $37,034 $34,827
2012 $2,751 $8,577 $33,321 $32,484
2011 $2,788 $7,935 $34,523 $31,314
2010 $2,436 $7,246 $31,439 $29,456
2009 $1,918 $6,466 $28,508 $28,087
2008 $1,920 $6,035 $30,269 $28,084
2007 $1,850 $5,729 $25,721 $28,307
2006 $1,406 $4,860 $22,527 $26,385
2005 $1,300 $4,523 $21,287 $25,701
2004 $1,130 $4,173 $20,568 $26,078
2003 $1,022 $3,942 $19,643 $24,702
2002 $896 $3,663 $19,076 $26,101
2001 $812 $3,338 $20,966 $25,806
2000 $772 $3,113 $21,707 $25,766
1999 $685 $3,017 $19,823 $23,415
1998 $638 $2,819 $20,189 $22,927
1997 $630 $2,683 $20,469 $22,279
1996 $553 $2,548 $20,224 $21,672
1995 $530 $2,374 $19,026 $20,642
1994 $467 $2,146 $16,807 $19,478
1993 $407 $2,001 $15,179 $18,218
1992 $416 $1,840 $15,510 $17,553
1991 $401 $1,657 $14,346 $16,486
1990 $488 $1,638 $13,308 $15,721
1989 $462 - $11,608 -
1988 $489 - $11,853 -
1987 $449 - $9,853 -
1986 $365 - $8,335 -
1985 $321 - $6,829 -
1984 $326 - $7,369 -
1983 $328 - $7,960 -
1982 $306 - $7,258 -
1981 $311 - $6,795 -
1980 $296.9 - $6,549 -
1979 $251.4 - $5,972 -
1978 $232.2 - $4,797 -
1977 $249.9 - $5,053 -
1976 $233.7 - $4,516 -
1975 $237.4 - $4,672 -
1974 $262.8 - $5,085 -
1973 $230.9 - $3,631 -
1972 $212.4 - $2,930 -
1971 $207.7 - $2,298 -
1970 $200.3 - $2,490 -
1969 - - $2,189 -
1968 - - $1,947 -
1967 - - $1,735 -
1966 - - $1,789 -
1965 - - $1,689 -
1964 - - $1,626 -
1963 - - $1,486 -
1962 - - $1,294 -
1961 - - $1,697 -
1960 - - $1,452 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $54,177 in Israel, ranking 21/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Israel ranks 36th at $57,236.

Economic indicators

Bhutan Israel
Gross domestic product
$3.01B
2023
$540B
2024
GDP rank
170/197
2023
29/197
2024
GDP growth
4.63%
2022-2023
0.87%
2023-2024
GDP per capita
$3,831
2023
$54,177
2024
GDP per capita rank
132/197
2023
21/197
2024
GDP per capita, PPP
$16,215
2023
$57,236
2024
GDP per capita PPP rank
109/197
2023
36/197
2024
Government debt
$3.53B
2023
$366B
2024
Debt-to-GDP ratio
110.4%
2024
67.6%
2024
Government debt per person
$4,485
2023
$36,645
2024
Government debt per person rank
87/185
2023
18/185
2024
Average annual personal income after taxes
$5,506
2026
$43,003
2026
Market capitalization of domestic companies n/a
$331B
2024
Number of millionaires n/a
179,905
2025
Number of billionaires n/a
41
2025
Income share by richest 10%
22.7%
2022
26.6%
2021
Income share by poorest 10%
3.6%
2022
2%
2021
Government expenditure, % of GDP
27.1%
2024
43.8%
2024
Consumer prices inflation
4.3%
2023-2024
3.07%
2023-2024
Central bank interest rate n/a
4.5%
2024
Unemployment rate
3.28%
2024
2.9%
2024
Population
803385
10290887

Spending and national debt comparison by year

Bhutan
Spending

Debt
Israel
Spending

Debt
1x
Year % of GDP
Bhutan Israel
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 43.8% 67.6%
2023 28.8% 117.1% 39.3% 61.3%
2022 32.1% 119.9% 36.9% 60.3%
2021 36.6% 124.5% 40% 67.7%
2020 30.9% 116% 44.8% 71.1%
2019 24.2% 100.8% 38.7% 59.3%
2018 31.7% 103.4% 39.2% 60.1%
2017 30.6% 104.1% 38.3% 59.8%
2016 30.5% 103% 37.9% 61.7%
2015 27.5% 90.2% 37.6% 62.8%
2014 28.9% 89.8% 38.3% 64.9%
2013 32.5% 87.4% 39.7% 66%
2012 35.1% 71.5% 39.6% 66.9%
2011 36.1% 62.3% 39.3% 67.2%
2010 41.5% 55.8% 39.7% 69%
2009 39.3% 61% 41.4% 72.6%
2008 36.1% 60.6% 41.2% 70.2%
2007 33.2% 67.3% 40.2% 70.8%
2006 33.4% 80.1% 41.6% 77.7%
2005 36.4% 80.8% 42.3% 85.2%
2004 31% 76% 43% 88.3%
2003 34.7% 68.5% 45.4% 89.7%
2002 39.3% 57.7% 50% 87.2%
2001 50.3% 52.4% 46.1% 81.1%
2000 43% 44% 43.4% 77.2%
1999 40.2% 39.2% 53.6% 94.8%
1998 31.1% 36.4% 55% 101%
1997 37.8% 33% 52.6% 99.3%
1996 37.9% 36.8% 53.2% 100.3%
1995 38.6% 38.7% 52.8% 102.3%
1994 37.9% 53.2% 41.7% 110.2%
1993 35.2% 60.2% 42.2% 118.3%
1992 34.5% 35.6% 44.1% 119.6%
1991 30.8% 33.5% 34.4% 123.7%
1990 35.8% 27.4% 46.8% 138.3%
1989 46.8% 26.4% 47.5% 147.4%
1988 45.3% 24.7% 46.5% 145.4%
1987 47.5% 17.3% 52.8% 143.2%
1986 - - 55.7% 162.5%
1985 - - 65.2% 199%
1984 - - - 284%
1983 - - - 260.5%
1982 - - 69.7% -
1981 - - 71.8% -
1980 - - 69.4% 154.3%
1979 - - 70.1% 155.5%
1978 - - 62.2% 133.6%
1977 - - 69.1% 142%
1976 - - 66.3% 97.4%
1975 - - 62% 85.1%
1974 - - - 79.8%
1973 - - - 62.1%
1972 - - - 63.9%
1971 - - - -
1970 - - 41.6% -
1969 - - 41.1% -
1968 - - 39.4% -
1967 - - 33.9% -
1966 - - 29.6% -
1965 - - 27.8% -
1964 - - 28.2% -
1963 - - 26.9% -
1962 - - 27.7% -
1961 - - 30.3% -
1960 - - 30.4% -

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/israel | CC BY

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Israel spent $237B, or 43.8% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 67.6% in Israel, ranking 17/185 and 62/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Israel
1x
Year Deficit/surplus, % of GDP
Bhutan Israel
2024 -0.17% -8.26%
2023 -4.73% -5.06%
2022 -6.95% 0.32%
2021 -5.76% -3.37%
2020 -1.81% -10.7%
2019 -1.49% -3.79%
2018 -1.52% -3.56%
2017 -4.49% -1.13%
2016 -2.31% -1.79%
2015 -0.49% -1.21%
2014 2.46% -2.29%
2013 -4.55% -4.06%
2012 -2.1% -4.46%
2011 -3.02% -3.43%
2010 1.92% -3.72%
2009 -0.8% -6.53%
2008 -2.57% -3.5%
2007 0.79% -0.43%
2006 -0.07% -0.95%
2005 -6.96% -2.74%
2004 1.8% -3.4%
2003 -10.2% -5.03%
2002 -4.33% -8.22%
2001 -12.2% -4.06%
2000 -3.39% -0.8%
1999 -1.28% -6.26%
1998 1.28% -7.99%
1997 -1.92% -4.84%
1996 2.55% -5.97%
1995 -0.88% -4.28%
1994 -0.13% -5.62%
1993 4.71% -5.62%
1992 -3.47% -8%
1991 -0.48% -7.04%
1990 -7.21% -9.67%
1989 -10.1% -9.03%
1988 1.33% -7.57%
1987 -0.56% -7.47%
1986 - -7.51%
1985 - -14.2%
1984 - -
1983 - -
1982 - -13.8%
1981 - -23.5%
1980 - -19.6%
1979 - -16.7%
1978 - -14.7%
1977 - -20.3%
1976 - -19.4%
1975 - -19.6%
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -16%
1969 - -15.3%
1968 - -11.7%
1967 - -7.68%
1966 - -4.35%
1965 - -2.72%
1964 - -3.65%
1963 - -4.41%
1962 - -4.09%
1961 - -5.86%
1960 - -6.62%
1959 - -7.23%
1958 - -8.31%
1957 - -7.17%
1956 - -9.3%
1955 - -4.3%
1954 - -7.84%
1953 - -8.32%
1952 - -7.19%
1951 - -8.13%
1950 - -10.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1950–1999, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/israel | 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 Israel's deficit of $25.9B, or 5.06% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while Israel ran a deficit in 36 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to deficit of 4.68% of GDP for Israel.

Inflation comparison by year

Inflation
Bhutan

Israel
1x
Year Consumer prices inflation
Bhutan Israel
2024 4.3% 3.07%
2023 4.5% 4.23%
2022 5.9% 4.41%
2021 8.2% 1.48%
2020 3% -0.58%
2019 2.8% 0.82%
2018 3.6% 0.81%
2017 4.3% 0.25%
2016 3.3% -0.54%
2015 6.7% -0.62%
2014 9.6% 0.47%
2013 8.1% 1.59%
2012 10.1% 1.68%
2011 8.6% 3.49%
2010 4.8% 2.7%
2009 7.1% 3.37%
2008 6.3% 4.53%
2007 5.2% 0.47%
2006 4.9% 2.05%
2005 4.8% 1.34%
2004 3.3% -0.42%
2003 2.5% 0.71%
2002 2.9% 5.8%
2001 3.7% 1.12%
2000 7.2% 1.03%
1999 9.1% 5.19%
1998 7.6% 5.49%
1997 8.6% 8.95%

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/israel | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 2.25% in Israel. In 2024, inflation was 4.3% in Bhutan and 3.07% in Israel.

Top exports between countries

Bhutan
Export category Export value
Israel
Export category Export value
Machinery & equipment $176K
Textiles & consumer goods $5K
Chemicals & pharma $1K

Balance of trade

Bhutan Israel
Current account balance
-$670M
2024
$15.5B
2024
Current account balance ranking
114/190
2024
21/190
2024
Current account balance, % of GDP
-32%
2023
+2.86%
2024
Goods imports
$1.29B
2024
$96.3B
2024
Goods exports
$656M
2024
$70B
2024
Service imports
$228M
2024
$44.4B
2024
Service exports
$288M
2024
$83.7B
2024
Imports of goods and services, % of GDP
53.3%
2023
26%
2024
Exports of goods and services, % of GDP
28.4%
2023
28.4%
2024

Economic freedom indices

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

Bhutan Israel
Economic freedom 57.5 68.4
Economic freedom ranking 115/197 47/197
Property rights 69.2 73.1
Government integrity 72.2 66.2
Judicial effectiveness 61.8 68.1
Tax burden 83.4 60.2
Government spending 74.1 52
Fiscal health 25.8 60.8
Business freedom 67.8 72.4
Labor freedom 60.1 56.8
Monetary freedom 71.6 78.2
Trade freedom 63.4 82.8
Investment freedom 20 70
Financial freedom 20 80

Economic freedom comparison by year

Bhutan
Israel
1x
Year Economic freedom index
Bhutan Israel
2026 57.5 68.4
2025 57.5 69.9
2024 55.4 70.1
2023 59 68.9
2022 59.3 68
2021 58.3 73.8
2020 62.1 74
2019 62.9 72.8
2018 61.8 72.2
2017 58.4 69.7
2016 59.5 70.7
2015 57.4 70.5
2014 56.7 68.4
2013 55 66.9
2012 56.6 67.8
2011 57.6 68.5
2010 57 67.7
2009 57.7 67.6
2008 - 66.3
2007 - 64.8
2006 - 64.4
2005 - 62.6
2004 - 61.4
2003 - 62.7
2002 - 66.9
2001 - 66.1
2000 - 65.5
1999 - 68.3
1998 - 68
1997 - 62.7
1996 - 62
1995 - 61.5

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 68.4 for Israel, ranking 47/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Israel
Services, % of GDP
52.8%
2023
72.5%
2024
Industry, % of GDP
29.4%
2023
17.3%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
1.28%
2024
GNI, Atlas method
$2.93B
2023
$528B
2024
GNI per capita, PPP
$15,320
2023
$56,790
2024
Total reserves including gold
$941M
2024
$215B
2024
Total reserves ranking
143/177
2024
18/177
2024
Net foreign direct investment
-$22.8M
2024
-$4.86B
2024
Net inflows of foreign direct investment
$2.82M
2024
$14.8B
2024
Net outflows of foreign direct investment
$0
2024
$9.92B
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
n/a
Poverty at national poverty lines
12.4%
2022
22%
2020
Gross capital formation, % of GDP
45.3%
2023
23.4%
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/israel | 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 (1950–1999, 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 (2021–2022, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)
  9. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

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.