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Economy of Bhutan vs Lesotho compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $2.27B for Lesotho, ranking 170/197 and 175/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $1.29B (56.8% of GDP) in Lesotho.

Bhutan vs Lesotho GDP by year

Bhutan
Lesotho
1x
Year GDP, current $
Bhutan Lesotho
2024 - $2,271,759,455
2023 $3,012,896,789 $2,117,962,445
2022 $2,898,227,744 $2,354,980,960
2021 $2,768,802,960 $2,412,130,057
2020 $2,457,604,334 $2,053,699,864
2019 $2,735,683,570 $2,390,702,296
2018 $2,583,335,722 $2,556,247,292
2017 $2,591,358,009 $2,306,741,672
2016 $2,357,504,761 $2,114,426,452
2015 $2,187,815,803 $2,359,686,725
2014 $2,089,079,571 $2,441,063,054
2013 $1,943,696,952 $2,367,112,932
2012 $1,973,387,228 $2,477,702,216
2011 $1,977,728,659 $2,579,409,620
2010 $1,708,880,730 $2,234,754,242
2009 $1,331,343,798 $1,740,894,965
2008 $1,317,517,835 $1,766,902,709
2007 $1,255,767,964 $1,682,131,785
2006 $942,879,879 $1,800,092,564
2005 $860,391,000 $1,682,343,527
2004 $735,348,490 $1,511,236,656
2003 $651,935,430 $1,157,825,435
2002 $559,345,264 $775,777,239
2001 $496,110,226 $825,706,961
2000 $460,733,418 $887,291,688
1999 $399,311,200 $912,773,681
1998 $363,458,381 $928,460,893
1997 $352,229,077 $998,004,259
1996 $303,408,346 $946,112,493
1995 $290,490,984 $1,001,894,000
1994 $258,954,708 $878,250,945
1993 $225,973,693 $835,582,062
1992 $240,233,531 $831,029,862
1991 $240,294,286 $704,325,367
1990 $287,765,007 $596,410,264
1989 $264,798,626 $495,409,233
1988 $272,298,067 $470,395,801
1987 $242,742,766 $402,768,324
1986 $191,218,115 $318,858,423
1985 $163,288,815 $268,629,926
1984 $160,423,494 $333,163,670
1983 $156,704,290 $386,699,309
1982 $141,439,317 $348,741,684
1981 $139,174,178 $434,188,034
1980 $128,669,201 $431,542,537
1979 $105,377,995 $290,134,593
1978 $94,086,228 $266,570,067
1977 $97,884,434 $193,315,048
1976 $88,461,263 $147,660,037
1975 $86,820,762 $149,558,896
1974 $92,901,784 $150,851,317
1973 $78,900,289 $121,188,716
1972 $70,139,867 $80,913,200
1971 $66,289,450 $76,480,285
1970 $61,812,113 $68,739,973
1969 - $65,967,974
1968 - $61,445,975
1967 - $59,261,976
1966 - $56,699,977
1965 - $54,879,978
1964 - $51,939,979
1963 - $47,039,981
1962 - $41,859,983
1961 - $35,699,986
1960 - $34,579,986

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

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

GDP per capita in Bhutan vs Lesotho by year

Bhutan
GDP per capita

GDP per capita, PPP
Lesotho
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Lesotho
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $972 $3,001
2023 $3,831 $16,215 $916 $2,881
2022 $3,711 $15,064 $1,030 $2,761
2021 $3,571 $13,459 $1,067 $2,545
2020 $3,192 $12,475 $919 $2,559
2019 $3,577 $12,909 $1,082 $2,568
2018 $3,400 $11,970 $1,171 $2,632
2017 $3,435 $11,677 $1,069 $2,619
2016 $3,152 $11,273 $992 $2,942
2015 $2,954 $10,214 $1,121 $3,035
2014 $2,849 $9,323 $1,174 $2,771
2013 $2,680 $8,667 $1,151 $2,538
2012 $2,751 $8,577 $1,218 $2,291
2011 $2,788 $7,935 $1,281 $2,279
2010 $2,436 $7,246 $1,119 $2,153
2009 $1,918 $6,466 $879 $2,036
2008 $1,920 $6,035 $898 $2,064
2007 $1,850 $5,729 $861 $1,932
2006 $1,406 $4,860 $925 $1,813
2005 $1,300 $4,523 $861 $1,681
2004 $1,130 $4,173 $767 $1,561
2003 $1,022 $3,942 $583 $1,484
2002 $896 $3,663 $389 $1,385
2001 $812 $3,338 $413 $1,350
2000 $772 $3,113 $443 $1,273
1999 $685 $3,017 $456 $1,199
1998 $638 $2,819 $465 $1,179
1997 $630 $2,683 $502 $1,154
1996 $553 $2,548 $480 $1,103
1995 $530 $2,374 $513 $1,037
1994 $467 $2,146 $456 $995
1993 $407 $2,001 $439 $932
1992 $416 $1,840 $444 $893
1991 $401 $1,657 $382 $830
1990 $488 $1,638 $330 $764
1989 $462 - $279 -
1988 $489 - $270.4 -
1987 $449 - $236.5 -
1986 $365 - $191.4 -
1985 $321 - $165.4 -
1984 $326 - $211 -
1983 $328 - $252 -
1982 $306 - $233.9 -
1981 $311 - $299.8 -
1980 $296.9 - $307 -
1979 $251.4 - $212.4 -
1978 $232.2 - $200.8 -
1977 $249.9 - $149.9 -
1976 $233.7 - $117.8 -
1975 $237.4 - $123.2 -
1974 $262.8 - $128.7 -
1973 $230.9 - $107 -
1972 $212.4 - $74 -
1971 $207.7 - $72.4 -
1970 $200.3 - $67.4 -
1969 - - $67.1 -
1968 - - $64.8 -
1967 - - $64.8 -
1966 - - $64.3 -
1965 - - $64.3 -
1964 - - $62.6 -
1963 - - $58.4 -
1962 - - $53.5 -
1961 - - $47 -
1960 - - $47 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $972 in Lesotho, ranking 181/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Lesotho ranks 180th at $3,001.

Economic indicators

Bhutan Lesotho
Gross domestic product
$3.01B
2023
$2.27B
2024
GDP rank
170/197
2023
175/197
2024
GDP growth
4.63%
2022-2023
2.85%
2023-2024
GDP per capita
$3,831
2023
$972
2024
GDP per capita rank
132/197
2023
181/197
2024
GDP per capita, PPP
$16,215
2023
$3,001
2024
GDP per capita PPP rank
109/197
2023
180/197
2024
Government debt
$3.53B
2023
$1.29B
2024
Debt-to-GDP ratio
110.4%
2024
56.8%
2024
Government debt per person
$4,485
2023
$552
2024
Government debt per person rank
87/185
2023
164/185
2024
Average annual personal income after taxes
$5,506
2026
$6,545
2026
Income share by richest 10%
22.7%
2022
32.9%
2017
Income share by poorest 10%
3.6%
2022
1.7%
2017
Government expenditure, % of GDP
27.1%
2024
53.5%
2024
Consumer prices inflation
4.3%
2023-2024
6.11%
2023-2024
Central bank interest rate n/a
6.5%
2025
Unemployment rate
3.28%
2024
18.7%
2024
Population
803385
2396633

Spending and national debt comparison by year

Bhutan
Spending

Debt
Lesotho
Spending

Debt
1x
Year % of GDP
Bhutan Lesotho
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 53.5% 56.8%
2023 28.8% 117.1% 49.4% 61.5%
2022 32.1% 119.9% 50.8% 64.4%
2021 36.6% 124.5% 53.8% 58%
2020 30.9% 116% 54.4% 54.7%
2019 24.2% 100.8% 53.6% 58.2%
2018 31.7% 103.4% 51.9% 48.2%
2017 30.6% 104.1% 50.4% 41%
2016 30.5% 103% 54.1% 41.5%
2015 27.5% 90.2% 51.7% 45.8%
2014 28.9% 89.8% 50.1% 41.5%
2013 32.5% 87.4% 58.4% 41.2%
2012 35.1% 71.5% 58.1% 39.8%
2011 36.1% 62.3% 60.2% 36.2%
2010 41.5% 55.8% 55.3% 33.8%
2009 39.3% 61% 66.4% 35.9%
2008 36.1% 60.6% 54.1% 47%
2007 33.2% 67.3% 48.1% 49.6%
2006 33.4% 80.1% 43.2% 43.7%
2005 36.4% 80.8% 37.6% 41%
2004 31% 76% 36.3% 49.4%
2003 34.7% 68.5% 39.8% 52.6%
2002 39.3% 57.7% 41.2% 79.6%
2001 50.3% 52.4% 41.4% 108.7%
2000 43% 44% 39.3% 88.5%
1999 40.2% 39.2% 50.8% 83%
1998 31.1% 36.4% 51.4% 79.4%
1997 37.8% 33% 44.6% 65.7%
1996 37.9% 36.8% 41.5% 71.6%
1995 38.6% 38.7% 42.1% 62.8%
1994 37.9% 53.2% 40.2% 67%
1993 35.2% 60.2% 36% 71.2%
1992 34.5% 35.6% 35.3% 64.4%
1991 30.8% 33.5% 31.3% 11.9%
1990 35.8% 27.4% 32.9% 18%
1989 46.8% 26.4% 35.8% 112.5%
1988 45.3% 24.7% 35.3% 105.2%
1987 47.5% 17.3% 40.3% 97.4%
1986 - - 33.2% 92.5%
1985 - - 32.8% 86.3%
1984 - - 26.8% 57.2%
1983 - - 27.2% 56.7%
1982 - - 29.9% 61.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1992, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Lesotho spent $1.22B, or 53.5% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 56.8% in Lesotho, ranking 17/185 and 92/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Lesotho
1x
Year Deficit/surplus, % of GDP
Bhutan Lesotho
2024 -0.17% 9.04%
2023 -4.73% 7.31%
2022 -6.95% -6.41%
2021 -5.76% -4.95%
2020 -1.81% 1.18%
2019 -1.49% -5.72%
2018 -1.52% -4.41%
2017 -4.49% -2.02%
2016 -2.31% -9.43%
2015 -0.49% -1.38%
2014 2.46% 3.16%
2013 -4.55% -2.58%
2012 -2.1% 4.56%
2011 -3.02% -9.85%
2010 1.92% -1.49%
2009 -0.8% -4.16%
2008 -2.57% 8.1%
2007 0.79% 10.8%
2006 -0.07% 11.6%
2005 -6.96% 4.46%
2004 1.8% 6.05%
2003 -10.2% 0.89%
2002 -4.33% -2.44%
2001 -12.2% -2.76%
2000 -3.39% -0.95%
1999 -1.28% -15.3%
1998 1.28% -11.8%
1997 -1.92% 0.27%
1996 2.55% 2.11%
1995 -0.88% 5.13%
1994 -0.13% 5.69%
1993 4.71% 7.55%
1992 -3.47% 4.65%
1991 -0.48% 9.74%
1990 -7.21% 8.78%
1989 -10.1% 3.88%
1988 1.33% -1.87%
1987 -0.56% -2.85%
1986 - 0.87%
1985 - 1.68%
1984 - 4.82%
1983 - 1.85%
1982 - -2.03%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/lesotho | 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 Lesotho's surplus of $155M, or 7.31% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while Lesotho ran a deficit in 18 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to surplus of 0.42% of GDP for Lesotho.

Inflation comparison by year

Inflation
Bhutan

Lesotho
1x
Year Consumer prices inflation
Bhutan Lesotho
2024 4.3% 6.11%
2023 4.5% 6.34%
2022 5.9% 8.27%
2021 8.2% 6.05%
2020 3% 4.98%
2019 2.8% 5.19%
2018 3.6% 4.75%
2017 4.3% 4.45%
2016 3.3% 6.6%
2015 6.7% 3.22%
2014 9.6% 5.37%
2013 8.1% 4.87%
2012 10.1% 6.05%
2011 8.6% 5.04%
2010 4.8% -2.41%
2009 7.1% -16.9%
2008 6.3% 10.7%
2007 5.2% 8.01%
2006 4.9% 6.07%
2005 4.8% 3.44%
2004 3.3% 5.02%
2003 2.5% 6.63%
2002 2.9% 33.8%
2001 3.7% -9.62%
2000 7.2% 6.13%
1999 9.1% -
1998 7.6% -
1997 8.6% -

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (2000–2024, retrieved 2026-04-06).

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

Over the past 25 years, Bhutan has recorded an average annual inflation rate of 5.43%, compared with 5.13% in Lesotho. In 2024, inflation was 4.3% in Bhutan and 6.11% in Lesotho.

Top exports between countries

Bhutan
Export category Export value
Lesotho
Export category Export value
Machinery & equipment $72K

Balance of trade

Bhutan Lesotho
Current account balance
-$670M
2024
$89.2M
2024
Current account balance ranking
114/190
2024
68/190
2024
Current account balance, % of GDP
-32%
2023
+3.93%
2024
Goods imports
$1.29B
2024
$1.67B
2024
Goods exports
$656M
2024
$965M
2024
Service imports
$228M
2024
$415M
2024
Service exports
$288M
2024
$15.4M
2024
Imports of goods and services, % of GDP
53.3%
2023
98.6%
2023
Exports of goods and services, % of GDP
28.4%
2023
42.9%
2023

Economic freedom indices

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

Bhutan Lesotho
Economic freedom 57.5 54.9
Economic freedom ranking 115/197 130/197
Property rights 69.2 41.7
Government integrity 72.2 39.6
Judicial effectiveness 61.8 43.6
Tax burden 83.4 76.4
Government spending 74.1 21.3
Fiscal health 25.8 93.5
Business freedom 67.8 50.6
Labor freedom 60.1 57
Monetary freedom 71.6 74.8
Trade freedom 63.4 65.4
Investment freedom 20 55
Financial freedom 20 40

Economic freedom comparison by year

Bhutan
Lesotho
1x
Year Economic freedom index
Bhutan Lesotho
2026 57.5 54.9
2025 57.5 54.1
2024 55.4 51.9
2023 59 51.6
2022 59.3 48.1
2021 58.3 53.5
2020 62.1 54.5
2019 62.9 53.1
2018 61.8 53.9
2017 58.4 53.9
2016 59.5 50.6
2015 57.4 49.6
2014 56.7 49.5
2013 55 47.9
2012 56.6 46.6
2011 57.6 47.5
2010 57 48.1
2009 57.7 49.7
2008 - 52.1
2007 - 53.2
2006 - 54.7
2005 - 53.9
2004 - 50.3
2003 - 52
2002 - 48.9
2001 - 50.6
2000 - 48.4
1999 - 48.2
1998 - 48.4
1997 - 47.2
1996 - 47

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 54.9 for Lesotho, ranking 130/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Lesotho
Services, % of GDP
52.8%
2023
48%
2024
Industry, % of GDP
29.4%
2023
30.9%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
6.5%
2024
GNI, Atlas method
$2.93B
2023
$2.75B
2024
GNI per capita, PPP
$15,320
2023
$3,580
2024
Total reserves including gold
$941M
2024
$1.01B
2024
Total reserves ranking
143/177
2024
142/177
2024
Net foreign direct investment
-$22.8M
2024
$12.6M
2024
Net inflows of foreign direct investment
$2.82M
2024
-$12.6M
2024
Net outflows of foreign direct investment
$0
2024
$0
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
4.06%
2024
Poverty at national poverty lines
12.4%
2022
49.7%
2017
Gross capital formation, % of GDP
45.3%
2023
27.2%
2023

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/lesotho | CC BY

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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. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1982–1992, retrieved 2026-02-20)
  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. TradeMap (2021, 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.