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Economy of Bhutan vs Monaco compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $11.1B for Monaco, ranking 170/197 and 152/197 by economy size, respectively.

Bhutan vs Monaco GDP by year

Bhutan
Monaco
1x
Year GDP, current $
Bhutan Monaco
2024 - $11,125,783,372
2023 $3,012,896,789 $10,003,892,565
2022 $2,898,227,744 $8,800,430,486
2021 $2,768,802,960 $8,623,242,743
2020 $2,457,604,334 $6,730,736,283
2019 $2,735,683,570 $7,383,496,254
2018 $2,583,335,722 $7,184,333,936
2017 $2,591,358,009 $6,430,254,653
2016 $2,357,504,761 $6,471,290,794
2015 $2,187,815,803 $6,264,756,528
2014 $2,089,079,571 $7,070,017,324
2013 $1,943,696,952 $6,555,591,710
2012 $1,973,387,228 $5,742,749,294
2011 $1,977,728,659 $6,088,689,808
2010 $1,708,880,730 $5,367,561,570
2009 $1,331,343,798 $5,474,379,252
2008 $1,317,517,835 $6,502,942,245
2007 $1,255,767,964 $5,875,790,766
2006 $942,879,879 $4,586,826,513
2005 $860,391,000 $4,204,652,899
2004 $735,348,490 $4,043,551,489
2003 $651,935,430 $3,597,089,751
2002 $559,345,264 $2,919,647,982
2001 $496,110,226 $2,673,723,034
2000 $460,733,418 $2,654,462,665
1999 $399,311,200 $2,907,118,641
1998 $363,458,381 $2,934,593,468
1997 $352,229,077 $2,840,195,190
1996 $303,408,346 $3,137,886,995
1995 $290,490,984 $3,130,309,995
1994 $258,954,708 $2,720,332,135
1993 $225,973,693 $2,574,494,356
1992 $240,233,531 $2,737,049,231
1991 $240,294,286 $2,480,540,845
1990 $287,765,007 $2,481,307,077
1989 $264,798,626 $2,010,083,833
1988 $272,298,067 $2,000,704,745
1987 $242,742,766 $1,839,081,463
1986 $191,218,115 $1,515,234,743
1985 $163,288,815 $1,082,867,507
1984 $160,423,494 $1,037,329,604
1983 $156,704,290 $1,092,560,365
1982 $141,439,317 $1,143,216,457
1981 $139,174,178 $1,205,188,648
1980 $128,669,201 $1,378,175,524
1979 $105,377,995 $1,209,870,147
1978 $94,086,228 $1,000,555,218
1977 $97,884,434 $811,191,392
1976 $88,461,263 $735,324,245
1975 $86,820,762 $711,978,962
1974 $92,901,784 $563,949,254
1973 $78,900,289 $523,554,039
1972 $70,139,867 $402,451,901
1971 $66,289,450 $327,706,210
1970 $61,812,113 $293,127,333

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).

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

GDP per capita in Bhutan vs Monaco by year

Bhutan
GDP per capita

GDP per capita, PPP
Monaco
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Monaco
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $288,001 -
2023 $3,831 $16,215 $256,800 -
2022 $3,711 $15,064 $226,052 -
2021 $3,571 $13,459 $223,823 -
2020 $3,192 $12,475 $176,892 -
2019 $3,577 $12,909 $193,747 -
2018 $3,400 $11,970 $188,298 -
2017 $3,435 $11,677 $170,663 -
2016 $3,152 $11,273 $173,605 -
2015 $2,954 $10,214 $170,437 $115,700
2014 $2,849 $9,323 $195,694 -
2013 $2,680 $8,667 $184,941 $78,700
2012 $2,751 $8,577 $165,445 -
2011 $2,788 $7,935 $179,364 $85,500
2010 $2,436 $7,246 $161,854 -
2009 $1,918 $6,466 $169,150 $63,400
2008 $1,920 $6,035 $204,264 -
2007 $1,850 $5,729 $184,559 -
2006 $1,406 $4,860 $143,083 $30,000
2005 $1,300 $4,523 $130,539 -
2004 $1,130 $4,173 $125,160 -
2003 $1,022 $3,942 $111,110 -
2002 $896 $3,663 $90,051 -
2001 $812 $3,338 $82,403 -
2000 $772 $3,113 $81,789 $27,000
1999 $685 $3,017 $89,698 $27,000
1998 $638 $2,819 $90,947 -
1997 $630 $2,683 $88,582 -
1996 $553 $2,548 $98,561 -
1995 $530 $2,374 $99,032 -
1994 $467 $2,146 $86,704 -
1993 $407 $2,001 $82,685 -
1992 $416 $1,840 $88,615 -
1991 $401 $1,657 $80,997 -
1990 $488 $1,638 $81,735 -
1989 $462 - $66,816 -
1988 $489 - $67,181 -
1987 $449 - $62,456 -
1986 $365 - $52,082 -
1985 $321 - $37,690 -
1984 $326 - $36,582 -
1983 $328 - $39,076 -
1982 $306 - $41,479 -
1981 $311 - $44,157 -
1980 $296.9 - $50,814 -
1979 $251.4 - $44,990 -
1978 $232.2 - $37,608 -
1977 $249.9 - $30,875 -
1976 $233.7 - $28,396 -
1975 $237.4 - $27,921 -
1974 $262.8 - $22,348 -
1973 $230.9 - $20,882 -
1972 $212.4 - $16,187 -
1971 $207.7 - $13,334 -
1970 $200.3 - $12,098 -

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06); Central Intelligence Agency (CIA) (1999–2015, retrieved 2026-02-20).

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $288,001 in Monaco, ranking 1/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Monaco ranks 6th at $115,700.

Economic indicators

Bhutan Monaco
Gross domestic product
$3.01B
2023
$11.1B
2024
GDP rank
170/197
2023
152/197
2024
GDP growth
4.63%
2022-2023
8.51%
2023-2024
GDP per capita
$3,831
2023
$288,001
2024
GDP per capita rank
132/197
2023
1/197
2024
GDP per capita, PPP
$16,215
2023
$115,700
2015
GDP per capita PPP rank
109/197
2023
6/197
2015
Government debt
$3.53B
2023
n/a
Debt-to-GDP ratio
110.4%
2024
n/a
Government debt per person
$4,485
2023
n/a
Government debt per person rank
87/185
2023
n/a
Average annual personal income after taxes
$5,506
2026
$97,068
2026
Number of billionaires n/a
2
2025
Income share by richest 10%
22.7%
2022
n/a
Income share by poorest 10%
3.6%
2022
n/a
Government expenditure, % of GDP
27.1%
2024
20%
2025
Consumer prices inflation
4.3%
2023-2024
1.5%
2019-2020
Unemployment rate
3.28%
2024
6.33%
2016
Population
803385
38053

Inflation comparison by year

Inflation
Bhutan

Monaco
1x
Year Consumer prices inflation
Bhutan Monaco
2024 4.3% -
2023 4.5% -
2022 5.9% -
2021 8.2% -
2020 3% 1.5%
2019 2.8% 1.5%
2018 3.6% 1.5%
2017 4.3% -
2016 3.3% -
2015 6.7% -
2014 9.6% -
2013 8.1% -
2012 10.1% -
2011 8.6% -
2010 4.8% 1.5%
2009 7.1% -
2008 6.3% -
2007 5.2% -
2006 4.9% -
2005 4.8% -
2004 3.3% -
2003 2.5% -
2002 2.9% -
2001 3.7% -
2000 7.2% 1.9%
1999 9.1% -
1998 7.6% -
1997 8.6% -

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); Central Intelligence Agency (CIA) (2000–2020, retrieved 2026-02-20).

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

Over the past 21 years, Bhutan has recorded an average annual inflation rate of 5.37%, compared with 1.58% in Monaco. In 2020, inflation was 4.3% in Bhutan and 1.5% in Monaco.

Top exports between countries

Bhutan
Export category Export value
Chemicals & pharma $1K
Monaco
Export category Export value

Balance of trade

Bhutan Monaco
Current account balance
-$670M
2024
n/a
Current account balance ranking
114/190
2024
n/a
Current account balance, % of GDP
-32%
2023
n/a
Goods imports
$1.29B
2024
n/a
Goods exports
$656M
2024
n/a
Service imports
$228M
2024
n/a
Service exports
$288M
2024
n/a
Imports of goods and services, % of GDP
53.3%
2023
n/a
Exports of goods and services, % of GDP
28.4%
2023
n/a

Economic freedom indices

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

Bhutan Monaco
Economic freedom 57.5 83
Economic freedom ranking 115/197 4/197
Property rights 69.2 n/a
Government integrity 72.2 n/a
Judicial effectiveness 61.8 n/a
Tax burden 83.4 n/a
Government spending 74.1 n/a
Fiscal health 25.8 n/a
Business freedom 67.8 n/a
Labor freedom 60.1 n/a
Monetary freedom 71.6 n/a
Trade freedom 63.4 n/a
Investment freedom 20 n/a
Financial freedom 20 n/a

Other economic metrics

Bhutan Monaco
Services, % of GDP
52.8%
2023
87.2%
2024
Industry, % of GDP
29.4%
2023
12.8%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
n/a
GNI, Atlas method
$2.93B
2023
n/a
GNI per capita, PPP
$15,320
2023
n/a
Total reserves including gold
$941M
2024
n/a
Total reserves ranking
143/177
2024
n/a
Net foreign direct investment
-$22.8M
2024
n/a
Net inflows of foreign direct investment
$2.82M
2024
n/a
Net outflows of foreign direct investment
$0
2024
n/a
Servicing debt to the IMF, % of GNI
4.96%
2023
n/a
Poverty at national poverty lines
12.4%
2022
n/a
Gross capital formation, % of GDP
45.3%
2023
n/a

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/monaco | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1970–2025, retrieved 2026-04-06)
  2. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  3. International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-03-09)
  5. Central Intelligence Agency (CIA) (1999–2020, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. 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.