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Economy of Bhutan vs Morocco compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $161B for Morocco, ranking 170/197 and 58/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $109B (67.7% of GDP) in Morocco.

Bhutan vs Morocco GDP by year

Bhutan
Morocco
1x
Year GDP, current $
Bhutan Morocco
2024 - $160,610,994,055
2023 $3,012,896,789 $146,036,093,667
2022 $2,898,227,744 $131,245,312,804
2021 $2,768,802,960 $142,022,058,447
2020 $2,457,604,334 $121,353,645,057
2019 $2,735,683,570 $128,920,266,409
2018 $2,583,335,722 $127,341,147,582
2017 $2,591,358,009 $118,540,573,368
2016 $2,357,504,761 $111,572,947,005
2015 $2,187,815,803 $110,413,823,842
2014 $2,089,079,571 $119,130,841,412
2013 $1,943,696,952 $115,739,287,305
2012 $1,973,387,228 $106,937,392,311
2011 $1,977,728,659 $110,080,631,332
2010 $1,708,880,730 $100,865,329,473
2009 $1,331,343,798 $101,154,952,241
2008 $1,317,517,835 $101,822,906,949
2007 $1,255,767,964 $86,947,913,287
2006 $942,879,879 $75,883,823,301
2005 $860,391,000 $68,852,658,069
2004 $735,348,490 $66,114,145,451
2003 $651,935,430 $58,029,363,354
2002 $559,345,264 $47,077,192,188
2001 $496,110,226 $43,831,480,208
2000 $460,733,418 $43,017,455,402
1999 $399,311,200 $46,266,428,648
1998 $363,458,381 $46,497,608,725
1997 $352,229,077 $39,147,844,526
1996 $303,408,346 $43,161,571,528
1995 $290,490,984 $39,030,285,468
1994 $258,954,708 $35,604,137,423
1993 $225,973,693 $31,655,473,664
1992 $240,233,531 $33,711,069,431
1991 $240,294,286 $32,285,573,574
1990 $287,765,007 $30,179,954,775
1989 $264,798,626 $26,314,313,191
1988 $272,298,067 $25,705,296,184
1987 $242,742,766 $21,765,195,948
1986 $191,218,115 $19,462,085,540
1985 $163,288,815 $14,991,283,216
1984 $160,423,494 $14,824,667,954
1983 $156,704,290 $16,251,408,128
1982 $141,439,317 $17,692,276,734
1981 $139,174,178 $17,788,185,479
1980 $128,669,201 $21,728,516,153
1979 $105,377,995 $15,911,994,817
1978 $94,086,228 $13,236,946,234
1977 $97,884,434 $11,049,783,872
1976 $88,461,263 $9,584,297,284
1975 $86,820,762 $8,984,853,005
1974 $92,901,784 $7,675,466,449
1973 $78,900,289 $6,242,145,880
1972 $70,139,867 $5,074,117,545
1971 $66,289,450 $4,356,669,034
1970 $61,812,113 $3,956,336,244
1969 - $3,651,622,669
1968 - $3,271,422,333
1967 - $3,046,345,314
1966 - $2,876,401,297
1965 - $2,948,331,090
1964 - $2,798,345,299
1963 - $2,657,252,578
1962 - $2,379,611,125
1961 - $2,025,693,540
1960 - $2,037,154,742

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

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

GDP per capita in Bhutan vs Morocco by year

Bhutan
GDP per capita

GDP per capita, PPP
Morocco
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Morocco
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $4,218 $10,415
2023 $3,831 $16,215 $3,872 $9,895
2022 $3,711 $15,064 $3,516 $9,310
2021 $3,571 $13,459 $3,843 $8,623
2020 $3,192 $12,475 $3,317 $7,705
2019 $3,577 $12,909 $3,560 $8,046
2018 $3,400 $11,970 $3,553 $7,801
2017 $3,435 $11,677 $3,344 $8,115
2016 $3,152 $11,273 $3,186 $7,853
2015 $2,954 $10,214 $3,190 $7,799
2014 $2,849 $9,323 $3,483 $7,237
2013 $2,680 $8,667 $3,425 $7,542
2012 $2,751 $8,577 $3,206 $7,308
2011 $2,788 $7,935 $3,345 $7,274
2010 $2,436 $7,246 $3,107 $6,849
2009 $1,918 $6,466 $3,158 $6,629
2008 $1,920 $6,035 $3,222 $6,437
2007 $1,850 $5,729 $2,788 $6,058
2006 $1,406 $4,860 $2,466 $5,781
2005 $1,300 $4,523 $2,268 $5,275
2004 $1,130 $4,173 $2,207 $5,025
2003 $1,022 $3,942 $1,962 $4,741
2002 $896 $3,663 $1,612 $4,436
2001 $812 $3,338 $1,521 $4,269
2000 $772 $3,113 $1,513 $3,930
1999 $685 $3,017 $1,651 $3,801
1998 $638 $2,819 $1,683 $3,740
1997 $630 $2,683 $1,439 $3,502
1996 $553 $2,548 $1,610 $3,551
1995 $530 $2,374 $1,478 $3,152
1994 $467 $2,146 $1,369 $3,315
1993 $407 $2,001 $1,236 $2,979
1992 $416 $1,840 $1,337 $2,979
1991 $401 $1,657 $1,302 $3,025
1990 $488 $1,638 $1,238 $2,777
1989 $462 - $1,099 -
1988 $489 - $1,094 -
1987 $449 - $944 -
1986 $365 - $861 -
1985 $321 - $678 -
1984 $326 - $687 -
1983 $328 - $772 -
1982 $306 - $862 -
1981 $311 - $890 -
1980 $296.9 - $1,117 -
1979 $251.4 - $839 -
1978 $232.2 - $716 -
1977 $249.9 - $613 -
1976 $233.7 - $545 -
1975 $237.4 - $524 -
1974 $262.8 - $459 -
1973 $230.9 - $382 -
1972 $212.4 - $319 -
1971 $207.7 - $280.6 -
1970 $200.3 - $261.5 -
1969 - - $247.8 -
1968 - - $228 -
1967 - - $218.1 -
1966 - - $211.5 -
1965 - - $222.7 -
1964 - - $216.9 -
1963 - - $211.3 -
1962 - - $194.2 -
1961 - - $169.8 -
1960 - - $175.2 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $4,218 in Morocco, ranking 127/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Morocco ranks 132nd at $10,415.

Economic indicators

Bhutan Morocco
Gross domestic product
$3.01B
2023
$161B
2024
GDP rank
170/197
2023
58/197
2024
GDP growth
4.63%
2022-2023
3.79%
2023-2024
GDP per capita
$3,831
2023
$4,218
2024
GDP per capita rank
132/197
2023
127/197
2024
GDP per capita, PPP
$16,215
2023
$10,415
2024
GDP per capita PPP rank
109/197
2023
132/197
2024
Government debt
$3.53B
2023
$109B
2024
Debt-to-GDP ratio
110.4%
2024
67.7%
2024
Government debt per person
$4,485
2023
$2,857
2024
Government debt per person rank
87/185
2023
104/185
2024
Average annual personal income after taxes
$5,506
2026
$5,678
2026
Market capitalization of domestic companies n/a
$74.5B
2024
Number of billionaires n/a
3
2025
Income share by richest 10%
22.7%
2022
31.9%
2013
Income share by poorest 10%
3.6%
2022
2.7%
2013
Government expenditure, % of GDP
27.1%
2024
33%
2024
Consumer prices inflation
4.3%
2023-2024
0.99%
2023-2024
Central bank interest rate n/a
2.25%
2025
Unemployment rate
3.28%
2024
11.8%
2022
Population
803385
38871720

Spending and national debt comparison by year

Bhutan
Spending

Debt
Morocco
Spending

Debt
1x
Year % of GDP
Bhutan Morocco
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 33% 67.7%
2023 28.8% 117.1% 32% 68.7%
2022 32.1% 119.9% 33.7% 71.4%
2021 36.6% 124.5% 31% 69.4%
2020 30.9% 116% 34.1% 72.2%
2019 24.2% 100.8% 27.6% 60.3%
2018 31.7% 103.4% 27.8% 60.5%
2017 30.6% 104.1% 27.9% 60.3%
2016 30.5% 103% 28.6% 60.1%
2015 27.5% 90.2% 28.5% 58.4%
2014 28.9% 89.8% 30.7% 58.6%
2013 32.5% 87.4% 30.4% 57.1%
2012 35.1% 71.5% 32.5% 52.3%
2011 36.1% 62.3% 31.2% 48.6%
2010 41.5% 55.8% 28.7% 45.3%
2009 39.3% 61% 28.1% 42.6%
2008 36.1% 60.6% 28.3% 42%
2007 33.2% 67.3% 26.4% 47.1%
2006 33.4% 80.1% 26% 50.6%
2005 36.4% 80.8% 28.6% 54.8%
2004 31% 76% 24.5% 54.4%
2003 34.7% 68.5% 24.1% 56.9%
2002 39.3% 57.7% 25.8% 59.4%
2001 50.3% 52.4% 23.7% 60.4%
2000 43% 44% 22.8% 64.9%
1999 40.2% 39.2% 18.4% 63.4%
1998 31.1% 36.4% 18.7% 64.5%
1997 37.8% 33% 18.6% 68%
1996 37.9% 36.8% 17.6% 65.3%
1995 38.6% 38.7% 21.3% 72.2%
1994 37.9% 53.2% 21.7% 69.3%
1993 35.2% 60.2% 23.1% 74.7%
1992 34.5% 35.6% 22.3% 67%
1991 30.8% 33.5% 20.8% 59.1%
1990 35.8% 27.4% 22.6% 70.5%
1989 46.8% 26.4% - -
1988 45.3% 24.7% - -
1987 47.5% 17.3% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Morocco spent $53.1B, or 33% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 67.7% in Morocco, ranking 17/185 and 60/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Morocco
1x
Year Deficit/surplus, % of GDP
Bhutan Morocco
2024 -0.17% -3.92%
2023 -4.73% -4.41%
2022 -6.95% -5.37%
2021 -5.76% -5.92%
2020 -1.81% -7.15%
2019 -1.49% -3.8%
2018 -1.52% -3.52%
2017 -4.49% -3.3%
2016 -2.31% -4.49%
2015 -0.49% -4.59%
2014 2.46% -4.78%
2013 -4.55% -4.7%
2012 -2.1% -6.63%
2011 -3.02% -6.08%
2010 1.92% -3.93%
2009 -0.8% -1.63%
2008 -2.57% 0.63%
2007 0.79% -0.12%
2006 -0.07% -1.8%
2005 -6.96% -5.46%
2004 1.8% -3.31%
2003 -10.2% -3.74%
2002 -4.33% -4.37%
2001 -12.2% -3.79%
2000 -3.39% -1.97%
1999 -1.28% 3.21%
1998 1.28% 1.47%
1997 -1.92% 1.5%
1996 2.55% 0.87%
1995 -0.88% -2.54%
1994 -0.13% -2.51%
1993 4.71% -2%
1992 -3.47% -1.84%
1991 -0.48% -0.9%
1990 -7.21% -1.32%
1989 -10.1% -
1988 1.33% -
1987 -0.56% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1989, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/morocco | 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 Morocco's deficit of $6.43B, or 4.41% of GDP.

Over the past 34 years, Bhutan recorded a fiscal deficit in 27 of those years, while Morocco ran a deficit in 29 years. On average, Bhutan posted an annual deficit equal to 2.34% of GDP, compared to deficit of 2.89% of GDP for Morocco.

Inflation comparison by year

Inflation
Bhutan

Morocco
1x
Year Consumer prices inflation
Bhutan Morocco
2024 4.3% 0.99%
2023 4.5% 6.09%
2022 5.9% 6.66%
2021 8.2% 1.4%
2020 3% 0.71%
2019 2.8% 0.3%
2018 3.6% 1.8%
2017 4.3% 0.75%
2016 3.3% 1.64%
2015 6.7% 1.56%
2014 9.6% 0.44%
2013 8.1% 1.88%
2012 10.1% 1.29%
2011 8.6% 0.91%
2010 4.8% 0.99%
2009 7.1% 0.97%
2008 6.3% 3.71%
2007 5.2% 2.04%
2006 4.9% 3.28%
2005 4.8% 0.98%
2004 3.3% 1.49%
2003 2.5% 1.17%
2002 2.9% 2.8%
2001 3.7% 0.62%
2000 7.2% 1.89%
1999 9.1% 0.68%
1998 7.6% 2.75%
1997 8.6% 1.04%

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/morocco | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 1.82% in Morocco. In 2024, inflation was 4.3% in Bhutan and 0.99% in Morocco.

Balance of trade

Bhutan Morocco
Current account balance
-$670M
2024
-$1.87B
2024
Current account balance ranking
114/190
2024
141/190
2024
Current account balance, % of GDP
-32%
2023
-1.16%
2024
Goods imports
$1.29B
2024
$66.5B
2024
Goods exports
$656M
2024
$39.3B
2024
Service imports
$228M
2024
$14.3B
2024
Service exports
$288M
2024
$28.2B
2024
Imports of goods and services, % of GDP
53.3%
2023
50.2%
2024
Exports of goods and services, % of GDP
28.4%
2023
42%
2024

Economic freedom indices

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

Bhutan Morocco
Economic freedom 57.5 61.8
Economic freedom ranking 115/197 91/197
Property rights 69.2 55.2
Government integrity 72.2 35.6
Judicial effectiveness 61.8 32.5
Tax burden 83.4 65.5
Government spending 74.1 67.5
Fiscal health 25.8 57.5
Business freedom 67.8 72.1
Labor freedom 60.1 46.2
Monetary freedom 71.6 79.6
Trade freedom 63.4 69.8
Investment freedom 20 80
Financial freedom 20 80

Economic freedom comparison by year

Bhutan
Morocco
1x
Year Economic freedom index
Bhutan Morocco
2026 57.5 61.8
2025 57.5 60.3
2024 55.4 56.8
2023 59 58.4
2022 59.3 59.2
2021 58.3 63.3
2020 62.1 63.3
2019 62.9 62.9
2018 61.8 61.9
2017 58.4 61.5
2016 59.5 61.3
2015 57.4 60.1
2014 56.7 58.3
2013 55 59.6
2012 56.6 60.2
2011 57.6 59.6
2010 57 59.2
2009 57.7 57.7
2008 - 55.6
2007 - 56.4
2006 - 51.5
2005 - 52.2
2004 - 56.7
2003 - 57.8
2002 - 59
2001 - 63.9
2000 - 63.2
1999 - 63.8
1998 - 61.1
1997 - 64.7
1996 - 64.3
1995 - 62.8

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 61.8 for Morocco, ranking 91/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Morocco
Services, % of GDP
52.8%
2023
52.7%
2024
Industry, % of GDP
29.4%
2023
25.6%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
10.6%
2024
GNI, Atlas method
$2.93B
2023
$149B
2024
GNI per capita, PPP
$15,320
2023
$10,260
2024
Total reserves including gold
$941M
2024
$37.1B
2024
Total reserves ranking
143/177
2024
52/177
2024
Net foreign direct investment
-$22.8M
2024
-$948M
2024
Net inflows of foreign direct investment
$2.82M
2024
$1.64B
2024
Net outflows of foreign direct investment
$0
2024
$691M
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
5.63%
2024
Poverty at national poverty lines
12.4%
2022
3.9%
2022
Gross capital formation, % of GDP
45.3%
2023
30.1%
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/morocco | 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 (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.