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Economy of Bhutan vs Nepal compared: GDP & Debt

Updated on by Georank

Bhutan has a GDP of $3.58B compared to $45.5B for Nepal, ranking 167/197 and 102/197 by economy size, respectively.

Bhutan has $3.71B in government debt (103.6% of GDP), compared to $21.9B (48.1% of GDP) in Nepal.

Bhutan vs Nepal GDP by year

Bhutan
Nepal
1x
Year GDP, current $
Bhutan Nepal
2025 $3,579,320,145 $45,489,810,283
2024 $3,346,603,859 $43,298,911,700
2023 $3,012,896,790 $41,049,329,851
2022 $2,898,227,744 $41,182,939,520
2021 $2,768,802,960 $36,924,841,394
2020 $2,457,604,334 $33,433,659,301
2019 $2,735,683,570 $34,186,180,699
2018 $2,583,335,722 $33,111,525,237
2017 $2,591,358,009 $28,971,588,940
2016 $2,357,504,761 $24,524,109,484
2015 $2,187,815,803 $24,360,801,287
2014 $2,089,079,571 $22,731,612,922
2013 $1,943,696,952 $22,162,204,925
2012 $1,973,387,228 $21,703,100,877
2011 $1,977,728,659 $21,573,872,421
2010 $1,708,880,730 $16,002,656,434
2009 $1,331,343,798 $12,854,985,464
2008 $1,317,517,835 $12,545,438,605
2007 $1,255,767,964 $10,325,618,017
2006 $942,879,879 $9,043,715,356
2005 $860,391,000 $8,130,258,378
2004 $735,348,490 $7,273,938,315
2003 $651,935,430 $6,330,473,097
2002 $559,345,264 $6,050,875,807
2001 $496,110,226 $6,007,055,042
2000 $460,733,418 $5,494,252,208
1999 $399,311,200 $5,033,642,384
1998 $363,458,381 $4,856,255,044
1997 $352,229,077 $4,918,691,917
1996 $303,408,346 $4,521,580,381
1995 $290,490,984 $4,401,104,418
1994 $258,954,708 $4,066,775,510
1993 $225,973,693 $3,660,041,667
1992 $240,233,531 $3,401,211,581
1991 $240,294,286 $3,921,476,085
1990 $287,765,007 $3,627,560,239
1989 $264,798,626 $3,525,225,787
1988 $272,298,067 $3,487,009,748
1987 $242,742,766 $2,957,255,380
1986 $191,218,115 $2,850,782,044
1985 $163,288,815 $2,619,913,956
1984 $160,423,494 $2,581,207,388
1983 $156,704,290 $2,447,174,803
1982 $141,439,317 $2,395,423,742
1981 $139,174,178 $2,275,583,317
1980 $128,669,201 $1,945,916,583
1979 $105,377,995 $1,851,250,008
1978 $94,086,228 $1,604,162,497
1977 $97,884,434 $1,382,400,000
1976 $88,461,263 $1,452,788,985
1975 $86,820,762 $1,575,789,254
1974 $92,901,784 $1,217,953,547
1973 $78,900,289 $972,101,725
1972 $70,139,867 $1,024,098,400
1971 $66,289,450 $882,765,472
1970 $61,812,113 $865,975,309
1969 - $788,641,965
1968 - $772,231,387
1967 - $841,974,025
1966 - $906,811,944
1965 - $735,267,082
1964 - $496,098,775
1963 - $496,947,904
1962 - $574,091,101
1961 - $531,959,562
1960 - $508,334,414

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Bhutan vs Nepal by year

Bhutan
GDP per capita

GDP per capita, PPP
Nepal
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Nepal
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,493 - $1,536 -
2024 $4,228 - $1,460 $5,737
2023 $3,831 $16,215 $1,382 $5,395
2022 $3,711 $15,064 $1,386 $5,103
2021 $3,571 $13,459 $1,253 $4,546
2020 $3,192 $12,475 $1,154 $4,236
2019 $3,577 $12,909 $1,203 $4,261
2018 $3,400 $11,970 $1,179 $3,956
2017 $3,435 $11,677 $1,034 $3,605
2016 $3,152 $11,273 $877 $2,976
2015 $2,954 $10,214 $876 $2,957
2014 $2,849 $9,323 $821 $2,901
2013 $2,680 $8,667 $803 $2,658
2012 $2,751 $8,577 $788 $2,466
2011 $2,788 $7,935 $786 $2,248
2010 $2,436 $7,246 $585 $2,139
2009 $1,918 $6,466 $473 $2,029
2008 $1,920 $6,035 $465 $1,942
2007 $1,850 $5,729 $385 $1,809
2006 $1,406 $4,860 $340 $1,718
2005 $1,300 $4,523 $309 $1,628
2004 $1,130 $4,173 $279.6 $1,542
2003 $1,022 $3,942 $246.4 $1,453
2002 $896 $3,663 $238.9 $1,390
2001 $812 $3,338 $240.8 $1,388
2000 $772 $3,113 $223.8 $1,317
1999 $685 $3,017 $208.6 $1,234
1998 $638 $2,819 $205.1 $1,187
1997 $630 $2,683 $211.8 $1,162
1996 $553 $2,548 $198.8 $1,110
1995 $530 $2,374 $197.8 $1,058
1994 $467 $2,146 $187.3 $1,026
1993 $407 $2,001 $172.8 $952
1992 $416 $1,840 $165 $920
1991 $401 $1,657 $195.7 $889
1990 $488 $1,638 $185.8 $830
1989 $462 - $185 -
1988 $489 - $187.1 -
1987 $449 - $162 -
1986 $365 - $159.5 -
1985 $321 - $149.9 -
1984 $326 - $151.1 -
1983 $328 - $146.6 -
1982 $306 - $147 -
1981 $311 - $142.9 -
1980 $296.9 - $125.1 -
1979 $251.4 - $121.9 -
1978 $232.2 - $108.1 -
1977 $249.9 - $95.3 -
1976 $233.7 - $102.5 -
1975 $237.4 - $113.6 -
1974 $262.8 - $89.8 -
1973 $230.9 - $73.2 -
1972 $212.4 - $78.8 -
1971 $207.7 - $69.5 -
1970 $200.3 - $69.6 -
1969 - - $64.8 -
1968 - - $64.9 -
1967 - - $72.3 -
1966 - - $79.5 -
1965 - - $65.8 -
1964 - - $45.3 -
1963 - - $46.3 -
1962 - - $54.6 -
1961 - - $51.6 -
1960 - - $50.2 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Bhutan's GDP per capita is $4,493, ranking 128/197, compared to $1,536 in Nepal, ranking 165/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Nepal ranks 155th at $5,737.

Economic indicators

Bhutan Nepal
Gross domestic product
$3.58B
2025
$45.5B
2025
GDP rank
167/197
2025
102/197
2025
GDP growth
8.01%
2024-2025
4.43%
2024-2025
GDP per capita
$4,493
2025
$1,536
2025
GDP per capita rank
128/197
2025
165/197
2025
GDP per capita, PPP
$16,215
2023
$5,737
2024
GDP per capita PPP rank
109/197
2023
155/197
2024
Government debt
$3.71B
2025
$21.9B
2025
Debt-to-GDP ratio
103.6%
2025
48.1%
2025
Government debt per person
$4,655
2025
$740
2025
Government debt per person rank
88/185
2025
154/185
2025
Average annual personal income after taxes
$4,215
2026
$1,743
2026
Number of billionaires n/a
2
2026
Income share by richest 10%
22.7%
2022
24.2%
2022
Income share by poorest 10%
3.6%
2022
3.7%
2022
Government expenditure, % of GDP
30.5%
2025
21.8%
2025
Consumer prices inflation
2.6%
2024-2025
2.65%
2024-2025
Unemployment rate
3.36%
2025
10.7%
2017
Population
805057
29619950

Spending and national debt comparison by year

Bhutan
Spending

Debt
Nepal
Spending

Debt
1x
Year % of GDP
Bhutan Nepal
Government spending Government debt Government spending Government debt
2025 30.5% 103.6% 21.8% 48.1%
2024 28.3% 108.7% 21.8% 48.3%
2023 28.9% 117.2% 25.1% 47%
2022 32.1% 119.9% 26.1% 42.7%
2021 36.6% 124.5% 27.2% 43.3%
2020 30.9% 116% 28.5% 43.3%
2019 24.2% 100.8% 27.1% 34%
2018 31.7% 103.4% 28% 31.1%
2017 30.6% 104.1% 23.6% 25%
2016 30.5% 103% 19% 25%
2015 27.5% 90.2% 17.7% 25.7%
2014 28.9% 89.8% 16.6% 27.6%
2013 32.5% 87.4% 15.5% 31.9%
2012 35.1% 71.5% 16.8% 34.5%
2011 36.1% 62.3% 16.3% 32.4%
2010 41.5% 55.8% 16.5% 35.4%
2009 39.3% 61% 17% 39.5%
2008 36.1% 60.6% 13.4% 36.8%
2007 33.2% 67.3% 13.1% 37.9%
2006 33.4% 80.1% 11.2% 42.9%
2005 36.4% 80.8% 12% 45.1%
2004 31% 76% 11.8% 51.3%
2003 34.7% 68.5% 12% 53%
2002 39.3% 57.7% 13% 51.8%
2001 50.3% 52.4% 12.9% 50.8%
2000 43% 44% 11.4% 50.8%
1999 40.2% 39.2% - -
1998 31.1% 36.4% - -
1997 37.8% 33% - -
1996 37.9% 36.8% - -
1995 38.6% 38.7% - -
1994 37.9% 53.2% - -
1993 35.2% 60.2% - -
1992 34.5% 35.6% - -
1991 30.8% 33.5% - -
1990 35.8% 27.4% - -
1989 46.8% 26.4% - -
1988 45.3% 24.7% - -
1987 47.5% 17.3% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-07-08).

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

In 2025, Bhutan's government spending was $1.09B, accounting for 30.5% of its GDP, while Nepal spent $9.93B, or 21.8% of GDP.

Debt-to-GDP ratio is 103.6% in Bhutan and 48.1% in Nepal, ranking 19/185 and 110/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Nepal
1x
Year Deficit/surplus, % of GDP
Bhutan Nepal
2025 -2.7% -1.86%
2024 -1.79% -2.46%
2023 -4.73% -5.81%
2022 -6.95% -3.12%
2021 -5.76% -3.98%
2020 -1.81% -7.47%
2019 -1.49% -4.27%
2018 -1.52% -5.83%
2017 -4.49% -2.69%
2016 -2.31% 1.2%
2015 -0.49% 0.46%
2014 2.46% 1.36%
2013 -4.55% 1.57%
2012 -2.1% -1.18%
2011 -3.02% -0.72%
2010 1.92% -0.67%
2009 -0.8% -2.24%
2008 -2.57% -0.29%
2007 0.79% -0.67%
2006 -0.07% 0.24%
2005 -6.96% 0.24%
2004 1.8% -0.14%
2003 -10.2% -0.34%
2002 -4.33% -2.46%
2001 -12.2% -2.35%
2000 -3.39% -1.48%
1999 -1.28% -
1998 1.28% -
1997 -1.92% -
1996 2.55% -
1995 -0.88% -
1994 -0.13% -
1993 4.71% -
1992 -3.47% -
1991 -0.48% -
1990 -7.21% -
1989 -10.1% -
1988 1.33% -
1987 -0.56% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1989, retrieved 2026-07-08).

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

In 2025, Bhutan's government deficit, the difference between spending and revenue, was $96.7M, equivalent to 2.7% of GDP. This compares to Nepal's deficit of $845M, or 1.86% of GDP.

Over the past 26 years, Bhutan recorded a fiscal deficit in 22 of those years, while Nepal ran a deficit in 20 years. On average, Bhutan posted an annual deficit equal to 2.97% of GDP, compared to deficit of 1.73% of GDP for Nepal.

Inflation comparison by year

Inflation
Bhutan

Nepal
1x
Year Consumer prices inflation
Bhutan Nepal
2025 2.6% 2.65%
2024 4.3% 4.69%
2023 4.5% 7.12%
2022 5.9% 7.67%
2021 8.2% 4.13%
2020 3% 5.06%
2019 2.8% 5.57%
2018 3.6% 4.41%
2017 4.3% 2.78%
2016 3.3% 8.79%
2015 6.7% 7.87%
2014 9.6% 8.36%
2013 8.1% 9.04%
2012 10.1% 9.46%
2011 8.6% 9.23%
2010 4.8% 9.33%
2009 7.1% 11.1%
2008 6.3% 9.91%
2007 5.2% 2.27%
2006 4.9% 6.92%
2005 4.8% 6.84%
2004 3.3% 2.84%
2003 2.5% 5.71%
2002 2.9% 3.03%
2001 3.7% 2.69%
2000 7.2% 2.48%
1999 9.1% 7.45%
1998 7.6% 11.2%
1997 8.6% 4.01%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Bhutan has recorded an average annual inflation rate of 5.64%, compared with 6.3% in Nepal. In 2025, inflation was 2.6% in Bhutan and 2.65% in Nepal.

Top exports between countries

Bhutan
Export category Export value
Raw materials & minerals $6.66M
Machinery & equipment $90K
Chemicals & pharma $87K
Wood & paper products $41K
Metals $26K
Textiles & consumer goods $12K
Miscellaneous $2K
Raw agricultural goods $1K
Nepal
Export category Export value
Raw materials & minerals $3.38M
Machinery & equipment $201K
Metals $184K
Textiles & consumer goods $175K
Precious metals & jewellery $148K
Processed food, beverages & tobacco $90K
Raw agricultural goods $16K
Chemicals & pharma $14K
Wood & paper products $11K

Balance of trade

Bhutan Nepal
Current account balance
-$649M
2024
$1.68B
2024
Current account balance ranking
105/190
2024
47/190
2024
Current account balance, % of GDP
-19.4%
2024
+3.88%
2024
Goods imports
$1.28B
2024
$12.1B
2024
Goods exports
$660M
2024
$1.54B
2024
Service imports
$228M
2024
$2.27B
2024
Service exports
$288M
2024
$1.9B
2024
Imports of goods and services, % of GDP
47.9%
2024
33.7%
2025
Exports of goods and services, % of GDP
31.5%
2024
8.83%
2025

Economic freedom indices

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

Bhutan Nepal
Economic freedom 57.5 52.9
Economic freedom ranking 115/197 144/197
Property rights 69.2 38.8
Government integrity 72.2 38.9
Judicial effectiveness 61.8 42.9
Tax burden 83.4 84.3
Government spending 74.1 82.1
Fiscal health 25.8 71
Business freedom 67.8 60.8
Labor freedom 60.1 48.2
Monetary freedom 71.6 69.4
Trade freedom 63.4 58.6
Investment freedom 20 10
Financial freedom 20 30

Economic freedom comparison by year

Bhutan
Nepal
1x
Year Economic freedom index
Bhutan Nepal
2026 57.5 52.9
2025 57.5 52.5
2024 55.4 52.1
2023 59 51.4
2022 59.3 49.7
2021 58.3 50.7
2020 62.1 54.2
2019 62.9 53.8
2018 61.8 54.1
2017 58.4 55.1
2016 59.5 50.9
2015 57.4 51.3
2014 56.7 50.1
2013 55 50.4
2012 56.6 50.2
2011 57.6 50.1
2010 57 52.7
2009 57.7 53.2
2008 - 54.1
2007 - 54.4
2006 - 53.7
2005 - 51.4
2004 - 51.2
2003 - 51.5
2002 - 52.3
2001 - 51.6
2000 - 51.3
1999 - 53.1
1998 - 53.5
1997 - 53.6
1996 - 50.3

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 52.9 for Nepal, ranking 144/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Nepal
Services, % of GDP
53.2%
2025
54.4%
2025
Industry, % of GDP
33.2%
2025
12.1%
2025
Agriculture, forestry, and fishing, % of GDP
13.7%
2025
21.6%
2025
GNI, Atlas method
$3.43B
2025
$46.5B
2025
GNI per capita, PPP
$18,520
2025
$6,250
2025
Total reserves including gold
$1.19B
2025
$21.1B
2025
Total reserves ranking
140/177
2025
65/177
2025
Net foreign direct investment
-$2.82M
2024
-$56.9M
2024
Net inflows of foreign direct investment
$2.82M
2024
$56.9M
2024
Net outflows of foreign direct investment
$0
2024
$0
2024
Servicing debt to the IMF, % of GNI
5.11%
2024
1.22%
2024
Poverty at national poverty lines
12.4%
2022
20.3%
2022
Gross capital formation, % of GDP
42.6%
2024
29.4%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2022–2025, retrieved 2026-07-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.