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Economy of Bhutan vs Paraguay compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $44.5B for Paraguay, ranking 170/197 and 98/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $19.9B (44.8% of GDP) in Paraguay.

Bhutan vs Paraguay GDP by year

Bhutan
Paraguay
1x
Year GDP, current $
Bhutan Paraguay
2024 - $44,458,118,397
2023 $3,012,896,789 $43,118,053,175
2022 $2,898,227,744 $41,952,910,858
2021 $2,768,802,960 $39,950,899,939
2020 $2,457,604,334 $35,432,178,068
2019 $2,735,683,570 $37,925,338,329
2018 $2,583,335,722 $40,225,448,341
2017 $2,591,358,009 $38,997,129,474
2016 $2,357,504,761 $36,089,700,223
2015 $2,187,815,803 $36,211,447,840
2014 $2,089,079,571 $40,377,929,296
2013 $1,943,696,952 $38,501,122,141
2012 $1,973,387,228 $33,271,921,136
2011 $1,977,728,659 $33,756,238,766
2010 $1,708,880,730 $27,260,886,405
2009 $1,331,343,798 $22,355,151,162
2008 $1,317,517,835 $24,615,267,664
2007 $1,255,767,964 $17,856,393,235
2006 $942,879,879 $13,429,430,050
2005 $860,391,000 $10,737,500,188
2004 $735,348,490 $9,624,440,836
2003 $651,935,430 $7,691,367,471
2002 $559,345,264 $7,196,260,657
2001 $496,110,226 $8,495,806,432
2000 $460,733,418 $8,855,705,140
1999 $399,311,200 $8,837,070,236
1998 $363,458,381 $9,260,481,572
1997 $352,229,077 $9,965,225,678
1996 $303,408,346 $9,788,391,781
1995 $290,490,984 $9,062,131,475
1994 $258,954,708 $7,870,982,005
1993 $225,973,693 $7,249,533,620
1992 $240,233,531 $7,157,424,031
1991 $240,294,286 $6,984,367,763
1990 $287,765,007 $5,812,114,523
1989 $264,798,626 $4,757,732,200
1988 $272,298,067 $4,255,683,528
1987 $242,742,766 $3,971,044,724
1986 $191,218,115 $3,723,993,943
1985 $163,288,815 $3,282,449,236
1984 $160,423,494 $4,502,462,807
1983 $156,704,290 $5,673,248,726
1982 $141,439,317 $5,419,411,765
1981 $139,174,178 $5,624,515,873
1980 $128,669,201 $4,448,087,302
1979 $105,377,995 $3,416,777,778
1978 $94,086,228 $2,559,857,143
1977 $97,884,434 $2,092,158,730
1976 $88,461,263 $1,698,960,317
1975 $86,820,762 $1,511,420,635
1974 $92,901,784 $1,333,475,397
1973 $78,900,289 $995,531,746
1972 $70,139,867 $769,039,683
1971 $66,289,450 $664,571,429
1970 $61,812,113 $594,611,111
1969 - $556,293,651
1968 - $517,650,794
1967 - $492,674,603
1966 - $465,888,889
1965 - $443,587,302
1964 - $408,349,206
1963 - $383,904,762
1962 - $360,698,413
1961 - $322,053,713
1960 - $288,884,368

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

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

GDP per capita in Bhutan vs Paraguay by year

Bhutan
GDP per capita

GDP per capita, PPP
Paraguay
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Paraguay
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $6,416 $18,524
2023 $3,831 $16,215 $6,300 $17,564
2022 $3,711 $15,064 $6,206 $16,347
2021 $3,571 $13,459 $5,977 $15,406
2020 $3,192 $12,475 $5,365 $14,309
2019 $3,577 $12,909 $5,821 $14,150
2018 $3,400 $11,970 $6,258 $14,139
2017 $3,435 $11,677 $6,152 $13,977
2016 $3,152 $11,273 $5,775 $13,329
2015 $2,954 $10,214 $5,879 $12,679
2014 $2,849 $9,323 $6,652 $12,607
2013 $2,680 $8,667 $6,436 $12,137
2012 $2,751 $8,577 $5,642 $10,954
2011 $2,788 $7,935 $5,805 $11,442
2010 $2,436 $7,246 $4,751 $10,893
2009 $1,918 $6,466 $3,942 $9,802
2008 $1,920 $6,035 $4,385 $9,867
2007 $1,850 $5,729 $3,212 $9,179
2006 $1,406 $4,860 $2,439 $8,561
2005 $1,300 $4,523 $1,971 $8,007
2004 $1,130 $4,173 $1,786 $7,686
2003 $1,022 $3,942 $1,444 $7,276
2002 $896 $3,663 $1,368 $6,924
2001 $812 $3,338 $1,638 $6,916
2000 $772 $3,113 $1,736 $6,937
1999 $685 $3,017 $1,766 $7,080
1998 $638 $2,819 $1,890 $7,227
1997 $630 $2,683 $2,079 $7,299
1996 $553 $2,548 $2,088 $7,040
1995 $530 $2,374 $1,979 $6,966
1994 $467 $2,146 $1,760 $6,542
1993 $407 $2,001 $1,662 $6,234
1992 $416 $1,840 $1,683 $5,952
1991 $401 $1,657 $1,685 $5,873
1990 $488 $1,638 $1,440 $5,637
1989 $462 - $1,211 -
1988 $489 - $1,114 -
1987 $449 - $1,069 -
1986 $365 - $1,031 -
1985 $321 - $935 -
1984 $326 - $1,319 -
1983 $328 - $1,710 -
1982 $306 - $1,680 -
1981 $311 - $1,793 -
1980 $296.9 - $1,457 -
1979 $251.4 - $1,149 -
1978 $232.2 - $883 -
1977 $249.9 - $740 -
1976 $233.7 - $616 -
1975 $237.4 - $562 -
1974 $262.8 - $508 -
1973 $230.9 - $389 -
1972 $212.4 - $308 -
1971 $207.7 - $272.1 -
1970 $200.3 - $249 -
1969 - - $238.2 -
1968 - - $226.8 -
1967 - - $220.9 -
1966 - - $213.9 -
1965 - - $208.7 -
1964 - - $197 -
1963 - - $189.9 -
1962 - - $182.8 -
1961 - - $167.1 -
1960 - - $153.4 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $6,416 in Paraguay, ranking 109/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Paraguay ranks 102nd at $18,524.

Economic indicators

Bhutan Paraguay
Gross domestic product
$3.01B
2023
$44.5B
2024
GDP rank
170/197
2023
98/197
2024
GDP growth
4.63%
2022-2023
4.25%
2023-2024
GDP per capita
$3,831
2023
$6,416
2024
GDP per capita rank
132/197
2023
109/197
2024
GDP per capita, PPP
$16,215
2023
$18,524
2024
GDP per capita PPP rank
109/197
2023
102/197
2024
Government debt
$3.53B
2023
$19.9B
2024
Debt-to-GDP ratio
110.4%
2024
44.8%
2024
Government debt per person
$4,485
2023
$2,872
2024
Government debt per person rank
87/185
2023
103/185
2024
Average annual personal income after taxes
$5,506
2026
$6,136
2026
Market capitalization of domestic companies n/a
$313M
1999
Income share by richest 10%
22.7%
2022
35%
2024
Income share by poorest 10%
3.6%
2022
2%
2024
Government expenditure, % of GDP
27.1%
2024
21%
2024
Consumer prices inflation
4.3%
2023-2024
3.84%
2023-2024
Central bank interest rate n/a
6%
2024
Unemployment rate
3.28%
2024
5.69%
2024
Population
803385
7120169

Spending and national debt comparison by year

Bhutan
Spending

Debt
Paraguay
Spending

Debt
1x
Year % of GDP
Bhutan Paraguay
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 21% 44.8%
2023 28.8% 117.1% 21.5% 41.1%
2022 32.1% 119.9% 20.2% 40.5%
2021 36.6% 124.5% 20.4% 37.5%
2020 30.9% 116% 22.6% 36.9%
2019 24.2% 100.8% 20.1% 25.8%
2018 31.7% 103.4% 18.5% 22.3%
2017 30.6% 104.1% 18.1% 19.8%
2016 30.5% 103% 17.7% 19.4%
2015 27.5% 90.2% 18% 18.6%
2014 28.9% 89.8% 17.1% 15.6%
2013 32.5% 87.4% 17.1% 13.5%
2012 35.1% 71.5% 17.6% 12.3%
2011 36.1% 62.3% 14.7% 11.1%
2010 41.5% 55.8% 13.3% 13%
2009 39.3% 61% 14.3% 14.9%
2008 36.1% 60.6% 11.8% 16%
2007 33.2% 67.3% 13.1% 16.8%
2006 33.4% 80.1% 14.1% 21%
2005 36.4% 80.8% 14% 28.3%
2004 31% 76% 14% 36%
2003 34.7% 68.5% 14.6% 37.5%
2002 39.3% 57.7% 17.6% 50.5%
2001 50.3% 52.4% 19% 37.1%
2000 43% 44% 19.6% 33.6%
1999 40.2% 39.2% 19.2% 32%
1998 31.1% 36.4% 18% 22.1%
1997 37.8% 33% 18.1% 18%
1996 37.9% 36.8% 16.9% 16.8%
1995 38.6% 38.7% 15.7% 17.6%
1994 37.9% 53.2% 14.5% 18.7%
1993 35.2% 60.2% 12.9% 26.6%
1992 34.5% 35.6% 13% 34.4%
1991 30.8% 33.5% 11.4% 49.4%
1990 35.8% 27.4% 10.5% 67%
1989 46.8% 26.4% 11.8% 52.9%
1988 45.3% 24.7% 9.75% 58.9%
1987 47.5% 17.3% 10.1% 68.7%
1986 - - 9.25% 57.1%
1985 - - 11.4% 54.7%
1984 - - 13% 31%
1983 - - 13% 22.6%
1982 - - 13.2% 21.3%
1981 - - 13.3% 17.4%
1980 - - 11.6% 17.4%
1979 - - 11.7% 19.7%
1978 - - 11.9% 20.9%
1977 - - 11.2% 18.8%
1976 - - 9.8% 14.1%
1975 - - 10.5% 12.6%
1974 - - 9.44% 12.5%
1973 - - 11.2% 15.4%
1972 - - 12.5% 18.2%
1971 - - 12.3% 18.9%
1970 - - 13.3% 19.2%
1969 - - 14% -
1968 - - 13.5% -
1967 - - 12.2% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1967–1992, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Paraguay spent $9.33B, or 21% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 44.8% in Paraguay, ranking 17/185 and 120/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Paraguay
1x
Year Deficit/surplus, % of GDP
Bhutan Paraguay
2024 -0.17% -2.12%
2023 -4.73% -3.81%
2022 -6.95% -2.64%
2021 -5.76% -3.39%
2020 -1.81% -5.72%
2019 -1.49% -2.44%
2018 -1.52% -1.01%
2017 -4.49% -0.44%
2016 -2.31% -0.37%
2015 -0.49% -0.44%
2014 2.46% -0.27%
2013 -4.55% -1.16%
2012 -2.1% -0.58%
2011 -3.02% 1.29%
2010 1.92% 1.54%
2009 -0.8% 0.59%
2008 -2.57% 2.29%
2007 0.79% 1.27%
2006 -0.07% 0.91%
2005 -6.96% 0.74%
2004 1.8% 1.33%
2003 -10.2% -0.07%
2002 -4.33% -1.89%
2001 -12.2% 0.07%
2000 -3.39% -0.55%
1999 -1.28% 2.67%
1998 1.28% 4.28%
1997 -1.92% 3%
1996 2.55% 2.43%
1995 -0.88% 2.78%
1994 -0.13% 4.59%
1993 4.71% 4.27%
1992 -3.47% 3.1%
1991 -0.48% 3.41%
1990 -7.21% 7.56%
1989 -10.1% 5.48%
1988 1.33% 3.01%
1987 -0.56% 2.68%
1986 - 3.08%
1985 - 0.85%
1984 - -0.42%
1983 - 0.27%
1982 - 1.52%
1981 - 0.15%
1980 - 3.4%
1979 - 4.13%
1978 - -3.42%
1977 - -0.19%
1976 - -0.06%
1975 - -1.24%
1974 - 1.67%
1973 - -0.91%
1972 - -2.51%
1971 - -1.25%
1970 - -1.26%
1969 - -1.62%
1968 - -2.34%
1967 - -1.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1967–1989, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/paraguay | 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 Paraguay's deficit of $1.64B, or 3.81% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while Paraguay ran a deficit in 15 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to surplus of 0.93% of GDP for Paraguay.

Inflation comparison by year

Inflation
Bhutan

Paraguay
1x
Year Consumer prices inflation
Bhutan Paraguay
2024 4.3% 3.84%
2023 4.5% 4.63%
2022 5.9% 9.77%
2021 8.2% 4.79%
2020 3% 1.77%
2019 2.8% 2.76%
2018 3.6% 3.98%
2017 4.3% 3.6%
2016 3.3% 4.09%
2015 6.7% 3.13%
2014 9.6% 5.03%
2013 8.1% 2.68%
2012 10.1% 3.68%
2011 8.6% 8.25%
2010 4.8% 4.65%
2009 7.1% 2.59%
2008 6.3% 10.2%
2007 5.2% 8.13%
2006 4.9% 9.59%
2005 4.8% 6.81%
2004 3.3% 4.32%
2003 2.5% 14.2%
2002 2.9% 10.5%
2001 3.7% 7.27%
2000 7.2% 8.98%
1999 9.1% 6.75%
1998 7.6% 11.6%
1997 8.6% 6.95%

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/paraguay | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 6.23% in Paraguay. In 2024, inflation was 4.3% in Bhutan and 3.84% in Paraguay.

Balance of trade

Bhutan Paraguay
Current account balance
-$670M
2024
-$1.53B
2024
Current account balance ranking
114/190
2024
133/190
2024
Current account balance, % of GDP
-32%
2023
-3.44%
2024
Goods imports
$1.29B
2024
$15.8B
2024
Goods exports
$656M
2024
$14.9B
2024
Service imports
$228M
2024
$2.54B
2024
Service exports
$288M
2024
$2.65B
2024
Imports of goods and services, % of GDP
53.3%
2023
39.6%
2024
Exports of goods and services, % of GDP
28.4%
2023
37.2%
2024

Economic freedom indices

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

Bhutan Paraguay
Economic freedom 57.5 66.4
Economic freedom ranking 115/197 61/197
Property rights 69.2 44.2
Government integrity 72.2 27.3
Judicial effectiveness 61.8 38.4
Tax burden 83.4 95.9
Government spending 74.1 86.9
Fiscal health 25.8 83
Business freedom 67.8 72
Labor freedom 60.1 44.1
Monetary freedom 71.6 76.5
Trade freedom 63.4 78.4
Investment freedom 20 80
Financial freedom 20 70

Economic freedom comparison by year

Bhutan
Paraguay
1x
Year Economic freedom index
Bhutan Paraguay
2026 57.5 66.4
2025 57.5 65.2
2024 55.4 60.1
2023 59 61
2022 59.3 62.9
2021 58.3 62.6
2020 62.1 63
2019 62.9 61.8
2018 61.8 62.1
2017 58.4 62.4
2016 59.5 61.5
2015 57.4 61.1
2014 56.7 62
2013 55 61.1
2012 56.6 61.8
2011 57.6 62.3
2010 57 61.3
2009 57.7 61
2008 - 60
2007 - 58.3
2006 - 55.6
2005 - 53.4
2004 - 56.7
2003 - 58.2
2002 - 59.6
2001 - 60.3
2000 - 64
1999 - 63.7
1998 - 65.2
1997 - 67.3
1996 - 67.1
1995 - 65.9

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 66.4 for Paraguay, ranking 61/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Paraguay
Services, % of GDP
52.8%
2023
48.7%
2024
Industry, % of GDP
29.4%
2023
32.5%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
10.7%
2024
GNI, Atlas method
$2.93B
2023
$43.7B
2024
GNI per capita, PPP
$15,320
2023
$17,930
2024
Total reserves including gold
$941M
2024
$9.89B
2023
Total reserves ranking
143/177
2024
76/177
2023
Net foreign direct investment
-$22.8M
2024
-$335M
2024
Net inflows of foreign direct investment
$2.82M
2024
$1.1B
2024
Net outflows of foreign direct investment
$0
2024
$166M
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
4.58%
2024
Poverty at national poverty lines
12.4%
2022
20.1%
2024
Gross capital formation, % of GDP
45.3%
2023
22.8%
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/paraguay | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1967–1992, 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. 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.