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Economy of Bhutan vs Peru compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $289B for Peru, ranking 170/197 and 49/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $93B (32.2% of GDP) in Peru.

Bhutan vs Peru GDP by year

Bhutan
Peru
1x
Year GDP, current $
Bhutan Peru
2024 - $289,221,969,063
2023 $3,012,896,789 $266,958,720,838
2022 $2,898,227,744 $246,065,570,308
2021 $2,768,802,960 $226,328,766,460
2020 $2,457,604,334 $201,409,694,756
2019 $2,735,683,570 $228,346,006,004
2018 $2,583,335,722 $222,597,009,739
2017 $2,591,358,009 $211,007,984,081
2016 $2,357,504,761 $191,898,104,390
2015 $2,187,815,803 $189,802,976,286
2014 $2,089,079,571 $200,786,250,583
2013 $1,943,696,952 $201,175,543,571
2012 $1,973,387,228 $192,650,021,649
2011 $1,977,728,659 $171,761,737,047
2010 $1,708,880,730 $147,527,631,521
2009 $1,331,343,798 $120,822,986,521
2008 $1,317,517,835 $120,550,599,815
2007 $1,255,767,964 $102,170,981,144
2006 $942,879,879 $88,643,193,062
2005 $860,391,000 $76,060,606,061
2004 $735,348,490 $66,768,703,498
2003 $651,935,430 $58,731,030,122
2002 $559,345,264 $54,777,553,515
2001 $496,110,226 $52,030,158,775
2000 $460,733,418 $51,744,749,133
1999 $399,311,200 $50,187,324,568
1998 $363,458,381 $55,501,467,877
1997 $352,229,077 $58,147,522,523
1996 $303,408,346 $55,252,414,130
1995 $290,490,984 $53,312,793,687
1994 $258,954,708 $44,882,079,767
1993 $225,973,693 $34,832,077,221
1992 $240,233,531 $35,966,302,303
1991 $240,294,286 $34,341,465,998
1990 $287,765,007 $26,410,386,963
1989 $264,798,626 $22,499,558,526
1988 $272,298,067 $15,439,408,447
1987 $242,742,766 $36,889,706,593
1986 $191,218,115 $21,859,448,586
1985 $163,288,815 $15,078,736,875
1984 $160,423,494 $17,600,400,385
1983 $156,704,290 $17,345,260,564
1982 $141,439,317 $21,794,535,621
1981 $139,174,178 $21,648,214,893
1980 $128,669,201 $18,136,838,538
1979 $105,377,995 $15,954,012,439
1978 $94,086,228 $12,491,876,743
1977 $97,884,434 $14,544,913,961
1976 $88,461,263 $16,131,958,851
1975 $86,820,762 $16,931,162,355
1974 $92,901,784 $13,858,441,211
1973 $78,900,289 $10,994,381,895
1972 $70,139,867 $9,189,413,409
1971 $66,289,450 $8,289,582,884
1970 $61,812,113 $7,432,223,177
1969 - $6,420,909,790
1968 - $5,736,083,835
1967 - $6,194,340,080
1966 - $6,109,048,737
1965 - $5,163,008,077
1964 - $4,353,664,867
1963 - $3,598,272,493
1962 - $3,284,322,201
1961 - $2,897,852,693
1960 - $2,571,986,572

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

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

GDP per capita in Bhutan vs Peru by year

Bhutan
GDP per capita

GDP per capita, PPP
Peru
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Peru
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $8,452 $17,802
2023 $3,831 $16,215 $7,888 $17,011
2022 $3,711 $15,064 $7,351 $16,669
2021 $3,571 $13,459 $6,826 $15,281
2020 $3,192 $12,475 $6,133 $12,563
2019 $3,577 $12,909 $7,037 $13,564
2018 $3,400 $11,970 $6,978 $13,078
2017 $3,435 $11,677 $6,736 $12,592
2016 $3,152 $11,273 $6,217 $12,067
2015 $2,954 $10,214 $6,232 $11,600
2014 $2,849 $9,323 $6,667 $11,518
2013 $2,680 $8,667 $6,747 $11,291
2012 $2,751 $8,577 $6,519 $10,757
2011 $2,788 $7,935 $5,861 $10,463
2010 $2,436 $7,246 $5,072 $9,713
2009 $1,918 $6,466 $4,181 $8,917
2008 $1,920 $6,035 $4,198 $8,820
2007 $1,850 $5,729 $3,581 $7,982
2006 $1,406 $4,860 $3,130 $7,214
2005 $1,300 $4,523 $2,707 $6,560
2004 $1,130 $4,173 $2,397 $6,038
2003 $1,022 $3,942 $2,129 $5,657
2002 $896 $3,663 $2,007 $5,383
2001 $812 $3,338 $1,930 $5,086
2000 $772 $3,113 $1,945 $5,012
1999 $685 $3,017 $1,917 $4,847
1998 $638 $2,819 $2,156 $4,791
1997 $630 $2,683 $2,301 $4,844
1996 $553 $2,548 $2,227 $4,556
1995 $530 $2,374 $2,190 $4,435
1994 $467 $2,146 $1,879 $4,123
1993 $407 $2,001 $1,488 $3,666
1992 $416 $1,840 $1,567 $3,472
1991 $401 $1,657 $1,527 $3,484
1990 $488 $1,638 $1,200 $3,367
1989 $462 - $1,045 -
1988 $489 - $733 -
1987 $449 - $1,792 -
1986 $365 - $1,087 -
1985 $321 - $767 -
1984 $326 - $918 -
1983 $328 - $927 -
1982 $306 - $1,194 -
1981 $311 - $1,216 -
1980 $296.9 - $1,045 -
1979 $251.4 - $942 -
1978 $232.2 - $756 -
1977 $249.9 - $903 -
1976 $233.7 - $1,026 -
1975 $237.4 - $1,104 -
1974 $262.8 - $927 -
1973 $230.9 - $754 -
1972 $212.4 - $647 -
1971 $207.7 - $599 -
1970 $200.3 - $550 -
1969 - - $488 -
1968 - - $448 -
1967 - - $498 -
1966 - - $505 -
1965 - - $439 -
1964 - - $381 -
1963 - - $324 -
1962 - - $305 -
1961 - - $276.6 -
1960 - - $252.8 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $8,452 in Peru, ranking 91/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Peru ranks 104th at $17,802.

Economic indicators

Bhutan Peru
Gross domestic product
$3.01B
2023
$289B
2024
GDP rank
170/197
2023
49/197
2024
GDP growth
4.63%
2022-2023
3.3%
2023-2024
GDP per capita
$3,831
2023
$8,452
2024
GDP per capita rank
132/197
2023
91/197
2024
GDP per capita, PPP
$16,215
2023
$17,802
2024
GDP per capita PPP rank
109/197
2023
104/197
2024
Government debt
$3.53B
2023
$93B
2024
Debt-to-GDP ratio
110.4%
2024
32.2%
2024
Government debt per person
$4,485
2023
$2,717
2024
Government debt per person rank
87/185
2023
108/185
2024
Average annual personal income after taxes
$5,506
2026
$7,290
2026
Market capitalization of domestic companies n/a
$82.2B
2024
Income share by richest 10%
22.7%
2022
30.3%
2024
Income share by poorest 10%
3.6%
2022
2%
2024
Government expenditure, % of GDP
27.1%
2024
22.3%
2024
Consumer prices inflation
4.3%
2023-2024
2.01%
2023-2024
Central bank interest rate n/a
4.25%
2025
Unemployment rate
3.28%
2024
4.86%
2024
Population
803385
35031596

Spending and national debt comparison by year

Bhutan
Spending

Debt
Peru
Spending

Debt
1x
Year % of GDP
Bhutan Peru
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 22.3% 32.2%
2023 28.8% 117.1% 22.1% 32.4%
2022 32.1% 119.9% 23.1% 33.5%
2021 36.6% 124.5% 23.1% 35.5%
2020 30.9% 116% 25.6% 34.3%
2019 24.2% 100.8% 20.8% 26.5%
2018 31.7% 103.4% 21% 25.7%
2017 30.6% 104.1% 20.6% 24.8%
2016 30.5% 103% 20.5% 23.9%
2015 27.5% 90.2% 22% 23.7%
2014 28.9% 89.8% 22.4% 20.5%
2013 32.5% 87.4% 21.5% 19.9%
2012 35.1% 71.5% 20.3% 20.7%
2011 36.1% 62.3% 19.8% 23.1%
2010 41.5% 55.8% 21% 25.1%
2009 39.3% 61% 21.3% 28.2%
2008 36.1% 60.6% 19.9% 28.1%
2007 33.2% 67.3% 18.6% 31.9%
2006 33.4% 80.1% 19.2% 34.9%
2005 36.4% 80.8% 20.4% 40.4%
2004 31% 76% 19.6% 46.7%
2003 34.7% 68.5% 20.1% 49.4%
2002 39.3% 57.7% 19.6% 45.5%
2001 50.3% 52.4% 20.9% 43.8%
2000 43% 44% 21.7% 44.9%
1999 40.2% 39.2% 17.8% 41.1%
1998 31.1% 36.4% 16.3% 36.8%
1997 37.8% 33% 15.6% 34.5%
1996 37.9% 36.8% 16.5% 37.4%
1995 38.6% 38.7% 17.5% 36.8%
1994 37.9% 53.2% 16.9% 41.9%
1993 35.2% 60.2% 18.2% 49.9%
1992 34.5% 35.6% 19.1% 46.8%
1991 30.8% 33.5% 15.7% 48.3%
1990 35.8% 27.4% 20.4% 56.3%
1989 46.8% 26.4% 12.1% 34.9%
1988 45.3% 24.7% 12.8% 42.8%
1987 47.5% 17.3% 15.5% 39.1%
1986 - - 16.6% 48.6%
1985 - - 17.2% 63.4%
1984 - - 18.3% 56.7%
1983 - - 19.4% 56.2%
1982 - - 17.6% 34.2%
1981 - - 18.4% 30.6%
1980 - - 19.3% 36.3%
1979 - - 16.4% 45.9%
1978 - - 19% 56%
1977 - - 19.4% 44.8%
1976 - - 21.1% 34.5%
1975 - - 19.8% 27%
1974 - - 17.7% 24%
1973 - - 19.5% 22.6%
1972 - - 15.3% 20.6%
1971 - - 15% 19%
1970 - - 14.3% 20%
1969 - - 16.4% -
1968 - - 18.4% 15.2%
1967 - - 19.1% 12.1%
1966 - - 18.6% 17%
1965 - - 18.7% 14.5%
1964 - - 16.9% 14.1%
1963 - - 16.2% -
1962 - - 14.6% -
1961 - - 14.8% 16%
1960 - - 13.3% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1999, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Peru spent $64.4B, or 22.3% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 32.2% in Peru, ranking 17/185 and 154/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Peru
1x
Year Deficit/surplus, % of GDP
Bhutan Peru
2024 -0.17% -3.54%
2023 -4.73% -2.78%
2022 -6.95% -1.38%
2021 -5.76% -2.49%
2020 -1.81% -8.16%
2019 -1.49% -1.37%
2018 -1.52% -1.94%
2017 -4.49% -2.79%
2016 -2.31% -2.12%
2015 -0.49% -2.02%
2014 2.46% -0.19%
2013 -4.55% 0.75%
2012 -2.1% 2.07%
2011 -3.02% 2.05%
2010 1.92% -0.02%
2009 -0.8% -1.48%
2008 -2.57% 2.48%
2007 0.79% 3.35%
2006 -0.07% 2.03%
2005 -6.96% -0.44%
2004 1.8% -1.03%
2003 -10.2% -1.62%
2002 -4.33% -1.4%
2001 -12.2% -2.15%
2000 -3.39% -2.12%
1999 -1.28% -2.93%
1998 1.28% -0.2%
1997 -1.92% 0.47%
1996 2.55% -0.25%
1995 -0.88% -2.05%
1994 -0.13% -1.9%
1993 4.71% -2.82%
1992 -3.47% -3.55%
1991 -0.48% -1.98%
1990 -7.21% -7.99%
1989 -10.1% -1.3%
1988 1.33% -3.57%
1987 -0.56% -6.26%
1986 - -4.08%
1985 - -2.41%
1984 - -4.45%
1983 - -7.52%
1982 - -3.22%
1981 - -3.98%
1980 - -2.36%
1979 - -0.54%
1978 - -5.07%
1977 - -6.52%
1976 - -8.37%
1975 - -6.54%
1974 - -4.47%
1973 - -6.68%
1972 - -2.04%
1971 - -1.89%
1970 - -0.42%
1969 - -1.1%
1968 - -3.28%
1967 - -3.76%
1966 - -5.41%
1965 - -4.79%
1964 - -3.37%
1963 - -1.86%
1962 - 2.16%
1961 - 2.46%
1960 - 3.32%
1959 - -1.46%
1958 - -2.63%
1957 - -2.23%
1956 - -0.93%
1955 - 0.06%
1954 - -0.66%
1953 - -2.35%
1952 - 0.04%
1951 - 0.61%
1950 - 0.08%
1949 - 0.26%
1948 - -0.84%
1947 - -0.54%
1946 - -1.39%
1945 - 0%
1944 - 0%
1943 - 0.18%
1942 - -2.38%
1941 - -1.76%
1940 - 0.27%
1939 - -1.01%
1938 - -1.57%
1937 - 0.18%
1936 - 0.18%
1935 - 0.09%
1934 - 0.11%
1933 - 0.02%
1932 - -0.57%
1931 - -0.28%
1930 - -0.67%
1929 - 0.008%
1928 - -1.88%
1927 - 0%
1926 - -1.84%
1925 - -1.69%
1924 - -1.31%
1923 - -0.85%
1922 - -1.24%
1921 - -1.53%
1920 - -0.4%
1919 - -0.26%
1918 - -0.34%
1917 - -0.25%
1916 - 0.27%
1915 - -0.74%
1914 - -1.59%
1913 - -3.04%
1912 - -0.45%
1911 - 0.32%
1910 - 0.16%
1909 - -0.33%
1908 - -0.18%
1907 - 0.18%
1906 - 0.38%
1905 - 0.2%
1904 - 0.22%
1903 - 0.24%
1902 - 0.26%
1901 - 0.26%
1900 - 0%

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1900–1999, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/peru | 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 Peru's deficit of $7.42B, or 2.78% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while Peru ran a deficit in 30 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to deficit of 1.54% of GDP for Peru.

Inflation comparison by year

Inflation
Bhutan

Peru
1x
Year Consumer prices inflation
Bhutan Peru
2024 4.3% 2.01%
2023 4.5% 6.46%
2022 5.9% 8.33%
2021 8.2% 4.27%
2020 3% 2%
2019 2.8% 2.25%
2018 3.6% 1.51%
2017 4.3% 2.99%
2016 3.3% 3.56%
2015 6.7% 3.4%
2014 9.6% 3.41%
2013 8.1% 2.77%
2012 10.1% 3.61%
2011 8.6% 3.37%
2010 4.8% 1.53%
2009 7.1% 2.94%
2008 6.3% 5.79%
2007 5.2% 1.78%
2006 4.9% 2%
2005 4.8% 1.62%
2004 3.3% 3.66%
2003 2.5% 2.26%
2002 2.9% 0.19%
2001 3.7% 1.98%
2000 7.2% 3.76%
1999 9.1% 3.47%
1998 7.6% 7.25%
1997 8.6% 8.56%

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/peru | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 3.45% in Peru. In 2024, inflation was 4.3% in Bhutan and 2.01% in Peru.

Balance of trade

Bhutan Peru
Current account balance
-$670M
2024
$6.39B
2024
Current account balance ranking
114/190
2024
29/190
2024
Current account balance, % of GDP
-32%
2023
+2.21%
2024
Goods imports
$1.29B
2024
$52.1B
2024
Goods exports
$656M
2024
$76.2B
2024
Service imports
$228M
2024
$15.1B
2024
Service exports
$288M
2024
$7.15B
2024
Imports of goods and services, % of GDP
53.3%
2023
22.9%
2024
Exports of goods and services, % of GDP
28.4%
2023
28.5%
2024

Economic freedom indices

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

Bhutan Peru
Economic freedom 57.5 66.3
Economic freedom ranking 115/197 62/197
Property rights 69.2 44
Government integrity 72.2 35
Judicial effectiveness 61.8 47.8
Tax burden 83.4 79.4
Government spending 74.1 84.8
Fiscal health 25.8 87.4
Business freedom 67.8 73.1
Labor freedom 60.1 64.7
Monetary freedom 71.6 77.6
Trade freedom 63.4 81.6
Investment freedom 20 60
Financial freedom 20 60

Economic freedom comparison by year

Bhutan
Peru
1x
Year Economic freedom index
Bhutan Peru
2026 57.5 66.3
2025 57.5 65.9
2024 55.4 64.8
2023 59 66.5
2022 59.3 66.5
2021 58.3 67.7
2020 62.1 67.9
2019 62.9 67.8
2018 61.8 68.7
2017 58.4 68.9
2016 59.5 67.4
2015 57.4 67.7
2014 56.7 67.4
2013 55 68.2
2012 56.6 68.7
2011 57.6 68.6
2010 57 67.6
2009 57.7 64.6
2008 - 63.8
2007 - 62.7
2006 - 60.5
2005 - 61.3
2004 - 64.7
2003 - 64.6
2002 - 64.8
2001 - 69.6
2000 - 68.7
1999 - 69.2
1998 - 65
1997 - 63.8
1996 - 62.5
1995 - 56.9

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 66.3 for Peru, ranking 62/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Peru
Services, % of GDP
52.8%
2023
51.3%
2024
Industry, % of GDP
29.4%
2023
34%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
7.34%
2024
GNI, Atlas method
$2.93B
2023
$257B
2024
GNI per capita, PPP
$15,320
2023
$16,780
2024
Total reserves including gold
$941M
2024
$79.2B
2024
Total reserves ranking
143/177
2024
33/177
2024
Net foreign direct investment
-$22.8M
2024
-$5.63B
2024
Net inflows of foreign direct investment
$2.82M
2024
$6.8B
2024
Net outflows of foreign direct investment
$0
2024
$1.17B
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
5.58%
2024
Poverty at national poverty lines
12.4%
2022
27.6%
2024
Gross capital formation, % of GDP
45.3%
2023
19.4%
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/peru | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Public Finances in Modern History (1900–1999, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, 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.