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Economy of Bhutan vs Qatar compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.02B compared to $218B for Qatar, ranking 169/197 and 56/197 by economy size, respectively.

Bhutan has $3.49B in government debt (102.9% of GDP), compared to $89B (40.5% of GDP) in Qatar.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Bhutan
GDP, current $

GDP, constant 2015 $
Qatar
GDP, current $

GDP, constant 2015 $
Year GDP
Bhutan Qatar
Current $ Constant $ Current $ Constant $
1970 $61,812,113 $126,311,212 $301,791,302 $8,816,161,355
1971 $66,289,450 $129,692,690 $387,703,106 $9,698,469,706
1972 $70,139,867 $131,201,350 $510,262,500 $10,773,000,939
1973 $78,900,289 $133,126,191 $793,885,560 $11,934,857,801
1974 $92,901,784 $139,993,193 $2,401,403,227 $12,643,579,838
1975 $86,820,762 $135,363,169 $2,512,773,166 $13,386,912,643
1976 $88,461,263 $147,484,467 $3,284,273,987 $14,504,574,217
1977 $97,884,434 $159,137,561 $3,617,564,638 $13,444,952,239
1978 $94,086,228 $170,478,518 $4,052,000,413 $14,636,627,610
1979 $105,377,995 $178,646,088 $5,632,962,997 $15,401,791,822
1980 $128,669,201 $187,593,999 $7,829,165,262 $15,245,244,656
1981 $139,174,178 $215,962,517 $8,661,263,764 $15,382,600,057
1982 $141,439,317 $223,391,139 $7,596,703,214 $14,325,124,118
1983 $156,704,290 $246,693,105 $6,467,582,308 $14,063,666,907
1984 $160,423,494 $257,934,068 $6,704,395,824 $14,718,715,618
1985 $163,288,815 $268,325,027 $6,153,296,456 $14,406,653,786
1986 $191,218,115 $298,893,145 $5,053,021,951 $15,175,362,083
1987 $242,742,766 $385,734,527 $5,446,428,681 $15,182,189,691
1988 $272,298,067 $404,123,931 $6,038,187,033 $16,078,614,414
1989 $264,798,626 $433,849,538 $6,487,912,088 $17,079,059,748
1990 $287,765,007 $478,896,647 $7,360,439,423 $17,662,217,767
1991 $240,294,286 $476,943,344 $6,883,516,484 $17,368,630,639
1992 $240,233,531 $498,886,989 $7,646,153,984 $19,336,588,147
1993 $225,973,693 $508,796,713 $7,156,593,654 $19,080,352,035
1994 $258,954,708 $533,989,801 $7,374,450,769 $19,351,046,596
1995 $290,490,984 $571,764,867 $8,137,911,978 $19,815,323,915
1996 $303,408,346 $603,584,570 $9,059,340,385 $20,682,028,462
1997 $352,229,077 $636,020,231 $11,297,802,115 $26,889,127,081
1998 $363,458,381 $673,634,664 $10,255,495,027 $29,905,724,793
1999 $399,311,200 $727,417,466 $12,393,131,868 $31,186,905,301
2000 $460,733,418 $751,822,819 $17,759,890,110 $33,690,629,183
2001 $496,110,226 $806,919,210 $17,538,461,538 $35,003,952,797
2002 $559,345,264 $891,192,074 $19,363,736,264 $37,517,989,781
2003 $651,935,430 $960,585,284 $23,533,791,209 $38,913,643,497
2004 $735,348,490 $1,010,125,139 $31,734,065,934 $46,392,423,696
2005 $860,391,000 $1,080,178,039 $44,530,494,505 $49,868,495,958
2006 $942,879,879 $1,141,108,778 $60,882,142,857 $62,919,203,862
2007 $1,255,767,964 $1,324,881,878 $79,712,087,912 $74,235,635,940
2008 $1,317,517,835 $1,384,891,724 $115,270,054,945 $87,348,289,336
2009 $1,331,343,798 $1,491,078,191 $97,798,351,648 $97,792,140,945
2010 $1,708,880,730 $1,668,991,760 $125,122,306,346 $116,951,901,413
2011 $1,977,728,659 $1,810,676,784 $167,775,268,626 $132,594,424,543
2012 $1,973,387,228 $1,904,194,983 $186,833,502,363 $138,866,156,528
2013 $1,943,696,952 $1,937,258,290 $198,727,642,967 $146,581,616,624
2014 $2,089,079,571 $2,051,190,106 $206,224,598,571 $154,400,753,941
2015 $2,187,815,803 $2,187,815,803 $161,739,955,577 $161,739,955,577
2016 $2,357,504,761 $2,373,253,832 $151,732,181,868 $166,695,978,169
2017 $2,591,358,009 $2,422,779,967 $161,099,122,225 $164,199,531,362
2018 $2,583,335,722 $2,507,622,617 $183,334,953,819 $166,227,185,730
2019 $2,735,683,570 $2,651,940,022 $176,371,267,692 $167,371,229,300
2020 $2,457,604,334 $2,380,954,251 $144,411,363,352 $161,416,823,769
2021 $2,768,802,960 $2,486,224,986 $179,732,009,560 $164,042,828,071
2022 $2,898,227,744 $2,615,853,471 $235,709,325,714 $170,908,036,354
2023 $3,019,253,885 $2,743,574,975 $213,002,809,341 $172,936,988,055
2024 - - $217,982,967,033 $177,724,600,424

Economic indicators

Bhutan Qatar
Gross domestic product
$3.02B
2023
$218B
2024
GDP rank
169/197
2023
56/197
2024
GDP growth
4.18%
2022-2023
2.34%
2023-2024
GDP per capita
$3,839
2023
$76,276
2024
GDP per capita rank
132/197
2023
11/197
2024
GDP per capita, PPP
$16,254
2023
$126,110
2024
Government debt
$3.49B
2023
$89B
2024
Debt-to-GDP ratio
102.9%
2025
40.5%
2025
Government debt per person
$4,432
2023
$31,151
2024
Government debt per person rank
87/185
2023
23/185
2024
Average annual personal income after taxes
$6,460
2025
$36,023
2025
Market capitalization of domestic companies n/a
$170M
2024
Number of millionaires n/a
26,163
2024
Number of billionaires n/a
2
2025
Income share by richest 10%
22.7%
2022
25.8%
2017
Income share by poorest 10%
3.6%
2022
2.6%
2017
Government expenditure, % of GDP
30.5%
2025
26.5%
2025
Consumer prices inflation
2.4%
2024-2025
0.1%
2024-2025
Central bank interest rate n/a
4.6%
2025
Unemployment rate
3.28%
2024
0.13%
2022
Population
801123
2964497

GDP per capita in Bhutan vs Qatar

Bhutan's GDP per capita is $3,839, ranking 132/197, compared to $76,276 in Qatar, ranking 11/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,254, while Qatar ranks 5th at $126,110.

Bhutan
GDP per capita

GDP per capita, PPP
Qatar
GDP per capita

GDP per capita, PPP
Year Current $
Bhutan Qatar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1970 $200.3 - $2,594 -
1971 $207.7 - $2,952 -
1972 $212.4 - $3,483 -
1973 $230.9 - $4,905 -
1974 $262.8 - $13,540 -
1975 $237.4 - $13,014 -
1976 $233.7 - $15,710 -
1977 $249.9 - $16,058 -
1978 $232.2 - $16,757 -
1979 $251.4 - $21,777 -
1980 $296.9 - $28,375 -
1981 $311 - $29,505 -
1982 $306 - $24,385 -
1983 $328 - $19,616 -
1984 $326 - $19,272 -
1985 $321 - $16,815 -
1986 $365 - $13,213 -
1987 $449 - $13,719 -
1988 $489 - $14,682 -
1989 $462 - $15,243 -
1990 $488 $1,638 $16,722 $55,659
1991 $401 $1,657 $15,133 $54,759
1992 $416 $1,840 $16,280 $60,387
1993 $407 $2,001 $14,770 $59,125
1994 $467 $2,146 $14,765 $59,415
1995 $530 $2,374 $15,823 $60,321
1996 $553 $2,548 $17,125 $62,331
1997 $630 $2,683 $20,523 $79,219
1998 $638 $2,819 $17,665 $84,486
1999 $685 $3,017 $20,234 $84,690
2000 $772 $3,113 $27,535 $88,849
2001 $812 $3,338 $25,871 $89,805
2002 $896 $3,663 $27,227 $93,176
2003 $1,022 $3,942 $31,602 $94,120
2004 $1,130 $4,173 $41,036 $110,958
2005 $1,300 $4,523 $53,950 $115,250
2006 $1,406 $4,860 $62,582 $127,181
2007 $1,850 $5,729 $65,954 $124,056
2008 $1,920 $6,035 $80,781 $126,015
2009 $1,918 $6,466 $60,786 $125,898
2010 $2,436 $7,246 $77,387 $151,646
2011 $2,788 $7,935 $103,262 $174,620
2012 $2,751 $8,577 $108,470 $180,939
2013 $2,680 $8,667 $103,697 $169,203
2014 $2,849 $9,323 $95,841 $148,389
2015 $2,954 $10,214 $68,985 $102,546
2016 $3,152 $11,273 $61,254 $89,935
2017 $3,435 $11,677 $63,280 $99,358
2018 $3,400 $11,970 $71,040 $110,033
2019 $3,577 $12,909 $66,841 $107,502
2020 $3,192 $12,475 $51,684 $82,149
2021 $3,571 $13,459 $71,752 $116,833
2022 $3,711 $15,064 $88,701 $122,920
2023 $3,839 $16,254 $80,196 $128,919
2024 - - $76,276 $126,110

Spending and national debt comparison

In 2024, Bhutan's government spending was $871M, accounting for 30.5% of its GDP, while Qatar's spent $56.2B, or 26.5% of GDP.

Debt-to-GDP ratio is 102.9% in Bhutan and 40.5% in Qatar, ranking 20/185 and 133/185, respectively.

Bhutan
Government spending

Government debt
Qatar
Government spending

Government debt
Year % of GDP
Bhutan Qatar
Government spending Government debt Government spending Government debt
1987 47.5% 17.3% - -
1988 45.3% 24.7% - -
1989 46.8% 26.4% - -
1990 35.8% 27.4% 50% 12.6%
1991 30.8% 33.5% 57.5% 21.8%
1992 34.5% 35.6% 54.2% 19.9%
1993 35.2% 60.2% 62.8% 46.3%
1994 37.9% 53.2% 59.8% 54.8%
1995 38.6% 38.7% 52.2% 50.2%
1996 37.9% 36.8% 55.2% 57.8%
1997 37.8% 33% 47.6% 54.4%
1998 31.1% 36.4% 55.1% 76.6%
1999 40.2% 39.2% 42.4% 81.8%
2000 43% 44% 29.8% 51.6%
2001 50.3% 52.4% 32.1% 59.2%
2002 39.3% 57.7% 31.6% 47.7%
2003 34.7% 68.5% 28.5% 38.8%
2004 31% 76% 29.9% 30.1%
2005 36.4% 80.8% 29% 19.1%
2006 33.4% 80.1% 29.5% 13.9%
2007 33.2% 67.3% 29.5% 9.37%
2008 36.1% 60.6% 23.5% 11.4%
2009 39.3% 61% 36.4% 36%
2010 41.5% 55.8% 32% 30.4%
2011 36.1% 62.3% 28.5% 33.5%
2012 35.1% 71.5% 31% 32.1%
2013 32.5% 92.4% 28.3% 30.9%
2014 28.9% 89.8% 32.3% 24.9%
2015 27.5% 90.2% 38.6% 35.5%
2016 30.5% 107.5% 40.1% 46.7%
2017 30.6% 104.1% 34.7% 51.6%
2018 31.7% 107.3% 28.9% 52.2%
2019 24.2% 99.7% 32.5% 62.1%
2020 30.9% 114.9% 34.7% 72.6%
2021 36.6% 123.3% 29.4% 58.4%
2022 32.1% 117.3% 24.3% 42.6%
2023 28.8% 115.4% 27.3% 43.7%
2024 27.2% 107.8% 25.8% 40.8%
2025 30.5% 102.9% 26.5% 40.5%

Government deficit by year

In 2023, Bhutan's government deficit, the difference between spending and revenue, was -$142M, equivalent to -4.7% of GDP. This compares to Qatar's surplus of $11.7B, or 5.48% of GDP.

Over the past 34 years, Bhutan recorded a fiscal deficit in 27 of those years, while Qatar ran a deficit in 12 years. On average, Bhutan posted an annual deficit equal to -2.34% of GDP, compared to surplus of +3.1% of GDP for Qatar.

Deficit/surplus
Bhutan

Qatar
Year Deficit/surplus, % of GDP
Bhutan Qatar
1987 -0.56% -
1988 1.33% -
1989 -10.1% -
1990 -7.21% 3.23%
1991 -0.48% -2.57%
1992 -3.47% -2.74%
1993 4.71% -9.53%
1994 -0.13% -11.8%
1995 -0.88% -5.78%
1996 2.55% -8.73%
1997 -1.92% -9.4%
1998 1.28% -7%
1999 -1.28% -4.35%
2000 -3.39% 4.62%
2001 -12.2% 4.48%
2002 -4.33% 7.89%
2003 -10.2% 6.71%
2004 1.8% 17.7%
2005 -6.96% 9.8%
2006 -0.07% 8.39%
2007 0.79% 10.3%
2008 -2.57% 9.49%
2009 -0.8% 14.1%
2010 1.92% 4.6%
2011 -3.02% 5.24%
2012 -2.1% 8.55%
2013 -4.55% 19.3%
2014 2.46% 13.4%
2015 -0.49% 18.4%
2016 -2.31% -9.2%
2017 -4.49% -6.82%
2018 -1.52% 2.26%
2019 -1.49% 1%
2020 -1.81% -2.13%
2021 -5.76% 0.24%
2022 -6.95% 10.4%
2023 -4.7% 5.48%
2024 -0.17% 0.7%
2025 -2.51% 0.04%

Inflation comparison by year

Over the past 30 years, Bhutan has recorded an average annual inflation rate of 5.74%, compared with 3.11% in Qatar. In 2025, inflation was 2.4% in Bhutan and 0.1% in Qatar.

Inflation
Bhutan

Qatar
Year Inflation
Bhutan Qatar Bhutan Qatar
1996 8.8% 7%
1997 8.6% 2.7%
1998 7.6% 2.9%
1999 9.1% 2.2%
2000 7.2% 1.6%
2001 3.7% 1.7%
2002 2.9% 0.2%
2003 2.5% 2.3%
2004 3.3% 6.8%
2005 4.8% 9%
2006 4.9% 11.7%
2007 5.2% 13.7%
2008 6.3% 15.1%
2009 7.1% -4.9%
2010 4.8% -2.4%
2011 8.6% 2%
2012 10.1% 1.8%
2013 8.1% 3.1%
2014 9.6% 4.2%
2015 6.7% 0.9%
2016 3.3% 2.7%
2017 4.3% 0.6%
2018 3.6% 0.1%
2019 2.8% -0.9%
2020 3% -2.5%
2021 8.2% 2.3%
2022 5.9% 5%
2023 4.5% 3.1%
2024 4.3% 1.2%
2025 2.4% 0.1%

Top exports between countries

Bhutan
Export category Export value
Qatar
Export category Export value
Chemicals & pharma $51K

Balance of trade

Bhutan Qatar
Current account balance
-$670M
2024
$37.9B
2024
Current account balance ranking
111/189
2024
15/189
2024
Current account balance, % of GDP
-31.9%
2023
+17.4%
2024
Goods imports
$1.29B
2024
$32.6B
2024
Goods exports
$656M
2024
$95B
2024
Service imports
$228M
2024
$37.1B
2024
Service exports
$288M
2024
$30.2B
2024
Imports of goods and services, % of GDP
53.2%
2023
31.6%
2022
Exports of goods and services, % of GDP
28.3%
2023
68.6%
2022

Economic freedom indices

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

Bhutan Qatar
Economic freedom 57.5 70.2
Economic freedom ranking 113/197 33/197
Property rights 69.7 71.1
Government integrity 71.1 52.6
Judicial effectiveness 62.9 42.3
Tax burden 83.4 99.9
Government spending 68.2 78.1
Fiscal health 25.8 96.2
Business freedom 67.2 67.9
Labor freedom 57.7 59.3
Monetary freedom 70.5 73.2
Trade freedom 63 81.6
Investment freedom 20 60
Financial freedom 30 60

Economic freedom by year comparison

The Economic Freedom Index for Bhutan is 57.5, ranking 113/197, compared to 70.2 for Qatar, ranking 33/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Bhutan
Qatar
Year Economic freedom index
Bhutan Qatar
1999 - 62
2000 - 62
2001 - 60
2002 - 61.9
2003 - 65.9
2004 - 66.5
2005 - 63.5
2006 - 62.4
2007 - 62.9
2008 - 62.2
2009 57.7 65.8
2010 57 69
2011 57.6 70.5
2012 56.6 71.3
2013 55 71.3
2014 56.7 71.2
2015 57.4 70.8
2016 59.5 70.7
2017 58.4 73.1
2018 61.8 72.6
2019 62.9 72.6
2020 62.1 72.3
2021 58.3 72
2022 59.3 67.7
2023 59 68.6
2024 55.4 68.8
2025 57.5 70.2

More economic indicators

Bhutan Qatar
Services, % of GDP
52.7%
2023
45.9%
2024
Industry, % of GDP
29.6%
2023
58.5%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
0.29%
2024
GNI, Atlas method
$2.94B
2023
$219B
2024
GNI per capita, PPP
$15,360
2023
$121,930
2024
Total reserves including gold
$941M
2024
$54B
2024
Total reserves ranking
143/177
2024
40/177
2024
Net foreign direct investment
-$22.8M
2024
$1.1B
2024
Net inflows of foreign direct investment
$22.8M
2024
$460M
2024
Net outflows of foreign direct investment
n/a
$1.56B
2024
Servicing debt to the IMF, % of GNI
4.86%
2023
n/a
Poverty at national poverty lines
12.4%
2022
n/a
Gross capital formation, % of GDP
45.2%
2023
30.6%
2022

GDP per capita map

GDP per capita

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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.