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Economy of Bhutan vs Qatar compared: GDP & Debt

Updated on by Georank

Bhutan has a GDP of $3.58B compared to $216B for Qatar, ranking 167/197 and 56/197 by economy size, respectively.

Bhutan has $3.71B in government debt (103.6% of GDP), compared to $89.2B (41.4% of GDP) in Qatar.

Bhutan vs Qatar GDP by year

Bhutan
Qatar
1x
Year GDP, current $
Bhutan Qatar
2025 $3,579,320,145 $215,559,615,385
2024 $3,346,603,859 $216,294,505,495
2023 $3,012,896,790 $213,002,809,341
2022 $2,898,227,744 $235,709,325,714
2021 $2,768,802,960 $179,732,009,560
2020 $2,457,604,334 $144,411,363,352
2019 $2,735,683,570 $176,371,267,692
2018 $2,583,335,722 $183,334,953,819
2017 $2,591,358,009 $161,099,122,225
2016 $2,357,504,761 $151,732,181,868
2015 $2,187,815,803 $161,739,955,577
2014 $2,089,079,571 $206,224,598,571
2013 $1,943,696,952 $198,727,642,967
2012 $1,973,387,228 $186,833,502,363
2011 $1,977,728,659 $167,775,274,725
2010 $1,708,880,730 $125,122,252,747
2009 $1,331,343,798 $97,798,351,648
2008 $1,317,517,835 $115,269,780,220
2007 $1,255,767,964 $79,711,813,187
2006 $942,879,879 $60,882,142,857
2005 $860,391,000 $44,530,494,505
2004 $735,348,490 $31,734,065,934
2003 $651,935,430 $23,533,791,209
2002 $559,345,264 $19,363,736,264
2001 $496,110,226 $17,538,461,538
2000 $460,733,418 $17,759,890,110
1999 $399,311,200 $12,393,131,868
1998 $363,458,381 $10,255,494,505
1997 $352,229,077 $11,297,802,198
1996 $303,408,346 $9,059,340,659
1995 $290,490,984 $8,137,912,088
1994 $258,954,708 $7,374,450,549
1993 $225,973,693 $7,156,593,407
1992 $240,233,531 $7,646,153,846
1991 $240,294,286 $6,883,516,484
1990 $287,765,007 $7,360,439,560
1989 $264,798,626 $6,487,912,088
1988 $272,298,067 $6,038,186,813
1987 $242,742,766 $5,446,428,571
1986 $191,218,115 $5,053,021,978
1985 $163,288,815 $6,153,296,703
1984 $160,423,494 $6,870,329,670
1983 $156,704,290 $6,484,890,110
1982 $141,439,317 $7,611,263,736
1981 $139,174,178 $8,672,527,473
1980 $128,669,201 $7,837,915,956
1979 $105,377,995 $5,632,962,997
1978 $94,086,228 $4,052,000,413
1977 $97,884,434 $3,617,564,638
1976 $88,461,263 $3,284,273,987
1975 $86,820,762 $2,512,773,166
1974 $92,901,784 $2,401,403,227
1973 $78,900,289 $793,885,560
1972 $70,139,867 $510,262,500
1971 $66,289,450 $387,703,106
1970 $61,812,113 $301,791,302

Data sources: World Bank | Economy & Growth (1970–2025, retrieved 2026-07-08).

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

GDP per capita in Bhutan vs Qatar by year

Bhutan
GDP per capita

GDP per capita, PPP
Qatar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Qatar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,493 - $72,525 -
2024 $4,228 - $75,685 $126,046
2023 $3,831 $16,215 $80,196 $129,368
2022 $3,711 $15,064 $88,701 $122,921
2021 $3,571 $13,459 $71,752 $116,833
2020 $3,192 $12,475 $51,684 $82,149
2019 $3,577 $12,909 $66,841 $107,503
2018 $3,400 $11,970 $71,040 $110,033
2017 $3,435 $11,677 $63,280 $99,358
2016 $3,152 $11,273 $61,254 $89,935
2015 $2,954 $10,214 $68,985 $102,546
2014 $2,849 $9,323 $95,841 $148,389
2013 $2,680 $8,667 $103,697 $169,203
2012 $2,751 $8,577 $108,470 $180,939
2011 $2,788 $7,935 $103,262 $174,620
2010 $2,436 $7,246 $77,387 $151,646
2009 $1,918 $6,466 $60,786 $125,898
2008 $1,920 $6,035 $80,781 $126,015
2007 $1,850 $5,729 $65,954 $124,056
2006 $1,406 $4,860 $62,582 $127,181
2005 $1,300 $4,523 $53,950 $115,250
2004 $1,130 $4,173 $41,036 $110,958
2003 $1,022 $3,942 $31,602 $94,120
2002 $896 $3,663 $27,227 $93,177
2001 $812 $3,338 $25,871 $89,805
2000 $772 $3,113 $27,535 $88,849
1999 $685 $3,017 $20,234 $84,690
1998 $638 $2,819 $17,665 $84,486
1997 $630 $2,683 $20,523 $79,219
1996 $553 $2,548 $17,125 $62,331
1995 $530 $2,374 $15,823 $60,321
1994 $467 $2,146 $14,765 $59,415
1993 $407 $2,001 $14,770 $59,125
1992 $416 $1,840 $16,280 $60,387
1991 $401 $1,657 $15,133 $54,759
1990 $488 $1,638 $16,722 $55,659
1989 $462 - $15,243 -
1988 $489 - $14,682 -
1987 $449 - $13,719 -
1986 $365 - $13,213 -
1985 $321 - $16,815 -
1984 $326 - $19,749 -
1983 $328 - $19,669 -
1982 $306 - $24,431 -
1981 $311 - $29,543 -
1980 $296.9 - $28,407 -
1979 $251.4 - $21,777 -
1978 $232.2 - $16,757 -
1977 $249.9 - $16,058 -
1976 $233.7 - $15,710 -
1975 $237.4 - $13,014 -
1974 $262.8 - $13,540 -
1973 $230.9 - $4,905 -
1972 $212.4 - $3,483 -
1971 $207.7 - $2,952 -
1970 $200.3 - $2,594 -

Data sources: World Bank | Economy & Growth (1970–2025, retrieved 2026-07-08).

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

Bhutan's GDP per capita is $4,493, ranking 128/197, compared to $72,525 in Qatar, ranking 13/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Qatar ranks 5th at $126,046.

Economic indicators

Bhutan Qatar
Gross domestic product
$3.58B
2025
$216B
2025
GDP rank
167/197
2025
56/197
2025
GDP growth
8.01%
2024-2025
2.9%
2024-2025
GDP per capita
$4,493
2025
$72,525
2025
GDP per capita rank
128/197
2025
13/197
2025
GDP per capita, PPP
$16,215
2023
$126,046
2024
GDP per capita PPP rank
109/197
2023
5/197
2024
Government debt
$3.71B
2025
$89.2B
2025
Debt-to-GDP ratio
103.6%
2025
41.4%
2025
Government debt per person
$4,655
2025
$30,009
2025
Government debt per person rank
88/185
2025
24/185
2025
Average annual personal income after taxes
$4,215
2026
$37,042
2026
Market capitalization of domestic companies n/a
$177B
2025
Number of millionaires n/a
30,000
2026
Number of billionaires n/a
2
2026
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
27.1%
2025
Consumer prices inflation
2.6%
2024-2025
0.6%
2024-2025
Central bank interest rate n/a
4.1%
2025
Unemployment rate
3.36%
2025
0.1%
2024
Population
805057
3058826

Spending and national debt comparison by year

Bhutan
Spending

Debt
Qatar
Spending

Debt
1x
Year % of GDP
Bhutan Qatar
Government spending Government debt Government spending Government debt
2025 30.5% 103.6% 27.1% 41.4%
2024 28.3% 108.7% 26% 41.3%
2023 28.9% 117.2% 26.7% 42.8%
2022 32.1% 119.9% 24.3% 42.6%
2021 36.6% 124.5% 29.4% 58.4%
2020 30.9% 116% 34.7% 72.6%
2019 24.2% 100.8% 32.5% 62.1%
2018 31.7% 103.4% 28.9% 52.2%
2017 30.6% 104.1% 34.7% 51.6%
2016 30.5% 103% 40.1% 46.7%
2015 27.5% 90.2% 38.6% 35.5%
2014 28.9% 89.8% 32.3% 24.9%
2013 32.5% 87.4% 28.3% 30.9%
2012 35.1% 71.5% 31% 32.1%
2011 36.1% 62.3% 28.5% 33.5%
2010 41.5% 55.8% 32% 30.4%
2009 39.3% 61% 36.4% 36%
2008 36.1% 60.6% 23.5% 11.4%
2007 33.2% 67.3% 29.5% 9.37%
2006 33.4% 80.1% 29.5% 13.9%
2005 36.4% 80.8% 29% 19.1%
2004 31% 76% 29.9% 30.1%
2003 34.7% 68.5% 28.5% 38.8%
2002 39.3% 57.7% 31.6% 47.7%
2001 50.3% 52.4% 32.1% 59.2%
2000 43% 44% 29.8% 51.6%
1999 40.2% 39.2% 42.4% 81.8%
1998 31.1% 36.4% 55.1% 76.6%
1997 37.8% 33% 47.6% 54.4%
1996 37.9% 36.8% 55.2% 57.8%
1995 38.6% 38.7% 52.2% 50.2%
1994 37.9% 53.2% 59.8% 54.8%
1993 35.2% 60.2% 62.8% 46.3%
1992 34.5% 35.6% 54.2% 19.9%
1991 30.8% 33.5% 57.5% 21.8%
1990 35.8% 27.4% 50% 12.6%
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/qatar | CC BY

In 2025, Bhutan's government spending was $1.09B, accounting for 30.5% of its GDP, while Qatar spent $58.4B, or 27.1% of GDP.

Debt-to-GDP ratio is 103.6% in Bhutan and 41.4% in Qatar, ranking 19/185 and 127/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Qatar
1x
Year Deficit/surplus, % of GDP
Bhutan Qatar
2025 -2.7% -1%
2024 -1.79% 0.71%
2023 -4.73% 5.51%
2022 -6.95% 10.4%
2021 -5.76% 0.24%
2020 -1.81% -2.13%
2019 -1.49% 1%
2018 -1.52% 2.26%
2017 -4.49% -6.82%
2016 -2.31% -9.2%
2015 -0.49% 18.4%
2014 2.46% 13.4%
2013 -4.55% 19.3%
2012 -2.1% 8.55%
2011 -3.02% 5.24%
2010 1.92% 4.6%
2009 -0.8% 14.1%
2008 -2.57% 9.49%
2007 0.79% 10.3%
2006 -0.07% 8.39%
2005 -6.96% 9.8%
2004 1.8% 17.7%
2003 -10.2% 6.71%
2002 -4.33% 7.89%
2001 -12.2% 4.48%
2000 -3.39% 4.62%
1999 -1.28% -4.35%
1998 1.28% -7%
1997 -1.92% -9.4%
1996 2.55% -8.73%
1995 -0.88% -5.78%
1994 -0.13% -11.8%
1993 4.71% -9.53%
1992 -3.47% -2.74%
1991 -0.48% -2.57%
1990 -7.21% 3.23%
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/qatar | 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 Qatar's deficit of $2.16B, or 1% of GDP.

Over the past 36 years, Bhutan recorded a fiscal deficit in 29 of those years, while Qatar ran a deficit in 13 years. On average, Bhutan posted an annual deficit equal to 2.34% of GDP, compared to surplus of 2.92% of GDP for Qatar.

Inflation comparison by year

Inflation
Bhutan

Qatar
1x
Year Consumer prices inflation
Bhutan Qatar
2025 2.6% 0.6%
2024 4.3% 1.2%
2023 4.5% 3.1%
2022 5.9% 5%
2021 8.2% 2.3%
2020 3% -2.5%
2019 2.8% -0.9%
2018 3.6% 0.1%
2017 4.3% 0.6%
2016 3.3% 2.7%
2015 6.7% 0.9%
2014 9.6% 4.2%
2013 8.1% 3.1%
2012 10.1% 1.8%
2011 8.6% 2%
2010 4.8% -2.4%
2009 7.1% -4.9%
2008 6.3% 15.1%
2007 5.2% 13.7%
2006 4.9% 11.7%
2005 4.8% 9%
2004 3.3% 6.8%
2003 2.5% 2.3%
2002 2.9% 0.2%
2001 3.7% 1.7%
2000 7.2% 1.6%
1999 9.1% 2.2%
1998 7.6% 2.9%
1997 8.6% 2.7%

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

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

Over the past 29 years, Bhutan has recorded an average annual inflation rate of 5.64%, compared with 2.99% in Qatar. In 2025, inflation was 2.6% in Bhutan and 0.6% in Qatar.

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
-$649M
2024
$31.9B
2025
Current account balance ranking
105/190
2024
17/190
2025
Current account balance, % of GDP
-19.4%
2024
+14.8%
2025
Goods imports
$1.28B
2024
$34.3B
2025
Goods exports
$660M
2024
$90B
2025
Service imports
$228M
2024
$31.3B
2025
Service exports
$288M
2024
$24.4B
2025
Imports of goods and services, % of GDP
47.9%
2024
31.6%
2022
Exports of goods and services, % of GDP
31.5%
2024
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 115/197 37/197
Property rights 69.2 66.2
Government integrity 72.2 53.5
Judicial effectiveness 61.8 41.5
Tax burden 83.4 99.9
Government spending 74.1 79.9
Fiscal health 25.8 96.6
Business freedom 67.8 68
Labor freedom 60.1 58.5
Monetary freedom 71.6 76
Trade freedom 63.4 81.8
Investment freedom 20 60
Financial freedom 20 60

Economic freedom comparison by year

Bhutan
Qatar
1x
Year Economic freedom index
Bhutan Qatar
2026 57.5 70.2
2025 57.5 70.2
2024 55.4 68.8
2023 59 68.6
2022 59.3 67.7
2021 58.3 72
2020 62.1 72.3
2019 62.9 72.6
2018 61.8 72.6
2017 58.4 73.1
2016 59.5 70.7
2015 57.4 70.8
2014 56.7 71.2
2013 55 71.3
2012 56.6 71.3
2011 57.6 70.5
2010 57 69
2009 57.7 65.8
2008 - 62.2
2007 - 62.9
2006 - 62.4
2005 - 63.5
2004 - 66.5
2003 - 65.9
2002 - 61.9
2001 - 60
2000 - 62
1999 - 62

Data sources: The Heritage Foundation | Economic Freedom Index (1999–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 70.2 for Qatar, ranking 37/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Qatar
Services, % of GDP
53.2%
2025
47%
2025
Industry, % of GDP
33.2%
2025
57%
2025
Agriculture, forestry, and fishing, % of GDP
13.7%
2025
0.31%
2025
GNI, Atlas method
$3.43B
2025
$221B
2025
GNI per capita, PPP
$18,520
2025
$126,290
2025
Total reserves including gold
$1.19B
2025
$55.8B
2025
Total reserves ranking
140/177
2025
45/177
2025
Net foreign direct investment
-$2.82M
2024
$311M
2025
Net inflows of foreign direct investment
$2.82M
2024
$460M
2024
Net outflows of foreign direct investment
$0
2024
$1.56B
2024
Servicing debt to the IMF, % of GNI
5.11%
2024
n/a
Poverty at national poverty lines
12.4%
2022
n/a
Gross capital formation, % of GDP
42.6%
2024
30.6%
2022

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/qatar | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1970–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1999–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)
  8. TradeMap (2021, 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.