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Economy of Bhutan vs Russia compared: GDP & Debt

Updated on by Georank

Bhutan has a GDP of $3.58B compared to $2.56T for Russia, ranking 167/197 and 8/197 by economy size, respectively.

Bhutan has $3.71B in government debt (103.6% of GDP), compared to $440B (17.2% of GDP) in Russia.

Bhutan vs Russia GDP by year

Bhutan
Russia
1x
Year GDP, current $
Bhutan Russia
2025 $3,579,320,145 $2,561,310,169,359
2024 $3,346,603,859 $2,186,462,268,813
2023 $3,012,896,790 $2,046,284,838,151
2022 $2,898,227,744 $2,292,495,097,681
2021 $2,768,802,960 $1,829,186,719,575
2020 $2,457,604,334 $1,493,075,894,362
2019 $2,735,683,570 $1,693,115,002,708
2018 $2,583,335,722 $1,657,328,773,461
2017 $2,591,358,009 $1,574,199,360,089
2016 $2,357,504,761 $1,276,786,350,881
2015 $2,187,815,803 $1,363,482,182,198
2014 $2,089,079,571 $2,059,241,589,895
2013 $1,943,696,952 $2,292,470,078,346
2012 $1,973,387,228 $2,208,293,553,878
2011 $1,977,728,659 $2,045,922,753,398
2010 $1,708,880,730 $1,524,916,715,224
2009 $1,331,343,798 $1,222,645,900,056
2008 $1,317,517,835 $1,660,848,058,303
2007 $1,255,767,964 $1,299,703,478,482
2006 $942,879,879 $989,932,071,353
2005 $860,391,000 $764,015,973,481
2004 $735,348,490 $591,016,690,732
2003 $651,935,430 $430,347,420,185
2002 $559,345,264 $345,470,494,418
2001 $496,110,226 $306,602,070,621
2000 $460,733,418 $259,710,142,197
1999 $399,311,200 $195,907,128,351
1998 $363,458,381 $270,955,486,862
1997 $352,229,077 $404,928,954,192
1996 $303,408,346 $391,724,890,744
1995 $290,490,984 $395,537,185,735
1994 $258,954,708 $395,077,301,248
1993 $225,973,693 $435,083,713,851
1992 $240,233,531 $460,290,556,901
1991 $240,294,286 $517,962,962,963
1990 $287,765,007 $517,014,446,228
1989 $264,798,626 $506,631,299,735
1988 $272,298,067 $554,828,660,436
1987 $242,742,766 -
1986 $191,218,115 -
1985 $163,288,815 -
1984 $160,423,494 -
1983 $156,704,290 -
1982 $141,439,317 -
1981 $139,174,178 -
1980 $128,669,201 -
1979 $105,377,995 -
1978 $94,086,228 -
1977 $97,884,434 -
1976 $88,461,263 -
1975 $86,820,762 -
1974 $92,901,784 -
1973 $78,900,289 -
1972 $70,139,867 -
1971 $66,289,450 -
1970 $61,812,113 -

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

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

GDP per capita in Bhutan vs Russia by year

Bhutan
GDP per capita

GDP per capita, PPP
Russia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Russia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,493 - $17,847 -
2024 $4,228 - $15,219 $47,362
2023 $3,831 $16,215 $14,227 $44,269
2022 $3,711 $15,064 $15,894 $40,939
2021 $3,571 $13,459 $12,637 $38,638
2020 $3,192 $12,475 $10,280 $31,491
2019 $3,577 $12,909 $11,640 $30,964
2018 $3,400 $11,970 $11,399 $28,629
2017 $3,435 $11,677 $10,835 $25,778
2016 $3,152 $11,273 $8,804 $24,012
2015 $2,954 $10,214 $9,427 $23,994
2014 $2,849 $9,323 $14,277 $25,688
2013 $2,680 $8,667 $15,941 $26,020
2012 $2,751 $8,577 $15,402 $24,274
2011 $2,788 $7,935 $14,305 $22,790
2010 $2,436 $7,246 $10,675 $20,490
2009 $1,918 $6,466 $8,563 $19,390
2008 $1,920 $6,035 $11,635 $20,164
2007 $1,850 $5,729 $9,101 $16,648
2006 $1,406 $4,860 $6,920 $14,912
2005 $1,300 $4,523 $5,323 $11,822
2004 $1,130 $4,173 $4,102 $10,227
2003 $1,022 $3,942 $2,975 $9,255
2002 $896 $3,663 $2,378 $8,037
2001 $812 $3,338 $2,100 $7,361
2000 $772 $3,113 $1,772 $6,825
1999 $685 $3,017 $1,331 $5,914
1998 $638 $2,819 $1,835 $5,465
1997 $630 $2,683 $2,738 $5,700
1996 $553 $2,548 $2,644 $5,518
1995 $530 $2,374 $2,666 $5,613
1994 $467 $2,146 $2,662 $5,734
1993 $407 $2,001 $2,931 $6,420
1992 $416 $1,840 $3,099 $6,862
1991 $401 $1,657 $3,490 $7,858
1990 $488 $1,638 $3,494 $8,028
1989 $462 - $3,430 -
1988 $489 - $3,778 -
1987 $449 - - -
1986 $365 - - -
1985 $321 - - -
1984 $326 - - -
1983 $328 - - -
1982 $306 - - -
1981 $311 - - -
1980 $296.9 - - -
1979 $251.4 - - -
1978 $232.2 - - -
1977 $249.9 - - -
1976 $233.7 - - -
1975 $237.4 - - -
1974 $262.8 - - -
1973 $230.9 - - -
1972 $212.4 - - -
1971 $207.7 - - -
1970 $200.3 - - -

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

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

Bhutan's GDP per capita is $4,493, ranking 128/197, compared to $17,847 in Russia, ranking 68/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Russia ranks 50th at $47,362.

Economic indicators

Bhutan Russia
Gross domestic product
$3.58B
2025
$2.56T
2025
GDP rank
167/197
2025
8/197
2025
GDP growth
8.01%
2024-2025
1%
2024-2025
GDP per capita
$4,493
2025
$17,847
2025
GDP per capita rank
128/197
2025
68/197
2025
GDP per capita, PPP
$16,215
2023
$47,362
2024
GDP per capita PPP rank
109/197
2023
50/197
2024
Government debt
$3.71B
2025
$440B
2025
Debt-to-GDP ratio
103.6%
2025
17.2%
2025
Government debt per person
$4,655
2025
$3,068
2025
Government debt per person rank
88/185
2025
105/185
2025
Average annual personal income after taxes
$4,215
2026
$11,183
2026
Market capitalization of domestic companies n/a
$650B
2023
Number of millionaires n/a
447,000
2026
Number of billionaires n/a
147
2026
Income share by richest 10%
22.7%
2022
25.1%
2023
Income share by poorest 10%
3.6%
2022
3.1%
2023
Government expenditure, % of GDP
30.5%
2025
39.1%
2025
Consumer prices inflation
2.6%
2024-2025
8.7%
2024-2025
Central bank interest rate n/a
14.5%
2026
Unemployment rate
3.36%
2025
2.13%
2025
Population
805057
142643173

Spending and national debt comparison by year

Bhutan
Spending

Debt
Russia
Spending

Debt
1x
Year % of GDP
Bhutan Russia
Government spending Government debt Government spending Government debt
2025 30.5% 103.6% 39.1% 17.2%
2024 28.3% 108.7% 36.7% 14.8%
2023 28.9% 117.2% 36.1% 15.2%
2022 32.1% 119.9% 35.1% 15.1%
2021 36.6% 124.5% 34.9% 16.5%
2020 30.9% 116% 39.2% 19.2%
2019 24.2% 100.8% 33.8% 13.7%
2018 31.7% 103.4% 32.6% 13.6%
2017 30.6% 104.1% 34.8% 14.3%
2016 30.5% 103% 36.6% 14.8%
2015 27.5% 90.2% 35.3% 15.3%
2014 28.9% 89.8% 34.9% 15.1%
2013 32.5% 87.4% 34.7% 12.3%
2012 35.1% 71.5% 34% 11.2%
2011 36.1% 62.3% 33.3% 10.3%
2010 41.5% 55.8% 35.5% 10.1%
2009 39.3% 61% 38.6% 9.92%
2008 36.1% 60.6% 32% 7.45%
2007 33.2% 67.3% 31.9% 8.03%
2006 33.4% 80.1% 29% 9.8%
2005 36.4% 80.8% 29.5% 14.9%
2004 31% 76% 29.6% 20.8%
2003 34.7% 68.5% 32.6% 28.3%
2002 39.3% 57.7% 33.8% 37.6%
2001 50.3% 52.4% 31.5% 44.4%
2000 43% 44% 30.7% 55.9%
1999 40.2% 39.2% 34.3% 92.4%
1998 31.1% 36.4% 39.7% 135.2%
1997 37.8% 33% - 51.5%
1996 37.9% 36.8% - 51.9%
1995 38.6% 38.7% - 53.7%
1994 37.9% 53.2% - 63.5%
1993 35.2% 60.2% - 92.4%
1992 34.5% 35.6% - 116%
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 (1987–1996, retrieved 2026-07-08).

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

In 2025, Bhutan's government spending was $1.09B, accounting for 30.5% of its GDP, while Russia spent $1T, or 39.1% of GDP.

Debt-to-GDP ratio is 103.6% in Bhutan and 17.2% in Russia, ranking 19/185 and 175/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Russia
1x
Year Deficit/surplus, % of GDP
Bhutan Russia
2025 -2.7% -3.9%
2024 -1.79% -1.59%
2023 -4.73% -2.24%
2022 -6.95% -1.34%
2021 -5.76% 0.78%
2020 -1.81% -3.99%
2019 -1.49% 1.93%
2018 -1.52% 2.92%
2017 -4.49% -1.47%
2016 -2.31% -3.67%
2015 -0.49% -3.39%
2014 2.46% -1.07%
2013 -4.55% -1.16%
2012 -2.1% 0.38%
2011 -3.02% 1.43%
2010 1.92% -3.19%
2009 -0.8% -5.89%
2008 -2.57% 4.55%
2007 0.79% 5.59%
2006 -0.07% 7.8%
2005 -6.96% 7.6%
2004 1.8% 4.57%
2003 -10.2% 1.35%
2002 -4.33% 0.67%
2001 -12.2% 2.99%
2000 -3.39% 3.11%
1999 -1.28% -3.59%
1998 1.28% -7.42%
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% -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - 0.15%
1939 - 0.12%
1938 - 0.16%
1937 - 0.12%
1936 - 0.1%
1935 - 0.07%
1934 - 0.25%
1933 - 0.58%
1932 - 0.06%
1931 - -1.12%
1930 - -1.62%
1929 - -0.4%
1928 - -0.4%
1927 - -
1926 - -
1925 - -
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - -
1912 - 0.69%
1911 - 1.26%
1910 - 1.52%
1909 - -0.15%
1908 - -0.83%
1907 - -0.86%
1906 - -3.19%
1905 - -7.72%
1904 - -5.13%
1903 - 1.04%
1902 - -1.57%
1901 - 0.14%
1900 - -0.36%
1899 - 0.66%
1898 - 0.03%
1897 - 0.34%
1896 - 1.3%
1895 - 0.7%
1894 - 1.43%
1893 - 0.63%
1892 - -1.16%
1891 - -0.97%
1890 - 0.01%
1889 - 1.34%
1888 - 0.88%
1887 - 0.14%
1886 - -0.84%
1885 - -0.75%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1885–1989, retrieved 2026-07-08).

GeoRank.org/economy/bhutan/russia | 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 Russia's deficit of $100B, or 3.9% of GDP.

Over the past 28 years, Bhutan recorded a fiscal deficit in 23 of those years, while Russia ran a deficit in 14 years. On average, Bhutan posted an annual deficit equal to 2.76% of GDP, compared to surplus of 0.06% of GDP for Russia.

Inflation comparison by year

Inflation
Bhutan

Russia
1x
Year Consumer prices inflation
Bhutan Russia
2025 2.6% 8.7%
2024 4.3% 8.4%
2023 4.5% 5.9%
2022 5.9% 13.7%
2021 8.2% 6.7%
2020 3% 3.4%
2019 2.8% 4.5%
2018 3.6% 2.9%
2017 4.3% 3.7%
2016 3.3% 7%
2015 6.7% 15.5%
2014 9.6% 7.8%
2013 8.1% 6.8%
2012 10.1% 5.1%
2011 8.6% 8.4%
2010 4.8% 6.8%
2009 7.1% 11.6%
2008 6.3% 14.1%
2007 5.2% 9%
2006 4.9% 9.7%
2005 4.8% 12.7%
2004 3.3% 10.9%
2003 2.5% 13.7%
2002 2.9% 15.8%
2001 3.7% 21.5%
2000 7.2% 20.8%
1999 9.1% 85.7%
1998 7.6% 27.7%
1997 8.6% 14.8%

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

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

Over the past 29 years, Bhutan has recorded an average annual inflation rate of 5.64%, compared with 13.2% in Russia. In 2025, inflation was 2.6% in Bhutan and 8.7% in Russia.

Top exports between countries

Bhutan
Export category Export value
Raw agricultural goods $25K
Precious metals & jewellery $23K
Processed food, beverages & tobacco $13K
Russia
Export category Export value
IT & IP services $9K
Business & finance services $3K
Transport & tourism services $1K

Balance of trade

Bhutan Russia
Current account balance
-$649M
2024
$43.1B
2025
Current account balance ranking
105/190
2024
14/190
2025
Current account balance, % of GDP
-19.4%
2024
+1.68%
2025
Goods imports
$1.28B
2024
$305B
2025
Goods exports
$660M
2024
$422B
2025
Service imports
$228M
2024
$94.8B
2025
Service exports
$288M
2024
$46.3B
2025
Imports of goods and services, % of GDP
47.9%
2024
15.5%
2025
Exports of goods and services, % of GDP
31.5%
2024
18.2%
2025

Economic freedom indices

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

Bhutan Russia
Economic freedom 57.5 50.3
Economic freedom ranking 115/197 161/197
Property rights 69.2 18.6
Government integrity 72.2 22.8
Judicial effectiveness 61.8 22.8
Tax burden 83.4 81.9
Government spending 74.1 61.3
Fiscal health 25.8 94.4
Business freedom 67.8 51.4
Labor freedom 60.1 59.1
Monetary freedom 71.6 61.8
Trade freedom 63.4 69.4
Investment freedom 20 30
Financial freedom 20 30

Economic freedom comparison by year

Bhutan
Russia
1x
Year Economic freedom index
Bhutan Russia
2026 57.5 50.3
2025 57.5 51.6
2024 55.4 52
2023 59 53.8
2022 59.3 56.1
2021 58.3 61.5
2020 62.1 61
2019 62.9 58.9
2018 61.8 58.2
2017 58.4 57.1
2016 59.5 50.6
2015 57.4 52.1
2014 56.7 51.9
2013 55 51.1
2012 56.6 50.5
2011 57.6 50.5
2010 57 50.3
2009 57.7 50.8
2008 - 49.8
2007 - 52.2
2006 - 52.4
2005 - 51.3
2004 - 52.8
2003 - 50.8
2002 - 48.7
2001 - 49.8
2000 - 51.8
1999 - 54.5
1998 - 52.8
1997 - 48.6
1996 - 51.6
1995 - 51.1

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 50.3 for Russia, ranking 161/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Russia
Services, % of GDP
53.2%
2025
58.9%
2025
Industry, % of GDP
33.2%
2025
29.7%
2025
Agriculture, forestry, and fishing, % of GDP
13.7%
2025
3.06%
2025
GNI, Atlas method
$3.43B
2025
$2.33T
2025
GNI per capita, PPP
$18,520
2025
$49,220
2025
Total reserves including gold
$1.19B
2025
$608B
2024
Total reserves ranking
140/177
2025
6/177
2024
Net foreign direct investment
-$2.82M
2024
-$12.4B
2025
Net inflows of foreign direct investment
$2.82M
2024
-$9.35B
2024
Net outflows of foreign direct investment
$0
2024
-$170M
2024
Servicing debt to the IMF, % of GNI
5.11%
2024
2.63%
2024
Poverty at national poverty lines
12.4%
2022
7.2%
2024
Gross capital formation, % of GDP
42.6%
2024
25.9%
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/russia | CC BY

Compare countries by 7 more topics

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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. International Monetary Fund (IMF) | Public Finances in Modern History (1885–1996, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2019–2025, 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.