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Economy of Bhutan vs Taiwan compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $802B for Taiwan, ranking 170/197 and 22/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $211B (26.3% of GDP) in Taiwan.

Bhutan vs Taiwan GDP by year

Bhutan
Taiwan
1x
Year GDP, current $
Bhutan Taiwan
2024 - $801,529,000,000
2023 $3,012,896,789 $757,328,000,000
2022 $2,898,227,744 $765,529,000,000
2021 $2,768,802,960 $777,062,000,000
2020 $2,457,604,334 $676,935,000,000
2019 $2,735,683,570 $613,453,000,000
2018 $2,583,335,722 $610,744,000,000
2017 $2,591,358,009 $591,734,000,000
2016 $2,357,504,761 $543,002,000,000
2015 $2,187,815,803 $534,474,000,000
2014 $2,089,079,571 $535,332,000,000
2013 $1,943,696,952 $512,957,000,000
2012 $1,973,387,228 $495,536,000,000
2011 $1,977,728,659 $483,957,000,000
2010 $1,708,880,730 $444,245,000,000
2009 $1,331,343,798 $390,788,000,000
2008 $1,317,517,835 $415,824,000,000
2007 $1,255,767,964 $406,940,000,000
2006 $942,879,879 $386,492,000,000
2005 $860,391,000 $374,042,000,000
2004 $735,348,490 $346,881,000,000
2003 $651,935,430 $317,374,000,000
2002 $559,345,264 $307,429,000,000
2001 $496,110,226 $299,303,000,000
2000 $460,733,418 $330,725,000,000
1999 $399,311,200 $303,827,000,000
1998 $363,458,381 $279,926,000,000
1997 $352,229,077 $303,315,000,000
1996 $303,408,346 $292,473,000,000
1995 $290,490,984 $279,013,000,000
1994 $258,954,708 $256,213,000,000
1993 $225,973,693 $234,943,000,000
1992 $240,233,531 $222,947,000,000
1991 $240,294,286 $187,100,000,000
1990 $287,765,007 $166,392,000,000
1989 $264,798,626 $152,687,000,000
1988 $272,298,067 $126,378,000,000
1987 $242,742,766 $104,956,000,000
1986 $191,218,115 $78,347,000,000
1985 $163,288,815 $63,599,000,000
1984 $160,423,494 $61,036,000,000
1983 $156,704,290 $54,155,000,000
1982 $141,439,317 $49,540,000,000
1981 $139,174,178 $49,047,000,000
1980 $128,669,201 $42,292,000,000
1979 $105,377,995 $33,875,000,000
1978 $94,086,228 $27,373,000,000
1977 $97,884,434 $22,252,000,000
1976 $88,461,263 $18,988,000,000
1975 $86,820,762 $15,836,000,000
1974 $92,901,784 $14,739,000,000
1973 $78,900,289 $10,940,000,000
1972 $70,139,867 $8,063,000,000
1971 $66,289,450 $6,727,000,000
1970 $61,812,113 $5,785,000,000
1969 - $5,017,000,000
1968 - $4,325,000,000
1967 - $3,709,000,000
1966 - $3,207,000,000
1965 - $2,869,000,000
1964 - $2,592,000,000
1963 - $2,218,000,000
1962 - $1,960,000,000
1961 - $1,778,000,000
1960 - $1,743,000,000
1959 - $1,444,000,000
1958 - $1,836,000,000
1957 - $1,636,000,000
1956 - $1,399,000,000
1955 - $1,940,000,000
1954 - $1,628,000,000
1953 - $1,481,000,000
1952 - $1,677,000,000
1951 - $1,197,000,000

Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); World Bank | Economy & Growth (1970–2023, retrieved 2026-04-06).

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

GDP per capita in Bhutan vs Taiwan by year

Bhutan
GDP per capita

GDP per capita, PPP
Taiwan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Taiwan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $34,238 -
2023 $3,831 $16,215 $32,444 -
2022 $3,711 $15,064 $32,827 -
2021 $3,571 $13,459 $33,111 -
2020 $3,192 $12,475 $28,705 -
2019 $3,577 $12,909 $25,998 -
2018 $3,400 $11,970 $25,901 -
2017 $3,435 $11,677 $25,121 $50,500
2016 $3,152 $11,273 $23,091 -
2015 $2,954 $10,214 $22,780 $46,800
2014 $2,849 $9,323 $22,874 -
2013 $2,680 $8,667 $21,973 $39,600
2012 $2,751 $8,577 $21,295 $39,400
2011 $2,788 $7,935 $20,866 $38,200
2010 $2,436 $7,246 $19,197 $35,700
2009 $1,918 $6,466 $16,933 $32,000
2008 $1,920 $6,035 $18,081 $31,100
2007 $1,850 $5,729 $17,757 $30,100
2006 $1,406 $4,860 $16,934 $29,500
2005 $1,300 $4,523 $16,456 $27,500
2004 $1,130 $4,173 $15,317 $25,300
2003 $1,022 $3,942 $14,066 $23,400
2002 $896 $3,663 $13,686 $18,000
2001 $812 $3,338 $13,397 $17,200
2000 $772 $3,113 $14,908 $17,400
1999 $685 $3,017 $13,804 $16,100
1998 $638 $2,819 $12,820 -
1997 $630 $2,683 $14,020 -
1996 $553 $2,548 $13,641 -
1995 $530 $2,374 $13,119 -
1994 $467 $2,146 $12,150 -
1993 $407 $2,001 $11,242 -
1992 $416 $1,840 $10,768 -
1991 $401 $1,657 $9,125 -
1990 $488 $1,638 $8,205 -
1989 $462 - $7,613 -
1988 $489 - $6,370 -
1987 $449 - $5,350 -
1986 $365 - $4,036 -
1985 $321 - $3,314 -
1984 $326 - $3,224 -
1983 $328 - $2,903 -
1982 $306 - $2,699 -
1981 $311 - $2,720 -
1980 $296.9 - $2,389 -
1979 $251.4 - $1,950 -
1978 $232.2 - $1,606 -
1977 $249.9 - $1,330 -
1976 $233.7 - $1,158 -
1975 $237.4 - $985 -
1974 $262.8 - $934 -
1973 $230.9 - $706 -
1972 $212.4 - $530 -
1971 $207.7 - $451 -
1970 $200.3 - $397 -
1969 - - $357 -
1968 - - $319 -
1967 - - $280.8 -
1966 - - $249.1 -
1965 - - $229.3 -
1964 - - $213.6 -
1963 - - $188.6 -
1962 - - $172 -
1961 - - $161.2 -
1960 - - $163.4 -
1959 - - $140.4 -
1958 - - $185.1 -
1957 - - $170.5 -
1956 - - $150.6 -
1955 - - $216.3 -
1954 - - $188.3 -
1953 - - $177.7 -
1952 - - $208.4 -
1951 - - $154.3 -

Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); World Bank | Economy & Growth (1970–2023, retrieved 2026-04-06); Central Intelligence Agency (CIA) (1999–2017, retrieved 2026-02-20).

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $34,238 in Taiwan, ranking 35/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Taiwan ranks 44th at $50,500.

Economic indicators

Bhutan Taiwan
Gross domestic product
$3.01B
2023
$802B
2024
GDP rank
170/197
2023
22/197
2024
GDP growth
4.63%
2022-2023
2.3%
2023-2024
GDP per capita
$3,831
2023
$34,238
2024
GDP per capita rank
132/197
2023
35/197
2024
GDP per capita, PPP
$16,215
2023
$50,500
2017
GDP per capita PPP rank
109/197
2023
44/197
2017
Government debt
$3.53B
2023
$211B
2024
Debt-to-GDP ratio
110.4%
2024
26.3%
2024
Government debt per person
$4,485
2023
$9,020
2024
Government debt per person rank
87/185
2023
59/185
2024
Average annual personal income after taxes
$5,506
2026
$18,163
2026
Number of millionaires n/a
759,000
2025
Number of billionaires n/a
54
2025
Income share by richest 10%
22.7%
2022
n/a
Income share by poorest 10%
3.6%
2022
n/a
Government expenditure, % of GDP
27.1%
2024
15.8%
2024
Consumer prices inflation
4.3%
2023-2024
2.2%
2023-2024
Central bank interest rate n/a
2%
2024
Unemployment rate
3.28%
2024
3.35%
2025
Population
803385
23229461

Spending and national debt comparison by year

Bhutan
Spending

Debt
Taiwan
Spending

Debt
1x
Year % of GDP
Bhutan Taiwan
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 15.8% 26.3%
2023 28.8% 117.1% 17.1% 29%
2022 32.1% 119.9% 16% 29.5%
2021 36.6% 124.5% 15.4% 30.1%
2020 30.9% 116% 16.2% 32%
2019 24.2% 100.8% 15.3% 32.6%
2018 31.7% 103.4% 15.4% 33.8%
2017 30.6% 104.1% 15.4% 34.5%
2016 30.5% 103% 15.6% 35.4%
2015 27.5% 90.2% 15.5% 35.9%
2014 28.9% 89.8% - 37.5%
2013 32.5% 87.4% - 38.9%
2012 35.1% 71.5% - 39.2%
2011 36.1% 62.3% 18.3% 38.3%
2010 41.5% 55.8% - 36.9%
2009 39.3% 61% - 36.7%
2008 36.1% 60.6% - 33.4%
2007 33.2% 67.3% - 32.2%
2006 33.4% 80.1% - 33.3%
2005 36.4% 80.8% - 34.1%
2004 31% 76% - 33.4%
2003 34.7% 68.5% - 32.1%
2002 39.3% 57.7% - 29.8%
2001 50.3% 52.4% 22.5% 30.1%
2000 43% 44% - 26.2%
1999 40.2% 39.2% - 23.7%
1998 31.1% 36.4% - 23.7%
1997 37.8% 33% - 25%
1996 37.9% 36.8% - -
1995 38.6% 38.7% - -
1994 37.9% 53.2% - -
1993 35.2% 60.2% - -
1992 34.5% 35.6% - -
1991 30.8% 33.5% 25.4% -
1990 35.8% 27.4% - -
1989 46.8% 26.4% - -
1988 45.3% 24.7% - -
1987 47.5% 17.3% - -
1986 - - - -
1985 - - - -
1984 - - - -
1983 - - - -
1982 - - - -
1981 - - 23.6% -
1980 - - - -
1979 - - - -
1978 - - - -
1977 - - - -
1976 - - 21.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); National Statistics, Taiwan (1976–2024, retrieved 2026-02-09); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Taiwan spent $127B, or 15.8% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 26.3% in Taiwan, ranking 17/185 and 160/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Taiwan
1x
Year Deficit/surplus, % of GDP
Bhutan Taiwan
2024 -0.17% 0.43%
2023 -4.73% -0.61%
2022 -6.95% 0.17%
2021 -5.76% -0.18%
2020 -1.81% -1.03%
2019 -1.49% 0.11%
2018 -1.52% 0.02%
2017 -4.49% -0.14%
2016 -2.31% -0.31%
2015 -0.49% 0.1%
2014 2.46% -
2013 -4.55% -
2012 -2.1% -
2011 -3.02% -2.15%
2010 1.92% -
2009 -0.8% -
2008 -2.57% -
2007 0.79% -
2006 -0.07% -
2005 -6.96% -
2004 1.8% -
2003 -10.2% -
2002 -4.33% -
2001 -12.2% -3.71%
2000 -3.39% -
1999 -1.28% -
1998 1.28% -
1997 -1.92% -
1996 2.55% -
1995 -0.88% -
1994 -0.13% -
1993 4.71% -
1992 -3.47% -
1991 -0.48% -4.5%
1990 -7.21% -
1989 -10.1% -
1988 1.33% -
1987 -0.56% -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -0.78%
1980 - -
1979 - -
1978 - -
1977 - -
1976 - 1.39%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); National Statistics, Taiwan (1976–2024, retrieved 2026-02-09); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1989, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/taiwan | 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 Taiwan's deficit of $4.65B, or 0.61% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while Taiwan ran a deficit in 8 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to deficit of 1.02% of GDP for Taiwan.

Inflation comparison by year

Inflation
Bhutan

Taiwan
1x
Year Consumer prices inflation
Bhutan Taiwan
2024 4.3% 2.2%
2023 4.5% 2.5%
2022 5.9% 2.9%
2021 8.2% 2%
2020 3% -0.2%
2019 2.8% 0.6%
2018 3.6% 1.4%
2017 4.3% 0.6%
2016 3.3% 1.4%
2015 6.7% -0.3%
2014 9.6% 1.2%
2013 8.1% 0.8%
2012 10.1% 1.9%
2011 8.6% 1.4%
2010 4.8% 1%
2009 7.1% -0.9%
2008 6.3% 3.5%
2007 5.2% 1.8%
2006 4.9% 0.6%
2005 4.8% 2.3%
2004 3.3% 1.6%
2003 2.5% -0.3%
2002 2.9% -0.2%
2001 3.7% 0%
2000 7.2% 1.2%
1999 9.1% 0.2%
1998 7.6% 1.7%
1997 8.6% 0.9%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

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

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 1.14% in Taiwan. In 2024, inflation was 4.3% in Bhutan and 2.2% in Taiwan.

Balance of trade

Bhutan Taiwan
Current account balance
-$670M
2024
$113B
2024
Current account balance ranking
114/190
2024
4/190
2024
Current account balance, % of GDP
-32%
2023
+14.1%
2024
Goods imports
$1.29B
2024
n/a
Goods exports
$656M
2024
n/a
Service imports
$228M
2024
n/a
Service exports
$288M
2024
n/a
Imports of goods and services, % of GDP
53.3%
2023
50.2%
2024
Exports of goods and services, % of GDP
28.4%
2023
63.3%
2024

Economic freedom indices

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

Bhutan Taiwan
Economic freedom 57.5 79.8
Economic freedom ranking 115/197 6/197
Property rights 69.2 83.4
Government integrity 72.2 74.3
Judicial effectiveness 61.8 94.3
Tax burden 83.4 78.9
Government spending 74.1 90
Fiscal health 25.8 92.9
Business freedom 67.8 78.6
Labor freedom 60.1 69
Monetary freedom 71.6 80.3
Trade freedom 63.4 86
Investment freedom 20 70
Financial freedom 20 60

Economic freedom comparison by year

Bhutan
Taiwan
1x
Year Economic freedom index
Bhutan Taiwan
2026 57.5 79.8
2025 57.5 79.7
2024 55.4 80
2023 59 80.7
2022 59.3 80.1
2021 58.3 78.6
2020 62.1 77.1
2019 62.9 77.3
2018 61.8 76.6
2017 58.4 76.5
2016 59.5 74.7
2015 57.4 75.1
2014 56.7 73.9
2013 55 72.7
2012 56.6 71.9
2011 57.6 70.8
2010 57 70.4
2009 57.7 69.5
2008 - 70.3
2007 - 69.4
2006 - 69.7
2005 - 71.3
2004 - 69.6
2003 - 71.7
2002 - 71.3
2001 - 72.8
2000 - 72.5
1999 - 71.5
1998 - 70.4
1997 - 70
1996 - 74.1
1995 - 74.2

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 79.8 for Taiwan, ranking 6/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Taiwan
Services, % of GDP
52.8%
2023
58.8%
2024
Industry, % of GDP
29.4%
2023
39.8%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
1.47%
2024
GNI, Atlas method
$2.93B
2023
$832B
2024
GNI per capita, PPP
$15,320
2023
n/a
Total reserves including gold
$941M
2024
n/a
Total reserves ranking
143/177
2024
n/a
Net foreign direct investment
-$22.8M
2024
n/a
Net inflows of foreign direct investment
$2.82M
2024
n/a
Net outflows of foreign direct investment
$0
2024
n/a
Servicing debt to the IMF, % of GNI
4.96%
2023
n/a
Poverty at national poverty lines
12.4%
2022
1.5%
2020
Gross capital formation, % of GDP
45.3%
2023
26.7%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); National Statistics, Taiwan (1985–2024, retrieved 2026-02-09); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06)
  2. National Statistics, Taiwan (1951–2025, retrieved 2026-02-09)
  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. Central Intelligence Agency (CIA) (1999–2020, retrieved 2026-02-20)
  7. International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-02-20)
  8. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  9. 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.