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Economy of Bhutan vs Uruguay compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $81B for Uruguay, ranking 170/197 and 81/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $55.6B (68.7% of GDP) in Uruguay.

Bhutan vs Uruguay GDP by year

Bhutan
Uruguay
1x
Year GDP, current $
Bhutan Uruguay
2024 - $80,961,511,074
2023 $3,012,896,789 $77,991,666,838
2022 $2,898,227,744 $70,594,110,920
2021 $2,768,802,960 $60,739,084,241
2020 $2,457,604,334 $53,559,359,262
2019 $2,735,683,570 $62,222,313,619
2018 $2,583,335,722 $65,344,577,416
2017 $2,591,358,009 $65,005,997,963
2016 $2,357,504,761 $57,480,787,465
2015 $2,187,815,803 $57,680,327,999
2014 $2,089,079,571 $61,496,186,974
2013 $1,943,696,952 $61,337,621,934
2012 $1,973,387,228 $54,232,266,359
2011 $1,977,728,659 $50,342,406,067
2010 $1,708,880,730 $41,950,361,212
2009 $1,331,343,798 $32,708,319,078
2008 $1,317,517,835 $31,119,602,539
2007 $1,255,767,964 $23,797,773,024
2006 $942,879,879 $19,741,420,740
2005 $860,391,000 $17,362,857,684
2004 $735,348,490 $13,686,329,890
2003 $651,935,430 $12,045,638,352
2002 $559,345,264 $13,606,515,723
2001 $496,110,226 $20,898,761,742
2000 $460,733,418 $22,823,270,892
1999 $399,311,200 $23,983,945,191
1998 $363,458,381 $25,385,886,978
1997 $352,229,077 $23,969,739,234
1996 $303,408,346 $20,515,458,114
1995 $290,490,984 $19,297,663,097
1994 $258,954,708 $17,474,588,896
1993 $225,973,693 $15,002,136,971
1992 $240,233,531 $12,878,148,791
1991 $240,294,286 $11,206,176,651
1990 $287,765,007 $9,298,807,850
1989 $264,798,626 $8,438,951,476
1988 $272,298,067 $8,213,538,369
1987 $242,742,766 $7,367,494,080
1986 $191,218,115 $5,880,112,788
1985 $163,288,815 $4,732,017,873
1984 $160,423,494 $4,850,238,550
1983 $156,704,290 $5,102,276,308
1982 $141,439,317 $9,178,780,077
1981 $139,174,178 $11,048,301,421
1980 $128,669,201 $10,163,020,116
1979 $105,377,995 $7,181,182,224
1978 $94,086,228 $4,910,254,566
1977 $97,884,434 $4,114,670,014
1976 $88,461,263 $3,667,161,241
1975 $86,820,762 $3,538,278,047
1974 $92,901,784 $4,090,209,682
1973 $78,900,289 $3,964,296,443
1972 $70,139,867 $2,189,418,689
1971 $66,289,450 $2,807,258,065
1970 $61,812,113 $2,137,096,774
1969 - $2,004,435,484
1968 - $1,593,674,185
1967 - $1,597,713,469
1966 - $1,809,185,094
1965 - $1,890,767,156
1964 - $1,975,701,816
1963 - $1,539,681,491
1962 - $1,710,004,407
1961 - $1,547,388,781
1960 - $1,242,289,239

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

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

GDP per capita in Bhutan vs Uruguay by year

Bhutan
GDP per capita

GDP per capita, PPP
Uruguay
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Uruguay
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $23,907 $36,418
2023 $3,831 $16,215 $23,019 $34,471
2022 $3,711 $15,064 $20,819 $33,001
2021 $3,571 $13,459 $17,882 $29,432
2020 $3,192 $12,475 $15,758 $25,725
2019 $3,577 $12,909 $18,316 $25,783
2018 $3,400 $11,970 $19,250 $24,386
2017 $3,435 $11,677 $19,185 $23,607
2016 $3,152 $11,273 $17,010 $22,841
2015 $2,954 $10,214 $17,126 $22,169
2014 $2,849 $9,323 $18,322 $21,868
2013 $2,680 $8,667 $18,335 $20,661
2012 $2,751 $8,577 $16,260 $19,495
2011 $2,788 $7,935 $15,132 $19,135
2010 $2,436 $7,246 $12,641 $17,873
2009 $1,918 $6,466 $9,881 $16,422
2008 $1,920 $6,035 $9,424 $15,694
2007 $1,850 $5,729 $7,222 $14,397
2006 $1,406 $4,860 $6,001 $13,179
2005 $1,300 $4,523 $5,284 $12,296
2004 $1,130 $4,173 $4,169 $11,103
2003 $1,022 $3,942 $3,671 $10,303
2002 $896 $3,663 $4,150 $10,030
2001 $812 $3,338 $6,383 $10,719
2000 $772 $3,113 $6,988 $10,929
1999 $685 $3,017 $7,371 $10,938
1998 $638 $2,819 $7,837 $11,002
1997 $630 $2,683 $7,436 $10,461
1996 $553 $2,548 $6,398 $9,524
1995 $530 $2,374 $6,050 $8,906
1994 $467 $2,146 $5,508 $8,897
1993 $407 $2,001 $4,753 $8,162
1992 $416 $1,840 $4,102 $7,808
1991 $401 $1,657 $3,589 $7,112
1990 $488 $1,638 $2,995 $6,683
1989 $462 - $2,734 -
1988 $489 - $2,677 -
1987 $449 - $2,416 -
1986 $365 - $1,939 -
1985 $321 - $1,568 -
1984 $326 - $1,615 -
1983 $328 - $1,707 -
1982 $306 - $3,085 -
1981 $311 - $3,728 -
1980 $296.9 - $3,443 -
1979 $251.4 - $2,443 -
1978 $232.2 - $1,678 -
1977 $249.9 - $1,414 -
1976 $233.7 - $1,268 -
1975 $237.4 - $1,232 -
1974 $262.8 - $1,433 -
1973 $230.9 - $1,397 -
1972 $212.4 - $776 -
1971 $207.7 - $1,000 -
1970 $200.3 - $766 -
1969 - - $723 -
1968 - - $579 -
1967 - - $585 -
1966 - - $668 -
1965 - - $705 -
1964 - - $745 -
1963 - - $587 -
1962 - - $659 -
1961 - - $604 -
1960 - - $491 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $23,907 in Uruguay, ranking 52/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Uruguay ranks 61st at $36,418.

Economic indicators

Bhutan Uruguay
Gross domestic product
$3.01B
2023
$81B
2024
GDP rank
170/197
2023
81/197
2024
GDP growth
4.63%
2022-2023
3.11%
2023-2024
GDP per capita
$3,831
2023
$23,907
2024
GDP per capita rank
132/197
2023
52/197
2024
GDP per capita, PPP
$16,215
2023
$36,418
2024
GDP per capita PPP rank
109/197
2023
61/197
2024
Government debt
$3.53B
2023
$55.6B
2024
Debt-to-GDP ratio
110.4%
2024
68.7%
2024
Government debt per person
$4,485
2023
$16,421
2024
Government debt per person rank
87/185
2023
38/185
2024
Average annual personal income after taxes
$5,506
2026
$12,433
2026
Market capitalization of domestic companies n/a
$284M
1996
Income share by richest 10%
22.7%
2022
30%
2024
Income share by poorest 10%
3.6%
2022
2.2%
2024
Government expenditure, % of GDP
27.1%
2024
31.1%
2024
Consumer prices inflation
4.3%
2023-2024
4.85%
2023-2024
Central bank interest rate n/a
8.25%
2025
Unemployment rate
3.28%
2024
8.21%
2024
Population
803385
3382789

Spending and national debt comparison by year

Bhutan
Spending

Debt
Uruguay
Spending

Debt
1x
Year % of GDP
Bhutan Uruguay
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 31.1% 68.7%
2023 28.8% 117.1% 30.5% 64%
2022 32.1% 119.9% 30% 59.9%
2021 36.6% 124.5% 30.2% 64.1%
2020 30.9% 116% 32.8% 68.2%
2019 24.2% 100.8% 30.6% 59.6%
2018 31.7% 103.4% 30.3% 57.9%
2017 30.6% 104.1% 29.7% 55.8%
2016 30.5% 103% 29.7% 56.4%
2015 27.5% 90.2% 28.4% 57.8%
2014 28.9% 89.8% 29.1% 51.1%
2013 32.5% 87.4% 28.8% 50%
2012 35.1% 71.5% 27.7% 49.8%
2011 36.1% 62.3% 26.3% 41.3%
2010 41.5% 55.8% 27.4% 40.9%
2009 39.3% 61% 27.2% 46.2%
2008 36.1% 60.6% 26.3% 46.2%
2007 33.2% 67.3% 26.8% 52.8%
2006 33.4% 80.1% 26.8% 61.1%
2005 36.4% 80.8% 26.3% 66.2%
2004 31% 76% 26.6% 73.7%
2003 34.7% 68.5% 27.7% 91.9%
2002 39.3% 57.7% 27.6% 90.1%
2001 50.3% 52.4% 27.8% 39.4%
2000 43% 44% 26.6% 30.5%
1999 40.2% 39.2% 27.2% 24.1%
1998 31.1% 36.4% 27.3% 19.4%
1997 37.8% 33% 27.6% 18.8%
1996 37.9% 36.8% 26.5% 18.3%
1995 38.6% 38.7% 26.2% 18.5%
1994 37.9% 53.2% 29.5% 19.3%
1993 35.2% 60.2% 27.7% 20%
1992 34.5% 35.6% 23.6% 22.2%
1991 30.8% 33.5% 22.2% 20.4%
1990 35.8% 27.4% 21.1% 26.2%
1989 46.8% 26.4% 37% -
1988 45.3% 24.7% 26% 34.8%
1987 47.5% 17.3% 24.4% 37.3%
1986 - - 25.1% 34.6%
1985 - - 24.6% 29%
1984 - - 25.6% 39.5%
1983 - - 26.5% 21.2%
1982 - - 29.5% 13.5%
1981 - - 25% 4.32%
1980 - - 21.8% 4.59%
1979 - - 20.2% 3.98%
1978 - - 22.9% 5.64%
1977 - - 23.5% 7.26%
1976 - - 24.2% 8.67%
1975 - - 23% 8.13%
1974 - - 23.8% 7.61%
1973 - - 22.6% 7%
1972 - - 24.6% 9.12%
1971 - - 20.1% 9.3%
1970 - - 15.1% 6.11%
1969 - - 14.6% -
1968 - - 14.1% -
1967 - - 14.7% -
1966 - - 14.1% -
1965 - - 15.6% -
1964 - - 14.3% -
1963 - - 14.6% -
1962 - - 16% -
1961 - - 13% -
1960 - - 9.9% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1998, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Uruguay spent $25.2B, or 31.1% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 68.7% in Uruguay, ranking 17/185 and 59/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Uruguay
1x
Year Deficit/surplus, % of GDP
Bhutan Uruguay
2024 -0.17% -3.22%
2023 -4.73% -3.13%
2022 -6.95% -2.52%
2021 -5.76% -2.61%
2020 -1.81% -4.64%
2019 -1.49% -2.71%
2018 -1.52% -1.89%
2017 -4.49% -2.51%
2016 -2.31% -2.68%
2015 -0.49% -1.86%
2014 2.46% -2.6%
2013 -4.55% -1.72%
2012 -2.1% -2.17%
2011 -3.02% -0.33%
2010 1.92% -0.39%
2009 -0.8% -1.39%
2008 -2.57% -1.31%
2007 0.79% -0.16%
2006 -0.07% -0.64%
2005 -6.96% -0.28%
2004 1.8% -0.87%
2003 -10.2% -2.19%
2002 -4.33% -3.19%
2001 -12.2% -2.85%
2000 -3.39% -2.76%
1999 -1.28% -2.76%
1998 1.28% -0.76%
1997 -1.92% -0.97%
1996 2.55% -1.32%
1995 -0.88% -1.08%
1994 -0.13% -2.37%
1993 4.71% -0.47%
1992 -3.47% 0.6%
1991 -0.48% 0.88%
1990 -7.21% 0.49%
1989 -10.1% -13.1%
1988 1.33% -1.47%
1987 -0.56% -0.66%
1986 - -0.34%
1985 - -1.88%
1984 - -4.94%
1983 - -3.54%
1982 - -8.22%
1981 - -1.15%
1980 - 0.43%
1979 - 0.99%
1978 - -0.47%
1977 - -0.69%
1976 - -2.01%
1975 - -4.38%
1974 - -3.74%
1973 - -1.09%
1972 - -2.25%
1971 - -5.86%
1970 - -1.33%
1969 - -2.37%
1968 - -2.93%
1967 - -4.12%
1966 - -2.01%
1965 - -5.14%
1964 - -3.61%
1963 - -4.4%
1962 - -5.02%
1961 - -0.86%
1960 - 0.79%
1959 - 0.64%
1958 - -1.38%
1957 - -0.72%
1956 - 0.04%
1955 - -1.24%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1955–1998, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/uruguay | 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 Uruguay's deficit of $2.44B, or 3.13% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while Uruguay ran a deficit in 34 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to deficit of 1.9% of GDP for Uruguay.

Inflation comparison by year

Inflation
Bhutan

Uruguay
1x
Year Consumer prices inflation
Bhutan Uruguay
2024 4.3% 4.85%
2023 4.5% 5.87%
2022 5.9% 9.1%
2021 8.2% 7.75%
2020 3% 9.76%
2019 2.8% 7.88%
2018 3.6% 7.61%
2017 4.3% 6.22%
2016 3.3% 9.64%
2015 6.7% 8.67%
2014 9.6% 8.88%
2013 8.1% 8.58%
2012 10.1% 8.1%
2011 8.6% 8.09%
2010 4.8% 6.7%
2009 7.1% 7.06%
2008 6.3% 7.88%
2007 5.2% 8.11%
2006 4.9% 6.4%
2005 4.8% 4.7%
2004 3.3% 9.16%
2003 2.5% 19.4%
2002 2.9% 14%
2001 3.7% 4.36%
2000 7.2% 4.76%
1999 9.1% 5.66%
1998 7.6% 10.8%
1997 8.6% 19.8%

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/uruguay | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 8.56% in Uruguay. In 2024, inflation was 4.3% in Bhutan and 4.85% in Uruguay.

Balance of trade

Bhutan Uruguay
Current account balance
-$670M
2024
-$633M
2024
Current account balance ranking
114/190
2024
111/190
2024
Current account balance, % of GDP
-32%
2023
-0.78%
2024
Goods imports
$1.29B
2024
$13B
2024
Goods exports
$656M
2024
$16.3B
2024
Service imports
$228M
2024
$6.22B
2024
Service exports
$288M
2024
$7.1B
2024
Imports of goods and services, % of GDP
53.3%
2023
23.7%
2024
Exports of goods and services, % of GDP
28.4%
2023
28.8%
2024

Economic freedom indices

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

Bhutan Uruguay
Economic freedom 57.5 69.8
Economic freedom ranking 115/197 39/197
Property rights 69.2 87.4
Government integrity 72.2 79
Judicial effectiveness 61.8 80.9
Tax burden 83.4 73.3
Government spending 74.1 72
Fiscal health 25.8 76.6
Business freedom 67.8 83.8
Labor freedom 60.1 61.7
Monetary freedom 71.6 70.2
Trade freedom 63.4 73.2
Investment freedom 20 50
Financial freedom 20 30

Economic freedom comparison by year

Bhutan
Uruguay
1x
Year Economic freedom index
Bhutan Uruguay
2026 57.5 69.8
2025 57.5 70.2
2024 55.4 69.8
2023 59 70.2
2022 59.3 70
2021 58.3 69.3
2020 62.1 69.1
2019 62.9 68.6
2018 61.8 69.2
2017 58.4 69.7
2016 59.5 68.8
2015 57.4 68.6
2014 56.7 69.3
2013 55 69.7
2012 56.6 69.9
2011 57.6 70
2010 57 69.8
2009 57.7 69.1
2008 - 67.9
2007 - 68.4
2006 - 65.3
2005 - 66.9
2004 - 66.7
2003 - 69.8
2002 - 68.7
2001 - 70.7
2000 - 69.3
1999 - 68.5
1998 - 68.6
1997 - 67.5
1996 - 63.7
1995 - 62.5

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 69.8 for Uruguay, ranking 39/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Uruguay
Services, % of GDP
52.8%
2023
65.3%
2024
Industry, % of GDP
29.4%
2023
16.8%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
6.42%
2024
GNI, Atlas method
$2.93B
2023
$73.3B
2024
GNI per capita, PPP
$15,320
2023
$34,170
2024
Total reserves including gold
$941M
2024
$17.4B
2024
Total reserves ranking
143/177
2024
66/177
2024
Net foreign direct investment
-$22.8M
2024
$2.58B
2024
Net inflows of foreign direct investment
$2.82M
2024
-$3.94B
2024
Net outflows of foreign direct investment
$0
2024
-$1.37B
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
n/a
Poverty at national poverty lines
12.4%
2022
17.3%
2024
Gross capital formation, % of GDP
45.3%
2023
15.6%
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/uruguay | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1955–1998, 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.