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Economy of Bhutan vs Vatican compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $19.8M for the Vatican, ranking 170/197 and 197/197 by economy size, respectively.

Bhutan vs Vatican GDP by year

Bhutan
Vatican
1x
Year GDP, current $
Bhutan Vatican
2023 $3,012,896,789 -
2022 $2,898,227,744 -
2021 $2,768,802,960 -
2020 $2,457,604,334 -
2019 $2,735,683,570 -
2018 $2,583,335,722 -
2017 $2,591,358,009 -
2016 $2,357,504,761 -
2015 $2,187,815,803 -
2014 $2,089,079,571 -
2013 $1,943,696,952 -
2012 $1,973,387,228 -
2011 $1,977,728,659 -
2010 $1,708,880,730 -
2009 $1,331,343,798 -
2008 $1,317,517,835 -
2007 $1,255,767,964 -
2006 $942,879,879 -
2005 $860,391,000 -
2004 $735,348,490 -
2003 $651,935,430 -
2002 $559,345,264 -
2001 $496,110,226 -
2000 $460,733,418 -
1999 $399,311,200 -
1998 $363,458,381 -
1997 $352,229,077 -
1996 $303,408,346 -
1995 $290,490,984 -
1994 $258,954,708 -
1993 $225,973,693 -
1992 $240,233,531 -
1991 $240,294,286 -
1990 $287,765,007 -
1989 $264,798,626 -
1988 $272,298,067 -
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 (1970–2023, retrieved 2026-04-06).

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

Economic indicators

Bhutan Vatican
Gross domestic product
$3.01B
2023
$19.8M
2025
GDP rank
170/197
2023
197/197
2025
GDP growth
4.63%
2022-2023
n/a
GDP per capita
$3,831
2023
$19,800
2025
GDP per capita rank
132/197
2023
59/197
2025
GDP per capita, PPP
$16,215
2023
$39,191
2025
GDP per capita PPP rank
109/197
2023
59/197
2025
Government debt
$3.53B
2023
n/a
Debt-to-GDP ratio
110.4%
2024
n/a
Government debt per person
$4,485
2023
n/a
Government debt per person rank
87/185
2023
n/a
Average annual personal income after taxes
$5,506
2026
$18,169
2026
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
n/a
Consumer prices inflation
4.3%
2023-2024
n/a
Unemployment rate
3.28%
2024
n/a
Population
803385
936

Balance of trade

Bhutan Vatican
Current account balance
-$670M
2024
n/a
Current account balance ranking
114/190
2024
n/a
Current account balance, % of GDP
-32%
2023
n/a
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
n/a
Exports of goods and services, % of GDP
28.4%
2023
n/a

Economic freedom indices

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

Bhutan Vatican
Economic freedom 57.5 65
Economic freedom ranking 115/197 69/197
Property rights 69.2 n/a
Government integrity 72.2 n/a
Judicial effectiveness 61.8 n/a
Tax burden 83.4 n/a
Government spending 74.1 n/a
Fiscal health 25.8 n/a
Business freedom 67.8 n/a
Labor freedom 60.1 n/a
Monetary freedom 71.6 n/a
Trade freedom 63.4 n/a
Investment freedom 20 n/a
Financial freedom 20 n/a

Other economic metrics

Bhutan Vatican
Services, % of GDP
52.8%
2023
n/a
Industry, % of GDP
29.4%
2023
n/a
Agriculture, forestry, and fishing, % of GDP
15%
2023
n/a
GNI, Atlas method
$2.93B
2023
n/a
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
n/a
Gross capital formation, % of GDP
45.3%
2023
n/a

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/vatican | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06)
  2. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  3. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Fiscal Monitor (2023–2024, retrieved 2026-02-20)
  5. Central Intelligence Agency (CIA) (2019–2025, retrieved 2026-02-20)
  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.