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Economy of Bhutan vs Zambia compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $25.3B for Zambia, ranking 170/197 and 116/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $29.1B (114.9% of GDP) in Zambia.

Bhutan vs Zambia GDP by year

Bhutan
Zambia
1x
Year GDP, current $
Bhutan Zambia
2024 - $25,303,185,342
2023 $3,012,896,789 $27,577,956,471
2022 $2,898,227,744 $29,163,782,140
2021 $2,768,802,960 $22,096,416,932
2020 $2,457,604,334 $18,137,764,931
2019 $2,735,683,570 $23,308,667,781
2018 $2,583,335,722 $26,311,507,274
2017 $2,591,358,009 $25,873,601,261
2016 $2,357,504,761 $20,958,412,538
2015 $2,187,815,803 $21,251,216,799
2014 $2,089,079,571 $27,141,023,558
2013 $1,943,696,952 $28,037,239,463
2012 $1,973,387,228 $25,503,060,420
2011 $1,977,728,659 $23,459,515,276
2010 $1,708,880,730 $20,265,559,484
2009 $1,331,343,798 $15,328,342,304
2008 $1,317,517,835 $17,910,858,638
2007 $1,255,767,964 $14,056,957,976
2006 $942,879,879 $12,756,858,899
2005 $860,391,000 $8,331,870,169
2004 $735,348,490 $6,221,110,219
2003 $651,935,430 $4,901,869,764
2002 $559,345,264 $4,193,850,445
2001 $496,110,226 $4,094,441,301
2000 $460,733,418 $3,600,632,111
1999 $399,311,200 $3,404,284,891
1998 $363,458,381 $3,537,741,942
1997 $352,229,077 $4,303,288,480
1996 $303,408,346 $3,597,220,962
1995 $290,490,984 $3,806,983,413
1994 $258,954,708 $3,656,806,166
1993 $225,973,693 $3,273,505,344
1992 $240,233,531 $3,182,810,841
1991 $240,294,286 $3,376,806,697
1990 $287,765,007 $3,288,381,797
1989 $264,798,626 $3,994,673,161
1988 $272,298,067 $3,728,878,149
1987 $242,742,766 $2,265,250,972
1986 $191,218,115 $1,664,413,508
1985 $163,288,815 $2,252,454,500
1984 $160,423,494 $2,719,518,933
1983 $156,704,290 $3,321,048,451
1982 $141,439,317 $3,871,117,093
1981 $139,174,178 $4,008,126,497
1980 $128,669,201 $3,884,530,854
1979 $105,377,995 $3,353,445,378
1978 $94,086,228 $2,811,032,473
1977 $97,884,434 $2,515,296,940
1976 $88,461,263 $2,742,859,263
1975 $86,820,762 $2,442,672,141
1974 $92,901,784 $2,910,981,262
1973 $78,900,289 $2,434,255,237
1972 $70,139,867 $1,872,416,680
1971 $66,289,450 $1,653,259,341
1970 $61,812,113 $1,788,779,285
1969 - $1,926,399,230
1968 - $1,573,739,371
1967 - $1,340,639,464
1966 - $1,238,999,505
1965 - $1,061,199,576
1964 - $822,639,671
1963 - $704,339,719
1962 - $679,279,729
1961 - $682,359,727
1960 - $698,739,721

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

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

GDP per capita in Bhutan vs Zambia by year

Bhutan
GDP per capita

GDP per capita, PPP
Zambia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Zambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $1,187 $4,215
2023 $3,831 $16,215 $1,331 $4,077
2022 $3,711 $15,064 $1,447 $3,841
2021 $3,571 $13,459 $1,127 $3,503
2020 $3,192 $12,475 $952 $3,157
2019 $3,577 $12,909 $1,259 $3,361
2018 $3,400 $11,970 $1,464 $3,442
2017 $3,435 $11,677 $1,483 $3,392
2016 $3,152 $11,273 $1,239 $3,313
2015 $2,954 $10,214 $1,296 $3,337
2014 $2,849 $9,323 $1,707 $3,441
2013 $2,680 $8,667 $1,821 $3,477
2012 $2,751 $8,577 $1,710 $3,324
2011 $2,788 $7,935 $1,625 $3,228
2010 $2,436 $7,246 $1,451 $3,098
2009 $1,918 $6,466 $1,136 $2,872
2008 $1,920 $6,035 $1,376 $2,708
2007 $1,850 $5,729 $1,119 $2,555
2006 $1,406 $4,860 $1,052 $2,378
2005 $1,300 $4,523 $711 $2,213
2004 $1,130 $4,173 $549 $2,068
2003 $1,022 $3,942 $446 $1,942
2002 $896 $3,663 $394 $1,837
2001 $812 $3,338 $397 $1,785
2000 $772 $3,113 $359 $1,709
1999 $685 $3,017 $350 $1,654
1998 $638 $2,819 $373 $1,601
1997 $630 $2,683 $466 $1,631
1996 $553 $2,548 $400 $1,585
1995 $530 $2,374 $433 $1,501
1994 $467 $2,146 $426 $1,464
1993 $407 $2,001 $391 $1,607
1992 $416 $1,840 $389 $1,505
1991 $401 $1,657 $423 $1,534
1990 $488 $1,638 $422 $1,522
1989 $462 - $526 -
1988 $489 - $504 -
1987 $449 - $315 -
1986 $365 - $238.2 -
1985 $321 - $332 -
1984 $326 - $413 -
1983 $328 - $520 -
1982 $306 - $627 -
1981 $311 - $670 -
1980 $296.9 - $669 -
1979 $251.4 - $595 -
1978 $232.2 - $514 -
1977 $249.9 - $474 -
1976 $233.7 - $533 -
1975 $237.4 - $490 -
1974 $262.8 - $601 -
1973 $230.9 - $518 -
1972 $212.4 - $410 -
1971 $207.7 - $372 -
1970 $200.3 - $414 -
1969 - - $459 -
1968 - - $387 -
1967 - - $341 -
1966 - - $325 -
1965 - - $287.4 -
1964 - - $230 -
1963 - - $203.2 -
1962 - - $202.3 -
1961 - - $209.7 -
1960 - - $221.6 -

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

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

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $1,187 in Zambia, ranking 169/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Zambia ranks 166th at $4,215.

Economic indicators

Bhutan Zambia
Gross domestic product
$3.01B
2023
$25.3B
2024
GDP rank
170/197
2023
116/197
2024
GDP growth
4.63%
2022-2023
3.82%
2023-2024
GDP per capita
$3,831
2023
$1,187
2024
GDP per capita rank
132/197
2023
169/197
2024
GDP per capita, PPP
$16,215
2023
$4,215
2024
GDP per capita PPP rank
109/197
2023
166/197
2024
Government debt
$3.53B
2023
$29.1B
2024
Debt-to-GDP ratio
110.4%
2024
114.9%
2024
Government debt per person
$4,485
2023
$1,365
2024
Government debt per person rank
87/185
2023
134/185
2024
Average annual personal income after taxes
$5,506
2026
$1,349
2026
Market capitalization of domestic companies n/a
$7.77B
2024
Income share by richest 10%
22.7%
2022
39.1%
2022
Income share by poorest 10%
3.6%
2022
1.5%
2022
Government expenditure, % of GDP
27.1%
2024
25.5%
2024
Consumer prices inflation
4.3%
2023-2024
15%
2023-2024
Central bank interest rate n/a
14.3%
2025
Unemployment rate
3.28%
2024
5.86%
2023
Population
803385
22697916

Spending and national debt comparison by year

Bhutan
Spending

Debt
Zambia
Spending

Debt
1x
Year % of GDP
Bhutan Zambia
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 25.5% 114.9%
2023 28.8% 117.1% 27.4% 129.1%
2022 32.1% 119.9% 28.2% 99.5%
2021 36.6% 124.5% 30.5% 111%
2020 30.9% 116% 34% 140%
2019 24.2% 100.8% 29.8% 103.3%
2018 31.7% 103.4% 27.7% 81.2%
2017 30.6% 104.1% 25% 66.6%
2016 30.5% 103% 23.9% 61.2%
2015 27.5% 90.2% 27.6% 61.9%
2014 28.9% 89.8% 24.3% 33.9%
2013 32.5% 87.4% 24% 25.9%
2012 35.1% 71.5% 21.9% 24.9%
2011 36.1% 62.3% 19.5% 20.8%
2010 41.5% 55.8% 18.1% 18.9%
2009 39.3% 61% 17.8% 20.5%
2008 36.1% 60.6% 19.5% 19.2%
2007 33.2% 67.3% 19.9% 21.9%
2006 33.4% 80.1% 19.7% 25%
2005 36.4% 80.8% 22.5% 75.7%
2004 31% 76% 23.3% 129.9%
2003 34.7% 68.5% 27.3% 159.5%
2002 39.3% 57.7% 27.6% 180.2%
2001 50.3% 52.4% 28% 210.2%
2000 43% 44% 21.4% 261%
1999 40.2% 39.2% - -
1998 31.1% 36.4% - -
1997 37.8% 33% - -
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% - -
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 (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-02-20).

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

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Zambia spent $6.45B, or 25.5% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 114.9% in Zambia, ranking 17/185 and 13/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Zambia
1x
Year Deficit/surplus, % of GDP
Bhutan Zambia
2024 -0.17% -3.32%
2023 -4.73% -5.48%
2022 -6.95% -7.82%
2021 -5.76% -8.13%
2020 -1.81% -13.8%
2019 -1.49% -9.41%
2018 -1.52% -8.31%
2017 -4.49% -7.5%
2016 -2.31% -5.69%
2015 -0.49% -8.88%
2014 2.46% -5.43%
2013 -4.55% -6.4%
2012 -2.1% -3.16%
2011 -3.02% -1.78%
2010 1.92% -2.43%
2009 -0.8% -2.06%
2008 -2.57% -0.67%
2007 0.79% -1.04%
2006 -0.07% 16.9%
2005 -6.96% -2.37%
2004 1.8% -2.51%
2003 -10.2% -5.31%
2002 -4.33% -4.5%
2001 -12.2% -5.89%
2000 -3.39% 1.16%
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% -
1990 -7.21% -
1989 -10.1% -
1988 1.33% -
1987 -0.56% -

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

GeoRank.org/economy/bhutan/zambia | 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 Zambia's deficit of $1.51B, or 5.48% of GDP.

Over the past 24 years, Bhutan recorded a fiscal deficit in 20 of those years, while Zambia ran a deficit in 22 years. On average, Bhutan posted an annual deficit equal to 3.03% of GDP, compared to deficit of 4.19% of GDP for Zambia.

Inflation comparison by year

Inflation
Bhutan

Zambia
1x
Year Consumer prices inflation
Bhutan Zambia
2024 4.3% 15%
2023 4.5% 10.9%
2022 5.9% 11%
2021 8.2% 22%
2020 3% 15.7%
2019 2.8% 9.2%
2018 3.6% 7.5%
2017 4.3% 6.6%
2016 3.3% 17.9%
2015 6.7% 10.1%
2014 9.6% 7.8%
2013 8.1% 7%
2012 10.1% 6.6%
2011 8.6% 8.7%
2010 4.8% 8.5%
2009 7.1% 13.4%
2008 6.3% 12.4%
2007 5.2% 10.7%
2006 4.9% 9%
2005 4.8% 18.3%
2004 3.3% 18%
2003 2.5% 21.4%
2002 2.9% 22.2%
2001 3.7% 21.4%
2000 7.2% 24.1%
1999 9.1% 23.9%
1998 7.6% 22.7%
1997 8.6% 21.4%

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

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

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 14.4% in Zambia. In 2024, inflation was 4.3% in Bhutan and 15% in Zambia.

Balance of trade

Bhutan Zambia
Current account balance
-$670M
2024
-$487M
2024
Current account balance ranking
114/190
2024
106/190
2024
Current account balance, % of GDP
-32%
2023
-1.93%
2024
Goods imports
$1.29B
2024
$10.1B
2024
Goods exports
$656M
2024
$11.4B
2024
Service imports
$228M
2024
$1.94B
2024
Service exports
$288M
2024
$1.38B
2024
Imports of goods and services, % of GDP
53.3%
2023
27.6%
2024
Exports of goods and services, % of GDP
28.4%
2023
35%
2024

Economic freedom indices

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

Bhutan Zambia
Economic freedom 57.5 51.9
Economic freedom ranking 115/197 152/197
Property rights 69.2 43.9
Government integrity 72.2 39.3
Judicial effectiveness 61.8 45
Tax burden 83.4 74.3
Government spending 74.1 78.1
Fiscal health 25.8 30.9
Business freedom 67.8 53.4
Labor freedom 60.1 48.8
Monetary freedom 71.6 66.6
Trade freedom 63.4 62.8
Investment freedom 20 40
Financial freedom 20 40

Economic freedom comparison by year

Bhutan
Zambia
1x
Year Economic freedom index
Bhutan Zambia
2026 57.5 51.9
2025 57.5 50.9
2024 55.4 48.4
2023 59 47.8
2022 59.3 48.7
2021 58.3 50.4
2020 62.1 53.5
2019 62.9 53.6
2018 61.8 54.3
2017 58.4 55.8
2016 59.5 58.8
2015 57.4 58.7
2014 56.7 60.4
2013 55 58.7
2012 56.6 58.3
2011 57.6 59.7
2010 57 58
2009 57.7 56.6
2008 - 56.2
2007 - 56.2
2006 - 56.8
2005 - 55
2004 - 54.9
2003 - 55.3
2002 - 59.6
2001 - 59.5
2000 - 62.8
1999 - 64.2
1998 - 62.7
1997 - 62.1
1996 - 59.6
1995 - 55.1

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

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

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 51.9 for Zambia, ranking 152/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Zambia
Services, % of GDP
52.8%
2023
57.2%
2024
Industry, % of GDP
29.4%
2023
35.2%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
2.83%
2024
GNI, Atlas method
$2.93B
2023
$25.9B
2024
GNI per capita, PPP
$15,320
2023
$3,850
2024
Total reserves including gold
$941M
2024
$4.09B
2024
Total reserves ranking
143/177
2024
106/177
2024
Net foreign direct investment
-$22.8M
2024
-$1.32B
2024
Net inflows of foreign direct investment
$2.82M
2024
$2.36B
2024
Net outflows of foreign direct investment
$0
2024
$311M
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
16.9%
2024
Poverty at national poverty lines
12.4%
2022
60%
2022
Gross capital formation, % of GDP
45.3%
2023
23.8%
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/zambia | 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. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, 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.