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Economy of Botswana vs Bulgaria compared: GDP & Debt

Updated on by Georank team

Botswana has a GDP of $19.4B compared to $112B for Bulgaria, ranking 133/197 and 68/197 by economy size, respectively.

Botswana has $6.36B in government debt (43.8% of GDP), compared to $26.2B (28% of GDP) in Bulgaria.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Botswana
GDP, current $

GDP, constant 2015 $
Bulgaria
GDP, current $

GDP, constant 2015 $
Year GDP
Botswana Bulgaria
Current $ Constant $ Current $ Constant $
1960 $30,411,414 $203,297,646 - -
1961 $32,902,613 $216,193,393 - -
1962 $35,644,957 $230,606,288 - -
1963 $38,091,843 $244,260,590 - -
1964 $41,616,348 $260,949,209 - -
1965 $45,788,696 $276,120,679 - -
1966 $51,465,655 $293,637,827 - -
1967 $58,642,354 $311,034,576 - -
1968 $66,248,441 $343,901,776 - -
1969 $77,361,547 $395,911,433 - -
1970 $96,243,234 $463,692,530 - -
1971 $127,448,614 $583,423,076 - -
1972 $164,460,915 $737,224,723 - -
1973 $244,124,164 $894,277,062 - -
1974 $306,044,208 $972,953,727 - -
1975 $355,168,572 $1,055,131,835 - -
1976 $372,025,093 $1,167,475,696 - -
1977 $451,624,780 $1,307,713,345 - -
1978 $590,407,374 $1,495,145,304 - -
1979 $819,870,259 $1,676,784,361 - -
1980 $1,060,889,704 $1,877,778,848 $19,839,230,769 $30,380,971,166
1981 $1,073,812,830 $2,047,996,824 $19,870,000,000 $31,869,687,928
1982 $1,014,945,696 $2,297,146,530 $19,342,000,000 $32,613,706,697
1983 $1,172,230,397 $2,599,146,161 $16,563,666,667 $33,732,456,606
1984 $1,240,822,167 $2,821,253,171 $17,594,944,444 $34,878,160,477
1985 $1,114,783,343 $3,022,275,113 $17,155,421,053 $35,814,095,245
1986 $1,392,602,164 $3,269,283,371 $20,249,294,118 $37,321,009,834
1987 $1,965,226,890 $3,657,737,272 $28,101,000,000 $39,580,615,539
1988 $2,644,554,159 $4,369,166,056 $22,555,941,176 $43,912,592,027
1989 $3,083,822,112 $4,939,753,185 $21,988,444,444 $42,467,919,536
1990 $3,790,636,324 $5,274,313,873 $20,632,090,909 $38,595,959,168
1991 $3,942,876,703 $5,667,709,608 $7,628,738,475 $35,336,393,321
1992 $4,146,464,587 $5,833,040,675 $8,602,887,623 $32,766,593,697
1993 $4,160,129,175 $5,944,807,979 $10,832,064,942 $32,281,577,705
1994 $4,259,259,604 $6,160,480,628 $9,709,240,034 $32,868,460,441
1995 $4,730,599,122 $6,593,587,690 $18,991,484,420 $33,809,162,070
1996 $4,847,757,218 $6,977,980,666 $12,294,964,838 $35,569,061,581
1997 $5,020,265,627 $7,558,959,722 $11,316,127,379 $30,548,353,201
1998 $4,790,481,509 $7,592,496,073 $15,031,055,047 $31,705,867,020
1999 $5,484,263,347 $8,326,480,944 $13,637,098,579 $29,043,813,498
2000 $5,788,329,609 $8,491,986,059 $13,245,990,274 $30,376,118,720
2001 $5,489,608,300 $8,513,264,764 $14,183,446,026 $31,537,611,700
2002 $5,438,863,983 $9,029,979,997 $16,403,043,850 $33,389,478,558
2003 $7,511,582,173 $9,447,697,368 $21,144,957,990 $35,138,136,848
2004 $8,957,467,707 $9,703,335,214 $26,157,743,369 $37,425,778,955
2005 $9,918,907,108 $10,145,481,816 $29,868,657,858 $40,066,672,613
2006 $9,919,158,482 $10,994,036,837 $34,380,536,496 $42,792,243,672
2007 $10,567,270,656 $11,630,872,553 $44,431,257,129 $45,639,805,450
2008 $10,730,829,116 $12,009,117,014 $54,480,684,188 $48,437,324,161
2009 $10,118,459,242 $10,310,519,328 $52,023,801,230 $46,816,058,447
2010 $12,637,273,429 $11,353,915,358 $50,689,051,382 $47,544,216,522
2011 $15,110,643,612 $12,130,342,698 $57,681,293,007 $48,537,973,978
2012 $13,907,464,500 $12,109,617,145 $54,297,052,002 $48,901,433,558
2013 $14,271,738,933 $13,454,136,660 $55,819,262,375 $48,636,020,243
2014 $15,470,088,501 $14,220,638,229 $57,080,897,012 $49,097,794,444
2015 $13,530,748,845 $13,530,748,845 $50,765,918,159 $50,765,918,159
2016 $15,082,637,184 $14,505,561,464 $53,929,397,039 $52,302,414,125
2017 $16,105,155,857 $15,102,375,175 $59,167,647,388 $53,738,599,947
2018 $17,031,943,186 $15,734,967,215 $66,251,582,036 $55,108,646,394
2019 $16,725,908,149 $16,212,015,761 $68,634,004,792 $57,196,630,544
2020 $14,960,251,611 $14,796,887,969 $70,550,652,467 $55,357,337,084
2021 $18,750,182,235 $16,560,125,448 $84,414,122,840 $59,664,478,254
2022 $20,321,150,598 $17,468,616,756 $90,509,236,929 $62,074,193,827
2023 $19,411,266,967 $18,029,021,881 $102,396,840,296 $63,245,418,927
2024 $19,400,774,882 $17,489,977,782 $112,211,952,704 $65,023,138,714

Economic indicators

Botswana Bulgaria
Gross domestic product
$19.4B
2024
$112B
2024
GDP rank
133/197
2024
68/197
2024
GDP growth
-0.05%
2023-2024
9.59%
2023-2024
GDP per capita
$7,695
2024
$17,412
2024
GDP per capita rank
98/197
2024
64/197
2024
GDP per capita, PPP
$20,538
2024
$41,086
2024
Government debt
$6.36B
2024
$26.2B
2024
Debt-to-GDP ratio
43.8%
2025
28%
2025
Government debt per person
$2,523
2024
$4,067
2024
Government debt per person rank
110/185
2024
90/185
2024
Average annual personal income after taxes
$4,596
2025
$12,784
2025
Market capitalization of domestic companies
$3.59B
2023
$8.41B
2024
Number of billionaires n/a
2
2025
Income share by richest 10%
42.9%
2015
31.1%
2023
Income share by poorest 10%
1.4%
2015
2.1%
2023
Government expenditure, % of GDP
34.9%
2025
39%
2025
Consumer prices inflation
2.82%
2023-2024
3.6%
2024-2025
Central bank interest rate
1.9%
2024
1.82%
2025
Unemployment rate
24.4%
2024
4.17%
2024
Population
2595266
6403235

GDP per capita in Botswana vs Bulgaria

Botswana's GDP per capita is $7,695, ranking 98/197, compared to $17,412 in Bulgaria, ranking 64/197. Adjusted for purchasing power (GDP per capita PPP), Botswana ranks 93rd at $20,538, while Bulgaria ranks 57th at $41,086.

Botswana
GDP per capita

GDP per capita, PPP
Bulgaria
GDP per capita

GDP per capita, PPP
Year Current $
Botswana Bulgaria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $58.9 - - -
1961 $62.3 - - -
1962 $66 - - -
1963 $68.9 - - -
1964 $73.5 - - -
1965 $79.7 - - -
1966 $89.1 - - -
1967 $100.9 - - -
1968 $113.4 - - -
1969 $131.8 - - -
1970 $163 - - -
1971 $212.2 - - -
1972 $264.2 - - -
1973 $374 - - -
1974 $446 - - -
1975 $493 - - -
1976 $490 - - -
1977 $565 - - -
1978 $695 - - -
1979 $909 - - -
1980 $1,132 - $2,239 -
1981 $1,107 - $2,235 -
1982 $1,006 - $2,169 -
1983 $1,121 - $1,853 -
1984 $1,145 - $1,964 -
1985 $994 - $1,915 -
1986 $1,200 - $2,260 -
1987 $1,639 - $3,132 -
1988 $2,141 - $2,511 -
1989 $2,428 - $2,477 -
1990 $2,903 $5,978 $2,367 $7,546
1991 $2,939 $6,463 $884 $7,213
1992 $3,005 $6,614 $1,007 $6,915
1993 $2,929 $6,706 $1,279 $7,030
1994 $2,917 $6,903 $1,150 $7,335
1995 $3,156 $7,348 $2,259 $7,738
1996 $3,156 $7,728 $1,470 $6,846
1997 $3,194 $8,322 $1,361 $5,749
1998 $2,981 $8,268 $1,820 $6,178
1999 $3,340 $8,999 $1,661 $5,808
2000 $3,451 $9,187 $1,621 $6,423
2001 $3,206 $9,226 $1,771 $6,961
2002 $3,117 $9,753 $2,093 $7,786
2003 $4,230 $10,224 $2,719 $8,417
2004 $4,957 $10,596 $3,390 $9,202
2005 $5,391 $11,222 $3,900 $10,291
2006 $5,292 $12,304 $4,523 $11,408
2007 $5,529 $13,113 $5,889 $12,822
2008 $5,503 $13,526 $7,271 $14,347
2009 $5,083 $11,446 $6,988 $14,181
2010 $6,216 $12,491 $6,854 $14,956
2011 $7,287 $13,355 $7,850 $15,747
2012 $6,596 $12,475 $7,432 $16,327
2013 $6,667 $13,341 $7,796 $16,894
2014 $7,122 $15,003 $8,070 $17,991
2015 $6,141 $14,144 $7,269 $18,901
2016 $6,749 $16,228 $7,822 $20,745
2017 $7,105 $15,701 $8,697 $22,317
2018 $7,408 $15,786 $9,872 $24,053
2019 $7,172 $15,960 $10,373 $26,814
2020 $6,323 $15,292 $10,770 $27,377
2021 $7,808 $17,961 $12,972 $30,974
2022 $8,329 $19,977 $14,000 $35,816
2023 $7,826 $21,012 $15,884 $37,508
2024 $7,695 $20,538 $17,412 $41,086

Spending and national debt comparison

In 2024, Botswana's government spending was $6.74B, accounting for 34.9% of its GDP, while Bulgaria's spent $41.1B, or 39% of GDP.

Debt-to-GDP ratio is 43.8% in Botswana and 28% in Bulgaria, ranking 122/185 and 162/185, respectively.

Botswana
Government spending

Government debt
Bulgaria
Government spending

Government debt
Year % of GDP
Botswana Bulgaria
Government spending Government debt Government spending Government debt
1990 40.5% - - -
1991 42.3% - - -
1992 43.4% - - -
1993 44.2% - - -
1994 39.2% - - -
1995 38.1% - 45.4% 72%
1996 37.2% - 44% 113.8%
1997 40% - 32.9% 88.4%
1998 44.3% 12% 30.6% 67.3%
1999 41.7% 9.68% 36.2% 78.7%
2000 39.8% 8.37% 37.1% 73.3%
2001 42.9% 7.61% 36.5% 67.1%
2002 46% 8.55% 35.1% 53.4%
2003 44% 7.29% 35.8% 45.4%
2004 42% 11.3% 34.6% 37.8%
2005 35% 7.74% 34% 28.5%
2006 34.1% 6.32% 32.5% 22.6%
2007 38.3% 6.12% 33.1% 17.6%
2008 48% 7.77% 33.5% 14.7%
2009 54.5% 23.5% 33.8% 14.5%
2010 44.7% 27.9% 34.6% 14.1%
2011 37.4% 28.1% 32% 14.3%
2012 38.3% 27.3% 32.5% 16.5%
2013 34.8% 24.7% 35.5% 17.2%
2014 36.4% 23.9% 37.1% 26.3%
2015 39.7% 25.7% 37.3% 25.4%
2016 34.2% 22.4% 32.7% 27%
2017 35% 19.8% 32% 22.9%
2018 35.9% 19.8% 34.4% 20.1%
2019 36.4% 21.3% 36% 18.4%
2020 38.5% 24.8% 37.6% 22.7%
2021 33% 23.4% 38.4% 22.4%
2022 29.5% 21.3% 37.6% 21.5%
2023 32.3% 22.5% 37.4% 21.9%
2024 34.7% 32.8% 36.6% 23.4%
2025 34.9% 43.8% 39% 28%

Government deficit by year

In 2024, Botswana's government deficit, the difference between spending and revenue, was -$2B, equivalent to -10.3% of GDP. This compares to Bulgaria's deficit of -$3.4B, or -3.03% of GDP.

Over the past 26 years, Botswana recorded a fiscal deficit in 16 of those years, while Bulgaria ran a deficit in 16 years. On average, Botswana posted an annual deficit equal to -1.05% of GDP, compared to deficit of -0.57% of GDP for Bulgaria.

Deficit/surplus
Botswana

Bulgaria
Year Deficit/surplus, % of GDP
Botswana Bulgaria
1924 - 1.26%
1925 - -0.97%
1926 - -0.25%
1927 - -0.02%
1928 - -1.09%
1929 - -6.67%
1930 - -5.48%
1931 - -3.07%
1932 - -2.14%
1933 - -0.56%
1934 - -0.12%
1935 - 1.34%
1936 - 1.17%
1937 - 1.41%
1938 - 1%
1939 - 0.72%
1940 - 0.75%
1941 - 3.96%
1942 - -0.3%
1943 - 0%
1944 - 0%
1945 - 0%
1946 - 0%
1947 - 0%
1948 - 0%
1949 - 0%
1950 - 0%
1951 - 0%
1952 - 0%
1953 - 0%
1954 - 0%
1955 - 0%
1956 - 0%
1957 - 0%
1958 - 0%
1959 - 0%
1960 - 0%
1961 - 0%
1962 - 0%
1963 - 0%
1964 - 0%
1965 - 0%
1966 - 0%
1967 - 0%
1968 - 0%
1969 - 0%
1970 - 0%
1971 - 0%
1972 - 0%
1973 - 0%
1974 - 0%
1975 - 0%
1976 - 0%
1977 - 0%
1978 - 0%
1979 - 0%
1980 - 0%
1981 - 0%
1982 - 0%
1983 - 0%
1984 - 0%
1985 - 0%
1986 - 0%
1987 - 0%
1988 - 0%
1989 - 0%
1990 - 0%
1991 - 0%
1992 - 0%
1993 - 0%
1994 - 0%
1995 - -7.98%
1996 - -10.1%
1997 - 0.83%
1998 - 1.08%
1999 6.18% 0.15%
2000 8.95% -0.6%
2001 -2.96% -0.58%
2002 -4.02% -0.61%
2003 -0.18% 0.003%
2004 1.42% 1.59%
2005 10.7% 2.19%
2006 13.7% 3.22%
2007 5.92% 3.09%
2008 -7.59% 2.73%
2009 -14.4% -0.86%
2010 -8.36% -3.77%
2011 -0.12% -1.83%
2012 0.92% -0.43%
2013 6.07% -1.75%
2014 3.88% -3.65%
2015 -5.06% -2.77%
2016 0.72% 1.54%
2017 -1.16% 0.82%
2018 -5.07% 0.12%
2019 -8.43% -0.96%
2020 -11.5% -2.92%
2021 -2.46% -2.8%
2022 -0.006% -0.8%
2023 -4.18% -3.03%
2024 -10.3% -3.03%
2025 -11.2% -3.03%

Inflation comparison by year

Over the past 29 years, Botswana has recorded an average annual inflation rate of 6.81%, compared with 45.3% in Bulgaria. In 2024, inflation was 2.82% in Botswana and 3.6% in Bulgaria.

Inflation
Botswana

Bulgaria
Year Inflation
Botswana Bulgaria Botswana Bulgaria
1996 10.1% 123%
1997 8.72% 1,061%
1998 6.66% 18.7%
1999 7.75% 2.6%
2000 8.6% 10.3%
2001 6.56% 7.4%
2002 8.03% 5.8%
2003 9.19% 2.3%
2004 6.95% 6.1%
2005 8.61% 6%
2006 11.6% 7.4%
2007 7.08% 7.6%
2008 12.7% 12%
2009 8.03% 2.5%
2010 6.95% 3%
2011 8.46% 3.4%
2012 7.54% 2.4%
2013 5.88% 0.4%
2014 4.4% -1.6%
2015 3.06% -1.1%
2016 2.81% -1.3%
2017 3.31% 1.2%
2018 3.24% 2.6%
2019 2.77% 2.5%
2020 1.89% 1.2%
2021 7.24% 2.8%
2022 11.7% 13%
2023 5.07% 8.6%
2024 2.82% 2.6%
2025 - 3.6%

Top exports between countries

Botswana
Export category Export value
Machinery & equipment $28K
Miscellaneous $9K
Precious metals & jewellery $3K
Bulgaria
Export category Export value
Wood & paper products $1.11M
Machinery & equipment $100K
Textiles & consumer goods $15K
Processed food, beverages & tobacco $4K
Raw materials & minerals $2K
Chemicals & pharma $1K

Balance of trade

Botswana Bulgaria
Current account balance
-$821M
2024
-$2.01B
2024
Current account balance ranking
116/189
2024
142/189
2024
Current account balance, % of GDP
-4.23%
2024
-1.79%
2024
Goods imports
$6.86B
2024
$51.8B
2024
Goods exports
$4.66B
2024
$46B
2024
Service imports
$1.29B
2024
$8.2B
2024
Service exports
$935M
2024
$16.6B
2024
Imports of goods and services, % of GDP
40.9%
2024
53.5%
2024
Exports of goods and services, % of GDP
26%
2024
55.8%
2024

Economic freedom indices

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

Botswana Bulgaria
Economic freedom 69.9 68.8
Economic freedom ranking 36/197 43/197
Property rights 74.1 75.7
Government integrity 60.1 48.5
Judicial effectiveness 70.5 56.6
Tax burden 84.9 94.2
Government spending 70.8 56.7
Fiscal health 90.4 91.1
Business freedom 70.6 74.9
Labor freedom 60.7 68
Monetary freedom 68.3 70.8
Trade freedom 78.8 79.6
Investment freedom 50 60
Financial freedom 60 50

Economic freedom by year comparison

The Economic Freedom Index for Botswana is 69.9, ranking 36/197, compared to 68.8 for Bulgaria, ranking 43/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Botswana
Bulgaria
Year Economic freedom index
Botswana Bulgaria
1995 56.8 50
1996 61.6 48.6
1997 59.1 47.6
1998 62.8 45.7
1999 62.9 46.2
2000 65.8 47.3
2001 66.8 51.9
2002 66.2 57.1
2003 68.6 57
2004 69.9 59.2
2005 69.3 62.3
2006 68.8 64.1
2007 68.1 62.7
2008 68.2 63.7
2009 69.7 64.6
2010 70.3 62.3
2011 68.8 64.9
2012 69.6 64.7
2013 70.6 65
2014 72 65.7
2015 69.8 66.8
2016 71.1 65.9
2017 70.1 67.9
2018 69.9 68.3
2019 69.5 69
2020 69.6 70.2
2021 67.6 70.4
2022 64.8 71
2023 64.9 69.3
2024 68 68.5
2025 69.9 68.8

More economic indicators

Botswana Bulgaria
Services, % of GDP
63.5%
2024
62.6%
2024
Industry, % of GDP
29.4%
2024
22.5%
2024
Agriculture, forestry, and fishing, % of GDP
1.71%
2024
2.07%
2024
GNI, Atlas method
$19.5B
2024
$98.7B
2024
GNI per capita, PPP
$20,570
2024
$39,130
2024
Total reserves including gold
$3.46B
2024
$43.7B
2024
Total reserves ranking
113/177
2024
47/177
2024
Net foreign direct investment
-$464M
2024
-$2.47B
2024
Net inflows of foreign direct investment
$467M
2024
$3.5B
2024
Net outflows of foreign direct investment
$3.02M
2024
$1.03B
2024
Servicing debt to the IMF, % of GNI
1.28%
2023
n/a
Poverty at national poverty lines
16.1%
2015
21.7%
2023
Gross capital formation, % of GDP
36.2%
2024
20.4%
2024

GDP per capita map

GDP per capita

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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.