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Economy of Nepal vs Uzbekistan compared: GDP & Debt

Updated on by Georank team

Nepal has a GDP of $42.9B compared to $115B for Uzbekistan, ranking 101/197 and 66/197 by economy size, respectively.

Nepal has $20.5B in government debt (49.4% of GDP), compared to $37.5B (33% of GDP) in Uzbekistan.

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

Nepal
GDP, current $

GDP, constant 2015 $
Uzbekistan
GDP, current $

GDP, constant 2015 $
Year GDP
Nepal Uzbekistan
Current $ Constant $ Current $ Constant $
1960 $508,334,414 $3,312,007,762 - -
1961 $531,959,562 $3,375,209,679 - -
1962 $574,091,101 $3,439,686,985 - -
1963 $496,947,904 $3,504,872,894 - -
1964 $496,098,775 $3,768,875,642 - -
1965 $735,267,082 $3,723,528,944 - -
1966 $906,811,944 $3,985,689,329 - -
1967 $841,974,025 $3,923,054,321 - -
1968 $772,231,387 $3,949,553,904 - -
1969 $788,641,965 $4,125,839,146 - -
1970 $865,975,309 $4,232,120,438 - -
1971 $882,765,472 $4,181,530,377 - -
1972 $1,024,098,400 $4,311,902,146 - -
1973 $972,101,725 $4,291,354,369 - -
1974 $1,217,953,547 $4,563,151,176 - -
1975 $1,575,789,254 $4,629,612,136 - -
1976 $1,452,788,985 $4,833,247,301 - -
1977 $1,382,400,000 $4,979,065,088 - -
1978 $1,604,162,497 $5,198,429,820 - -
1979 $1,851,250,008 $5,321,574,269 - -
1980 $1,945,916,583 $5,198,145,984 - -
1981 $2,275,583,317 $5,631,773,978 - -
1982 $2,395,423,742 $5,844,619,816 - -
1983 $2,447,174,803 $5,670,601,763 - -
1984 $2,581,207,388 $6,219,580,093 - -
1985 $2,619,913,956 $6,601,767,395 - -
1986 $2,850,782,044 $6,903,181,024 - -
1987 $2,957,255,380 $7,020,232,623 $8,523,160,593 $28,089,418,035
1988 $3,487,009,748 $7,560,566,499 $10,722,799,639 $30,656,392,613
1989 $3,525,225,787 $7,887,912,410 $11,948,815,258 $31,604,071,830
1990 $3,627,560,239 $8,253,520,017 $13,362,340,338 $32,109,736,981
1991 $3,921,476,085 $8,779,116,585 $13,800,167,712 $31,951,757,074
1992 $3,401,211,581 $9,139,622,809 $12,953,801,760 $28,373,160,282
1993 $3,660,041,667 $9,491,484,581 $13,099,920,056 $27,720,577,595
1994 $4,066,775,510 $10,271,305,209 $12,899,074,922 $26,279,107,562
1995 $4,401,104,418 $10,627,560,489 $13,350,461,265 $26,042,595,592
1996 $4,521,580,381 $11,193,827,113 $13,948,892,216 $26,485,319,718
1997 $4,918,691,917 $11,758,960,073 $14,744,603,774 $27,862,556,343
1998 $4,856,255,044 $12,113,656,107 $14,988,971,211 $29,060,646,266
1999 $5,033,642,384 $12,648,180,060 $17,078,465,982 $30,310,254,055
2000 $5,494,252,208 $13,432,367,221 $13,760,513,969 $31,472,652,299
2001 $6,007,055,042 $14,077,106,360 $11,401,421,329 $32,783,122,633
2002 $6,050,875,807 $14,094,019,043 $9,687,788,513 $34,085,756,140
2003 $6,330,473,097 $14,650,033,416 $10,134,453,435 $35,528,479,188
2004 $7,273,938,315 $15,336,036,357 $12,030,023,548 $38,174,995,818
2005 $8,130,258,378 $15,869,604,827 $14,307,509,839 $40,828,160,774
2006 $9,043,715,356 $16,403,555,897 $17,330,833,853 $43,870,437,889
2007 $10,325,618,017 $16,963,173,095 $22,311,393,928 $48,026,286,798
2008 $12,545,438,605 $17,998,713,599 $29,549,438,884 $52,362,657,564
2009 $12,854,985,464 $18,814,609,456 $33,689,223,673 $56,578,340,213
2010 $16,002,656,434 $19,720,799,062 $49,765,676,402 $60,876,691,748
2011 $21,573,872,421 $20,395,607,080 $60,178,909,297 $65,457,747,965
2012 $21,703,100,877 $21,348,110,877 $67,517,349,212 $70,106,848,439
2013 $22,162,204,925 $22,100,664,485 $73,180,037,915 $75,222,229,948
2014 $22,731,612,922 $23,429,242,138 $80,845,385,809 $80,392,884,506
2015 $24,360,801,287 $24,360,801,287 $86,196,264,755 $86,196,264,755
2016 $24,524,109,484 $24,466,311,259 $86,138,288,644 $91,309,557,165
2017 $28,971,588,940 $26,662,720,369 $69,703,222,283 $95,322,862,969
2018 $33,111,525,237 $28,695,053,195 $58,695,899,092 $100,622,047,496
2019 $34,186,180,699 $30,605,298,793 $67,293,639,798 $107,444,145,840
2020 $33,433,659,301 $29,880,069,319 $66,443,265,418 $109,123,866,128
2021 $36,924,841,394 $31,325,711,777 $77,340,060,003 $117,891,622,987
2022 $41,182,939,601 $33,089,761,145 $90,095,926,567 $124,966,702,851
2023 $41,047,772,331 $33,745,781,687 $102,641,879,249 $132,828,878,428
2024 $42,914,268,287 $34,982,690,898 $114,965,293,467 $141,462,755,525

Economic indicators

Nepal Uzbekistan
Gross domestic product
$42.9B
2024
$115B
2024
GDP rank
101/197
2024
66/197
2024
GDP growth
4.55%
2023-2024
12%
2023-2024
GDP per capita
$1,447
2024
$3,162
2024
GDP per capita rank
164/197
2024
139/197
2024
GDP per capita, PPP
$5,737
2024
$11,879
2024
Government debt
$20.5B
2024
$37.5B
2024
Debt-to-GDP ratio
49.4%
2025
33%
2025
Government debt per person
$693
2024
$1,032
2024
Government debt per person rank
155/185
2024
142/185
2024
Average annual personal income after taxes
$2,569
2025
$3,203
2025
Market capitalization of domestic companies n/a
$18.8B
2024
Number of billionaires
2
2025
n/a
Income share by richest 10%
24.2%
2022
25.7%
2024
Income share by poorest 10%
3.7%
2022
2.3%
2024
Government expenditure, % of GDP
23.4%
2025
27.8%
2025
Consumer prices inflation
7.11%
2022-2023
9.1%
2024-2025
Central bank interest rate n/a
14%
2025
Unemployment rate
10.7%
2017
5.29%
2020
Population
29627185
37592263

GDP per capita in Nepal vs Uzbekistan

Nepal's GDP per capita is $1,447, ranking 164/197, compared to $3,162 in Uzbekistan, ranking 139/197. Adjusted for purchasing power (GDP per capita PPP), Nepal ranks 154th at $5,737, while Uzbekistan ranks 123rd at $11,879.

Nepal
GDP per capita

GDP per capita, PPP
Uzbekistan
GDP per capita

GDP per capita, PPP
Year Current $
Nepal Uzbekistan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $50.2 - - -
1961 $51.6 - - -
1962 $54.6 - - -
1963 $46.3 - - -
1964 $45.3 - - -
1965 $65.8 - - -
1966 $79.5 - - -
1967 $72.3 - - -
1968 $64.9 - - -
1969 $64.8 - - -
1970 $69.6 - - -
1971 $69.5 - - -
1972 $78.8 - - -
1973 $73.2 - - -
1974 $89.8 - - -
1975 $113.6 - - -
1976 $102.5 - - -
1977 $95.3 - - -
1978 $108.1 - - -
1979 $121.9 - - -
1980 $125.1 - - -
1981 $142.9 - - -
1982 $147 - - -
1983 $146.6 - - -
1984 $151.1 - - -
1985 $149.9 - - -
1986 $159.5 - - -
1987 $162 - $450 -
1988 $187.1 - $551 -
1989 $185 - $598 -
1990 $185.8 $830 $653 $2,665
1991 $195.7 $889 $658 $2,676
1992 $165 $920 $603 $2,371
1993 $172.8 $952 $596 $2,318
1994 $187.3 $1,026 $574 $2,197
1995 $197.8 $1,058 $583 $2,178
1996 $198.8 $1,110 $597 $2,214
1997 $211.8 $1,162 $621 $2,329
1998 $205.1 $1,187 $621 $2,418
1999 $208.6 $1,234 $698 $2,522
2000 $223.8 $1,317 $555 $2,644
2001 $240.8 $1,388 $454 $2,782
2002 $238.9 $1,390 $381 $2,902
2003 $246.4 $1,453 $394 $3,047
2004 $279.6 $1,542 $462 $3,321
2005 $309 $1,628 $543 $3,618
2006 $340 $1,718 $649 $3,956
2007 $385 $1,809 $824 $4,386
2008 $465 $1,942 $1,075 $4,800
2009 $473 $2,029 $1,206 $5,135
2010 $585 $2,139 $1,753 $5,505
2011 $786 $2,248 $2,088 $5,949
2012 $788 $2,466 $2,307 $6,168
2013 $803 $2,658 $2,462 $6,413
2014 $821 $2,901 $2,675 $6,610
2015 $876 $2,957 $2,803 $6,800
2016 $877 $2,976 $2,753 $6,919
2017 $1,034 $3,605 $2,191 $7,818
2018 $1,179 $3,956 $1,813 $8,129
2019 $1,203 $4,261 $2,041 $8,544
2020 $1,154 $4,236 $1,978 $8,452
2021 $1,253 $4,546 $2,259 $9,248
2022 $1,386 $5,103 $2,579 $10,293
2023 $1,382 $5,395 $2,879 $11,107
2024 $1,447 $5,737 $3,162 $11,879

Spending and national debt comparison

In 2024, Nepal's government spending was $9.39B, accounting for 23.4% of its GDP, while Uzbekistan's spent $31.9B, or 27.8% of GDP.

Debt-to-GDP ratio is 49.4% in Nepal and 33% in Uzbekistan, ranking 111/185 and 155/185, respectively.

Nepal
Government spending

Government debt
Uzbekistan
Government spending

Government debt
Year % of GDP
Nepal Uzbekistan
Government spending Government debt Government spending Government debt
1992 - - 18% -
1993 - - 39.6% -
1994 - - 27.1% -
1995 - - 29.4% -
1996 - - 35.1% -
1997 - - 31.8% 15.3%
1998 - - 35.1% 18%
1999 - - 33.6% 18.4%
2000 11.4% 50.8% 32.9% 29.5%
2001 12.9% 50.8% 30.6% 44.8%
2002 13% 51.8% 34.6% 41.6%
2003 12% 53% 31.5% 31.4%
2004 11.8% 51.3% 29.4% 26.9%
2005 12% 45.1% 28.1% 21%
2006 11.2% 42.9% 24.7% 13.5%
2007 13.1% 37.9% 24.8% 9.56%
2008 13.4% 36.8% 26.5% 8.33%
2009 17% 39.5% 27.5% 7.3%
2010 16.5% 35.4% 26.4% 6.61%
2011 16.3% 32.4% 23.7% 6.33%
2012 16.8% 34.5% 23.9% 6.76%
2013 15.5% 31.9% 25.2% 6.23%
2014 16.6% 27.6% 24.9% 6.09%
2015 17.7% 25.7% 24.6% 6.72%
2016 19% 25% 23.3% 8.19%
2017 23.6% 25% 19.9% 17.3%
2018 28% 31.1% 22.2% 17.5%
2019 27.3% 34% 24.3% 25.4%
2020 27.6% 43.3% 26% 33.7%
2021 27.2% 43.3% 27.4% 31.7%
2022 26.1% 42.7% 31.4% 30.5%
2023 25.2% 47.1% 29.9% 32.2%
2024 21.9% 47.9% 27.8% 32.6%
2025 23.4% 49.4% 27.8% 33%

Government deficit by year

In 2024, Nepal's government deficit, the difference between spending and revenue, was -$1.17B, equivalent to -2.73% of GDP. This compares to Uzbekistan's deficit of -$2.6B, or -2.26% of GDP.

Over the past 25 years, Nepal recorded a fiscal deficit in 19 of those years, while Uzbekistan ran a deficit in 13 years. On average, Nepal posted an annual deficit equal to -1.68% of GDP, compared to deficit of -0.31% of GDP for Uzbekistan.

Deficit/surplus
Nepal

Uzbekistan
Year Deficit/surplus, % of GDP
Nepal Uzbekistan
1992 - 7.15%
1993 - -12%
1994 - -4.47%
1995 - -1.77%
1996 - -1.57%
1997 - -2.05%
1998 - -3.04%
1999 - -2.91%
2000 -1.48% -3.66%
2001 -2.35% -3.28%
2002 -2.46% -6.31%
2003 -0.34% -4.87%
2004 -0.14% -3.74%
2005 0.24% -3.52%
2006 0.24% 2.72%
2007 -0.67% 3.55%
2008 -0.29% 5.97%
2009 -2.24% 1.82%
2010 -0.67% 2.56%
2011 -0.72% 5.11%
2012 -1.17% 5.89%
2013 1.57% 2.15%
2014 1.35% 1.9%
2015 0.58% -0.28%
2016 1.17% 0.7%
2017 -2.69% 1.04%
2018 -5.83% 1.64%
2019 -4.99% -0.26%
2020 -5.36% -2.95%
2021 -3.98% -4.1%
2022 -3.12% -3.65%
2023 -5.83% -3.98%
2024 -2.73% -2.26%
2025 -3.98% -2.27%

Inflation comparison by year

Over the past 28 years, Nepal has recorded an average annual inflation rate of 6.61%, compared with 18.2% in Uzbekistan. In 2023, inflation was 7.11% in Nepal and 9.1% in Uzbekistan.

Inflation
Nepal

Uzbekistan
Year Inflation
Nepal Uzbekistan Nepal Uzbekistan
1996 9.22% 54%
1997 4.01% 70.9%
1998 11.2% 29%
1999 7.45% 29.1%
2000 2.48% 25%
2001 2.69% 27.3%
2002 3.03% 27.3%
2003 5.71% 12.5%
2004 2.84% 7.3%
2005 6.84% 10.7%
2006 6.92% 13.1%
2007 2.27% 11.2%
2008 9.91% 13.1%
2009 11.1% 12.3%
2010 9.33% 12.3%
2011 9.23% 12.4%
2012 9.46% 11.9%
2013 9.04% 11.7%
2014 8.36% 9.1%
2015 7.87% 8.5%
2016 8.79% 8.8%
2017 3.63% 13.9%
2018 4.06% 17.5%
2019 5.57% 14.5%
2020 5.05% 12.9%
2021 4.15% 10.8%
2022 7.65% 11.4%
2023 7.11% 10%
2024 - 9.6%
2025 - 9.1%

Top exports between countries

Nepal
Export category Export value
Uzbekistan
Export category Export value
Machinery & equipment $79K
Raw agricultural goods $47K
Animal & marine products $1K

Balance of trade

Nepal Uzbekistan
Current account balance
$4.95B
2024
-$5.72B
2024
Current account balance ranking
34/189
2024
170/189
2024
Current account balance, % of GDP
+11.5%
2024
-4.97%
2024
Goods imports
$29.2B
2024
$33.2B
2024
Goods exports
$3.64B
2024
$19.6B
2024
Service imports
$5.83B
2024
$10.5B
2024
Service exports
$4.53B
2024
$6.55B
2024
Imports of goods and services, % of GDP
32.9%
2024
38%
2024
Exports of goods and services, % of GDP
7.62%
2024
22.8%
2024

Economic freedom indices

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

Nepal Uzbekistan
Economic freedom 52.5 58
Economic freedom ranking 145/197 111/197
Property rights 38.3 33.5
Government integrity 39.4 31.2
Judicial effectiveness 43.3 14.5
Tax burden 83.6 92.8
Government spending 79.5 73.6
Fiscal health 65.8 73.3
Business freedom 64.7 64.4
Labor freedom 48.3 47.9
Monetary freedom 68.2 64.6
Trade freedom 58.4 80.6
Investment freedom 10 60
Financial freedom 30 60

Economic freedom by year comparison

The Economic Freedom Index for Nepal is 52.5, ranking 145/197, compared to 58 for Uzbekistan, ranking 111/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Nepal
Uzbekistan
Year Economic freedom index
Nepal Uzbekistan
1996 50.3 -
1997 53.6 -
1998 53.5 31.5
1999 53.1 33.8
2000 51.3 38.1
2001 51.6 38.2
2002 52.3 38.5
2003 51.5 38.3
2004 51.2 39.1
2005 51.4 45.8
2006 53.7 48.7
2007 54.4 51.5
2008 54.1 51.9
2009 53.2 50.5
2010 52.7 47.5
2011 50.1 45.8
2012 50.2 45.8
2013 50.4 46
2014 50.1 46.5
2015 51.3 47
2016 50.9 46
2017 55.1 52.3
2018 54.1 51.5
2019 53.8 53.3
2020 54.2 57.2
2021 50.7 58.3
2022 49.7 55.7
2023 51.4 56.5
2024 52.1 55.9
2025 52.5 58

More economic indicators

Nepal Uzbekistan
Services, % of GDP
55.2%
2024
45.2%
2024
Industry, % of GDP
11.4%
2024
31.8%
2024
Agriculture, forestry, and fishing, % of GDP
21.9%
2024
18.3%
2024
GNI, Atlas method
$43.7B
2024
$110B
2024
GNI per capita, PPP
$5,830
2024
$12,000
2024
Total reserves including gold
$12.5B
2023
$41.2B
2024
Total reserves ranking
74/177
2023
50/177
2024
Net foreign direct investment
-$155M
2024
-$2.8B
2024
Net inflows of foreign direct investment
$155M
2024
$2.84B
2024
Net outflows of foreign direct investment
$0
1989
$36.7M
2024
Servicing debt to the IMF, % of GNI
1.16%
2023
8.24%
2023
Poverty at national poverty lines
20.3%
2022
8.9%
2024
Gross capital formation, % of GDP
30.4%
2024
33.3%
2024

GDP per capita map

GDP per capita

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Economy comparisons

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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.