Bhutan's Macroeconomic Analysis:
Nominal GDP of USD 2.4 billion in 2019.
GDP per capita of USD 3,291 compared to the global average of USD 10,589.
Average real GDP growth of 8.2% over the last decade.
Main Economic Indicators
Economic growthThe economy recorded average annual growth of 8.2% in the decade to 2019. To read more about GDP growth in Bhutan, go to our dedicated page.
Fiscal policy
Bhutan's fiscal deficit averaged 1.4% of GDP in the decade to 2023. Find out more on our dedicated page.
Inflation
Inflation averaged 5.1% in the decade to 2023. Go to our Bhutan inflation page for extra insight.
Exchange Rate
From end-2014 to end-2024 the ngultrum weakened by 26.9% vs the U.S. dollar. For more info on the ngultrum, click here.
Bhutan Economic Forecasts
Projections out to 2034.34 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 3 expert analysts.
Want to get insight on the economic outlook for Bhutan in the coming years? FocusEconomics collects projections out to 2034 on 34 economic indicators for Bhutan from a panel of 3 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Bhutan economy. To download a sample report on the Bhutan's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.
Bhutan Economic Indicators
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Population (million) | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 |
| Fiscal Balance (% of GDP) | -1.4 | -4.8 | -5.5 | -3.1 | - |
| Public Debt (% of GDP) | 115 | 123 | 117 | 116 | - |
| Inflation (CPI, ann. var. %, eop) | 7.7 | 6.9 | 4.4 | 5.0 | 2.0 |
| Inflation (CPI, ann. var. %, aop) | 5.6 | 7.3 | 5.6 | 4.2 | 2.8 |
| Exchange Rate (BTN per USD, eop) | 73.39 | 74.48 | 82.89 | 83.19 | 85.49 |
| Exchange Rate (LCU per USD, aop) | 74.17 | 74.00 | 78.65 | 82.64 | 83.67 |
| Current Account Balance (USD bn) | -0.4 | -0.3 | - | - | - |
| Merchandise Trade Balance (USD bn) | -0.3 | -0.2 | -0.6 | -0.7 | - |
| Merchandise Exports (USD bn) | 0.7 | 0.7 | 0.8 | 0.7 | - |
| Merchandise Imports (USD bn) | 1.0 | 0.9 | 1.4 | 1.4 | - |
| Merchandise Exports (ann. var. %) | 7.0 | 10.3 | 7.0 | -10.7 | - |
| Merchandise Imports (ann. var. %) | -4.7 | -7.5 | 54.1 | 4.4 | - |
| Foreign Direct Investment (USD bn) | 0.0 | 0.0 | 0.0 | 0.0 | - |
| International Reserves (USD bn) | 1.4 | 1.0 | 0.8 | 0.6 | 0.9 |
| International Reserves (months of imports) | 17.7 | 13.6 | 7.1 | 5.4 | - |
| External Debt (USD bn) | 3.2 | 3.3 | 3.2 | 3.3 | - |