Bhutan Economy - 2023

Economic overview

hydropower investments spurring economic development; Gross National Happiness economy; sharp poverty declines; low inflation; strong monetary and fiscal policies; stable currency; fairly resilient response to COVID-19; key economic and strategic relations with India; climate vulnerabilities

Real GDP (purchasing power parity)

$8.481 billion (2021 est.)

$8.148 billion (2020 est.)

$9.054 billion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

4.09% (2021 est.)

-10.01% (2020 est.)

5.76% (2019 est.)

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Real GDP per capita

$10,900 (2021 est.)

$10,500 (2020 est.)

$11,800 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$2.405 billion (2017 est.)

Inflation rate (consumer prices)

7.35% (2021 est.)

5.63% (2020 est.)

2.73% (2019 est.)

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GDP - composition, by sector of origin

agriculture: 16.2% (2017 est.)

industry: 41.8% (2017 est.)

services: 42% (2017 est.)

GDP - composition, by end use

household consumption: 58% (2017 est.)

government consumption: 16.8% (2017 est.)

investment in fixed capital: 47.2% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 26% (2017 est.)

imports of goods and services: -48% (2017 est.)

Agricultural products

milk, rice, maize, potatoes, roots/tubers, oranges, areca nuts, chillies/peppers, spices, ginger

Industries

cement, wood products, processed fruits, alcoholic beverages, calcium carbide, tourism

Industrial production growth rate

1.96% (2021 est.)

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Labor force

361,000 (2021 est.)

note: major shortage of skilled labor

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Labor force - by occupation

agriculture: 58%

industry: 20%

services: 22% (2015 est.)

Unemployment rate

4.33% (2021 est.)

3.65% (2020 est.)

2.5% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 18.8%

male: 15.6%

female: 22% (2021 est.)

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Population below poverty line

8.2% (2017 est.)

Gini Index coefficient - distribution of family income

37.4 (2017 est.)

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Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 30.6% (2012)

Budget

revenues: $710 million (2020 est.)

expenditures: $777 million (2020 est.)

note: the Government of India finances nearly one-quarter of Bhutan's budget expenditures

Budget surplus (+) or deficit (-)

-3.4% (of GDP) (2017 est.)

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Public debt

117.33% of GDP (2020 est.)

97.49% of GDP (2019 est.)

101.19% of GDP (2018 est.)

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Taxes and other revenues

12.98% (of GDP) (2020 est.)

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Fiscal year

1 July - 30 June

Current account balance

-$321.535 million (2021 est.)

-$381.153 million (2020 est.)

-$500.802 million (2019 est.)

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Exports

$741.602 million (2021 est.)

$786.681 million (2020 est.)

$777.529 million (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

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Exports - partners

India 94% (2019)

Exports - commodities

iron alloys, dolomite, aircraft, cement, gypsum (2021)

Imports

$1.027 billion (2021 est.) note: data are in current year dollars

$1.188 billion (2020 est.) note: data are in current year dollars

$1.23 billion (2019 est.) note: data are in current year dollars

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Imports - partners

India 85%, Thailand 5% (2019)

Imports - commodities

refined petroleum, iron products, delivery trucks, cars, wood charcoal (2019)

Reserves of foreign exchange and gold

$1.056 billion (31 December 2021 est.)

$1.473 billion (31 December 2020 est.)

$1.238 billion (31 December 2019 est.)

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Debt - external

$2.671 billion (31 December 2017 est.)

$2.355 billion (31 December 2016 est.)

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Exchange rates

ngultrum (BTN) per US dollar -

73.939 (2021 est.)

74.1 (2020 est.)

70.42 (2019 est.)

68.389 (2018 est.)

65.122 (2017 est.)

NOTE: The information regarding Bhutan on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bhutan 2023 information contained here. All suggestions for corrections of any errors about Bhutan 2023 should be addressed to the CIA or the source cited on each page.