Key Indicators for Asia and the Pacific 2023 1

Bhutan
Item 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

POPULATION
Total populationa as of 1 July (’000) 595.3 603.0 610.8 618.8 626.8 635.0 646.9 658.9 671.1 683.4 695.8 708.3 720.7 733.0 745.2 757.0 768.6 727.1 734.4 741.7 748.9 756.1 763.2
Population density (persons/km²) 15 15 15 15 16 16 16 17 18 18 18 18 19 19 19 20 20 19 19 19 20 20 20
Population (% annual change) 1.3 1.3 1.3 1.3 1.3 1.3 1.9 1.9 1.9 1.8 1.8 1.8 1.8 1.7 1.7 1.6 1.5 1.3 1.0 1.0 0.9 1.0 0.9
Urban populationb (% of total population) 21.0 21.0 21.0 21.0 21.0 30.9 31.6 32.4 33.2 34.0 34.8 35.6 36.4 37.2 38.1 38.9 39.4 37.8 40.9 40.9 42.3 43.0 40.9

LABOR FORCEc calendar year (’000) ... 232.2 ... 227.2 216.5 | 256.9 | 229.8 284.7 ... 325.6 331.9 334.2 336.4 345.8 348.7 353.0 354.7 | 340.2 | 310.9 319.8 331.2 338.4 306.0
Employed ... 227.7 ... 222.3 210.5 | 249.0 | 222.1 274.1 ... 312.7 320.9 323.7 329.5 335.9 339.6 344.3 347.1 | 332.1 | 300.4 311.1 314.6 322.1 287.8
Agriculture, forestry, and fishing ... 105.8 ... 168.7 132.9 | 108.6 | 139.7 182.6 ... 204.4 190.6 194.7 205.0 189.2 192.4 199.7 198.4 | 145.7 | 162.2 159.0 157.0 158.5 125.2
Mining and quarryingd ... 0.9 ... 0.6 –| 2.8 | 0.1 40.0 ... 0.5 0.9 1.2 0.5 1.4 3.1 2.0 1.1 | 2.2 | 1.2 1.4 1.7 1.7 1.4
Manufacturing ... 3.1 ... 3.4 12.6 | 4.9 | 6.7 ... 14.7 12.4 16.9 16.5 20.6 23.9 22.3 19.8 | 13.6 | 19.8 23.3 24.7 21.9 19.6
Electricity, gas, steam, and air-conditioning supply; water supply;
sewerage, waste management, and remediation activities ... 3.2 ... 0.6 1.2 | 4.1 | 3.9 ... 3.5 5.2 7.2 6.5 4.0 3.1 2.7 4.6 | 14.1 | 4.7 4.5 4.3 4.1 4.0
Construction ... 5.6 ... 3.0 6.7 | 30.9 | 6.0 ... 1.4 2.7 4.5 5.0 10.7 6.7 6.2 9.1 | 36.2 | 13.6 18.9 16.0 22.0 18.4
Wholesale and retail trade; repair of motor vehicles and motorcyclese,f ... 25.3 ... 7.0 4.9 | 6.7 | 9.9 51.5 ... 0.2 30.7 27.8 12.5 25.9 26.4 26.8 26.7 | 18.4 | 21.7 23.2 25.2 27.6 27.2
Transportation and storageg ... 3.4 ... 0.2 2.7 | 8.1 | 4.8 ... 0.9 9.5 8.9 8.4 12.2 10.1 12.7 13.3 | 12.0 | 9.7 9.8 8.8 9.5 9.1
Accommodation and food service activities ... 14.9 ... 1.4 1.4 | 4.0 | 6.1 ... 2.8 4.0 6.1 6.0 10.5 9.7 8.0 9.2 | 11.3 | 8.2 8.4 10.5 8.7 9.6
Information and communicationh ... ... ... 2.6 2.7 2.7 1.9 2.7
Financial and insurance activitiesi ... 2.1 ... 0.2 2.4 | 2.3 | 1.3 ... 1.0 2.4 2.3 2.4 2.9 2.7 2.5 3.3 | 2.8 | 2.6 3.0 2.9 3.1 3.7
Real estate activitiesj ... 12.7 ... 0.9 9.9 | 2.2 ... 0.8 13.3 8.4 2.0 4.1 4.0 3.2 2.0 | 0.2 0.2 0.1 1.5 0.8
Othersk,l ... 50.8 ... 36.3 35.8 | 76.6 | 41.4 ... 82.5 48.1 45.7 64.7 54.2 57.5 58.3 59.6 | 75.9 | 53.9 56.7 60.6 61.7 66.1
Underemployed ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Unemployed ... 4.5 ... 4.0 5.4 | 7.9 | 7.2 10.6 ... 12.9 11.0 10.5 6.9 9.9 9.2 8.7 7.5 | 8.1 | 10.4 8.7 16.7 16.3 18.2
Unemployment rate (%) ... 1.9 ... 1.8 2.5 | 3.1 | 3.1 3.7 ... 4.0 3.3 3.1 2.1 2.9 2.6 2.5 2.1 | 2.4 | 3.4 2.7 5.0 4.8 5.9
Labor force (% annual change) ... ... ... ... –4.7 | 18.7 | –10.5 23.9 ... ... 1.9 0.7 0.7 2.8 0.9 1.2 0.5 | –4.1 | –8.6 2.9 3.6 2.2 –9.6
Labor force participation rate (%) ... 56.5 ... 62.9 54.4 | 60.4 | 61.8 67.3 ... 68.5 68.6 67.4 64.4 65.3 62.6 63.1 62.2 | 63.3 | 62.6 66.4 67.8 69.1 63.1
Male ... 75.2 ... 72.6 67.5 | 71.5 | 69.8 74.5 ... 72.8 73.6 72.3 65.7 72.1 71.0 71.2 71.7 | 73.1 | 70.1 71.8 72.5 73.1 73.4
Female ... 38.4 ... 53.6 42.7 | 47.7 | 53.9 60.6 ... 64.5 63.9 62.8 63.2 58.9 54.8 55.9 53.6 | 52.2 | 55.5 61.2 63.5 65.3 53.5

NATIONAL ACCOUNTS calendar year (Nu million)

At Current Prices
GDP by industrial origin at current market prices 19,075.4 21,775.6 25,318.5 28,136.3 30,932.0 35,145.0 39,643.2 48,307.8 53,416.1 59,732.9 70,782.7 82,938.1 95,186.5 102,910.0 116,388.6 128,534.6 145,072.9 159,571.7 167,340.0 178,561.7 172,295.3 187,772.8 ...
Agriculture, forestry, and fishing 4,629.1 5,044.7 5,874.2 6,228.5 6,721.5 7,099.3 7,676.8 8,085.3 8,750.1 9,671.0 10,463.9 11,856.5 13,291.8 14,501.3 16,893.2 18,556.4 20,882.7 23,989.4 26,759.8 28,184.5 32,997.5 36,036.7 ...
Mining and quarrying 314.9 361.4 457.1 580.7 439.6 549.8 877.8 890.5 1,252.0 1,392.0 1,616.9 1,941.7 1,962.0 2,793.7 3,376.4 4,484.3 6,455.1 6,954.6 8,137.8 8,576.9 2,775.1 5,086.9 ...
Manufacturing 1,618.9 1,880.5 1,936.4 2,084.2 2,296.2 2,570.9 3,098.0 4,033.2 4,593.4 5,017.2 6,324.2 7,044.8 8,623.1 8,778.7 9,705.1 10,543.5 11,085.1 11,979.6 12,435.9 12,687.9 10,202.0 11,000.3 ...
Electricity, gas, steam, and air-conditioning supplym 2,255.3 2,279.2 2,657.7 3,357.0 3,085.4 3,634.5 5,339.9 10,082.0 11,552.2 11,813.4 12,763.6 11,886.2 12,274.4 15,201.1 16,885.9 18,901.1 19,874.3 21,728.2 19,560.2 22,611.2 30,483.3 29,307.6 ...
Water supply; sewerage, waste management, and remediation activities 25.5 28.8 29.2 31.9 32.0 35.2 38.7 42.6 46.1 49.2 54.8 ...
Construction 2,761.4 3,818.4 4,711.2 5,021.5 5,741.1 6,219.2 6,019.7 6,781.0 6,251.0 7,469.7 10,308.9 13,916.6 17,669.8 17,826.1 18,479.7 20,649.7 24,280.5 26,068.5 23,753.2 20,465.4 16,301.9 18,765.9 ...
Wholesale and retail trade; repair of motor vehicles and motorcycles 882.1 1,045.2 1,282.9 1,446.6 1,725.7 2,088.9 2,317.2 2,497.1 2,694.6 2,935.3 3,752.6 4,641.8 5,917.6 6,823.3 8,471.7 10,233.4 11,798.3 13,460.0 15,042.1 17,378.5 17,955.0 20,319.3 ...
Transportation and storagen 1,799.7 2,083.0 2,452.0 2,626.0 3,295.1 3,890.5 4,095.1 4,468.8 5,365.8 5,989.9 6,943.3 8,526.1 9,256.0 9,806.8 11,508.7 11,892.7 13,157.7 15,119.5 16,720.1 19,070.7 14,991.4 16,775.0 ...
Accommodation and food service activities 88.1 113.2 119.7 135.3 168.7 211.7 301.0 368.1 569.2 537.6 608.0 948.7 1,298.8 1,616.4 2,045.9 2,485.7 2,863.6 3,476.8 4,039.8 4,658.2 1,429.1 1,623.9 ...
Information and communicationo ...
Financial and insurance activities 761.0 886.3 842.4 1,026.7 1,279.0 1,809.7 2,293.9 2,801.5 3,174.3 3,466.2 3,987.7 5,136.8 5,385.0 5,781.1 6,461.2 6,905.3 7,574.0 7,945.7 9,018.5 9,563.6 8,661.5 8,724.5 ...
Real estate activities 631.1 645.3 716.3 921.9 1,001.3 1,108.5 1,178.7 1,297.4 1,374.0 1,460.3 1,507.7 1,815.3 1,947.3 2,198.0 2,489.8 2,738.7 3,176.9 3,408.3 3,593.1 3,833.0 4,115.1 4,504.2 ...
Professional, scientific, and technical activitiesp – – – – – – – 6.5 28.2 35.6 50.5 55.6 79.9 85.7 97.9 102.4 141.4 313.4 376.5 451.9 450.5 634.9 ...
Administrative and support service activities ...
Public administration and defense; compulsory social security 1,779.2 2,113.7 2,425.8 2,609.1 2,636.7 3,120.1 3,220.8 3,370.2 3,762.7 4,728.4 5,517.3 6,478.0 6,775.7 6,981.5 8,079.1 10,051.0 11,209.7 11,630.6 11,761.3 13,114.9 16,564.9 18,568.2 ...
2 Key Indicators for Asia and the Pacific 2023

Bhutan
Item 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Educationq 1,034.6 923.6 916.2 1,054.5 1,186.1 1,351.6 1,674.1 1,941.6 2,167.7 3,235.0 3,745.2 4,404.2 4,473.2 4,555.0 4,874.6 4,725.5 5,142.9 4,717.2 5,580.3 8,844.3 10,276.6 10,970.3 ...
Human health and social work activities ...
Arts, entertainment, and recreation 96.2 100.8 111.5 123.8 144.3 172.3 212.6 241.9 267.7 276.4 298.0 338.0 390.1 436.9 471.8 503.7 532.5 654.7 679.2 704.7 445.4 482.7 ...
Other service activities ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Activities of households as employers; undifferentiated goods- and
services-producing activities of households for own use ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Activities of extraterritorial organizations and bodies ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Gross value added at basic prices 18,651.6 21,295.3 24,503.4 27,215.8 29,720.7 33,827.1 38,305.6 46,865.3 51,802.9 58,028.0 67,887.6 79,015.7 89,373.5 97,414.6 109,872.9 122,805.3 138,209.8 151,485.0 157,500.3 170,191.6 167,698.3 182,855.1 ...
Taxes less subsidies on production and imports 423.9 480.2 815.1 920.4 1,211.3 1,317.9 1,337.6 1,442.5 1,613.1 1,704.9 2,895.1 3,922.4 5,813.0 5,495.3 6,515.7 5,729.3 6,863.0 8,086.7 9,839.7 8,370.1 4,597.0 4,917.6 ...
Net factor income from abroad –22.3 –11.2 –391.0 –642.2 –723.7 –510.1 –161.3 –707.2 –1,479.9 –2,448.0 –4,022.7 –5,316.0 –7,594.3 –7,233.0 –8,238.4 –9,159.3 –12,463.8 –13,859.4 –15,058.6 –16,164.8 –10,585.5 –11,507.9 ...
GNI 19,053.1 21,764.4 24,927.5 27,494.1 30,208.3 34,634.9 39,481.9 47,600.6 51,936.2 57,284.8 66,760.0 77,622.1 87,592.2 95,677.0 108,150.2 119,375.3 132,609.0 145,712.3 152,281.4 162,396.9 161,709.8 176,264.9 ...

Structure of Output (% of GDP at current market prices)

Agriculture 24.3 23.2 23.2 22.1 21.7 20.2 19.4 16.7 16.4 16.2 14.8 14.3 14.0 14.1 14.5 14.4 14.4 15.0 16.0 15.8 19.2 19.2 ...
Industry 36.4 38.3 38.6 39.2 37.4 36.9 38.7 45.1 44.3 43.0 43.8 42.0 42.6 43.4 41.7 42.5 42.6 41.8 38.2 36.1 34.7 34.2 ...
Servicesr 39.3 38.5 38.2 38.6 40.9 42.9 42.0 38.2 39.3 40.8 41.4 43.7 43.4 42.5 43.8 43.1 43.1 43.1 45.8 48.2 46.1 46.6 ...

Expenditure on GDP at current market prices 19,075.4 21,775.6 25,318.5 28,136.3 30,932.0 35,145.0 39,643.2 48,307.8 53,416.1 59,732.9 70,782.7 82,938.1 95,186.5 102,910.0 116,388.6 128,534.6 145,072.9 159,571.7 167,340.0 178,561.7 172,295.3 187,772.8 ...
Final consumption expenditure 13,204.3 12,975.4 16,236.6 18,389.7 20,279.4 25,615.2 22,506.2 34,949.7 34,940.8 42,447.8 46,545.2 50,345.6 52,751.8 77,343.8 79,127.5 94,535.1 97,062.3 110,021.9 125,395.7 136,397.9 143,888.8 159,760.7 ...
Household final consumptions 8,873.3 8,134.3 10,846.1 12,470.1 13,629.7 17,703.6 13,862.0 25,495.0 24,568.2 29,365.8 32,057.4 33,297.7 34,060.6 59,069.3 58,933.5 71,069.6 72,000.9 83,207.1 96,752.3 103,795.3 108,010.1 119,072.1 ...
NPISHs final consumption ...
General government final consumption 4,331.0 4,841.1 5,390.4 5,919.5 6,649.7 7,911.5 8,644.2 9,454.8 10,372.6 13,082.1 14,487.8 17,047.8 18,691.2 18,274.5 20,194.0 23,465.6 25,061.4 26,814.8 28,643.4 32,602.6 35,878.7 40,688.7 ...
Gross capital formation 9,603.3 13,624.7 15,727.8 17,076.8 20,568.3 18,990.7 19,072.3 14,508.9 23,494.7 28,000.6 44,738.7 57,467.1 66,128.7 48,554.8 62,193.5 71,287.0 83,081.8 83,124.2 79,682.1 67,609.8 56,995.6 67,276.8 ...
Intellectual property products 91.1 59.5 97.1 276.0 66.5 73.2 124.8 81.5 67.0 327.4 1,399.9 902.6 137.3 193.5 350.8 210.7 433.2 357.4 27.4 228.7 242.4 589.9 ...
Gross fixed capital formationt 9,956.8 13,424.3 15,902.5 17,183.0 20,163.4 18,801.3 18,872.1 15,922.0 22,879.9 28,269.9 44,360.0 57,785.3 66,252.8 48,934.2 64,001.8 71,635.7 82,142.8 83,125.3 78,966.2 67,062.6 56,178.0 66,594.5 ...
Public 3,080.1 3,564.4 4,095.7 2,648.0 3,236.0 3,669.7 5,189.5 6,302.4 6,729.2 7,038.2 10,373.3 11,660.6 15,996.2 12,350.5 11,802.8 12,126.5 18,318.6 20,860.0 19,233.9 13,366.9 16,746.2 26,231.5 ...
Private 6,785.6 9,800.1 11,709.7 14,258.7 16,842.8 14,896.0 13,517.2 9,482.9 15,973.5 20,766.1 32,069.6 45,138.1 49,921.1 36,174.6 51,611.3 59,250.5 63,295.7 61,821.3 59,660.4 53,377.4 39,056.6 39,518.0 ...
Acquisitions less disposals of valuables ... 0.3 0.1 0.4 18.1 162.4 40.6 55.1 110.2 138.1 517.2 84.1 198.2 215.7 236.9 48.0 95.3 86.5 44.5 89.6 132.8 255.1 ...
Changes in inventories –353.5 200.4 –174.7 –106.2 404.8 189.4 200.3 –1,413.1 614.8 –269.4 378.8 –318.3 –124.2 –379.4 –1,808.3 –348.7 939.0 –1.1 715.9 547.2 817.6 682.4 ...
Exports of goods and services 5,797.8 5,909.0 6,231.9 7,396.8 9,880.9 13,812.8 22,134.3 27,185.6 26,709.7 27,366.5 30,777.0 35,003.7 37,739.4 42,636.4 43,589.9 44,261.7 42,966.2 48,004.3 51,570.3 60,602.2 51,109.6 59,759.4 ...
Exports of goods ... ... ... ... ... ... ... ... ... ... ... ... ... ... 35,585.0 35,229.0 35,258.0 37,297.0 41,413.0 48,122.0 48,255.0 57,991.0 ...
Exports of services ... ... ... ... ... ... ... ... ... ... ... ... ... ... 8,004.9 9,032.7 7,708.2 10,707.3 10,157.3 12,480.2 2,854.6 1,768.4 ...
Less: Imports of goods and services 9,529.9 10,733.5 12,877.8 14,727.0 19,796.6 23,273.7 24,069.7 28,336.4 31,729.2 38,082.1 51,278.3 59,878.2 61,433.3 65,625.1 68,522.4 81,549.2 78,037.4 81,578.7 89,308.2 86,048.1 79,698.8 99,024.2 ...
Imports of goods ... ... ... ... ... ... ... ... ... ... ... ... ... ... 56,923.3 68,138.8 66,655.3 67,274.4 70,858.7 69,594.5 66,900.2 86,400.0 ...
Imports of services ... ... ... ... ... ... ... ... ... ... ... ... ... ... 11,599.1 13,410.4 11,382.1 14,304.3 18,449.5 16,453.6 12,798.6 12,624.3 ...
Statistical discrepancy – – – – – – – – – – – – – – – – – – – – – – ...

Structure of Demand (% of GDP at current market prices)

Household final consumptions 46.5 37.4 42.8 44.3 44.1 50.4 35.0 52.8 46.0 49.2 45.3 40.1 35.8 57.4 50.6 55.3 49.6 52.1 57.8 58.1 62.7 63.4 ...
Government final consumption 22.7 22.2 21.3 21.0 21.5 22.5 21.8 19.6 19.4 21.9 20.5 20.6 19.6 17.8 17.4 18.3 17.3 16.8 17.1 18.3 20.8 21.7 ...
Gross capital formation 50.3 62.6 62.1 60.7 66.5 54.0 48.1 30.0 44.0 46.9 63.2 69.3 69.5 47.2 53.4 55.5 57.3 52.1 47.6 37.9 33.1 35.8 ...
Changes in inventories –1.9 0.9 –0.7 –0.4 1.3 0.5 0.5 –2.9 1.2 –0.5 0.5 –0.4 –0.1 –0.4 –1.6 –0.3 0.6 –0.0 0.4 0.3 0.5 0.4 ...
Exports of goods and services 30.4 27.1 24.6 26.3 31.9 39.3 55.8 56.3 50.0 45.8 43.5 42.2 39.6 41.4 37.5 34.4 29.6 30.1 30.8 33.9 29.7 31.8 ...
Imports of goods and services 50.0 49.3 50.9 52.3 64.0 66.2 60.7 58.7 59.4 63.8 72.4 72.2 64.5 63.8 58.9 63.4 53.8 51.1 53.4 48.2 46.3 52.7 ...
Statistical discrepancy – – – – – – – – – – – – – – – – – – – – – – ...
 Key Indicators for Asia and the Pacific 2023 3

Bhutan
Item 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

At Constant Prices
GDP by industrial origin at 2000 market prices 19,075.4 20,668.0 22,939.9 24,734.6 26,220.8 28,131.6 30,100.7 35,627.5 37,337.4 39,857.4 44,618.3 48,179.8 50,645.8 51,720.2 54,707.3 58,341.1 63,082.6 66,017.0 68,033.9 71,949.4 64,747.5 67,394.1 ...
Agriculture, forestry, and fishing 4,629.1 4,883.2 5,021.7 5,128.2 5,238.5 5,292.5 5,435.5 5,474.2 5,504.1 5,653.7 5,699.3 5,832.6 5,963.1 6,097.8 6,227.8 6,518.0 6,793.4 6,993.7 7,290.8 7,385.6 7,723.1 7,881.6 ...
Mining and quarrying 314.9 370.4 406.8 402.4 381.3 446.6 531.4 649.7 780.2 726.3 788.1 978.7 956.8 1,303.2 1,524.8 1,728.9 1,927.3 2,062.3 2,836.9 3,776.0 739.1 948.0 ...
Manufacturing 1,618.9 1,820.6 1,855.2 1,967.3 2,055.0 2,214.4 2,468.7 3,086.8 3,349.4 3,579.9 4,302.4 4,616.4 4,929.7 4,670.7 5,098.8 5,323.9 5,452.9 5,805.0 5,956.4 5,956.1 4,719.6 4,846.7 ...
Electricity, gas, steam, and air-conditioning supplym 2,255.3 2,185.8 2,560.7 3,214.9 2,981.8 3,262.4 4,316.3 8,071.4 9,146.3 8,904.1 9,389.4 8,859.0 8,806.8 9,756.2 9,478.4 10,183.5 10,460.6 10,059.7 8,556.7 9,594.5 12,033.8 11,585.3 ...
Water supply; sewerage, waste management, and remediation activities 13.3 15.0 15.2 16.6 16.7 18.3 20.2 22.2 24.0 25.6 28.5 ...
Construction 2,761.4 3,460.9 4,328.7 4,448.7 4,819.8 4,701.2 4,247.5 4,465.9 4,009.6 4,672.2 5,635.1 6,464.0 7,639.3 7,474.6 7,963.3 8,807.6 10,009.2 10,630.9 9,781.7 8,348.2 6,625.1 7,206.7 ...
Wholesale and retail trade; repair of motor vehicles and motorcycles 882.1 1,028.7 1,233.8 1,378.0 1,633.1 1,878.1 1,901.2 1,975.7 1,992.6 2,116.3 2,540.0 3,027.9 3,556.2 3,798.5 4,317.0 4,866.1 5,463.6 6,032.5 6,646.9 7,522.5 6,999.0 7,507.4 ...
Transportation and storagen 1,799.7 1,843.7 2,000.3 2,007.4 2,447.9 2,660.6 2,856.5 3,083.2 3,247.1 3,546.8 3,941.0 4,488.9 4,749.0 4,976.8 5,425.1 5,905.8 6,409.8 7,265.1 8,057.2 9,120.5 7,784.1 9,045.6 ...
Accommodation and food service activities 88.1 111.5 115.1 128.8 157.0 186.0 246.1 264.4 384.5 334.9 347.8 491.0 576.6 665.0 780.7 906.7 1,011.1 1,164.8 1,287.2 1,437.2 381.5 398.3 ...
Information and communicationo ...
Financial and insurance activities 761.0 874.0 877.6 1,080.1 1,291.7 1,846.1 2,285.1 2,505.1 2,644.5 2,823.6 3,109.3 3,912.0 3,573.9 3,627.2 3,765.6 3,998.3 4,400.5 4,525.8 5,106.0 5,255.4 4,595.9 4,404.9 ...
Real estate activities 631.1 597.2 548.9 690.8 699.4 707.7 719.6 771.8 782.9 813.5 832.1 894.0 877.2 908.3 942.4 973.9 1,094.4 1,106.6 1,149.1 1,195.2 1,253.5 1,303.8 ...
Professional, scientific, and technical activitiesp – – – – – – – 4.9 19.8 23.9 31.7 35.0 41.6 41.0 43.3 44.3 58.3 123.1 143.9 168.2 158.6 208.2 ...
Administrative and support service activities ...
Public administration and defense; compulsory social security 1,779.2 2,044.0 2,289.1 2,411.7 2,330.3 2,618.4 2,574.2 2,561.5 2,640.0 3,178.8 3,602.2 3,723.0 3,524.9 3,339.3 3,574.5 4,178.1 4,621.4 4,635.3 4,564.2 4,953.2 5,918.2 6,184.7 ...
Educationq 1,034.6 893.1 864.6 974.8 1,048.3 1,134.2 1,338.0 1,475.7 1,520.9 2,171.4 2,445.2 2,531.2 2,327.1 2,180.1 2,310.5 2,097.9 2,176.4 2,045.5 2,360.4 3,566.3 3,919.9 3,919.7 ...
Human health and social work activities ...
Arts, entertainment, and recreation 96.2 98.8 103.3 114.4 127.0 144.4 166.5 178.0 187.3 191.0 194.8 200.2 205.5 211.2 214.8 221.1 229.5 277.1 281.4 285.7 172.9 180.6 ...
Other service activities ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Activities of households as employers; undifferentiated goods- and
services-producing activities of households for own use ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Activities of extraterritorial organizations and bodies ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Gross value added at basic prices 18,651.6 20,211.9 22,205.9 23,947.4 25,211.0 27,092.7 29,086.5 34,568.2 36,209.1 38,736.4 42,858.4 46,067.1 47,742.6 49,064.9 51,683.6 55,770.6 60,126.6 62,747.5 64,041.1 68,588.5 63,049.7 65,650.0 ...
Taxes less subsidies on production and imports 423.9 456.1 734.0 787.2 1,009.8 1,038.9 1,014.2 1,059.2 1,128.4 1,121.0 1,760.0 2,112.7 2,903.2 2,655.3 3,023.8 2,570.6 2,956.0 3,269.6 3,992.9 3,360.9 1,697.8 1,744.1 ...
Net factor income from abroad ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
GNI ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...

Growth of Output (% annual change)

GDP 7.0 8.3 11.0 7.8 6.0 7.3 7.0 18.4 4.8 6.7 11.9 8.0 5.1 2.1 5.8 6.6 8.1 4.7 3.1 5.8 –10.0 4.1 ...
Agriculture 5.5 5.5 2.8 2.1 2.2 1.0 2.7 0.7 0.5 2.7 0.8 2.3 2.2 2.3 2.1 4.7 4.2 2.9 4.2 1.3 4.6 2.1 ...
Industry 7.3 12.8 16.8 9.6 2.0 3.8 8.8 40.7 6.2 3.5 12.5 4.1 6.8 3.9 3.7 8.2 6.9 2.5 –5.0 2.0 –12.8 2.0 ...
Services 8.7 6.0 10.3 9.2 12.2 13.7 7.3 5.9 4.8 12.2 15.2 13.9 4.3 0.3 8.9 5.6 10.3 7.1 10.3 9.8 –10.8 6.1 ...

Expenditure on GDP at 2000 market prices 19,075.4 20,668.0 22,939.9 24,734.6 25,784.6 27,966.2 29,983.5 35,627.5 37,337.4 39,857.4 44,618.3 48,179.8 50,645.8 51,720.1 54,707.3 58,341.1 63,082.6 66,017.0 68,033.9 71,949.4 64,747.5 67,394.1 ...
Final consumption expenditure 13,204.3 12,868.9 15,031.2 17,188.6 18,225.3 21,674.8 17,476.7 25,720.1 24,229.2 27,624.9 29,360.4 30,895.3 30,283.0 42,012.1 39,428.7 43,626.9 43,272.1 45,740.3 50,836.4 55,029.3 52,643.7 55,309.5 ...
Household final consumptions 8,873.3 8,187.5 9,944.5 11,716.9 12,356.1 15,643.4 10,605.1 18,534.1 16,951.8 18,830.0 19,901.5 21,097.7 20,559.4 33,271.3 30,481.0 33,712.6 32,940.1 34,955.9 39,723.5 42,716.0 39,825.2 41,757.1 ...
NPISHs final consumption ...
General government final consumption 4,331.0 4,681.5 5,086.7 5,471.7 5,869.2 6,031.5 6,871.5 7,185.9 7,277.5 8,794.9 9,458.9 9,797.6 9,723.6 8,740.7 8,947.8 9,914.2 10,332.0 10,784.5 11,112.9 12,313.2 12,818.5 13,552.5 ...
Gross capital formation 9,603.3 12,464.5 14,180.1 14,321.6 16,322.4 14,326.9 14,062.7 10,779.4 16,598.2 19,330.7 28,241.8 31,579.4 32,689.0 20,703.6 26,325.9 30,468.3 34,269.2 33,464.9 31,628.1 26,392.1 22,170.9 24,964.6 ...
Intellectual property products 91.1 58.6 93.6 262.3 60.5 65.5 106.2 66.8 51.7 248.3 1,020.9 602.3 83.6 103.4 175.4 99.9 200.8 160.0 12.1 98.9 103.5 238.5 ...
Gross fixed capital formationt 9,956.8 12,270.7 14,345.4 14,420.4 16,396.8 14,316.8 14,034.8 11,851.3 16,154.0 19,514.9 28,000.7 31,767.9 32,733.7 20,874.9 27,124.2 30,618.5 33,880.2 33,466.0 31,352.7 26,182.9 21,878.3 24,737.0 ...
Public 3,080.1 3,263.3 3,727.4 2,228.9 2,619.6 2,715.1 3,787.0 4,297.9 4,573.2 4,638.7 6,129.1 5,775.6 7,254.1 5,225.2 4,829.7 5,018.7 7,291.2 8,181.9 7,386.2 5,078.7 6,315.7 9,464.1 ...
Private 6,785.6 8,948.4 10,524.4 11,928.7 13,700.3 11,390.8 10,107.0 7,441.5 11,444.2 14,523.1 20,473.6 25,333.9 25,275.4 15,431.0 22,000.7 25,477.1 26,212.3 25,085.4 23,934.8 20,966.6 15,402.4 14,931.3 ...
Acquisitions less disposals of valuables ... 0.3 ... 0.4 16.4 145.4 34.5 45.1 84.9 104.8 377.1 56.1 120.7 115.3 118.4 22.7 44.2 38.7 19.7 38.7 56.7 103.1 ...
Changes in inventories –353.5 193.8 –165.3 –98.8 –74.4 10.1 27.9 –1,071.9 444.3 –184.2 241.1 –188.6 –44.8 –171.3 –798.3 –150.2 389.0 –1.1 257.4 209.2 292.7 227.5 ...
4 Key Indicators for Asia and the Pacific 2023

Bhutan
Item 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Exports of goods and services 5,797.8 5,714.1 5,880.8 6,837.2 8,732.3 11,731.8 17,793.4 20,598.8 18,571.4 18,128.1 19,491.6 20,115.9 19,633.0 20,393.2 19,314.2 18,700.7 17,713.5 18,856.2 19,719.8 22,558.5 17,997.2 19,602.8 ...
Exports of goods ... ... ... ... ... ... ... ... ... ... ... ... ... ... 15,767.3 14,884.3 14,535.7 14,650.4 15,835.8 17,912.9 16,992.0 19,022.7 ...
Exports of services ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,546.9 3,816.4 3,177.8 4,205.8 3,884.0 4,645.6 1,005.2 580.1 ...
Less: Imports of goods and services 9,529.9 10,379.5 12,152.2 13,612.8 17,495.4 19,767.4 19,349.2 21,470.8 22,061.5 25,226.3 32,475.4 34,410.8 31,959.2 31,388.7 30,361.5 34,454.7 32,172.3 32,044.4 34,150.3 32,030.4 28,064.3 32,482.8 ...
Imports of goods ... ... ... ... ... ... ... ... ... ... ... ... ... ... 25,222.1 28,788.8 27,479.8 26,425.6 27,095.5 25,905.8 23,557.5 28,341.7 ...
Imports of services ... ... ... ... ... ... ... ... ... ... ... ... ... ... 5,139.4 5,665.9 4,692.5 5,618.8 7,054.9 6,124.7 4,506.8 4,141.1 ...
Statistical discrepancy – – – – – – – – – – – – – – – – – – – – – – ...

Growth of Demand (% annual change)

Household final consumptions –5.3 –7.7 21.5 17.8 5.5 26.6 –32.2 74.8 –8.5 11.1 5.7 6.0 –2.6 61.8 –8.4 10.6 –2.3 6.1 13.6 7.5 –6.8 4.9 ...
Government final consumption – 8.1 8.7 7.6 7.3 2.8 13.9 4.6 1.3 20.9 7.5 3.6 –0.8 –10.1 2.4 10.8 4.2 4.4 3.1 10.8 4.1 5.7 ...
Gross capital formation 26.5 29.8 13.8 1.0 14.0 –12.2 –1.8 –23.3 54.0 16.5 46.1 11.8 3.5 –36.7 27.2 15.7 12.5 –2.4 –5.5 –16.6 –16.0 12.6 ...
Exports of goods and services 3.3 –1.4 2.9 16.3 27.7 34.3 51.7 15.8 –9.8 –2.4 7.5 3.2 –2.4 3.9 –5.3 –3.2 –5.3 6.5 4.6 14.4 –20.2 8.9 ...
Imports of goods and services 4.2 8.9 17.1 12.0 28.5 13.0 –2.1 11.0 2.8 14.3 28.7 6.0 –7.1 –1.8 –3.3 13.5 –6.6 –0.4 6.6 –6.2 –12.4 15.7 ...

Investment Financing at Current Prices

Gross capital formation 9,603.3 13,624.7 15,727.8 17,076.8 20,568.3 18,990.7 19,072.3 14,508.9 23,494.7 28,000.6 44,738.7 57,467.1 66,128.7 48,554.8 62,193.5 71,287.0 83,081.8 83,124.2 79,682.1 67,609.8 56,995.6 67,276.8 ...
Gross national saving 7,171.4 10,176.7 9,694.7 10,180.7 11,157.7 11,737.2 20,256.9 12,970.4 18,107.5 17,265.5 23,775.8 33,759.8 41,514.3 23,480.9 32,943.2 25,017.5 44,782.6 41,590.5 35,035.1 40,146.2 28,822.4 26,404.0 ...
Gross domestic saving 5,210.8 8,096.3 8,294.4 8,908.9 9,245.3 8,367.9 15,960.8 12,209.3 17,147.0 15,797.3 22,517.0 30,583.1 40,220.5 22,975.5 34,572.4 28,458.7 44,733.4 46,764.1 37,682.8 42,190.5 28,406.4 28,012.0 ...
Net factor income from abroad –22.3 –11.2 –391.0 –642.2 –723.7 –510.1 –161.3 –707.2 –1,479.9 –2,448.0 –4,022.7 –5,316.0 –7,594.3 –7,233.0 –8,238.4 –9,159.3 –12,463.8 –13,859.4 –15,058.6 –16,164.8 –10,585.5 –11,507.9 ...
Net current transfers from abroad 1,982.9 2,091.7 1,791.3 1,914.0 2,636.0 3,879.4 4,457.3 1,468.3 2,440.4 3,916.2 5,281.5 8,492.7 8,888.1 7,738.3 6,609.1 5,718.2 12,513.0 8,685.9 12,410.9 14,120.5 11,001.4 9,899.9 ...

Savings and Investment (% of GDP at current market prices)

Gross domestic saving 27.3 37.2 32.8 31.7 29.9 23.8 40.3 25.3 32.1 26.4 31.8 36.9 42.3 22.3 29.7 22.1 30.8 29.3 22.5 23.6 16.5 14.9 ...
Gross national saving 37.6 46.7 38.3 36.2 36.1 33.4 51.1 26.8 33.9 28.9 33.6 40.7 43.6 22.8 28.3 19.5 30.9 26.1 20.9 22.5 16.7 14.1 ...
Gross capital formation 50.3 62.6 62.1 60.7 66.5 54.0 48.1 30.0 44.0 46.9 63.2 69.3 69.5 47.2 53.4 55.5 57.3 52.1 47.6 37.9 33.1 35.8 ...

At Current Market Prices (Nu)

Per capita GDP 32,044.9 36,111.5 41,448.0 45,469.8 49,346.7 55,348.2 61,286.5 73,316.9 79,596.8 87,404.5 104,848.1 121,357.5 137,583.6 146,935.8 164,157.0 179,080.5 199,661.0 216,941.1 227,867.5 240,755.7 230,054.9 248,334.3 ...
Per capita GNI 32,007.5 36,092.9 40,808.0 44,432.0 48,192.2 54,544.8 61,037.2 72,243.7 77,391.6 83,822.4 98,889.4 113,578.9 126,606.7 136,608.5 152,537.4 166,319.3 182,507.3 198,099.0 207,362.2 218,960.5 215,920.8 233,114.9 ...

PRODUCTION INDEX period averages

Agriculture; 2014–2016 = 100 49.6 50.9 49.0 52.8 62.9 92.3 104.8 102.3 86.6 80.5 83.8 102.4 91.9 89.3 93.4 96.2 110.5 109.8 95.2 102.2 111.0 99.4 ...

ENERGY annual values

Coalu (t)
Production ... ... ... ... ... ... ... ... ... ... 87,815 108,904 98,731 77,744 121,891 85,164 117,783 161,527 186,830 190,000 72,838 152,873 ...
Exports ... ... ... ... ... ... ... ... ... ... 41,657 47,695 35,155 7,127 20,863 4,371 3,970 11,027 21,133 17,769 364 817 ...
Imports ... ... ... ... ... ... ... ... ... ... 103,961 77,149 87,223 91,325 83,734 104,092 99,035 101,399 90,162 68,467 110,420 116,481 ...
Consumption ... ... ... ... ... ... ... ... ... ... 28,998 33,556 52,131 72,546 95,323 79,762 117,788 142,598 186,830 184,781 142,598 225,716 ...

Electricity (kWh million)

Production 1,921.7 1,967.8 2,173.1 2,377.4 2,423.3 2,519.6 3,354.7 6,422.0 7,158.2 6,922.9 7,327.7 7,067.6 6,826.5 7,549.8 7,163.8 7,747.2 7,953.6 7,729.8 6,959.8 8,875.9 11,389.3 10,822.3 ...
Exports 1,460.5 1,392.6 1,476.4 1,695.8 1,707.2 1,713.6 2,526.2 5,372.6 5,922.4 5,404.8 5,579.5 5,273.1 4,895.7 5,557.6 5,301.3 5,503.1 5,763.1 5,701.0 4,558.1 6,146.6 9,175.9 8,075.5 ...
Imports 34.4 6.9 24.3 18.7 22.8 18.4 34.7 22.2 9.4 64.2 131.6 40.3 59.4 112.3 159.2 124.5 86.5 91.9 134.0 96.4 81.8 98.0 ...
Consumption 460.3 542.9 652.9 607.3 616.2 694.2 746.0 950.6 1,094.6 1,416.8 1,712.8 1,740.8 1,739.0 2,061.4 2,004.8 2,057.1 2,008.9 2,185.8 2,328.4 2,280.6 1,960.5 2,717.8 ...
 Key Indicators for Asia and the Pacific 2023 5

Bhutan
Item 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

PRICE INDEXES period averages

Consumer (national); December 2012 | April 2019 = 100 51.2 52.9 54.2 | 40.5 41.9 44.1 46.3 48.7 52.8 55.1 59.0 64.2 71.2 77.4 83.8 87.6 90.5 95.0 97.5 100.2 105.8 113.6 120.0
Food and nonalcoholic beverages ... ... ... 32.9 33.5 35.3 37.0 40.0 44.8 48.9 53.5 58.9 67.1 72.6 79.9 82.5 85.8 92.2 96.8 100.3 111.7 121.6 126.6
Alcoholic beverages, tobacco, and narcotics ... ... ... 33.4 33.8 37.7 40.2 43.7 48.4 51.6 52.1 58.3 67.0 77.7 88.0 90.3 92.0 94.4 98.9 99.9 107.5 125.4 126.9
Clothing and footwear ... ... ... 35.8 36.8 38.3 40.7 44.2 49.7 50.8 52.7 60.0 70.3 80.4 86.0 89.7 92.4 95.8 98.4 100.0 103.3 112.7 122.0
Housing, water, electricity, gas, and other fuels ... ... ... 41.8 44.8 49.0 51.2 52.5 54.8 56.1 62.0 65.2 69.4 75.5 82.6 87.9 90.7 96.4 97.7 100.2 102.5 108.9 114.5
Furnishings, household equipment, and routine household maintenance ... ... ... 41.1 42.2 43.3 45.4 48.6 51.3 52.6 55.4 59.5 72.0 84.1 90.5 93.4 95.2 96.5 98.1 100.6 103.0 108.3 114.6
Health ... ... ... 59.6 61.1 63.3 65.8 68.6 72.8 74.6 75.5 79.9 85.3 90.1 91.7 94.2 95.0 96.0 97.9 100.3 103.8 108.3 112.8
Transport ... ... ... 45.4 47.6 49.7 52.8 53.6 60.9 63.1 65.4 73.0 75.9 78.9 85.5 92.8 96.3 98.1 97.4 100.1 100.6 108.0 121.6
Communication ... ... ... 117.1 116.5 106.2 108.7 112.6 113.6 112.6 111.0 109.1 106.1 104.3 101.4 99.6 99.7 99.7 99.8 100.0 94.3 84.9 83.7
Recreation and culture ... ... ... 43.9 44.3 44.4 47.7 51.5 55.3 56.0 58.5 77.7 87.0 95.5 97.4 98.6 98.0 99.2 99.6 99.9 100.0 102.3 104.1
Education ... ... ... 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 76.2 81.5 86.8 92.8 96.2 99.4 100.6 104.1 104.7 106.4
Restaurants and hotels ... ... ... 41.1 43.5 45.6 48.2 48.5 51.7 52.5 56.2 61.4 66.4 75.9 78.5 84.3 87.0 89.1 94.3 99.4 101.0 107.5 111.3
Miscellaneous goods and services ... ... ... 46.0 47.1 51.0 56.0 57.1 59.7 59.4 61.2 62.6 72.1 83.0 88.8 92.1 94.4 96.3 98.4 100.1 101.1 107.9 115.5
Producer price index (national); September 2011 = 100 ... ... ... ... ... ... ... ... ... ... ... 100.7 105.7 108.4 111.7 112.3 113.5 120.1 125.7 121.0 123.4 136.9 ...
Implicit GDP deflator; 2000 = 100 100.0 105.3 110.4 113.8 118.1 125.0 131.8 135.9 143.6 150.6 159.6 172.1 187.9 199.0 212.7 220.3 230.0 241.7 246.0 248.2 266.1 278.6 ...

Price Indexes (% annual change)

Consumer price index (national) 4.0 3.4 2.5 | 2.2 3.4 5.3 5.0 5.2 8.3 4.4 7.0 8.8 10.9 8.8 8.3 4.5 3.2 5.0 2.7 2.7 5.6 7.3 5.6
Food and nonalcoholic beverages price index (national) ... ... ... ... 1.8 5.3 4.9 8.0 12.0 9.2 9.4 10.0 13.9 8.1 10.1 3.3 4.0 7.5 4.9 3.6 11.4 8.9 4.2
Producer price index (national) ... ... ... ... ... ... ... ... ... ... ... ... 5.8 2.7 3.0 0.6 1.2 5.8 4.7 –3.7 2.3 8.9 ...
Implicit GDP deflator 3.7 5.3 4.9 3.1 3.8 5.9 5.4 3.1 5.7 4.8 6.1 8.6 9.2 7.7 6.9 3.6 4.4 5.1 1.8 0.9 7.2 4.7 ...

MONEY AND INTEREST RATESv as of end of period (Nu million)

Net foreign assets 15,073.7 14,823.3 17,303.7 17,477.2 15,351.4 16,356.8 22,458.3 24,853.0 26,069.3 32,712.7 35,150.7 35,529.2 35,532.1 48,566.4 53,886.5 58,248.7 67,815.6 68,476.0 65,516.7 63,427.3 84,090.6 98,552.0 97,558.1
Domestic claims 584.3 1,485.7 2,945.3 5,357.1 5,929.5 8,515.1 8,651.9 10,063.3 13,362.1 15,732.9 23,136.5 30,705.7 46,466.1 52,432.3 52,299.0 56,255.1 65,692.7 85,084.8 100,320.5 113,488.2 122,112.9 142,821.3 165,296.9
Net claims on central government –1,499.4 –1,255.7 –455.9 1,234.4 441.7 1,847.5 –71.4 –1,432.6 –1,687.5 –3,677.3 –2,993.2 –3,955.3 1,245.8 3,323.1 –1,978.0 –7,739.7 –5,570.5 2,852.9 5,029.4 2,406.9 –3,840.4 6,403.7 16,134.9
Claims on other financial corporationsw ... ... ... – 264.3 273.2 509.4 668.3 517.9 610.3 798.4 390.5 557.3 693.3 923.0 1,133.0 1,454.9 2,632.5 808.2 1,019.9 668.3 318.9 666.7
Claims on state and local governmentx 332.6 315.2 252.0 647.2 963.8 888.5 871.9 943.4 719.6 939.1 135.8 1,035.9 1,485.7 2,284.6 4,438.4 7,174.3 6,106.0 7,046.8 8,306.0 6,230.8 7,140.8 9,856.2 8,907.0
Claims on public nonfinancial corporations ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Claims on private sector 1,751.0 2,426.1 3,149.2 3,475.5 4,259.7 5,505.9 7,342.0 9,884.2 13,812.1 17,860.8 25,195.6 33,234.7 43,177.3 46,131.3 48,915.6 55,687.5 63,702.2 72,552.6 86,176.9 103,830.6 118,144.1 126,242.5 139,588.2
Broad money liabilitiesy 10,035.3 10,802.1 13,875.7 15,904.7 16,592.7 18,377.3 23,208.7 25,208.8 25,784.8 32,116.2 41,779.0 50,640.1 43,732.2 59,077.4 63,387.9 68,344.7 79,162.8 104,113.7 114,974.9 121,417.5 144,892.4 180,316.0 197,302.4
Currency outside depository corporations 1,269.6 1,610.0 1,648.3 1,699.0 2,015.2 2,303.7 2,614.9 3,166.0 3,642.5 4,543.2 5,386.8 6,894.0 – 5,307.4 5,704.7 5,946.5 6,101.8 8,787.7 9,235.2 9,744.8 11,784.7 11,876.5 10,242.7
Transferable deposits 2,769.4 3,324.5 5,495.1 5,803.5 6,509.4 7,028.5 8,063.1 10,376.3 10,754.1 13,833.2 17,151.2 23,376.6 25,569.5 32,112.9 33,997.3 35,729.4 38,831.9 51,935.6 57,061.0 59,459.3 73,792.8 89,951.2 100,333.1
Other deposits 5,996.3 5,867.6 6,732.3 8,402.1 8,068.0 9,045.1 12,530.6 11,666.4 11,388.3 13,739.8 19,241.0 20,369.5 18,162.7 21,657.1 23,686.0 26,668.8 34,229.1 43,390.3 48,678.6 52,213.4 59,314.8 78,488.3 86,726.6
Securities other than shares ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Liabilities excluded from broad moneyz 5,622.7 5,506.9 6,373.3 6,892.1 5,484.3 6,587.7 8,265.6 11,114.1 13,085.4 15,917.8 17,517.1 18,256.9 32,219.0 42,882.9 43,233.6 47,103.0 50,763.8 49,683.2 51,579.2 56,212.8 59,639.0 61,092.5 65,387.9

Money Supply (M2)y (% annual change) 16.1 7.6 28.5 ... 4.3 10.8 26.3 8.6 2.3 24.6 30.1 21.2 –13.6 35.1 7.3 7.8 15.8 31.5 10.4 5.6 19.3 24.4 9.4
M2y (% of GDP at current market prices) 52.6 49.6 54.8 59.5 56.2 55.6 62.1 57.3 50.7 56.8 64.0 65.9 49.1 59.6 57.8 55.8 57.8 68.3 70.3 70.2 82.6 100.2 103.0

Interest Rates period averages (% per annum)

On deposits
Savingsaa 6.0 6.0 5.5 5.0 4.5 4.5 4.5 4.8 4.8 4.8 4.8 4.8 5.0 5.2 5.2 5.3 5.3 5.5 5.3 5.4 5.4 5.3 ...
Time: 6 monthsab 7.5 7.5 7.0 5.5 5.0 4.5 4.5 5.0 5.0 5.0 5.0 5.0 5.5 5.3 5.3 5.5 5.7 6.0 5.4 5.4 4.5 4.5 ...
12 monthsac 9.5 9.5 9.0 6.8 6.0 6.5 6.5 6.8 6.8 6.8 6.8 7.0 8.0 7.0 7.2 6.8 7.0 7.0 7.8 7.8 7.6 7.8 ...
6 Key Indicators for Asia and the Pacific 2023

Bhutan
Item 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

GOVERNMENT FINANCEad fiscal year ending 30 June (Nu million)

Central Government
Total revenue and grants 7,859.5 9,286.5 8,895.2 7,054.3 10,445.0 10,501.1 13,452.2 16,083.1 18,317.3 23,443.0 30,990.7 28,171.8 32,646.4 30,656.1 37,819.1 36,231.1 42,039.3 42,673.1 52,113.1 42,033.3 54,603.9 59,696.1 54,354.6
Total revenue 4,585.4 4,975.8 5,146.7 4,785.3 5,077.6 6,128.0 7,027.4 10,082.2 12,381.9 16,867.9 19,871.8 17,674.0 20,144.8 21,093.5 23,582.8 26,276.0 27,149.7 29,686.4 37,266.0 31,516.8 38,178.1 44,813.8 40,771.1
Current revenue 4,309.8 4,595.5 5,112.1 4,760.2 4,981.7 5,833.5 6,735.1 9,906.9 12,262.0 13,952.6 15,544.9 17,365.5 20,248.6 21,012.8 23,162.3 25,031.0 27,913.4 29,500.1 36,846.7 34,682.8 36,140.4 35,774.5 38,621.1
Taxes 1,977.1 1,916.9 2,675.6 2,928.3 2,689.9 3,382.4 4,124.7 4,266.9 5,238.8 6,482.4 9,655.8 11,593.5 14,676.9 15,403.1 16,182.8 18,387.3 19,884.6 21,707.0 27,107.8 27,171.1 22,793.0 20,661.8 25,843.1
Nontaxes 2,332.7 2,678.6 2,436.5 1,832.0 2,291.8 2,451.1 2,610.4 5,640.0 7,023.3 7,470.2 5,889.2 5,772.0 5,571.7 5,609.7 6,979.5 6,643.6 8,028.7 7,793.1 9,738.8 7,511.6 13,347.4 15,112.7 12,778.1
Capital receiptsae 275.6 380.3 34.7 25.0 95.9 294.5 292.4 175.3 119.9 2,915.3 4,326.9 308.6 –103.8 80.7 420.5 1,245.1 –763.7 186.3 419.4 –3,165.9 2,037.7 9,039.3 2,150.0
Grants 3,274.1 4,310.7 3,748.5 2,269.1 5,367.4 4,373.1 6,424.7 6,000.9 5,935.4 6,575.1 11,118.9 10,497.7 12,501.5 9,562.6 14,236.4 9,955.0 14,889.6 12,986.8 14,847.1 10,516.5 16,425.8 14,882.3 13,583.5
Total expenditure and net lending 8,624.1 11,177.6 10,073.9 9,944.9 9,865.1 12,893.7 13,770.9 15,795.3 17,913.4 22,350.5 29,889.0 29,842.5 33,688.3 34,901.4 33,522.8 34,334.3 43,603.0 48,018.0 52,658.7 46,094.8 58,718.5 71,837.4 65,479.0
Total expenditure 8,334.3 10,716.5 9,780.4 9,890.5 9,802.3 12,785.9 13,356.8 15,166.1 19,693.0 20,890.6 25,831.8 29,521.9 34,843.1 36,527.8 34,609.9 36,475.8 44,688.4 49,966.6 56,331.4 44,053.7 57,572.3 71,091.8 69,156.6
Current expenditure 3,702.1 4,435.6 4,467.9 4,580.9 5,149.2 6,170.6 6,672.4 7,636.2 9,725.7 11,061.4 12,902.7 14,735.1 16,705.6 18,096.5 17,941.2 21,032.0 22,880.6 24,129.6 27,494.7 27,768.7 35,525.4 43,515.8 34,444.7
Capital expenditure 4,632.1 6,280.9 5,312.6 5,309.6 4,653.1 6,615.3 6,684.4 7,529.9 9,967.3 9,829.2 12,929.1 14,786.8 18,137.5 18,431.3 16,668.8 15,443.8 21,807.9 25,837.0 28,836.7 16,285.5 22,046.9 27,576.0 34,711.9
Net lending 289.8 461.1 293.5 54.4 62.8 107.8 414.1 629.2 –1,779.7 1,460.0 4,057.2 320.5 –1,154.8 –1,626.4 –1,087.1 –2,141.6 –1,085.4 –1,948.6 –2,077.9 –1,318.5 729.3 745.6 –3,677.6
Current surplus/deficit 607.6 159.9 597.5 179.3 –167.6 –337.1 62.7 2,270.7 2,535.9 2,891.2 2,642.3 2,630.4 3,543.0 2,916.3 5,221.1 3,998.9 5,032.8 5,390.7 9,352.0 6,914.1 615.1 –7,741.3 4,176.4
Capital account surplus/deficit –4,356.5 –5,900.6 –5,277.9 –5,284.6 –4,557.1 –6,320.8 –6,392.1 –7,354.6 –9,847.5 –6,913.8 –8,602.3 –14,478.3 –18,241.3 –18,350.6 –16,248.2 –14,198.7 –22,571.5 –25,670.9 –28,417.3 –19,451.4 –20,009.2 –18,536.7 –32,561.9
Overall budgetary surplus/deficit –764.5 –1,891.1 –1,225.4 –2,890.6 579.9 –2,392.6 –318.7 287.8 403.5 1,092.5 1,101.7 –1,670.7 –1,042.0 –4,245.3 4,296.3 1,896.8 –1,563.7 –5,344.9 –545.6 –4,061.5 –4,114.6 –12,141.3 –11,124.4
Financing
Domestic borrowing – – 500.0 250.0 –250.0 1,753.0 –500.0 –175.3 –175.3 –175.3 –175.3 –175.3 216.0 –175.3 –175.3 –175.3 –183.8 –9.2 –9.9 323.9 –882.4 8,907.3 7,267.6
Foreign borrowing 606.6 1,056.7 1,396.7 1,537.3 932.1 739.4 715.5 530.1 –1,143.9 –1,043.4 257.3 469.3 –1,223.2 667.6 –867.0 –911.1 –1,031.6 533.5 –92.1 1,101.1 3,527.1 1,486.9 4,086.7
Use of cash balances 158.0 834.5 –671.3 1,103.2 –1,262.0 –99.8 103.3 –642.6 915.7 126.3 –1,183.7 1,376.7 2,049.1 3,753.0 –3,254.0 –810.4 2,779.2 4,820.5 647.6 2,636.5 1,469.9 1,747.0 –230.0

Government Finance (% of GDP at current market prices)

Total revenue 23.2 22.1 19.5 16.5 15.9 17.0 17.3 20.4 22.6 27.6 27.4 23.0 22.6 21.3 21.5 21.4 19.8 19.5 22.8 18.2 21.8 24.9 21.3
Taxes 10.0 8.5 10.2 10.1 8.4 9.4 10.1 8.6 9.6 10.6 13.3 15.1 16.5 15.6 14.8 15.0 14.5 14.2 16.6 15.7 13.0 11.5 13.5
Total expenditure 42.2 47.7 37.5 34.1 30.8 35.4 32.8 30.7 36.0 34.1 35.6 38.4 39.1 36.9 31.6 29.8 32.6 32.8 34.5 25.5 32.8 39.5 36.1
Overall budgetary surplus/deficit –3.9 –8.4 –4.7 –10.0 1.8 –6.6 –0.8 0.6 0.7 1.8 1.5 –2.2 –1.2 –4.3 3.9 1.5 –1.1 –3.5 –0.3 –2.3 –2.3 –6.7 –5.8

Expenditure by Function, Central Government

Total expenditure ... ... ... ... 11,594.4 13,164.9 16,598.5 16,298.2 21,809.7 23,034.6 30,039.2 33,324.6 42,937.8 53,632.3 37,757.4 39,425.3 47,937.5 52,712.1 59,201.1 46,593.8 59,506.4 76,488.3 74,863.3
General public services ... ... ... ... 3,498.9 5,636.1 4,471.1 3,866.5 5,043.3 5,339.9 3,802.7 4,186.2 5,242.6 5,431.6 4,757.8 5,320.8 7,717.0 10,475.7 16,845.1 750.4 16,719.8 26,925.6 17,782.2
Education ... ... ... ... 1,725.1 1,837.8 2,088.2 2,963.0 3,099.5 3,605.5 4,865.7 5,964.7 6,725.0 7,109.4 5,746.2 7,301.3 8,988.9 10,728.7 10,852.5 9,497.3 12,739.5 11,491.5 10,705.2
Health ... ... ... ... 920.4 953.2 1,046.2 1,690.1 1,791.6 1,930.5 2,151.8 2,288.9 2,954.7 2,951.8 2,974.1 3,457.7 4,103.2 4,359.0 4,864.1 4,856.1 6,435.4 6,509.3 7,214.3
Social security and welfareaf ... ... ... ... – – – 498.2 1,347.5 1,906.9 2,259.0 2,796.1 3,551.9 3,640.4 3,556.3 3,920.1 4,632.4 5,235.9 3,235.5 4,278.7 5,891.8 5,789.7 6,234.7
Housing and community amenitiesag ... ... ... ... 585.1 715.3 1,295.9 725.0 982.1 891.7 1,195.6 1,068.3 1,071.4 1,224.2 1,195.4 1,130.7 2,210.0 2,109.7 2,571.7 2,936.1 2,887.7 3,106.5 3,743.7
Economic affairs ... ... ... ... 3,515.1 2,839.9 4,073.4 4,980.0 5,709.7 5,481.8 8,695.7 10,223.7 11,416.8 11,498.8 9,583.8 10,416.9 14,927.9 15,058.8 16,116.6 10,528.8 12,066.4 15,405.8 19,210.2
Agriculture ... ... ... ... 1,432.4 870.0 1,228.5 1,709.4 1,871.6 2,272.2 3,089.3 3,849.1 4,734.2 4,747.9 4,074.1 4,143.3 6,028.0 6,764.5 6,205.5 4,593.2 7,115.1 8,652.7 8,609.7
Industryah ... ... ... ... 90.7 74.1 93.8 122.4 197.4 182.1 206.5 237.4 239.2 277.8 221.1 301.3 346.6 142.8 185.1 392.2 171.1 167.6 169.2
Electricity, gas, and waterai ... ... ... ... 789.5 203.6 477.6 441.6 530.7 632.6 826.1 1,627.7 600.6 477.8 458.0 450.6 664.8 905.5 342.9 289.3 283.0 271.9 281.1
Transport and communicationsaj ... ... ... ... 1,202.5 1,637.9 2,100.4 2,342.0 2,818.0 2,050.1 4,104.4 3,818.9 5,181.1 5,375.1 4,132.6 4,768.2 6,710.3 6,289.0 7,897.0 4,767.6 3,359.6 3,906.2 5,325.1
Other economic services ... ... ... ... ... 54.4 173.0 364.7 292.0 344.8 469.5 690.6 661.7 620.2 698.0 753.5 1,178.2 957.0 1,486.1 486.4 1,137.7 2,407.3 4,825.2
Othersak ... ... ... ... 1,349.9 1,182.5 3,623.7 1,575.4 3,835.9 3,878.3 7,068.7 6,796.8 11,975.3 21,776.2 9,943.8 7,878.0 5,358.1 4,744.2 4,715.7 11,206.7 2,765.8 7,259.9 9,973.0

Expenditure by Function (% of GDP at current market prices)

Education ... ... ... ... 5.4 5.1 5.1 6.0 5.7 5.9 6.7 7.8 7.6 7.2 5.2 6.0 6.6 7.0 6.6 5.5 7.3 6.5 5.6
Health ... ... ... ... 2.9 2.6 2.6 3.4 3.3 3.2 3.0 3.0 3.3 3.0 2.7 2.8 3.0 2.9 3.0 2.8 3.7 3.7 3.8
Social security and welfare ... ... ... ... – – – 1.0 2.5 3.1 3.1 3.6 4.0 3.7 3.2 3.2 3.4 3.4 2.0 2.5 3.4 3.3 3.3
 Key Indicators for Asia and the Pacific 2023 7

Bhutan
Item 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

EXTERNAL TRADEal calendar year (Nu million)

Exports, fob 4,987.9 4,615.8 4,994.8 5,405.9 7,157.5 9,457.1 13,959.8 25,333.8 24,170.8 24,342.9 24,480.1 30,160.1 30,997.4 29,931.5 32,876.6 35,982.2 32,704.5 36,872.0 39,231.7 42,951.6 46,862.8 53,099.9 57,864.0
Imports, cif | fob 8,075.2 8,675.0 9,790.2 9,886.9 | 11,923.5 20,556.0 19,456.5 21,863.9 26,007.3 27,871.9 37,048.4 50,995.4 50,878.1 50,640.0 57,047.1 62,645.0 68,533.2 68,021.2 66,432.4 71,290.2 69,589.2 65,529.4 104,134.7
Trade balance –3,087.3 –4,059.1 –4,795.5 –4,481.0 –4,766.0 –11,099.0 –5,496.7 3,469.9 –1,836.5 –3,529.0 –12,568.3 –20,835.3 –19,880.6 –20,708.5 –24,170.5 –26,662.8 –35,828.7 –31,149.2 –27,200.7 –28,338.6 –22,726.4 –12,429.5 –46,270.7

External Trade (% annual change)

Exports –7.5 –7.5 8.2 8.2 32.4 32.1 47.6 81.5 –4.6 0.7 0.6 23.2 2.8 –3.4 9.8 9.4 –9.1 12.7 6.4 9.5 9.1 13.3 9.0
Imports 7.4 7.4 12.9 1.0 20.6 72.4 –5.3 12.4 19.0 7.2 32.9 37.6 –0.2 –0.5 12.7 9.8 9.4 –0.7 –2.3 7.3 –2.4 –5.8 58.9

Direction of Trade calendar year ($ million)

Exports, total 28.6 24.7 26.5 24.7 53.5 258.7 414.3 675.6 522.3 496.4 413.9 453.4 532.0 454.3 484.0 677.7 499.2 468.8 546.6 517.7 447.9 668.9 655.5
1. India 22.3 18.2 20.1 17.9 43.8 226.2 319.4 550.2 495.8 463.6 340.8 343.0 497.7 397.6 408.2 494.4 468.8 444.5 504.7 497.7 433.6 654.1 592.5
2. Italy ... 0.0 ... 0.0 ... 0.0 0.0 0.1 0.0 0.0 0.3 2.6 2.3 2.2 5.3 2.7 0.1 2.9 7.4 4.1 3.6 4.3 14.3
3. Nepal ... ... ... ... ... 1.0 1.3 1.3 4.5 1.8 0.9 1.6 2.0 3.7 5.1 12.7 2.0 4.6 9.4 3.4 2.4 2.4 7.2
4. Netherlands 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 1.3 2.8 0.8 6.3 1.6 6.6 13.8 3.9 0.9 0.6 4.6
5. Indonesia ... ... ... ... ... ... ... ... 0.0 0.0 ... ... 0.0 0.0 0.0 0.0 ... 0.0 0.0 0.0 0.0 0.0 15.6
6. Bangladesh 1.3 1.0 1.1 1.0 2.5 12.7 10.4 11.4 14.6 15.7 19.8 26.4 21.9 40.7 55.6 138.0 21.9 2.5 2.8 3.9 2.3 3.1 2.6
7. Singapore 1.7 1.7 1.7 1.7 1.7 1.7 12.9 16.6 0.3 0.2 0.4 0.3 0.4 0.3 0.5 0.1 0.1 0.8 1.1 1.2 0.5 0.7 4.6
8. Colombia 0.1 0.0 0.1 0.2 0.1 0.0 0.0 0.3 0.4 0.1 0.1 0.1 0.1 0.2 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.0
9. Germany 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 1.8 0.6 2.8 4.4 20.1 0.7 2.1 3.4 0.6 0.1 0.5 0.2
10. China, People’s Republic of ... 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.3 0.0 0.0 0.1 0.0 0.2 0.3 0.5 0.3 0.4 0.2 0.2 0.2 0.2 3.0

Imports, total 461.8 470.2 471.8 497.8 857.8 387.2 418.9 499.8 543.4 530.0 854.4 1,052.0 993.1 950.1 935.6 1,135.2 1,051.6 1,055.5 1,369.3 1,319.0 1,315.8 1,700.0 1,945.7
1. India 377.3 381.7 383.3 395.8 627.3 290.7 287.6 365.4 401.8 412.1 640.8 760.2 781.5 757.1 763.2 875.8 889.5 877.4 1,113.9 1,154.2 1,081.6 1,327.2 1,474.5
2. China, People’s Republic of 20.4 20.1 19.1 20.5 18.8 4.1 6.2 9.2 19.6 10.1 13.4 19.0 24.8 27.7 17.6 15.8 8.1 9.9 20.4 17.2 20.9 173.2 264.0
3. Korea, Republic of 4.7 5.2 5.2 6.0 20.9 5.8 10.1 7.9 6.6 7.9 43.8 63.0 31.0 13.0 8.9 18.7 13.3 44.4 17.8 7.7 46.6 42.0 34.5
4. Singapore 10.2 10.2 10.2 10.2 10.2 10.2 11.4 23.6 21.3 15.4 19.7 39.8 14.6 27.8 24.0 29.7 32.6 24.8 27.0 24.3 26.4 32.3 36.1
5. United States 0.5 0.4 0.5 0.6 1.3 1.9 2.6 1.3 1.9 2.1 3.4 2.7 3.6 3.4 3.5 3.8 2.9 3.7 81.0 4.1 4.1 8.6 7.1
6. Thailand 20.2 19.7 18.7 16.6 12.2 6.3 5.7 4.6 9.5 7.2 21.6 26.4 13.8 14.7 17.8 19.3 20.0 20.3 20.5 20.6 20.6 20.6 20.6
7. Japan 5.9 11.5 15.7 14.5 29.7 14.7 8.7 9.2 25.5 11.5 18.5 33.2 23.5 16.2 36.9 28.9 18.9 10.2 14.8 10.7 5.8 12.5 7.9
8. Nepal ... ... ... ... ... 2.3 3.8 2.4 3.0 7.6 12.8 3.0 8.7 7.9 6.3 12.7 4.9 5.3 10.9 6.9 14.4 7.4 7.7
9. Austria 5.3 1.7 2.0 4.9 11.3 1.0 0.9 0.6 0.6 2.7 1.7 7.5 17.6 16.7 6.8 6.5 6.4 9.2 6.7 7.0 6.8 6.5 6.5
10. Bangladesh 1.0 1.6 1.5 2.6 3.8 3.4 1.8 1.8 2.9 2.4 4.2 3.7 5.3 2.2 4.0 3.3 2.9 3.8 5.6 5.5 5.1 8.5 8.6

BALANCE OF PAYMENTSam fiscal year ending 30 June ($ million)

Current account balance –42.3 –42.7 –80.8 –137.6 –121.5 –235.1 –37.9 | 91.0 –110.1 –74.9 –320.5 –523.9 –346.8 –431.5 –493.9 –559.1 –609.5 –536.8 –438.8 –514.1 –366.9 –287.9 –809.2*
Balance on goods –70.7 –87.5 –99.5 –93.5 –105.0 –248.8 –122.9 | 85.2 –45.1 –72.7 –271.0 –465.9 –353.1 –346.9 –402.2 –418.2 –529.9 –483.1 –396.7 –411.2 –300.9 –167.2 –586.1*
Exports 114.3 99.5 103.6 112.8 157.6 212.0 312.0 | 621.7 593.1 501.8 527.9 674.4 550.5 501.4 547.1 564.4 483.7 571.9 572.1 623.2 620.5 714.2 733.0*
Imports 185.0 187.0 203.1 206.3 262.6 460.8 434.9 | 536.5 638.2 574.6 799.0 1,140.3 903.6 848.2 949.3 982.6 1,013.6 1,055.1 968.8 1,034.4 921.4 881.4 1,319.1*
Balance on services –7.8 0.4 –16.9 –66.8 –48.7 –39.3 –12.8 | –31.4 –65.1 –41.6 –71.5 –95.8 –83.1 –49.6 –66.5 –67.2 –52.2 –50.5 –33.2 –51.7 –87.3 –115.6 –179.4*
Credit 19.9 24.2 22.5 20.4 27.6 42.5 51.7 | 65.3 54.2 55.7 69.2 82.8 91.4 113.3 127.2 122.1 140.9 164.8 181.2 172.7 127.3 19.8 20.9*
Debit 27.7 23.7 39.4 87.2 76.3 81.8 64.5 | 96.7 119.3 97.3 140.7 178.6 174.4 162.9 193.7 189.3 193.1 215.3 214.5 224.4 214.6 135.3 200.3*
Balance on primary income –3.9 2.5 –4.9 –11.4 –16.3 –15.9 –7.0 | –0.4 –34.3 –32.2 –71.9 –101.1 –102.1 –152.2 –123.6 –152.7 –168.7 –183.4 –201.2 –226.2 –142.3 –150.9 –150.9*
Credit 13.9 17.3 10.9 11.7 9.6 12.0 18.2 | 28.5 34.3 20.9 16.4 16.9 15.5 16.2 19.8 25.9 24.0 31.0 35.2 38.3 28.0 21.5 23.3*
Debit 17.8 14.8 15.8 23.1 25.9 27.9 25.2 | 28.9 68.6 53.0 88.4 117.9 117.6 168.4 143.5 178.6 192.7 214.5 236.4 264.5 170.3 172.5 174.2*
Balance on secondary incomean 40.1 41.8 40.5 34.0 48.4 68.9 104.7 | 37.6 34.5 71.7 93.9 138.8 191.4 117.2 98.4 79.1 141.3 180.4 192.4 175.0 163.6 145.8 107.1*
Credit 84.8 83.3 87.6 86.5 97.8 123.1 163.5 | 94.0 84.8 106.8 138.8 191.5 229.2 145.5 122.0 107.8 168.0 205.6 219.0 206.5 183.7 184.6 146.8*
8 Key Indicators for Asia and the Pacific 2023

Bhutan
Item 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Debit 44.7 41.5 47.1 52.5 49.4 54.3 58.7 | 56.4 50.4 35.2 44.8 52.7 37.8 28.3 23.7 28.7 26.7 25.2 26.7 31.5 20.0 38.8 39.6*
Capital account 66.7 43.2 52.1 129.7 111.7 102.8 39.1 | 79.3 82.5 67.4 150.6 170.2 84.4 242.2 281.3 219.3 187.4 192.2 173.3 127.2 137.3 99.7 131.4*
Credit 66.7 43.2 52.1 129.7 111.7 102.8 39.1 | 79.3 82.5 67.4 150.6 170.2 84.4 242.2 281.3 219.3 187.4 192.2 173.3 127.2 137.3 99.7 131.4*
Debit ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Financial accountao 41.1 49.8 61.1 96.9 82.1 44.2 91.5 | –149.4 –23.0 –95.1 –192.7 –412.4 –269.6 –288.6 –246.4 –350.7 –627.5 –237.3 –580.2 –140.9 –360.8 –273.5 –262.3*
Direct investment ... ... 2.1 2.5 3.5 9.0 6.1 | 157.3 3.1 17.8 74.8 31.5 21.5 18.7 28.5 5.8 10.0 –25.4 6.7 13.6 –3.6 –1.1 8.2*
Portfolio investment, net ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Financial derivatives ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Other investment 41.1 49.8 59.0 94.5 78.7 35.2 85.4 | – – – – – –248.2 –272.5 –215.1 –325.5 –604.1 –289.6 –515.2 –107.2 –383.9 –36.3 –216.3*
Net errors and omissions 36.4 –2.0 45.4 –34.5 –64.1 67.5 23.6 | –186.6 21.5 47.8 72.3 –40.8 –168.3 55.0 37.5 –19.8 –19.5 195.3 –242.8 279.5 134.8 –139.9 5.1*
Overall balance 35.1 5.1 25.8 54.5 8.1 –20.6 116.4 | 133.0 16.9 135.5 95.1 17.8 –161.0 154.3 71.2 –9.0 185.9 –0.7 71.9 33.5 266.0 –54.6 –410.4*
Reserves and related items 35.1 5.1 25.8 54.5 8.1 –20.6 116.4 | 133.0 16.9 135.5 95.1 17.8 –161.0 154.3 71.2 –9.0 185.9 –0.7 71.9 33.5 266.0 –54.6 –410.4*
International investment position ... ... ... ... ... ... ... | –250.9 –175.2 –100.2 –159.2 –491.2 –702.4 –920.8 –1,115.4 –1,356.6 –1,712.1 –2,160.4 –2,401.7 –2,537.5 –2,422.0 –3,078.6 ...

Balance of Payments (% of GDP at current market prices)

Exports 25.3 20.5 19.1 18.7 25.1 30.2 38.7 57.6 47.5 43.0 37.5 39.2 34.8 30.2 30.0 29.4 23.9 24.2 24.0 24.8 26.7 29.5 30.1*
Imports 40.9 38.6 37.5 34.1 41.9 65.7 53.9 49.7 51.1 49.3 56.8 66.3 57.1 51.1 52.0 51.1 50.1 44.6 40.6 41.2 39.7 36.4 54.1*
Balance on goods –15.6 –18.1 –18.4 –15.5 –16.7 –35.5 –15.2 7.9 –3.6 –6.2 –19.3 –27.1 –22.3 –20.9 –22.0 –21.8 –26.2 –20.4 –16.6 –16.4 –13.0 –6.9 –24.0*
Balance on services –1.8 0.1 –3.2 –11.1 –7.1 –4.9 –1.5 –2.9 –5.2 –3.6 –5.1 –5.6 –5.3 –3.0 –3.6 –3.5 –2.6 –2.1 –1.4 –2.1 –3.8 –4.8 –7.4*
Current account balance –9.4 –8.8 –14.9 –22.8 –19.4 –33.5 –4.7 8.4 –8.8 –6.4 –22.8 –30.5 –21.9 –26.0 –27.1 –29.1 –30.1 –22.7 –18.4 –20.5 –15.8 –11.9 –33.2*
Overall balance 7.8 1.1 4.8 9.0 1.3 –2.9 14.4 12.3 1.4 11.6 6.8 1.0 –10.2 9.3 3.9 –0.5 9.2 –0.0 3.0 1.3 11.5 –2.3 –16.8*

INTERNATIONAL RESERVES as of end of period ($ million)

Total 317.6 323.4 354.9 366.6 398.6 467.4 545.3 699.0 764.8 890.9 1,002.1 789.6 954.7 991.3 1,245.1 1,103.2 1,127.3 1,206.2 987.2 1,238.3 1,426.9 971.3 ...
Gold, national valuation ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 10.0 3.8 38.7 ...
Foreign exchange 316.1 321.8 353.2 364.7 396.6 465.5 543.3 696.8 762.6 879.2 990.7 778.2 943.2 979.8 1,234.3 1,092.9 1,113.1 1,191.2 972.5 1,213.6 1,407.8 890.3 ...
Reserve position in the IMF 1.3 1.3 1.4 1.5 1.6 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.5 1.4 6.1 6.5 6.3 6.3 6.5 6.4 6.1
SDRs 0.2 0.3 0.3 0.4 0.4 0.4 0.5 0.6 0.7 10.1 9.9 9.9 9.9 9.9 9.3 8.9 8.1 8.6 8.4 8.4 8.8 35.9 34.2

EXCHANGE RATES (Nu–$)

End of period 46.8 48.2 48.0 45.6 43.6 45.1 44.2 39.4 48.5 46.7 44.8 53.3 54.8 61.9 63.3 66.3 68.0 63.9 69.8 71.3 73.1 75.3 82.9
Average of period 44.9 47.2 48.6 46.6 45.3 44.1 45.3 41.3 43.5 48.4 45.7 46.7 53.4 58.6 61.0 64.2 67.2 65.1 68.4 70.4 74.1 73.9 78.6

EXTERNAL INDEBTEDNESS as of end of year ($ million)

Total debt outstanding and disbursed 211.6 272.7 386.0 493.6 601.3 656.6 721.1 801.2 693.1 786.5 934.6 1,070.5 1,449.6 1,528.2 1,841.2 2,011.1 2,289.7 2,608.0 2,552.0 2,703.8 3,036.8 3,069.4 ...
Long-term debt 202.2 265.2 376.9 480.3 592.0 635.6 696.1 773.8 675.9 772.2 919.4 1,053.3 1,365.4 1,518.9 1,829.1 2,002.8 2,281.5 2,596.4 2,539.3 2,667.7 3,026.7 3,030.8 ...
Public and publicly guaranteed 202.2 265.2 376.9 480.3 592.0 635.6 696.1 773.8 675.9 772.2 919.4 1,043.4 1,357.7 1,513.8 1,827.2 1,945.1 2,221.2 2,540.8 2,484.2 2,616.3 2,985.3 2,986.9 ...
Private nonguaranteed ... ... ... ... ... ... ... ... ... ... ... 9.9 7.7 5.1 1.9 57.7 60.3 55.6 55.1 51.5 41.4 43.9 ...
Short-term debt 1.5 0.0 1.0 4.4 – 12.5 16.0 18.0 8.0 5.0 6.0 8.0 75.0 – 3.4 – 0.1 3.0 4.3 27.8 1.5 2.9 ...
Use of IMF credit 7.8 7.5 8.1 8.9 9.3 8.6 9.0 9.5 9.2 9.4 9.2 9.2 9.2 9.2 8.7 8.3 8.1 8.5 8.3 8.3 8.6 35.7 ...

External debt (% of GNI) 49.9 59.1 75.3 83.6 90.2 83.6 82.8 69.5 58.1 66.5 64.0 64.4 88.4 93.6 103.9 108.1 116.0 116.6 114.6 117.2 139.8 ... ...
Total long-term debt (% of total debt) 95.6 97.2 97.6 97.3 98.5 96.8 96.5 96.6 97.5 98.2 98.4 98.4 94.2 99.4 99.3 99.6 99.6 99.6 99.5 98.7 99.7 98.7 ...
Short-term debt (% of total debt) 0.7 0.0 0.3 0.9 – 1.9 2.2 2.2 1.2 0.6 0.6 0.7 5.2 – 0.2 – 0.0 0.1 0.2 1.0 0.0 0.1 ...
Debt service (% of exports of goods and services) ... ... ... ... ... ... 2.8 4.8 11.9 12.7 14.4 11.2 18.7 11.8 12.2 17.2 16.6 11.1 10.6 7.6 7.1 15.5 ...
 Key Indicators for Asia and the Pacific 2023 9

Bhutan
Item 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Debt service transactions during the year ($ million)

Principal repayments on long-term debt 4.7 4.5 4.5 4.8 6.7 4.6 5.9 23.9 43.5 41.1 46.6 45.5 76.8 40.8 42.3 91.7 75.4 46.3 51.3 28.4 37.2 73.1 189.6
Interest on long-term debt 1.8 1.7 1.9 2.3 5.2 2.0 3.4 6.9 38.0 34.4 40.7 39.8 61.8 40.2 40.6 37.2 35.2 36.1 35.8 32.2 20.6 45.3 88.9
Interest on short-term debt 0.2 0.0 0.0 0.1 0.1 0.2 1.0 1.0 ... ... 0.1 0.1 1.1 ... 0.0 ... 0.0 0.1 0.2 0.8 0.0 0.0 ...

Average terms of new commitments

Interest rate (% per annum) 3.6 1.1 6.8 5.6 8.9 0.8 1.4 9.7 0.8 4.0 9.9 0.5 3.3 3.3 2.1 4.2 1.4 2.0 3.7 4.2 7.7 2.8 ...
Maturity (years) 32.1 31.5 23.1 28.5 21.7 28.6 32.0 33.7 38.9 19.7 28.2 31.3 19.1 18.7 26.6 27.4 31.9 24.4 33.3 27.8 29.1 31.6 ...
Grace period (years) 10.5 8.8 8.8 9.0 8.3 7.1 8.5 18.4 9.4 5.8 12.5 9.6 8.0 8.9 6.8 6.8 8.4 4.9 10.3 8.9 10.4 10.0 ...
Grant element (%) 18.2 46.7 –17.4 –0.7 –39.3 42.7 43.6 –67.2 56.3 11.9 –62.2 54.1 18.2 19.9 32.8 7.4 43.5 29.2 16.0 7.2 –33.5 26.6 ...

... = data not available; I = marks break in series; – = magnitude equals zero; (-/+) 0.0 = magnitude is less than half of unit employed; $ = United States dollars; cif = cost, insurance, and freight; fob = free on board; GDP = gross domestic product; GNI = gross national income; IMF = International Monetary Fund; km² = square kilometer;
kWh = kilowatt-hour; NPISHs = nonprofit institutions serving households; Nu = ngultrum; SDRs = special drawing rights; t = metric ton.

a Prior to 2005, data were estimated using the growth rate for 2005. For 2005 and 2017, data are from the population censuses. For 2006–2016, data are population projections using 2005 census results as a base. For 2018–2022, data are population projections using 2017 census results as the base.
The population growth rate for 2017 is derived as 1.3% per annum from 2005 to 2017.
b For 2000–2004, data are based on a survey conducted in 2000 by the Government of Bhutan’s Ministry of Health. For 2005–2015, data are based on the Population and Housing Census of Bhutan, 2005. For 2017, data are based on the 2017 Population and Housing Census of Bhutan. For 2016, 2018, 2020, and 2021, data are based on the
United Nations’ World Urbanization Prospects 2018.
c For 2005 and 2017, data are from the censuses of population, while data for other years are from labor force surveys. Thus, data prior to and after the census years may not be directly comparable to the 2005 and 2017 figures.
d For 2007, data for mining and quarrying includes manufacturing; electricity, gas, steam, and air-conditioning supply; water supply; sewerage, waste management, and remediation activities; and construction.
e For 2004 and 2006, includes personal and household goods.
f For 2007, data for wholesale and retail trade; repair of motor vehicles and motorcycles includes transportation and storage; accommodation and food service activities; information and communication; financial and insurance activities; real estate activities; and others.
g For 2001, 2003–2006, and 2009–2017, data refer to transportation and storage; and information and communication.
h For 2001, 2003–2006, and 2009–2017, data for information and communication are combined with transportation and storage.
i For 2004–2006, refers to financial intermediation.
j For 2005 and 2017, included in the “others” category.
k Includes professional, scientific, and technical activities; administrative and support service activities; public administration and defense; compulsory social security; human health and social work activities; education; arts, entertainment, and recreation; other service activities; activities of households as employers; undifferentiated goods- and
services-producing activities of households for own use; and activities of extraterritorial organizations and bodies.
l For 2005 and 2017, data include real estate activities.
m Includes water supply; and sewerage, waste management, and remediation activities.
n Data refer to transportation and storage; and information and communication.
o Combined with transportation and storage.
p Includes administrative and support service activities.
q Includes human health and social work activities.
r Includes taxes less subsidies on production and imports.
s Includes NPISHs final consumption.
t Includes intellectual property products and software; details may not add up to reported total gross fixed capital formation.
u Data were derived using the conversion factor of 1 metric ton = 0.6735 tonnes of oil equivalent.
v Starting January 2003, a major reclassification was carried out in the accounts of all the economic sectors. Thus, data prior to 2003 cannot always be directly compared with the subsequent data.
w For 2003 onward, refers to claims on non-bank financial institutions.
x For 2003 onward, refers to claims on other public sectors.
y In this context, the term “broad money liabilities” refers to broad money aggregate M2.
z Refers to the net of other items.
aa For 2000–2001, actual values range from 5.0% to 7.0%; for 2012, from 4.5% to 5.0%; for 2013, from 5.0% to 5.5%; for 2014–2016, from 5.0% to 7.0%; for 2017, from 5.0%-6.0%; for 2019 and 2020, from 5.0% to 5.75%; and for 2021, from 5.0% to 5.6%.
ab Refers to rate for fixed deposits of 3 months to less than 1 year. For 2000 and 2001, actual values range from 7.0% to 8.0%; for 2010 and 2011, from 4.5% to 5.5%; for 2012, from 5.0% to 6.0%; for 2013, from 5.0% to 6.5%; for 2014, from 5.0% to 7.0%; for 2015 and 2016, from 4.0% to 7.0%; for 2017, from 5.0% to 7.0%; for 2018 and 2019,
from 4.8% to 6.0%; and for 2020 and 2021, from 3.0% to 6.0%.
ac For 2000 and 2001, refers to rate for fixed deposits of 1 year to less than 3 years, and actual values range from 9.0% to 10.0%. For 2010–2016, rate refers to fixed deposits of 1 year to less than 2 years. Accordingly, for 2010, actual values range from 4.5% to 6.5%; for 2011, from 6.0% to 7.0%; for 2012, from 7.0% to 7.3%; for 2013 and 2014,
from 7.0% to 7.5%; for 2015–2017, from 6.5% to 7.5%; for 2018 and 2019, from 6.0% to 9.5%; for 2020, from 6.0% to 9.1%; and for 2021, from 6.5% to 9.1%.
ad For 2000–2022, figures are actual outcomes based on the audited annual financial statements.
ae Refers to capital revenue and other receipts that are not all capital in nature.
af For 2015, includes law and order services and cultural services.
ag For 2015, refers to urban, housing, and public amenities.
ah For 2015, refers to trade and industry.
ai For 2015, refers to energy.
aj For 2015, includes roads and communications.
10 Key Indicators for Asia and the Pacific 2023

Bhutan
ak Refers to national debt services.
al From 2004 onward, imports from economies other than India were converted from cif to fob basis; 20% of imports were reclassified to freight and 1.1% to insurance services.
am For 2007 onward, figures follow the IMF’s Balance of Payments and International Investment Position Manual (sixth edition).
an For 2000–2006, refers to current transfers.
ao For 2007 onward, figures exclude reserve assets.

Sources:

Population For 2000–2016: Government of Bhutan, National Statistics Bureau (NSB). Population Projections of Bhutan 2005 to 2030. https://www.nsb.gov.bt/publications/census-report/; official communication, 27 April 2023; past communication.
For 2017: NSB. 2017 Population and Housing Census of Bhutan (PHCB), National Report. https://www.nsb.gov.bt/publications/census-report/; official communication, 27 April 2023; past communication.
For 2018–2022: NSB. Population Projection Bhutan 2017–2047, National Report. https://www.nsb.gov.bt/publications/census-report/; official communication, 27 April 2023, past communication.

Urban population For 2000–2015: NSB. 2008. DZONGKHAG Population Projections 2006–2015. https://www.nsb.gov.bt/publications/census-report/; official communication, 27 April 2023; past communication.
For 2016, 2018, and 2020–2021: United Nations World Urbanization Prospects 2018. https://population.un.org/wup/ (accessed 27 April 2023).
For 2017: NSB. 2017 PHCB, National Report. https://www.nsb.gov.bt/publications/census-report/; official communication, 27 April 2023; past communication.
For 2019 and 2022: NSB. Official communication, 27 April 2023.

Labor Force For 2001, 2003–2004, 2006–2007, and 2009–2016: Government of Bhutan, Ministry of Labor and Human Resources. Labor Force Survey Reports. http://www.molhr.gov.bt/molhr/?page_id=348 (accessed March 2018); official communication, 21 May 2018; past communication.
For 2005: NSB. Report based on 2005 PHCB. https://www.nsb.gov.bt/publications/census-report/; official communication, 27 April 2023; past communication.
For 2017: NSB. Report based on 2017 PHCB. https://www.nsb.gov.bt/publications/census-report/; official communication, 27 April 2023; past communication.
For 2018–2022: NSB. Labor Force Survey Reports (2018–2022). https://www.nsb.gov.bt/publications/labour-force-survey-report/; official communication, 27 April 2023; past communication.

National Accounts NSB. National Accounts Statistics (2004–2022). https://www.nsb.gov.bt/publications/national-account-report/; official communication, 27 April 2023; past communication.

Production Index Food and Agriculture Organization of the United Nations. FAOSTAT Database. https://www.fao.org/faostat/en/#data (accessed 30 June 2023).

Energy NSB. Annual Environmental Accounts (2017–2022). https://www.nsb.gov.bt/publications/annual-environmental-accounts-statistics/; official communication, 27 April 2023; past communication.

Price Indexes NSB. Consumer Price Index. https://www.nsb.gov.bt/publications/price-statistic/consumer-price-index/; official communication, 27 April 2023; past communication.

Money and Interest Rates For 2000–2002: Government of Bhutan, Royal Monetary Authority (RMA). Official communication, 16 March 2022; past communication; other publications; official website: https://www.rma.org.bt.
For 2003–2022: Government of Bhutan, Ministry of Finance. Official communication, 10 May 2023; past communication; other publications; and https://www.mof.gov.bt.

Interest Rates Government of Bhutan, RMA. Official communication, 16 March 2022; past communication; other publications; official website: https://www.rma.org.bt.

Government Finance Government of Bhutan, Ministry of Finance. Official communication, 10 March 2023; past communication; other publications; and https://www.mof.gov.bt.

External Trade For 2000–2001: NSB. 2001 and 2005. Statistical Yearbook of Bhutan 2000; Statistical Yearbook of Bhutan 2005. http://www.nsb.gov.bt/publication/publications.php?id=3.
For 2002–2007: RMA. Official communication, 16 March 2022; past communication.
For 2008–2022: Government of Bhutan, Ministry of Finance. Official communication, 10 May 2023; past communication; other publications; and https://www.mof.gov.bt.

Direction of Trade International Monetary Fund (IMF). Direction of Trade Statistics. https://data.imf.org/ (accessed 30 June 2023).

Balance of Payments For 2000–2006: RMA. Annual Reports. https://www.rma.org.bt/publication.jsp?id=2; past issues; official communication, 16 March 2022; past communication.
For 2007–2022: Government of Bhutan, Ministry of Finance. Official communication, 10 May 2023; past communication; other publications; and https://www.mof.gov.bt.

International investment position RMA. Annual Reports. https://www.rma.org.bt/publication.jsp?id=2; past issues; official communication, 16 March 2022; past communication.

International Reserves IMF. International Financial Statistics. https://data.imf.org/ (accessed 30 June 2023).

Exchange Rates IMF. International Financial Statistics. https://data.imf.org/ (accessed 30 June 2023).

External Indebtedness World Bank. International Debt Statistics. https://databank.worldbank.org/source/international-debt-statistics# (accessed 30 June 2023).