| Economy | Bhutan |
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Economy - overview:
|
The economy, one of the world's smallest and least developed, is based on agriculture and forestry, which provide the main livelihood for more than 60% of the population. Agriculture consists largely of subsistence farming and animal husbandry. Rugged mountains dominate the terrain and make the building of roads and other infrastructure difficult and expensive. The economy is closely aligned with India's through strong trade and monetary links and dependence on India's financial assistance. The industrial sector is technologically backward, with most production of the cottage industry type. Most development projects, such as road construction, rely on Indian migrant labor. Model education, social, and environment programs are underway with support from multilateral development organizations. Each economic program takes into account the government's desire to protect the country's environment and cultural traditions. For example, the government, in its cautious expansion of the tourist sector, encourages visits by upscale, environmentally conscientious tourists. Detailed controls and uncertain policies in areas such as industrial licensing, trade, labor, and finance continue to hamper foreign investment. Hydropower exports to India have boosted Bhutan's GDP growth. New hydropower projects will be the driving force behind Bhutan's ability to create employment and sustain growth in the coming years. |
GDP (purchasing power parity):
|
$3.789 billion (2008 est.)
$3.238 billion (2007)
$2.768 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$5,600 (2008 est.)
$4,800 (2007 est.)
$4,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$1.368 billion (2008 est.) |
GDP - real growth rate:
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6.6% (2008 est.)
17% (2007 est.)
7.8% (2006 est.) |
GDP - composition by sector:
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agriculture: 22.3%
industry: 37.9%
services: 39.8% (2006) |
Investment (gross fixed):
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void |
Population below poverty line:
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31.7% (2003) |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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4.9% (2007 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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14% (31 December 2007) |
Stock of money:
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$381.1 million (31 December 2007) |
Stock of money - per capita:
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552 USD per capita |
Stock of quasi money:
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$220.3 million (31 December 2007) |
Stock of quasi money - per capita:
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319 USD per capita |
Stock of domestic credit:
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$169.9 million (31 December 2007) |
Stock of domestic credit - per capita:
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246 USD per capita |
Labor force:
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NA
note: major shortage of skilled labor |
Labor force participation rate:
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void |
Labor force - by occupation:
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agriculture: 63%
industry: 6%
services: 31% (2004 est.) |
Unemployment rate:
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2.5% (2004) |
Budget:
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revenues: $272 million
expenditures: $350 million
note: the government of India finances nearly three-fifths of Bhutan's budget expenditures (2005) |
Budget revenues per capita:
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394 USD per capita |
Public debt:
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81.4% of GDP (2004) |
Industries:
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cement, wood products, processed fruits, alcoholic beverages, calcium carbide, tourism |
Industrial production growth rate:
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void |
Electricity - production:
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4.475 billion kWh (2007 est.) |
Electricity - production per capita:
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6,475 kWh per capita |
Electricity - consumption:
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528.8 million kWh (2007 est.) |
Electricity - consumption - per capita:
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766 kWh per capita |
Electricity - exports:
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3.644 billion kWh (2007 est.) |
Electricity - imports:
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11 million kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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1,250 bbl/day (2006 est.) |
Oil - consumption - per capita:
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0.66 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
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1,152 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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rice, corn, root crops, citrus, foodgrains; dairy products, eggs |
Current account balance:
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$116 million (2007 est.) |
Current account balance - per capita:
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168 USD per capita |
Exports:
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$350 million f.o.b. (2006) |
Exports per capita:
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507 USD per capita |
Exports - commodities:
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electricity (to India), cardamom, gypsum, timber, handicrafts, cement, fruit, precious stones, spices |
Exports - partners:
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India 58.6%, Hong Kong 30.1%, Bangladesh 7.3% (2007) |
Imports:
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$320 million c.i.f. (2006) |
Imports per capita:
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464 USD per capita |
Imports - commodities:
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fuel and lubricants, grain, aircraft, machinery and parts, vehicles, fabrics, rice |
Imports - partners:
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India 74.5%, Japan 7.4%, Sweden 3.2% (2007) |
Reserves of foreign exchange and gold:
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void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$713.3 million (2006) |
Debt - external - per capita:
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1,033 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$941.2 million; note - substantial aid from India (2006) |
Economic aid - recipient per capita:
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1,362 USD per capita |
Currency (code):
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ngultrum (BTN); Indian rupee (INR) |
Exchange rates:
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ngultrum (BTN) per US dollar - 41.487 (2007), 45.279 (2006), 44.101 (2005), 45.317 (2004), 46.583 (2003)
note: the ngultrum is pegged to the Indian rupee |
Fiscal year:
|
1 July - 30 June |
|
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