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Economy Overview

The economy, one of the world's smallest and least developed, is based on agriculture and forestry, providing the main livelihood for more than 90% 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. Bhutan's hydropower potential and its attraction for tourists are key resources. The government has made some progress in expanding the nation's productive base and improving social welfare. 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. Detailed controls and uncertain policies in areas like industrial licensing, trade, labor, and finance continue to hamper foreign investment.

Agriculture Products

rice, corn, root crops, citrus, foodgrains; dairy products, eggs

Industries

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

Industrial Production Growth Rate

9.3% (1996 est.)

Labor Force

Array

Electricity production

1.896 billion kWh (2001)

Electricity production by source

Fossil fuel: 0.1%

Hydro: 99.9%

Other: 0% (2001)

Nuclear: 0%

Electricity Consumption

379.5 million kWh (2001)

Electricity Exports

1.4 billion kWh (2001)

Electricity Imports

16 million kWh (2001)

Currency

ngultrum (BTN); Indian rupee (INR)

Unemployment Rate

NA%

Population Below Poverty Line

NA%

Household Income or Consumption by Percentage Share

Lowest 10%: NA%

Highest 10%: NA%

Budget

Revenues: $146 million

Expenditures: $152 million, including capital expenditures of NA

Note: the government of India finances nearly three-fifths of Bhutan's budget expenditures (FY95/96 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

Debt External

$245 million (2000)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

ngultrum per US dollar - 48.61 (2002), 47.19 (2001), 44.94 (2000), 43.06 (1999), 41.26 (1998)

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Fiscal Year

1 July - 30 June

GDP Purchasing Power Parity

Purchasing power parity - $2.7 billion (2002 est.)

GDP Real Growth Rate

7.7% (2002 est.)

GDP Per Capital

Purchasing power parity - $1,300 (2002 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

Agriculture
45%
Industry
10%
Services
45% (2002 est.)

Inflation Rate Consumer Prices

3% (2002 est.)

Current Account Balance

Exports

$154 million f.o.b. (2000 est.)

Exports Partners

US
24.1%
UK
23.9%
Pakistan
23.1%
France
13.9%

Exports Commodities

Electricity (to India), cardamom, gypsum, timber, handicrafts, cement, fruit, precious stones, spices

Imports

$196 million c.i.f. (2000 est.)

Imports Partners

Japan
44.5%
Germany
12.2%
UK
8.5%
Singapore
6%
South
Korea
US
4.2%

Imports Commodities

Fuel and lubricants, grain, machinery and parts, vehicles, fabrics, rice

Bhutan