Bhutan Budget Deficit
General government net lending/borrowing as % of GDP GGXCNL_NGDP
Bhutan's budget deficit was -2.64% in 2025, ranked 85th globally. This represents a 1,487.3% decrease from 2024. Data from IMF WEO, covering 1981–2025.
Overview
Bhutan's budget deficit stood at -2.64% in 2025, a decline of +2.47% from 2024. The IMF projects -2.64% by 2025. Bhutan ranked 85th globally.
Bhutan’s primary fiscal balance has remained modestly negative in recent years, with the 2025 budget deficit recorded at –2.63 percent of GDP, placing the kingdom 85th in the IMF World Economic Outlook ranking. Over the 45‑year series, the deficit swung dramatically, reaching an all‑time high of 4.71 percent in 1993 before plunging to a trough of –12.17 percent in 2001, reflecting the impact of expansive public spending and subsequent consolidation measures. The current level is closely aligned with peers such as Papua New Guinea (–2.61 percent) and Lithuania (–2.69 percent), indicating a comparable fiscal stance among small, developing economies. Despite the historical volatility, the recent deficit has stabilized within a narrow band around –2.5 to –3 percent, suggesting disciplined fiscal management. Continued pressure to fund infrastructure and social programs, however, could widen the gap, while sustained revenue growth and prudent expenditure controls are likely to keep the deficit on a modest, downward trajectory.
Data & projection
| Year | Budget Deficit | YoY change | Rank |
|---|---|---|---|
| 2030* IMF | -3.84% | - | - |
| 2029* IMF | -4.65% | - | - |
| 2028* IMF | -4.28% | - | - |
| 2027* IMF | -3.75% | - | - |
| 2026* IMF | -4.44% | - | - |
| 2025* IMF | -2.64% | - | - |
| 2025 | -2.64% | −2.47% | #85 |
| 2024 | -0.17% | +4.56% | #150 |
| 2023 | -4.73% | +2.23% | #50 |
| 2022 | -6.95% | −1.19% | #24 |
| 2021 | -5.76% | −3.95% | #61 |
| 2020 | -1.81% | −0.32% | #168 |
| 2019 | -1.49% | +0.03% | #104 |
| 2018 | -1.52% | +2.97% | #100 |
| 2017 | -4.49% | −2.18% | #44 |
| 2016 | -2.31% | −1.82% | #103 |
| 2015 | -0.49% | −2.95% | #154 |
| 2014 | 2.46% | +7.00% | #170 |
| 2013 | -4.55% | −2.44% | #48 |
| 2012 | -2.10% | +0.92% | #106 |
| 2011 | -3.02% | −4.95% | #82 |
Detected Pattern
Analysis
Bhutan matched the Export Boom Cycle pattern in 2007. Historically, 71% of countries showing this pattern (546 out of 768) saw budget deficit improve within 24 months. View full analysis →
Frequently Asked Questions
Bhutan's budget deficit was -2.64% in 2025. Ranked 85th globally. This represents a 1,487.3% decrease from the previous year.
Bhutan's budget deficit peaked at 4.71% in 1993.
The lowest budget deficit in Bhutan was -12.17% in 2001.
Bhutan ranks 85th globally in budget deficit as of 2025.
The World Bank indicator code is GGXCNL_NGDP. Data sourced from IMF WEO.
Bhutan's budget deficit is projected to reach -2.64% by 2025 based on IMF projection.
The budget deficit of Bhutan in 2025 was -2.64%. This ranks 85th in the world.
Cite this page
@misc{historysaid_bhutan_budget-deficit,
title = {Bhutan Budget Deficit},
url = {https://historysaid.com/bhutan/budget-deficit/},
publisher = {HistorySaid},
year = {2026}
}