Bhutan External Debt to GNI
External debt stocks as % of GNI DT.DOD.DECT.GN.ZS
Bhutan's external debt to gni was 113.44% in 2025, ranked 8th globally. This represents a 0.9% decrease from 2024. Data from World Bank, covering 1981–2025.
Overview
Bhutan's external debt to gni stood at 113.44% in 2025, a decline of +1.06pp from 2023. Based on recent trends, this figure is projected to reach 113.44% by 2025. Bhutan ranked 8th globally.
Bhutan's external debt to GNI ratio has fluctuated significantly over the past four decades, with a notable increase in recent years. The country's external debt to GNI ratio peaked at 139.83% in 2020, a sharp rise from the 113.44% seen in 2025, reflecting the challenges posed by the COVID-19 pandemic and related economic disruptions. Notably, Bhutan's ratio has been surpassed by several peer countries, including Lao PDR, which reached 123.32% in 2025, and Mauritius, which has consistently maintained a higher ratio throughout the period, reaching 133.12% in 2025. In contrast, Bhutan's all-time trough of 0.30% in 1981 highlights the country's relatively debt-free status at the start of its economic development journey. As Bhutan continues to navigate its economic trajectory, a sustained commitment to prudent fiscal management and strategic debt restructuring will be essential to mitigate the risks associated with its high external debt to GNI ratio, potentially shifting the trajectory upwards with a focus on economic diversification and growth.
Data & projection
| Year | External Debt to GNI | YoY change | Rank |
|---|---|---|---|
| 2026* trend | 111.49% | - | - |
| 2025* trend | 113.44% | - | - |
| 2025 | 113.44% | −1.06pp | #8 |
| 2023 | 114.50% | −0.52pp | #109 |
| 2022 | 115.02% | −10.12pp | #110 |
| 2021 | 125.14% | −14.69pp | #112 |
| 2020 | 139.83% | +27.95pp | #111 |
| 2019 | 111.88% | −0.34pp | #113 |
| 2018 | 112.22% | −1.63pp | #114 |
| 2017 | 113.85% | +3.83pp | #115 |
| 2016 | 110.02% | +6.79pp | #111 |
| 2015 | 103.23% | +3.89pp | #111 |
| 2014 | 99.34% | +9.89pp | #111 |
| 2013 | 89.45% | +10.29pp | #105 |
| 2012 | 79.16% | +21.73pp | #105 |
| 2011 | 57.44% | −0.23pp | #90 |
| 2010 | 57.66% | −3.75pp | #88 |
Detected Pattern
Analysis
Bhutan matched the Export Boom Cycle pattern in 2007. Historically, 71% of countries showing this pattern (546 out of 768) saw external debt to gni improve within 24 months. View full analysis →
Frequently Asked Questions
Bhutan's external debt to gni was 113.44% in 2025. Ranked 8th globally. This represents a 0.9% decrease from the previous year.
Bhutan's external debt to gni peaked at 139.83% in 2020.
The lowest external debt to gni in Bhutan was 0.30% in 1981.
Bhutan ranks 8th globally in external debt to gni as of 2025.
The World Bank indicator code is DT.DOD.DECT.GN.ZS. Data sourced from World Bank.
Bhutan's external debt to gni is projected to reach 113.44% by 2025 based on trend extrapolation.
The external debt to gni of Bhutan in 2025 was 113.44%. This ranks 8th in the world.
Cite this page
@misc{historysaid_bhutan_external-debt-to-gni,
title = {Bhutan External Debt to GNI},
url = {https://historysaid.com/bhutan/external-debt-to-gni/},
publisher = {HistorySaid},
year = {2026}
}