Bhutan External Debt
Total external debt stocks DT.DOD.DECT.CD
Bhutan's external debt was $3.4B in 2025, ranked 93rd globally. This represents a 1.1% decrease from 2024. Data from World Bank, covering 1981–2025.
Overview
Bhutan's external debt stood at $3.4B in 2025, a decline of +$36.2M from 2024. Based on recent trends, this figure is projected to reach $3.4B by 2025. Bhutan ranked 93rd globally.
Bhutan’s external debt has risen sharply from a modest 325,908.80 in 1981 to 3,363,878,714.23 in 2025, placing the kingdom at rank 93 globally and just below Afghanistan’s 3,496,377,270.85 and above Chad’s 3,174,981,231.59. The upward trajectory accelerated after the early 2000s, culminating in an all‑time peak of 3,400,087,106.30 in 2024, a level that remains only slightly above the 2025 figure. Over the 45‑year coverage period, the debt increase reflects expanding infrastructure projects, higher fiscal deficits, and greater reliance on external financing to support development goals. While the recent dip from the 2024 peak suggests a modest consolidation, Bhutan’s debt‑to‑GDP ratio remains high relative to its small economy, and future movements will depend on the balance between continued investment needs and the capacity to generate sufficient foreign exchange earnings. Continued fiscal prudence and diversification of revenue sources will be crucial to alter the current upward trend.
Data & projection
| Year | External Debt | YoY change | Rank |
|---|---|---|---|
| 2027* trend | $3.4B | - | - |
| 2026* trend | $3.4B | - | - |
| 2025* trend | $3.4B | - | - |
| 2025 | $3.4B | −$36.2M | #93 |
| 2024 | $3.4B | +$133.4M | #29 |
| 2023 | $3.3B | +$106.5M | #28 |
| 2022 | $3.2B | −$108.6M | #27 |
| 2021 | $3.3B | +$32.1M | #29 |
| 2020 | $3.2B | +$433.0M | #32 |
| 2019 | $2.8B | +$151.8M | #33 |
| 2018 | $2.7B | −$56.0M | #33 |
| 2017 | $2.7B | +$318.3M | #33 |
| 2016 | $2.4B | +$278.6M | #33 |
| 2015 | $2.1B | +$169.9M | #31 |
| 2014 | $1.9B | +$313.0M | #29 |
| 2013 | $1.6B | +$178.5M | #27 |
| 2012 | $1.4B | +$379.2M | #29 |
| 2011 | $1.1B | +$135.9M | #25 |
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 improve within 24 months. View full analysis →
Frequently Asked Questions
Bhutan's external debt was $3.4B in 2025. Ranked 93rd globally. This represents a 1.1% decrease from the previous year.
Bhutan's external debt peaked at $3.4B in 2024.
The lowest external debt in Bhutan was $325,909 in 1981.
Bhutan ranks 93rd globally in external debt as of 2025.
The World Bank indicator code is DT.DOD.DECT.CD. Data sourced from World Bank.
Bhutan's external debt is projected to reach $3.4B by 2025 based on trend extrapolation.
Bhutan's external debt was approximately 3.36 billion ($3.4B) in 2025.
The external debt of Bhutan in 2025 was $3.4B. This ranks 93rd in the world.
Cite this page
@misc{historysaid_bhutan_external-debt,
title = {Bhutan External Debt},
url = {https://historysaid.com/bhutan/external-debt/},
publisher = {HistorySaid},
year = {2026}
}