Bhutan Government Debt to GDP
General government gross debt as % of GDP GGXWDG_NGDP
Bhutan's government debt to gdp was 105.61% in 2025, ranked 15th globally. This represents a 4.4% decrease from 2024. Data from IMF WEO, covering 1993–2025.
Overview
Bhutan's government debt to gdp stood at 105.61% in 2025, a decline of +4.83% from 2024. The IMF projects 105.61% by 2025. Bhutan ranked 15th globally.
Bhutan’s government debt-to‑GDP ratio has risen markedly over the 33‑year span covered by the IMF World Economic Outlook, climbing from a low of 32.98 % in 1997 to an all‑time peak of 124.47 % in 2021 before easing to 105.61 % in 2025, a level that places the kingdom 15th globally. The steep ascent after the late‑1990s reflects expanding fiscal commitments tied to infrastructure, health and education programmes, while the post‑pandemic peak in 2021 coincided with heightened borrowing to sustain public services and stimulus measures. By 2025 Bhutan’s ratio is marginally below that of Belgium (107.50 %) and slightly above the United Kingdom (103.36 %), indicating a debt burden comparable to small‑open economies in Europe. The recent moderation from the 2021 peak suggests a tentative consolidation of public finances, but any resurgence of external shocks or accelerated spending could reverse the downward trajectory, keeping the debt path contingent on fiscal discipline and growth performance.
Data & projection
| Year | Government Debt to GDP | YoY change | Rank |
|---|---|---|---|
| 2030* IMF | 134.57% | - | - |
| 2029* IMF | 141.06% | - | - |
| 2028* IMF | 125.56% | - | - |
| 2027* IMF | 124.43% | - | - |
| 2026* IMF | 121.11% | - | - |
| 2025* IMF | 105.61% | - | - |
| 2025 | 105.61% | −4.83% | #15 |
| 2024 | 110.44% | −6.61% | #174 |
| 2023 | 117.05% | −2.81% | #175 |
| 2022 | 119.86% | −4.61% | #180 |
| 2021 | 124.47% | +8.46% | #180 |
| 2020 | 116.01% | +15.24% | #169 |
| 2019 | 100.78% | −2.62% | #176 |
| 2018 | 103.39% | −0.68% | #177 |
| 2017 | 104.08% | +1.09% | #177 |
| 2016 | 102.99% | +12.83% | #172 |
| 2015 | 90.16% | +0.37% | #168 |
| 2014 | 89.79% | +2.35% | #168 |
| 2013 | 87.44% | +15.97% | #167 |
| 2012 | 71.47% | +9.14% | #159 |
| 2011 | 62.33% | +6.52% | #147 |
Detected Pattern
Analysis
Bhutan matched the Export Boom Cycle pattern in 2007. Historically, 71% of countries showing this pattern (546 out of 768) saw government debt to gdp improve within 24 months. View full analysis →
Frequently Asked Questions
Bhutan's government debt to gdp was 105.61% in 2025. Ranked 15th globally. This represents a 4.4% decrease from the previous year.
Bhutan's government debt to gdp peaked at 124.47% in 2021.
The lowest government debt to gdp in Bhutan was 32.98% in 1997.
Bhutan ranks 15th globally in government debt to gdp as of 2025.
The World Bank indicator code is GGXWDG_NGDP. Data sourced from IMF WEO.
Bhutan's government debt to gdp is projected to reach 105.61% by 2025 based on IMF projection.
The government debt to gdp of Bhutan in 2025 was 105.61%. This ranks 15th in the world.
Cite this page
@misc{historysaid_bhutan_government-debt-to-gdp,
title = {Bhutan Government Debt to GDP},
url = {https://historysaid.com/bhutan/government-debt-to-gdp/},
publisher = {HistorySaid},
year = {2026}
}