Economy Of Bhutan
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Economy overview
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The economy, one of the world's smallest and least developed, is based on agriculture and forestry, which provide 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. 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. For example, the government in its cautious expansion of the tourist sector encourages the visits of upscale, environmentally conscientious visitors. Detailed controls and uncertain policies in areas like industrial licensing, trade, labor, and finance continue to hamper foreign investment.
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GDP
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purchasing power parity - $2.7 billion (2003 est.)
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GDP - real growth rate
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7.7% (2003 est.)
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GDP - per capita
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purchasing power parity - $1,300 (2003 est.)
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GDP - composition by sector
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agriculture: 45%
industry: 10%
services: 45% (2002 est.)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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3% (2002 est.)
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Labor force
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NA
note: massive lack of skilled labor (1997 est.)
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Labor force by occupation
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agriculture 93%, industry and commerce 2%, services 5%
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Unemployment rate
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NA
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Budget
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revenues: $146 million
note: the government of India finances nearly three-fifths of Bhutan's budget expenditures (FY95/96 est.)
expenditures: $152 million, including capital expenditures of NA
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Public debt
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Agriculture products
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rice, corn, root crops, citrus, foodgrains; dairy products, eggs
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Industries
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cement, wood products, processed fruits, alcoholic beverages, calcium carbide
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Industrial production growth rate
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9.3% (1996 est.)
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Electricity production
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1.896 billion kWh (2001)
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Electricity production by source
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fossil fuel: 0.1%
hydro: 99.9%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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379.5 million kWh (2001)
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Electricity exports
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1.4 billion kWh (2001)
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Electricity imports
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16 million kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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1,020 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$154 million f.o.b. (2000 est.)
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Exports commodities
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electricity (to India), cardamom, gypsum, timber, handicrafts, cement, fruit, precious stones, spices
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Exports partners
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Bangladesh 60.5%, US 11.7%, Malaysia 5.7% (2003)
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Imports
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$196 million c.i.f. (2000 est.)
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Imports commodities
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fuel and lubricants, grain, machinery and parts, vehicles, fabrics, rice
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Imports partners
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Japan 36.6%, Austria 14.2%, Sweden 8.3%, China 7.5%, Thailand 6%, Bangladesh 6%, Germany 5.5%, Italy 4% (2003)
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Reserves of foreign exchange gold
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Debt external
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$245 million (2000)
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Economic aid recipient
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substantial aid from India and other nations
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Currency
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ngultrum (BTN); Indian rupee (INR)
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Currency code
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BTN; INR
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Exchange rates
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ngultrum per US dollar - 46.5806 (2003), 48.6103 (2002), 47.1864 (2001), 44.9416 (2000), 43.0554 (1999)
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Fiscal year
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1 July - 30 June
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Applied Language Solutions offer English to Dzongkha Translation .
This information was reproduced in part from the CIA World Fact book.
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