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Bhutan's Economy At a Glance

Updated as on May, 2018

 
KEY ECONOMIC INDICATORS OF BHUTAN
  Unit 2005-06 2006-07 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
I. Real Sector                      
Per Capita GDP (Real) $ US$ 1366.4 1387.4 1875.54 1851.58 2277.76 2600.09 2584.81 2440.41 2611.74  
Real GDP Growth $ % 7.96 6.85 4.77 6.66 11.73 7.89 5.07 2.14 5.46 5.57(P)
GDP (MP at Current Prices) $ Billion US$ 0.88 1.13 1.24 1.44 1.75 1.84 1.82 1.8 1.96 2.02(P)
Agriculture % of GDP 9.8 9.13 9.25 9.12 8.96 9.49 15.96 16.1 16.77 15.62(P)
Industry % of GDP 1084 1.94 2028 2.25 2.25 2.11 41.62 42.35 40.55 38.29(P)
Services % of GDP 6.34 6.03 5.81 5.86 6.28 7.12 42.42 41.55 42.68 39.90(P)
Investment % of GDP 51.22 47.95 41.39 43.03 61.7 67.65 67.87 45.96 57.75 54.59(P)
National Savings % of GDP 0 0 0 0 35.16 42.11 44.99 22.96 35.33 30.51(P)
Headline Inflation % 6.17 5.94 2.96 6.14 8.33 13.53 5.51 8.55 5.15 3.53
- Food Inflation % 5.23 8.84 10.74 9.53 8.96 18.72 2.81 12.33 2.92 2.75
- Non-Food Inflation % 5.33 2.95 0.73 8.86 8.17 10.67 7.14 6.11 6.66 4.06
II. Fiscal Sector                      
Revenue Collection (CSR) ** Billion Rs. 0.16 0.23 0.35 0.43 0.39 0.4 0.39 0.27 0.39  
Fiscal Balance (excluding grants) % of GDP -18.67 -14.05 -10.02 -16.36 -16.78 -20.16 -14.17 -9.43 -11.68 -14.74
Fiscal Balance (including grants) % of GDP -0.88 0.71 2 1.8 -2.3 -1.23 -4.36 4.08 -2.35 -3.42
Public Debt % of GDP 43.53 31.55 29.46 29.2 32.52 35.49 41.61 36.13 33.94 134.63(P)
- of which foreign currency*** % of GDP 43.53 31.55 29.04 28.39 31.83 34.2 35.1 35.8 31.5 108.63(P)
- domestic debt **** % of GDP 0 0 0.42 0.8 0.69 1.29 6.51 0.33 2.44 0.26(P)
- debt servicing % of total Revenue 43.95 11.03 26.94 28.64 26.41 44.74 88.21 46.64 34.29 6.71(Sept)
III. External Sector                      
Exports (f.o.b) Billion US$ 0.31 0.57 0.52 0.54 0.67 0.62 0.59 0.55 0.56 0.19
Imports (f.o.b) Billion US$ 0.435 0.53 0.61 0.84 1.12 1.01 0.95 0.93 0.97 0.24
Trade Deficit Billion US$ 0.12 0.47 0.09 0.27 0.46 0.4 -0.35 -0.38 -0.41 -0.05
Remittances Billion US$ 0 0 0 0 0 0.01 0.01 0 0 0
Current Account Balance Billion US$ -0.04 0.08 -0.01 -0.32 -0.52 -0.39 -0.45 -0.48 -0.15 -0.08
Current Account Balance % of GDP -4.7 9.1 -6.6 -24.3 -32.6 -23 -25 -27.33 -0.15 -0.08
Total Foreign Investment Million US$   0 0 0 2.09 2.6 5.03 3.18 3.52 6.26
- Foreign Direct Investment Million US$   0 0 0 2.09 2.6 5.03 3.18 3.52 6.26
- Portfolio Investment Million US$                    
External Debt and Forex Liabilities Billion US$ 0.78 0.72 0.8 0.87 1.35 1.42 1.54 1.85 1.82 1.98
External Debt and Forex Liabilities % of forex earnings                    
Short-term debt to GDP %     7.16 7.35 10.92 12.99 15.81 9.58 6.68 5.86
External Debt Service Ratio   7.91 3.68 30.51 29.75 30.96 55.8 167.71 21.02 16.02 12.99
Exchange Rate Per US$ 44.74 44.19 47.78 46.65 45.33 50.27 62 63.33 63.76 64.97
Foreign Exchange Reserves Billion US$ 0.486 0.608 0.68 0.76 0.8 0.67 0.93 1.2 0.93 1.14
IV. Monetary & Capital Market                      
Growth Rate of M1 y-o-y 14.4 26.8 27.7 22.7 34.3 5.6 2.1 5.05 4.97 2.62
Growth Rate of M2 y-o-y 11.37 8.62 24.57 30.09 21.21 -1.02 3.53 6.62 7.82 3.79
Growth Rate of M3 y-o-y                    
Weighted Avg Lending Rate of SCBs % (as on 31st March)                    
Credit growth to private sector (%) % 35.86 34.4 28.9 40.73 29.4 30.07 7.07 6.44 14 12.42
Stock Market (Price Index) (BSE) End 1991=100                    
Market Capitalization (as leading stock mkt) Domestic Currency in Billion 4.47 4.64 7.37 8.07 10.01 14.38 17.63 20.59 22 21.25
Market Capitalization (as leading stock mkt) % of GDP 12.4 11.4 13.47 13.18 13.81 16.8 18.19 17.7 21.08 17.78
Market Capitalization (as leading stock mkt) Billion US$ 0.1 0.11 0.15 0.17 0.22 0.29 0.32 0.35 0.35 0.33
V. Banking Sector Indicators                      
Capital adequacy ratio % 20.81 17.05 14.94 14.78 15.9 17.89 19.61 18.51 18.29 16.97
Non-performing loans % 6.57 4.92 7.53 6.83 5.2 3.92 6.57 6.33 10.21 11.86
Profitability (R.O.E.) % 15.02 18.37 17.08 22.54 15.72 16.1 13 13.06 -0.05 3.78
Profitability (R.O.A.) % 1.42 1.58 1.5 1.86 1.58 2.24 2.4 2.27 -0.27 0.66
$: The data from the year 2012-13 onwards is in new GDP series (with base 2011-12).
$$: Domestic saving is a ratio to Gross National Disposable Income (GNDI) from 2012-13 onwards.
*: Figures for 2002-03 to 2011-12 correspond to CPI-IW and thereafter CPI-Combined. Further, base 1982 =100 for 2002-03 to 2006-07 and base 2001=100 for 2007-08 to 2011-12 in case of CPI-IW; for CPI-Combined base 2012=100 for 2012-13 to 2015-16.
**: Pertains to revenue receipts of the central government.
@: pertains to revised estimates.
***: External debt at historical exchange rate.
****: Pertains to internal debt.
^: Works out to 5.7 per cent, with the exclusion of pre-payment of US$ 381 million.
#: Works out to 6.3 per cent, with the exclusion of India Millennium Deposits (IMDs) repayments of US$ 7.1 billion and pre-payment of US$ 23.5 million.
P: Provisional Data
@@ CRAR figures for 2013-14 and 2014-15 are as per the Basel III framework.
Note: The inflation figure for 2015-16 is calculated using indices till February 2016 as CPI and WPI data is available till February 2016.
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