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World > Asia > Bhutan > Economy (Facts)

Bhutan - Economy (Facts)
Economy - overview: 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 60% 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 visits by upscale, environmentally conscientious tourists. Detailed controls and uncertain policies in areas such as industrial licensing, trade, labor, and finance continue to hamper foreign investment.
GDP - real growth rate: 8.8% (2005 est.)
GDP (purchasing power parity): $3.503 billion (2006 est.)
GDP (official exchange rate): $840.5 million (2005 est.)
GDP - per capita (PPP): $1,400 (2003 est.)
GDP - composition by sector: agriculture: 24.7%
industry: 37.2%
services: 38.1% (2005)
Population below poverty line: 31.7% (2003)
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 5.5% (2005 est.)
Labor force: NA
note: major shortage of skilled labor
Labor force - by occupation: agriculture: 63%
industry: 6%
services: 31% (2004 est.)
Unemployment rate: 2.5% (2004)
Budget: revenues: $272 million
expenditures: $350 million; including capital expenditures of NA
note: the government of India finances nearly three-fifths of Bhutan's budget expenditures (2005)
Industries: cement, wood products, processed fruits, alcoholic beverages, calcium carbide, tourism
Industrial production growth rate: 9.3% (1996 est.)
Electricity - production: 2.05 billion kWh (2004)
Electricity - consumption: 526.5 million kWh (2004)
Electricity - exports: 1.4 billion kWh (2004)
Electricity - imports: 20 million kWh (2004)
Oil - production: 0 bbl/day (2004)
Oil - consumption: 1,160 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: rice, corn, root crops, citrus, foodgrains; dairy products, eggs
Exports: $186 million f.o.b. (2005)
Exports - commodities: electricity (to India), cardamom, gypsum, timber, handicrafts, cement, fruit, precious stones, spices
Exports - partners: India 69.2%, Japan 9.1%, Germany 3.7% (2006)
Imports: $410 million c.i.f. (2005)
Imports - commodities: fuel and lubricants, grain, aircraft, machinery and parts, vehicles, fabrics, rice
Imports - partners: India 75.3%, Hong Kong 16.1%, Mexico 4.9% (2006)
Debt - external: $593 million (2004)
Economic aid - recipient: $78 million; note - substantial aid from India (2004)
Currency: Bhutan Ngultrum (BTN)
Currency code: BTN
Exchange rates: ngultrum per US dollar - 45.279 (2006), 44.101 (2005), 45.317 (2004), 46.583 (2003), 48.61 (2002)
note: the ngultrum is pegged to the Indian rupee
Fiscal year: 1 July - 30 June


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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