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Bhutan:
Economy

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Economy - overview
Definition
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. 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. Hydropower exports to India had a major impact on growth in 2007.
GDP (purchasing power parity)
Definition - World rank and map
$3.359 billion (2007 est.)
GDP (official exchange rate)
Definition
$1.308 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
22.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$5,200 (2007 est.)
GDP - composition by sector
Definition
agriculture: 24.7%
industry: 37.2%
services: 38.1% (2005)
Labor force
Definition
NA
note: major shortage of skilled labor
Labor force - by occupation
Definition
agriculture: 63%
industry: 6%
services: 31% (2004 est.)
Unemployment rate
Definition - World rank and map
2.5% (2004)
Population below poverty line
Definition
31.7% (2003)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
4.9% (2007 est.)
Budget
Definition
revenues: $272 million
expenditures: $350 million
note: the government of India finances nearly three-fifths of Bhutan's budget expenditures (2005)
Public debt
Definition - World rank and map
81.4% of GDP (2004)
Agriculture - products
Definition
rice, corn, root crops, citrus, foodgrains; dairy products, eggs
Industries
Definition
cement, wood products, processed fruits, alcoholic beverages, calcium carbide, tourism
Industrial production growth rate
Definition - World rank and map
9.3% (1996 est.)
Electricity - production
Definition - World rank and map
2 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
380 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
557 kWh (2005)
Electricity - exports
Definition
1.5 billion kWh (2005)
Electricity - imports
Definition
20 million kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005)
Oil - consumption
Definition - World rank and map
1,200 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
1.8 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
1,138 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$116 million (2007 est.)
Exports
Definition - World rank and map
$350 million f.o.b. (2006)
Exports - commodities
Definition
electricity (to India), cardamom, gypsum, timber, handicrafts, cement, fruit, precious stones, spices
Exports - partners
Definition
India 67%, Hong Kong 29.8%, Thailand 1% (2006)
Imports
Definition - World rank and map
$320 million c.i.f. (2006)
Imports - commodities
Definition
fuel and lubricants, grain, aircraft, machinery and parts, vehicles, fabrics, rice
Imports - partners
Definition
India 60.7%, Japan 9.5%, Germany 5% (2006)
Debt - external
Definition - World rank and map
$593 million (2004)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$90.02 million; note - substantial aid from India (2005)
Currency (code)
Definition
ngultrum (BTN); Indian rupee (INR)
Exchange rates
Definition
ngultrum per US dollar - 41.487 (2007), 45.279 (2006), 44.101 (2005), 45.317 (2004), 46.583 (2003)
note: the ngultrum is pegged to the Indian rupee
Fiscal year
Definition
1 July - 30 June


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