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Asia and Oceania
Bhutan |
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Last reviewed: 27 October 2009 |
Country information
ECONOMY
Basic Economic Facts
GDP: Nu.41,443 Million = approx USD 900,935,000 (2006)GDP Growth: 8.5% (National Statistical Bureau 2006)
GDI Growth: 23.6% (2006) (due mainly to increased hydropower production)
Major Industries: Hydroelectricity generation, Agriculture, Forestry, Tourism
Major trading partners: Exports - India and Bangladesh; Imports – India, Thailand, Japan, China, US, UK
Aid & development: The Government of India finances nearly three-fifths of Bhutan's budget expenditures. Bilateral aid programmes are operated by Denmark, Japan, Switzerland, the Netherlands, Austria, and the European Union, and the United Nations Development Programme (UNDP) maintains an in-country office.
Exchange rate: £1 Pound Sterling (GBP) = Nu71.27 Bhutanese ngultrum (BTN). The value of the ngultrum is pegged at 1 Indian rupee. (March 2009)
Bhutan has pursued a cautious policy of modernisation while retaining a significant agriculture-based economy. Agriculture employs about 64.2% of the workforce (2006) and accounted for 21.4% of GDP in 2006. Tourism is Bhutan largest hard-currency earner, providing USD29Million in 2007.
Bhutan’s per capita GDP is USD1414 (Jan 2009), the highest in South Asia.
There is little heavy industry, apart from a cement plant, a chemical plant and a timber factory; most manufacturing is via small-scale local industries. The export of hydro-electric power to India is a growing industry and is the single most important source of revenue. Bhutan has an estimated hydropower potential of around 30,000MW, of which so far only about 2,500MW is exploited. India is by far the largest market for Bhutan's exports and is still a significant source of development aid. Bhutan’s tenth Five Year Plan commenced in 2008 and has as its priority the strengthening of the economic base.
