Economy
Economy in Bhutan is almost entirely Agriculture. Majority of the people (approx. 85%) are engaged in agriculture and livestock farming. The main crops are rice, maize, buckwheat, potatoes, oranges, apples and vegetables. Presently there are a few industries and trade is also expanding at a spectacular rate.
The main exports are power, finished timber products, cardamom, agricultural products, calcium carbide, ferro-silicon, cement, dolomite, gypsum, marble, slate and high quality wooden products. Owing to its long period of self-imposed isolation until the late sixties, Bhutan started very late in the modernization process. Much has been achieved in a very short span of time. Natural resources are being tapped in a sustainable and eco-friendly process. The high Himalayan mountains are the source of Meandering powerful Rivers. Hydro-electricity is generates a substantial amount of the revenue since most of it is exported. This resource is renewable, sustainable and eco-friendly. The theoretical potential for hydropower generation in Bhutan has been estimated at 30,000 mega watts, a power more than enough to sustain the nations economy. Only a fraction of that potential is tapped presently. Due to its small population and abundance of natural resources Bhutan has tremendous potential in yielding immense benefits to its people. Bhutan has long decided that Gross National Happiness is more imperative that Gross National Product ,and it is the center of all the developmental activities within the Kingdom.Gross National Happiness addresses that the preservation of Natural Resources and distinct Cultural features are more imperative than materialistic development.
GDP composition by sector (1995): agriculture 38%, mining and quarrying 1.3%, manufacturing 9.1%, electricity 8.3%, construction 10.8%, trade 6 %, transport and communication 8.2%, financial services 9.5%, community and social services 10.9%, less imputed bank charges -2.1% |
Currency
Bhutan’s unit of currency is the Ngultrum (Nu). The Ngultrum is pegged with the Indian Rupee (Rs). The exchange for USD $ 1 = Nu.48 (As of March 2002)
GDP per capita stands at $713 in 2000.
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