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Owing to the currency peg with the rupee and Bhutan's strong trade ties with India, the rate of consumer price inflation is to a large extent driven by developments in [...]

We believe that the delays in key hydropower projects will limit the scope for a marked acceleration in real GDP growth in 2018-19, and we have adjusted our forecasts accordingly. [...]

International assumptions summary (% unless otherwise indicated) 2016 2017 2018 2019 GDP growth World 2.3 2.9 2.7 2.8 US 1.5 2.2 2.2 2.2 China 6.7 6.8 5.8 6.1 EU28 1.9 [...]

The ngultrum is pegged to the Indian rupee at parity. The peg exacerbates the huge current-account deficit, but the currency is likely to become less over-valued in the medium term [...]

2013[sup.a] 2014[sup.a] 2015[sup.a] 2016[sup.a] 2017[sup.b] GDP at market prices (Nu bn) 105.4 119.5 132.0 150.3 177.9 GDP (US$ bn) 1.8 2.0 2.1 2.2 2.7 Real GDP growth (%) 2.1 5.7 [...]

2015 2016 2017 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr Prices Consumer prices (av; 2005=100) 146.9 148.4 149.0 150.3 153.3 157.4 [...]

Bhutan's long-term strategy of controlled tourism with a focus on sustainability and quality has secured the country's reputation as an exclusive and distinctive destination while ensuring the long-term sustainability of [...]

Owing to the currency peg with the Indian rupee and strong trade ties with India, the rate of consumer price inflation in Bhutan is driven to a large extent by [...]

Forecast summary (% unless otherwise indicated) 2015[sup.a] 2016[sup.b] 2017[sup.c] 2018[sup.c] Real GDP growth 6.5 6.8 8.2 9.5 Gross fixed investment growth 12.9[sup.b] 12.5 13.0 14.5 Consumer price inflation (av) 4.5 [...]

We believe that real GDP growth will remain on a strong footing and average 8.9% a year in 2017-18, making Bhutan one of the fastest-growing countries in the world. Economic [...]

Bhutan's exports consist largely of electricity and mineral sales to neighbouring India. The value of such exports runs well below that of imports, which will continue to be underpinned by [...]

The main monetary policy goal of the Royal Monetary Authority of Bhutan (RMA, the central bank) is to maintain the peg of the ngultrum to the Indian rupee. This curtails [...]

International assumptions summary (% unless otherwise indicated) 2015 2016 2017 2018 GDP growth World 2.6 2.2 2.5 2.4 US 2.6 1.6 2.3 2.1 China 6.9 6.7 6.2 4.2 EU28 2.2 [...]

Bhutan is ranked in the bottom half of The Economist Intelligence Unit's 2016 Democracy Index, at joint 98th out of 167 countries, and is classed as a 'hybrid regime'. A [...]

The budget for 2016/17 shows that the authorities project a widening of the fiscal deficit in that year, to the equivalent of 5.3% of GDP. This will be driven by [...]

The ngultrum is pegged to the Indian rupee at parity. The ngultrum peg exacerbates Bhutan's huge current-account deficit, but the currency is likely to become less overvalued over the medium [...]

Under the PDP, Bhutan has striven to set clearly defined economic development goals. The administration initially aimed to lift real GDP growth to an annual rate of 10% by 2018, [...]

A Bhutanese GDP chart The stars align for a reclusive kingdom THE national sales pitch of Bhutan sounds oddly boastful for a shy mountain kingdom. 'Happiness is a place,' it [...]

The desperate measures to maintain cultural sovereignty of Bhutan in the wake of influx of illegal Nepalese immigrants are discussed. The traditions and political aspects of the kingdom that is ruled by King Jigme Singye Wangchuk are highlighted. The country's international relations, economic reforms, social aspects and tourism attractions are also discussed.

Low global oil and food prices will continue to exert downward pressure on consumer prices in 2016, which will record an average rate of 3.8% for the year as a [...]

International assumptions summary (% unless otherwise indicated) 2014 2015 2016 2017 GDP growth World 2.5 2.4 2.3 2.6 US 2.4 2.4 2.0 2.3 China 7.3 6.9 6.5 6.0 EU28 1.4 [...]

Forecast summary (% unless otherwise indicated) 2014[sup.a] 2015[sup.a] 2016[sup.b] 2017[sup.b] Real GDP growth 5.5 5.8[sup.c] 6.4 6.8 Gross fixed investment growth 32.5 11.2[sup.c] 12.5 13.5 Consumer price inflation (av) 8.2 [...]

The ngultrum is pegged to the Indian rupee at parity. The ngultrum peg exacerbates Bhutan's huge current-account deficit, but the currency is likely to become less overvalued over the medium [...]

Continued large investments in hydropower projects will support a faster expansion of the Bhutanese economy over the forecast period. As a con-sequence, real GDP growth will pick up from an [...]

2014 2015 2016 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr Prices Consumer prices (av; 2005=100) 137.7 142.4 143.4 144.3 144.8 146.9 [...]

The main monetary policy goal of the Royal Monetary Authority of Bhutan (RMA, the central bank) is to maintain the peg of Bhutan's currency, the ngultrum, to the Indian rupee. [...]

Under the PDP government, Bhutan has strived to set clearly defined economic development goals. The administration aims to lift real GDP growth to an annual rate of around 9-10% eventually [...]

The government will continue to rely heavily on foreign grants to finance its expenditure. According to revised estimates given in the budget report published by the Ministry of Finance in [...]

2011[sup.a] 2012[sup.a] 2013[sup.a] 2014[sup.a] 2015[sup.b] GDP at market prices (Nu bn) 85.0 97.5 105.4 119.5 137.5 GDP (US$ bn) 1.8 1.8 1.8 2.0 2.1 Real GDP growth (%) 7.9 5.1 [...]

Event In mid-January Bhutan's government approved salary increases for employees of the country's state-owned enterprises (SOEs), following similar increases given to the civil service in July 2014. Analysis The government [...]

Event On January 2nd India raised excise duties on fuel. The move will limit the benefit in terms of lower domestic fuel prices and moderating inflation that Bhutan derives from [...]

Event On December 6th-8th Bhutan's prime minister, Tshering Tobgay, made an official visit to Bangladesh. Analysis Mr Tobgay's visit to Bangladesh saw the renewal of the preferential trade agreement between [...]

On November 26-27th India's prime minister, Narendra Modi, and his Pakistani counterpart, Nawaz Sharif, attended the South Asian Association for Regional Co-operation (SAARC) summit in Nepal. However, the much-speculated formal [...]

The pace of GDP growth in Bhutan will pick up over the forecast period in line with the recent easing of credit controls and continued development of hydropower projects. The [...]