traditions. Growth picked up in 1995 and the country's
balance of payments remained strong with comfortable reserves. The
cautious fiscal stance planned for FY95/96 suggests continued economic
stability in 1996. However, excessive controls and uncertain policies
in areas like industrial licensing, trade, labor, and finance continue
to hamper foreign investment.

GDP: purchasing power parity - $1.3 billion (1995 est.)

GDP - real growth rate: 6.9% (1995 est.)

GDP - per capita: purchasing power parity - $730 (1995 est.)

GDP - composition by sector:
agriculture: 42%
industry: 31%
services : 27%

Inflation rate - consumer price index: 8.6% (FY94/95 est.)

Labor force: NA
by occupation : agriculture 93%, services 5%, industry and commerce 2%
note: massive lack of skilled labor

Unemployment rate: NA%

Budget:
revenues: $52 million
expenditures: $150 million, including capital expenditures of $95
million (FY93/94 est.)
note: the government of India finances nearly three-fifths of Bhutan's
budget expenditures

Industries: cement, wood products, processed fruits, alcoholic
beverages, calcium carbide

Industrial production growth rate: 7.6% (1992 est.)

Electricity - capacity: 351,000 kW (1989)

Electricity - production: 1.67 billion kWh (1994)
note: exports electricity to India

Electricity - consumption per capita: 79 kWh (1995 est.)

Agriculture - products: rice, corn, root crops, citrus, foodgrains;
dairy products, eggs

Exports:
total value: $70.9 million (f.o.b., FY94/95 est.)
commodities: cardamom, gypsum, timber, handicrafts, cement, fruit,
electricity (to India), precious stones, spices
partners: India 94%, Bangladesh

Imports:
total value: $113.6 million (c.i.f., FY94/95 est.)
commodities : fuel and lubricants, grain, machinery and parts,
vehicles, fabrics, rice
partners: India 77%, Japan, UK, Germany, US

Debt - external: $141 million (October 1994)

Economic aid:
recipient: $NA

Currency: 1 ngultrum (Nu) = 100 chetrum; note - Indian currency is
also legal tender

Exchange rates: ngultrum (Nu) per US$1 - 35.872 (January 1997), 35.433
(1996), 32.427 (1995), 31.374 (1994), 30.493 (1993), 25.918 (1992);
note - the Bhutanese ngultrum is at par with the Indian rupee

Fiscal year: 1 July - 30 June

@Bhutan:Communications

Telephones: 4,620 (1991 est.)

Telephone system:
domestic: domestic telephone service is very poor with very few
telephones in use
international : internation