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Economy of Armenia vs Eswatini compared: GDP & Debt

Updated on by Georank team

Armenia has a GDP of $26B compared to $4.86B for Eswatini, ranking 114/197 and 162/197 by economy size, respectively.

Armenia has $13B in government debt (50% of GDP), compared to $1.93B (39.8% of GDP) in Eswatini.

Armenia vs Eswatini GDP by year

Armenia
Eswatini
1x
Year GDP, current $
Armenia Eswatini
2024 $25,955,275,380 $4,858,885,841
2023 $24,185,982,216 $4,621,191,262
2022 $19,513,506,553 $4,746,660,274
2021 $13,878,908,629 $4,807,069,277
2020 $12,641,698,583 $4,134,677,810
2019 $13,619,290,539 $4,617,018,959
2018 $12,457,940,695 $4,643,751,059
2017 $11,527,458,709 $4,462,640,651
2016 $10,546,136,236 $3,722,306,117
2015 $10,553,337,518 $3,908,217,914
2014 $11,609,513,247 $4,285,065,665
2013 $11,121,464,437 $4,463,396,204
2012 $10,619,320,683 $4,747,813,067
2011 $10,142,111,825 $4,722,912,047
2010 $9,260,285,756 $4,360,714,359
2009 $8,647,937,081 $3,525,213,502
2008 $11,662,040,714 $3,235,921,171
2007 $9,206,301,270 $3,391,122,887
2006 $6,384,452,067 $3,215,307,901
2005 $4,900,469,511 $3,097,946,371
2004 $3,576,615,240 $2,710,331,785
2003 $2,807,061,009 $2,149,632,433
2002 $2,376,335,048 $1,393,945,031
2001 $2,118,467,913 $1,502,870,486
2000 $1,911,563,669 $1,697,161,558
1999 $1,845,482,173 $1,547,888,496
1998 $1,893,726,437 $1,576,908,856
1997 $1,639,492,445 $1,716,714,070
1996 $1,596,968,946 $1,602,741,834
1995 $1,468,317,435 $1,698,989,464
1994 $1,315,158,637 $1,419,294,254
1993 $1,201,312,829 $1,357,189,552
1992 $1,272,835,453 $1,284,759,928
1991 $2,069,870,130 $1,156,135,718
1990 $2,256,863,449 $1,114,694,041
1989 - $696,921,542
1988 - $692,026,455
1987 - $584,126,092
1986 - $449,140,318
1985 - $360,079,419
1984 - $494,483,409
1983 - $555,336,146
1982 - $537,568,059
1981 - $570,774,825
1980 - $541,976,853
1979 - $412,093,134
1978 - $340,630,085
1977 - $304,060,076
1976 - $272,550,068
1975 - $288,299,789
1974 - $264,320,941
1973 - $221,915,128
1972 - $146,736,479
1971 - $136,462,081
1970 - $112,139,955
1969 - $105,419,958
1968 - $79,799,968
1967 - $74,759,970
1966 - $76,859,969
1965 - $70,279,972
1964 - $64,980,554
1963 - $54,129,438
1962 - $45,927,962
1961 - $43,026,043
1960 - $35,076,846

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/armenia/eswatini | CC BY

GDP per capita in Armenia vs Eswatini by year

Armenia
GDP per capita

GDP per capita, PPP
Eswatini
GDP per capita

GDP per capita, PPP
1x
Year Current $
Armenia Eswatini
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $8,556 $22,823 $3,910 $11,799
2023 $8,159 $21,534 $3,756 $11,300
2022 $6,572 $19,161 $3,894 $10,635
2021 $4,685 $15,922 $3,984 $9,990
2020 $4,269 $14,706 $3,467 $9,329
2019 $4,597 $14,976 $3,913 $9,248
2018 $4,196 $12,877 $3,973 $8,535
2017 $3,869 $12,066 $3,853 $8,584
2016 $3,524 $10,570 $3,238 $8,484
2015 $3,512 $9,757 $3,420 $8,391
2014 $3,852 $9,736 $3,771 $8,366
2013 $3,680 $9,455 $3,950 $8,231
2012 $3,512 $8,943 $4,225 $7,760
2011 $3,350 $7,624 $4,225 $7,571
2010 $3,041 $7,095 $3,923 $7,324
2009 $2,821 $6,812 $3,190 $7,011
2008 $3,778 $7,827 $2,947 $6,914
2007 $2,963 $7,137 $3,109 $6,732
2006 $2,042 $6,073 $2,965 $6,319
2005 $1,557 $5,172 $2,871 $5,773
2004 $1,130 $4,377 $2,526 $5,310
2003 $882 $3,836 $2,015 $5,020
2002 $743 $3,282 $1,316 $4,742
2001 $660 $2,844 $1,430 $4,521
2000 $593 $2,531 $1,630 $4,401
1999 $583 $2,377 $1,502 $4,272
1998 $590 $2,239 $1,547 $4,137
1997 $505 $2,040 $1,705 $4,038
1996 $487 $1,922 $1,619 $3,916
1995 $444 $1,767 $1,751 $3,777
1994 $391 $1,591 $1,461 $3,526
1993 $348 $1,440 $1,397 $3,371
1992 $356 $1,492 $1,362 $3,289
1991 $573 $2,477 $1,273 $3,236
1990 $635 $2,760 $1,278 $3,202
1989 - - $832 -
1988 - - $865 -
1987 - - $765 -
1986 - - $611 -
1985 - - $510 -
1984 - - $726 -
1983 - - $843 -
1982 - - $843 -
1981 - - $925 -
1980 - - $908 -
1979 - - $714 -
1978 - - $610 -
1977 - - $563 -
1976 - - $521 -
1975 - - $568 -
1974 - - $536 -
1973 - - $463 -
1972 - - $315 -
1971 - - $301 -
1970 - - $254.2 -
1969 - - $245.2 -
1968 - - $190.4 -
1967 - - $182.8 -
1966 - - $192.7 -
1965 - - $181 -
1964 - - $171.6 -
1963 - - $146.4 -
1962 - - $127.1 -
1961 - - $121.8 -
1960 - - $101.6 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/armenia/eswatini | CC BY

Armenia's GDP per capita is $8,556, ranking 90/197, compared to $3,910 in Eswatini, ranking 131/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 86th at $22,823, while Eswatini ranks 126th at $11,799.

Economic indicators

Armenia Eswatini
Gross domestic product
$26B
2024
$4.86B
2024
GDP rank
114/197
2024
162/197
2024
GDP growth
5.9%
2023-2024
2.97%
2023-2024
GDP per capita
$8,556
2024
$3,910
2024
GDP per capita rank
90/197
2024
131/197
2024
GDP per capita, PPP
$22,823
2024
$11,799
2024
GDP per capita PPP rank
86/197
2024
126/197
2024
Government debt
$13B
2024
$1.93B
2024
Debt-to-GDP ratio
50%
2024
39.8%
2024
Government debt per person
$4,275
2024
$1,554
2024
Government debt per person rank
89/185
2024
130/185
2024
Average annual personal income after taxes
$6,687
2026
$3,913
2026
Market capitalization of domestic companies
$4.85B
2024
$234M
2007
Number of billionaires
1
2025
1
2025
Income share by richest 10%
22.9%
2023
42.7%
2016
Income share by poorest 10%
4%
2023
1.4%
2016
Government expenditure, % of GDP
29%
2024
33.3%
2024
Consumer prices inflation
0.4%
2023-2024
2.6%
2018-2019
Central bank interest rate
6.75%
2025
6.75%
2025
Unemployment rate
8.3%
2023
34.6%
2023
Population
2989841
1273390

Spending and national debt comparison by year

Armenia
Spending

Debt
Eswatini
Spending

Debt
1x
Year % of GDP
Armenia Eswatini
Government spending Government debt Government spending Government debt
2024 29% 50% 33.3% 39.8%
2023 26.9% 50.4% 32% 40%
2022 26.4% 49.3% 29.6% 40.5%
2021 28.7% 63.6% 30.1% 38.4%
2020 30.6% 67.3% 32.7% 38.2%
2019 24.9% 54.2% 32.9% 30.7%
2018 24% 56.1% 32.2% 27%
2017 26% 58.1% 33.9% 21.9%
2016 27% 56.5% 34.7% 20.5%
2015 26.3% 48.3% 35.3% 16.4%
2014 24% 43.6% 33.3% 14.3%
2013 23.8% 41.6% 29.4% 15.5%
2012 22.4% 41.2% 27.8% 15.2%
2011 25% 42% 26% 15.1%
2010 26.2% 39.7% 31.6% 14.5%
2009 28.6% 40.2% 34.5% 10.8%
2008 22.2% 16.1% 34.4% 15%
2007 22.4% 16.1% 31.2% 16.6%
2006 20% 18.7% 28.2% 15%
2005 19.9% 24.4% 29.7% 13.9%
2004 - 26.4% 32% 15.5%
2003 - 33% 26.4% 18%
2002 - 38.2% 27.2% 17.6%
2001 - 38.1% 26.4% 22.4%
2000 - 39.6% 25.3% 18.7%
1999 - 39.2% 26.5% 17.2%
1998 - 45.2% 22.5% 15.9%
1997 - 46.5% 21.2% 13%
1996 - 40.8% 23.3% 12%
1995 - - 20.5% 12.9%
1994 - - 24.7% 13.8%
1993 - - 24% 15.6%
1992 - - 26% 16.6%
1991 - - 20.3% 20.1%
1990 - - 18.7% 20.4%
1989 - - 15.8% 26.8%
1988 - - 15.6% 27.5%
1987 - - 17% 36.1%
1986 - - 19.8% 44%
1985 - - 22.3% 45.5%
1984 - - 22.2% 29.7%
1983 - - 23.2% 28.7%
1982 - - 24% 29.2%
1981 - - 23.8% 24.3%
1980 - - 19.6% 27.2%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-02-20).

GeoRank.org/economy/armenia/eswatini | CC BY

In 2024, Armenia's government spending was $7.53B, accounting for 29% of its GDP, while Eswatini spent $1.62B, or 33.3% of GDP.

Debt-to-GDP ratio is 50% in Armenia and 39.8% in Eswatini, ranking 108/185 and 134/185, respectively.

Government deficit by year

Deficit/surplus
Armenia

Eswatini
1x
Year Deficit/surplus, % of GDP
Armenia Eswatini
2024 -3.69% -1.36%
2023 -2.02% -0.67%
2022 -2.11% -5.4%
2021 -4.58% -4.68%
2020 -5.4% -4.27%
2019 -0.98% -6.26%
2018 -1.75% -6.72%
2017 -4.79% -5.68%
2016 -5.63% -8.54%
2015 -4.84% -6.03%
2014 -1.94% -1.18%
2013 -1.59% 0.59%
2012 -1.49% 3.48%
2011 -2.87% -4.02%
2010 -4.98% -9.52%
2009 -7.69% -3.06%
2008 -1.76% 1.63%
2007 -2.33% 2.44%
2006 -1.95% 8.88%
2005 -1.98% -1.7%
2004 - -4.1%
2003 - -2.15%
2002 - -3.78%
2001 - -2.31%
2000 - -1.22%
1999 - -1.27%
1998 - 1.07%
1997 - 2.11%
1996 - -1%
1995 - 0.9%
1994 - -3.61%
1993 - -3.29%
1992 - -2.9%
1991 - 3.4%
1990 - 5.61%
1989 - 5.82%
1988 - 3.23%
1987 - 2.03%
1986 - -2.41%
1985 - -1.33%
1984 - 1.25%
1983 - -0.6%
1982 - 0.11%
1981 - -4.29%
1980 - 6.55%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/armenia/eswatini | CC BY

In 2024, Armenia's government deficit, the difference between spending and revenue, was $958M, equivalent to 3.69% of GDP. This compares to Eswatini's deficit of $66.2M, or 1.36% of GDP.

Over the past 20 years, Armenia recorded a fiscal deficit in 20 of those years, while Eswatini ran a deficit in 15 years. On average, Armenia posted an annual deficit equal to 3.22% of GDP, compared to deficit of 2.6% of GDP for Eswatini.

Inflation comparison by year

Inflation
Armenia

Eswatini
1x
Year Consumer prices inflation
Armenia Eswatini
2024 0.4% -
2023 2% -
2022 8.8% -
2021 7.5% -
2020 1.5% -
2019 1.5% 2.6%
2018 2.5% 4.82%
2017 0.9% 6.22%
2016 -1.4% 7.85%
2015 3.7% 4.95%
2014 3% 5.68%
2013 5.7% 5.62%
2012 2.5% 8.94%
2011 7.5% 6.11%
2010 8.2% 4.51%
2009 3.5% 7.45%
2008 9.1% 12.7%
2007 4.4% 8.08%
2006 2.9% 5.3%
2005 0.6% 4.77%
2004 6.9% 3.45%
2003 4.7% 7.29%
2002 1% 12%
2001 3.2% 5.94%
2000 -0.8% 12.2%
1999 0.7% 6.09%
1998 8.7% 8.11%
1997 14% 7.13%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2019, retrieved 2026-04-06).

GeoRank.org/economy/armenia/eswatini | CC BY

Over the past 23 years, Armenia has recorded an average annual inflation rate of 4.04%, compared with 6.86% in Eswatini. In 2019, inflation was 0.4% in Armenia and 2.6% in Eswatini.

Balance of trade

Armenia Eswatini
Current account balance
-$1.19B
2024
$78.3M
2024
Current account balance ranking
128/190
2024
69/190
2024
Current account balance, % of GDP
-4.6%
2024
+1.61%
2024
Goods imports
$15.4B
2024
$2.07B
2024
Goods exports
$13.2B
2024
$2.33B
2024
Service imports
$4.39B
2024
$542M
2024
Service exports
$5.86B
2024
$234M
2024
Imports of goods and services, % of GDP
76.4%
2024
53.7%
2024
Exports of goods and services, % of GDP
73.6%
2024
53.8%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Armenia Eswatini
Economic freedom 67.1 57.5
Economic freedom ranking 58/197 116/197
Property rights 48.6 42.5
Government integrity 51.8 29.7
Judicial effectiveness 31.4 35.5
Tax burden 87.2 78.6
Government spending 77.5 71
Fiscal health 84.1 87.5
Business freedom 72.9 49.9
Labor freedom 59.2 55.2
Monetary freedom 77.2 76.8
Trade freedom 75 73.6
Investment freedom 70 50
Financial freedom 70 40

Economic freedom comparison by year

Armenia
Eswatini
1x
Year Economic freedom index
Armenia Eswatini
2026 67.1 57.5
2025 65.4 56.4
2024 64.9 55.6
2023 65.1 54.9
2022 65.3 51.4
2021 71.9 55.1
2020 70.6 55.3
2019 67.7 54.7
2018 68.7 55.9
2017 70.3 61.1
2016 67 59.7
2015 67.1 59.9
2014 68.9 61.2
2013 69.4 57.2
2012 68.8 57.2
2011 69.7 59.1
2010 69.2 57.4
2009 69.9 59.1
2008 69.9 58.4
2007 68.6 60.1
2006 70.6 61.4
2005 69.8 59.4
2004 70.3 58.6
2003 67.3 59.6
2002 68 60.9
2001 66.4 63.6
2000 63 62.6
1999 56.4 62.1
1998 49.6 62
1997 46.7 59.4
1996 42.2 58.6
1995 - 63.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/armenia/eswatini | CC BY

The Economic Freedom Index for Armenia is 67.1, ranking 58/197, compared to 57.5 for Eswatini, ranking 116/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Armenia Eswatini
Services, % of GDP
62%
2024
51.4%
2024
Industry, % of GDP
22.9%
2024
34.7%
2024
Agriculture, forestry, and fishing, % of GDP
7.81%
2024
6.48%
2024
GNI, Atlas method
$23.7B
2024
$4.46B
2024
GNI per capita, PPP
$22,020
2024
$10,760
2024
Total reserves including gold
$3.69B
2024
$479M
2023
Total reserves ranking
111/177
2024
159/177
2023
Net foreign direct investment
-$74.8M
2024
-$11.8M
2024
Net inflows of foreign direct investment
$132M
2024
$75.5M
2024
Net outflows of foreign direct investment
$56.8M
2024
$63.8M
2024
Servicing debt to the IMF, % of GNI
7.26%
2024
4.68%
2024
Poverty at national poverty lines
23.7%
2023
58.9%
2016
Gross capital formation, % of GDP
23.8%
2024
15%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/armenia/eswatini | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.