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Economy of Azerbaijan vs Eswatini compared: GDP & Debt

Updated on by Georank team

Azerbaijan has a GDP of $74.3B compared to $4.86B for Eswatini, ranking 84/197 and 162/197 by economy size, respectively.

Azerbaijan has $16.1B in government debt (21.7% of GDP), compared to $1.93B (39.8% of GDP) in Eswatini.

Azerbaijan vs Eswatini GDP by year

Azerbaijan
Eswatini
1x
Year GDP, current $
Azerbaijan Eswatini
2024 $74,315,882,353 $4,858,885,841
2023 $72,428,470,588 $4,621,191,262
2022 $78,807,470,588 $4,746,660,274
2021 $54,825,411,765 $4,807,069,277
2020 $42,693,000,000 $4,134,677,810
2019 $48,174,235,294 $4,617,018,959
2018 $47,112,470,052 $4,643,751,059
2017 $40,866,627,352 $4,462,640,651
2016 $37,866,996,883 $3,722,306,117
2015 $53,076,235,355 $3,908,217,914
2014 $75,239,785,452 $4,285,065,665
2013 $74,160,560,124 $4,463,396,204
2012 $69,679,944,504 $4,747,813,067
2011 $65,952,796,428 $4,722,912,047
2010 $52,909,294,792 $4,360,714,359
2009 $44,292,427,185 $3,525,213,502
2008 $48,851,293,785 $3,235,921,171
2007 $33,049,419,431 $3,391,122,887
2006 $20,981,929,498 $3,215,307,901
2005 $13,245,421,881 $3,097,946,371
2004 $8,680,405,741 $2,710,331,785
2003 $7,276,413,079 $2,149,632,433
2002 $6,236,087,738 $1,393,945,031
2001 $5,707,616,204 $1,502,870,486
2000 $5,272,615,723 $1,697,161,558
1999 $4,581,248,567 $1,547,888,496
1998 $4,446,368,571 $1,576,908,856
1997 $3,962,362,387 $1,716,714,070
1996 $3,176,507,376 $1,602,741,834
1995 $2,417,331,193 $1,698,989,464
1994 $1,193,141,110 $1,419,294,254
1993 $1,570,392,598 $1,357,189,552
1992 $444,658,672 $1,284,759,928
1991 $5,344,000,000 $1,156,135,718
1990 $8,884,848,485 $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/azerbaijan/eswatini | CC BY

GDP per capita in Azerbaijan vs Eswatini by year

Azerbaijan
GDP per capita

GDP per capita, PPP
Eswatini
GDP per capita

GDP per capita, PPP
1x
Year Current $
Azerbaijan Eswatini
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,284 $25,089 $3,910 $11,799
2023 $7,133 $23,652 $3,756 $11,300
2022 $7,771 $22,552 $3,894 $10,635
2021 $5,408 $20,111 $3,984 $9,990
2020 $4,230 $15,164 $3,467 $9,329
2019 $4,806 $16,675 $3,913 $9,248
2018 $4,740 $15,283 $3,973 $8,535
2017 $4,147 $14,316 $3,853 $8,584
2016 $3,881 $14,536 $3,238 $8,484
2015 $5,501 $15,075 $3,420 $8,391
2014 $7,891 $17,564 $3,771 $8,366
2013 $7,875 $17,268 $3,950 $8,231
2012 $7,496 $15,994 $4,225 $7,760
2011 $7,190 $14,805 $4,225 $7,571
2010 $5,844 $14,930 $3,923 $7,324
2009 $4,950 $14,246 $3,190 $7,011
2008 $5,574 $13,217 $2,947 $6,914
2007 $3,851 $11,974 $3,109 $6,732
2006 $2,473 $9,398 $2,965 $6,319
2005 $1,578 $6,855 $2,871 $5,773
2004 $1,045 $5,248 $2,526 $5,310
2003 $884 $4,718 $2,015 $5,020
2002 $763 $4,230 $1,316 $4,742
2001 $704 $3,835 $1,430 $4,521
2000 $655 $3,439 $1,630 $4,401
1999 $574 $3,052 $1,502 $4,272
1998 $562 $2,827 $1,547 $4,137
1997 $506 $2,565 $1,705 $4,038
1996 $409 $2,407 $1,619 $3,916
1995 $315 $2,357 $1,751 $3,777
1994 $157.1 $2,648 $1,461 $3,526
1993 $209.5 $3,272 $1,397 $3,371
1992 $60.2 $4,220 $1,362 $3,289
1991 $735 $5,412 $1,273 $3,236
1990 $1,238 $5,343 $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/azerbaijan/eswatini | CC BY

Azerbaijan's GDP per capita is $7,284, ranking 101/197, compared to $3,910 in Eswatini, ranking 131/197. Adjusted for purchasing power (GDP per capita PPP), Azerbaijan ranks 82nd at $25,089, while Eswatini ranks 126th at $11,799.

Economic indicators

Azerbaijan Eswatini
Gross domestic product
$74.3B
2024
$4.86B
2024
GDP rank
84/197
2024
162/197
2024
GDP growth
4.07%
2023-2024
2.97%
2023-2024
GDP per capita
$7,284
2024
$3,910
2024
GDP per capita rank
101/197
2024
131/197
2024
GDP per capita, PPP
$25,089
2024
$11,799
2024
GDP per capita PPP rank
82/197
2024
126/197
2024
Government debt
$16.1B
2024
$1.93B
2024
Debt-to-GDP ratio
21.7%
2024
39.8%
2024
Government debt per person
$1,579
2024
$1,554
2024
Government debt per person rank
128/185
2024
130/185
2024
Average annual personal income after taxes
$6,324
2026
$3,913
2026
Market capitalization of domestic companies
$1.64B
2024
$234M
2007
Number of billionaires n/a
1
2025
Income share by richest 10%
24.2%
2005
42.7%
2016
Income share by poorest 10%
4.8%
2005
1.4%
2016
Government expenditure, % of GDP
33.9%
2024
33.3%
2024
Consumer prices inflation
2.21%
2023-2024
2.6%
2018-2019
Central bank interest rate
7%
2025
6.75%
2025
Unemployment rate
5.65%
2022
34.6%
2023
Population
10338778
1273390

Spending and national debt comparison by year

Azerbaijan
Spending

Debt
Eswatini
Spending

Debt
1x
Year % of GDP
Azerbaijan Eswatini
Government spending Government debt Government spending Government debt
2024 33.9% 21.7% 33.3% 39.8%
2023 32.7% 21.8% 32% 40%
2022 26.2% 17.3% 29.6% 40.5%
2021 32.2% 26.3% 30.1% 38.4%
2020 40.2% 21.3% 32.7% 38.2%
2019 32.5% 17.7% 32.9% 30.7%
2018 33.2% 18.7% 32.2% 27%
2017 35.6% 22.5% 33.9% 21.9%
2016 35.4% 20.6% 34.7% 20.5%
2015 38.7% 18% 35.3% 16.4%
2014 36.4% 8.53% 33.3% 14.3%
2013 37.8% 6.18% 29.4% 15.5%
2012 36.6% 5.83% 27.8% 15.2%
2011 33.7% 4.97% 26% 15.1%
2010 32% 4.98% 31.6% 14.5%
2009 34.5% 4.73% 34.5% 10.8%
2008 31.4% 3.22% 34.4% 15%
2007 26.1% 4% 31.2% 16.6%
2006 25.3% 5.3% 28.2% 15%
2005 22.5% 6.85% 29.7% 13.9%
2004 24.2% 9.71% 32% 15.5%
2003 21.7% 10.7% 26.4% 18%
2002 23.1% 11.9% 27.2% 17.6%
2001 16.8% 13% 26.4% 22.4%
2000 18.2% 13.1% 25.3% 18.7%
1999 19.5% 25.4% 26.5% 17.2%
1998 18.7% 14.3% 22.5% 15.9%
1997 18.5% 11.4% 21.2% 13%
1996 19.8% 16.7% 23.3% 12%
1995 18.9% 19.2% 20.5% 12.9%
1994 14.7% 11.7% 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 (1980–1994, retrieved 2026-02-20).

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

In 2024, Azerbaijan's government spending was $25.2B, accounting for 33.9% of its GDP, while Eswatini spent $1.62B, or 33.3% of GDP.

Debt-to-GDP ratio is 21.7% in Azerbaijan and 39.8% in Eswatini, ranking 174/185 and 134/185, respectively.

Government deficit by year

Deficit/surplus
Azerbaijan

Eswatini
1x
Year Deficit/surplus, % of GDP
Azerbaijan Eswatini
2024 4.06% -1.36%
2023 7.92% -0.67%
2022 5.96% -5.4%
2021 4.21% -4.68%
2020 -6.44% -4.27%
2019 8.95% -6.26%
2018 5.43% -6.72%
2017 -1.34% -5.68%
2016 -1.17% -8.54%
2015 -4.83% -6.03%
2014 2.74% -1.18%
2013 1.64% 0.59%
2012 3.71% 3.48%
2011 10.9% -4.02%
2010 13.8% -9.52%
2009 5.86% -3.06%
2008 17.2% 1.63%
2007 2.34% 2.44%
2006 0.66% 8.88%
2005 2.74% -1.7%
2004 1.78% -4.1%
2003 1.6% -2.15%
2002 19.4% -3.78%
2001 21.8% -2.31%
2000 0.14% -1.22%
1999 -1.03% -1.27%
1998 1.63% 1.07%
1997 -0.94% 2.11%
1996 -2.25% -1%
1995 -1.34% 0.9%
1994 3.21% -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/azerbaijan/eswatini | CC BY

In 2024, Azerbaijan's government surplus, the difference between spending and revenue, was $3.01B, equivalent to 4.06% of GDP. This compares to Eswatini's deficit of $66.2M, or 1.36% of GDP.

Over the past 31 years, Azerbaijan recorded a fiscal deficit in 8 of those years, while Eswatini ran a deficit in 23 years. On average, Azerbaijan posted an annual surplus equal to 4.14% of GDP, compared to deficit of 2.18% of GDP for Eswatini.

Inflation comparison by year

Inflation
Azerbaijan

Eswatini
1x
Year Consumer prices inflation
Azerbaijan Eswatini
2024 2.21% -
2023 8.79% -
2022 13.9% -
2021 6.65% -
2020 2.76% -
2019 2.61% 2.6%
2018 2.27% 4.82%
2017 12.9% 6.22%
2016 12.4% 7.85%
2015 4.03% 4.95%
2014 1.37% 5.68%
2013 2.42% 5.62%
2012 1.07% 8.94%
2011 7.86% 6.11%
2010 5.73% 4.51%
2009 1.46% 7.45%
2008 20.8% 12.7%
2007 16.7% 8.08%
2006 8.33% 5.3%
2005 9.68% 4.77%
2004 6.71% 3.45%
2003 2.23% 7.29%
2002 2.77% 12%
2001 1.55% 5.94%
2000 1.81% 12.2%
1999 -8.53% 6.09%
1998 -0.77% 8.11%
1997 3.67% 7.13%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 23 years, Azerbaijan has recorded an average annual inflation rate of 5.18%, compared with 6.86% in Eswatini. In 2019, inflation was 2.21% in Azerbaijan and 2.6% in Eswatini.

Balance of trade

Azerbaijan Eswatini
Current account balance
$4.67B
2024
$78.3M
2024
Current account balance ranking
34/190
2024
69/190
2024
Current account balance, % of GDP
+6.29%
2024
+1.61%
2024
Goods imports
$17.2B
2024
$2.07B
2024
Goods exports
$26B
2024
$2.33B
2024
Service imports
$10.2B
2024
$542M
2024
Service exports
$8.12B
2024
$234M
2024
Imports of goods and services, % of GDP
36.8%
2024
53.7%
2024
Exports of goods and services, % of GDP
45.9%
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.

Azerbaijan Eswatini
Economic freedom 64.3 57.5
Economic freedom ranking 74/197 116/197
Property rights 53.3 42.5
Government integrity 23.6 29.7
Judicial effectiveness 16.5 35.5
Tax burden 87.9 78.6
Government spending 71.3 71
Fiscal health 99.1 87.5
Business freedom 71.2 49.9
Labor freedom 56.9 55.2
Monetary freedom 76 76.8
Trade freedom 75.8 73.6
Investment freedom 70 50
Financial freedom 70 40

Economic freedom comparison by year

Azerbaijan
Eswatini
1x
Year Economic freedom index
Azerbaijan Eswatini
2026 64.3 57.5
2025 62.5 56.4
2024 61.6 55.6
2023 61.4 54.9
2022 61.6 51.4
2021 70.1 55.1
2020 69.3 55.3
2019 65.4 54.7
2018 64.3 55.9
2017 63.6 61.1
2016 60.2 59.7
2015 61 59.9
2014 61.3 61.2
2013 59.7 57.2
2012 58.9 57.2
2011 59.7 59.1
2010 58.8 57.4
2009 58 59.1
2008 55.3 58.4
2007 54.6 60.1
2006 53.2 61.4
2005 54.4 59.4
2004 53.4 58.6
2003 54.1 59.6
2002 53.3 60.9
2001 50.3 63.6
2000 49.8 62.6
1999 47.4 62.1
1998 43.1 62
1997 34 59.4
1996 30 58.6
1995 - 63.3

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

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

The Economic Freedom Index for Azerbaijan is 64.3, ranking 74/197, 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

Azerbaijan Eswatini
Services, % of GDP
42.3%
2024
51.4%
2024
Industry, % of GDP
42.6%
2024
34.7%
2024
Agriculture, forestry, and fishing, % of GDP
5.66%
2024
6.48%
2024
GNI, Atlas method
$74.8B
2024
$4.46B
2024
GNI per capita, PPP
$24,220
2024
$10,760
2024
Total reserves including gold
$12.7B
2024
$479M
2023
Total reserves ranking
72/177
2024
159/177
2023
Net foreign direct investment
$511M
2024
-$11.8M
2024
Net inflows of foreign direct investment
$231M
2024
$75.5M
2024
Net outflows of foreign direct investment
$742M
2024
$63.8M
2024
Servicing debt to the IMF, % of GNI
5.83%
2024
4.68%
2024
Poverty at national poverty lines
6%
2012
58.9%
2016
Gross capital formation, % of GDP
21.1%
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/azerbaijan/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 (1980–1994, 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.