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Economy of Botswana vs Eswatini compared: GDP & Debt

Updated on by Georank

Botswana has a GDP of $19.9B compared to $5.16B for Eswatini, ranking 135/197 and 163/197 by economy size, respectively.

Botswana has $7.7B in government debt (38.6% of GDP), compared to $2.31B (44.9% of GDP) in Eswatini.

Botswana vs Eswatini GDP by year

Botswana
Eswatini
1x
Year GDP, current $
Botswana Eswatini
2025 $19,928,479,839 $5,160,679,613
2024 $19,286,251,068 $4,858,885,841
2023 $19,413,614,555 $4,621,191,262
2022 $20,321,150,599 $4,746,660,274
2021 $18,750,182,236 $4,807,069,277
2020 $14,960,251,608 $4,134,677,810
2019 $16,725,908,149 $4,617,018,959
2018 $17,031,943,186 $4,643,751,059
2017 $16,105,155,857 $4,462,640,651
2016 $15,082,637,184 $3,722,306,117
2015 $13,530,748,845 $3,908,217,914
2014 $15,470,088,501 $4,285,065,665
2013 $14,271,738,933 $4,463,396,204
2012 $13,907,464,500 $4,747,813,067
2011 $15,110,643,612 $4,722,912,047
2010 $12,637,273,429 $4,360,714,359
2009 $10,118,459,242 $3,525,213,502
2008 $10,730,829,116 $3,235,921,171
2007 $10,567,270,656 $3,391,122,887
2006 $9,919,158,482 $3,215,307,901
2005 $9,918,907,108 $3,097,946,371
2004 $8,957,467,707 $2,710,331,785
2003 $7,511,582,173 $2,149,632,433
2002 $5,438,863,983 $1,393,945,031
2001 $5,489,608,300 $1,502,870,486
2000 $5,788,329,609 $1,697,161,558
1999 $5,484,263,347 $1,547,888,496
1998 $4,790,481,509 $1,576,908,856
1997 $5,020,265,627 $1,716,714,070
1996 $4,847,757,218 $1,602,741,834
1995 $4,730,599,122 $1,698,989,464
1994 $4,259,259,604 $1,419,294,254
1993 $4,160,129,175 $1,357,189,552
1992 $4,146,464,587 $1,284,759,928
1991 $3,942,876,703 $1,156,135,718
1990 $3,790,636,324 $1,114,694,041
1989 $3,083,822,112 $696,921,542
1988 $2,644,554,159 $692,026,455
1987 $1,965,226,890 $584,126,092
1986 $1,392,602,164 $449,140,318
1985 $1,114,783,343 $360,079,419
1984 $1,240,822,167 $494,483,409
1983 $1,172,230,397 $555,336,146
1982 $1,014,945,696 $537,568,059
1981 $1,073,812,830 $570,774,825
1980 $1,060,889,704 $541,976,853
1979 $819,870,259 $412,093,134
1978 $590,407,374 $340,630,085
1977 $451,624,780 $304,060,076
1976 $372,025,093 $272,550,068
1975 $355,168,572 $288,299,789
1974 $306,044,208 $264,320,941
1973 $244,124,164 $221,915,128
1972 $164,460,915 $146,736,479
1971 $127,448,614 $136,462,081
1970 $96,243,234 $112,139,955
1969 $77,361,547 $105,419,958
1968 $66,248,441 $79,799,968
1967 $58,642,354 $74,759,970
1966 $51,465,655 $76,859,969
1965 $45,788,696 $70,279,972
1964 $41,616,348 $64,980,554
1963 $38,091,843 $54,129,438
1962 $35,644,957 $45,927,962
1961 $32,902,613 $43,026,043
1960 $30,411,414 $35,076,846

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Botswana vs Eswatini by year

Botswana
GDP per capita

GDP per capita, PPP
Eswatini
GDP per capita

GDP per capita, PPP
1x
Year Current $
Botswana Eswatini
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $7,778 - $4,108 -
2024 $7,650 $20,538 $3,910 $11,799
2023 $7,827 $21,012 $3,756 $11,300
2022 $8,329 $19,977 $3,894 $10,635
2021 $7,808 $17,961 $3,984 $9,990
2020 $6,323 $15,292 $3,467 $9,329
2019 $7,172 $15,960 $3,913 $9,248
2018 $7,408 $15,786 $3,973 $8,535
2017 $7,105 $15,701 $3,853 $8,584
2016 $6,749 $16,228 $3,238 $8,484
2015 $6,141 $14,144 $3,420 $8,391
2014 $7,122 $15,003 $3,771 $8,366
2013 $6,667 $13,621 $3,950 $8,231
2012 $6,596 $12,737 $4,225 $7,760
2011 $7,287 $13,635 $4,225 $7,571
2010 $6,216 $12,753 $3,923 $7,324
2009 $5,083 $11,686 $3,190 $7,011
2008 $5,503 $13,810 $2,947 $6,914
2007 $5,529 $13,389 $3,109 $6,732
2006 $5,292 $12,563 $2,965 $6,319
2005 $5,391 $11,458 $2,871 $5,773
2004 $4,957 $10,818 $2,526 $5,310
2003 $4,230 $10,439 $2,015 $5,020
2002 $3,117 $9,958 $1,316 $4,742
2001 $3,206 $9,420 $1,430 $4,521
2000 $3,451 $9,380 $1,630 $4,401
1999 $3,340 $9,188 $1,502 $4,272
1998 $2,981 $8,441 $1,547 $4,137
1997 $3,194 $8,497 $1,705 $4,038
1996 $3,156 $7,890 $1,619 $3,916
1995 $3,156 $7,503 $1,751 $3,777
1994 $2,917 $7,049 $1,461 $3,526
1993 $2,929 $6,847 $1,397 $3,371
1992 $3,005 $6,753 $1,362 $3,289
1991 $2,939 $6,598 $1,273 $3,236
1990 $2,903 $6,104 $1,278 $3,202
1989 $2,428 - $832 -
1988 $2,141 - $865 -
1987 $1,639 - $765 -
1986 $1,200 - $611 -
1985 $994 - $510 -
1984 $1,145 - $726 -
1983 $1,121 - $843 -
1982 $1,006 - $843 -
1981 $1,107 - $925 -
1980 $1,132 - $908 -
1979 $909 - $714 -
1978 $695 - $610 -
1977 $565 - $563 -
1976 $490 - $521 -
1975 $493 - $568 -
1974 $446 - $536 -
1973 $374 - $463 -
1972 $264.2 - $315 -
1971 $212.2 - $301 -
1970 $163 - $254.2 -
1969 $131.8 - $245.2 -
1968 $113.4 - $190.4 -
1967 $100.9 - $182.8 -
1966 $89.1 - $192.7 -
1965 $79.7 - $181 -
1964 $73.5 - $171.6 -
1963 $68.9 - $146.4 -
1962 $66 - $127.1 -
1961 $62.3 - $121.8 -
1960 $58.9 - $101.6 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Botswana's GDP per capita is $7,778, ranking 100/197, compared to $4,108 in Eswatini, ranking 131/197. Adjusted for purchasing power (GDP per capita PPP), Botswana ranks 95th at $20,538, while Eswatini ranks 126th at $11,799.

Economic indicators

Botswana Eswatini
Gross domestic product
$19.9B
2025
$5.16B
2025
GDP rank
135/197
2025
163/197
2025
GDP growth
-0.73%
2024-2025
4.19%
2024-2025
GDP per capita
$7,778
2025
$4,108
2025
GDP per capita rank
100/197
2025
131/197
2025
GDP per capita, PPP
$20,538
2024
$11,799
2024
GDP per capita PPP rank
95/197
2024
126/197
2024
Government debt
$7.7B
2025
$2.31B
2025
Debt-to-GDP ratio
38.6%
2025
44.9%
2025
Government debt per person
$3,005
2025
$1,843
2025
Government debt per person rank
106/185
2025
121/185
2025
Average annual personal income after taxes
$5,441
2026
$4,770
2026
Market capitalization of domestic companies
$4.28B
2025
$234M
2007
Number of billionaires n/a
1
2026
Income share by richest 10%
42.9%
2015
42.7%
2016
Income share by poorest 10%
1.4%
2015
1.4%
2016
Government expenditure, % of GDP
35%
2025
35.7%
2025
Consumer prices inflation
2.66%
2024-2025
2.6%
2018-2019
Central bank interest rate
5.5%
2026
6.75%
2025
Unemployment rate
24.4%
2024
34.3%
2023
Population
2624853
1276995

Spending and national debt comparison by year

Botswana
Spending

Debt
Eswatini
Spending

Debt
1x
Year % of GDP
Botswana Eswatini
Government spending Government debt Government spending Government debt
2025 35% 38.6% 35.7% 44.9%
2024 33.7% 33.2% 33.6% 40.1%
2023 32.4% 22.5% 31.5% 39.4%
2022 29.1% 21% 28.9% 39.5%
2021 31.4% 22.3% 29.3% 37.3%
2020 36.5% 23.5% 32.2% 37.7%
2019 36.9% 21.5% 32.8% 30.5%
2018 35.6% 19.6% 31.6% 26.5%
2017 34.7% 19.6% 33.6% 21.7%
2016 34.1% 22.3% 34% 20.1%
2015 37.8% 24.5% 34.5% 16%
2014 36.5% 23.9% 32.7% 14.1%
2013 33.5% 23.8% 28.8% 15.2%
2012 37.1% 26.4% 27.1% 14.8%
2011 37.2% 27.9% 25.1% 14.6%
2010 42.6% 26.5% 31.1% 14.2%
2009 52.1% 22.4% 33.9% 10.6%
2008 48.1% 7.79% 33.4% 14.6%
2007 37.1% 5.93% 30.4% 16.1%
2006 33.1% 6.14% 27.6% 14.7%
2005 33.8% 7.46% 29% 13.6%
2004 39.8% 10.7% 31% 15%
2003 42.7% 7.08% 25.9% 17.7%
2002 45.1% 8.37% 26.5% 17.2%
2001 42.1% 7.48% 25.6% 21.7%
2000 38.8% 8.16% 24.7% 18.2%
1999 40.1% 9.31% 25.8% 16.7%
1998 41.8% 11.3% 22% 15.6%
1997 39% - 20.7% 12.7%
1996 36.1% - 22.5% 11.5%
1995 36.1% - 19.9% 12.5%
1994 37.6% - 23.4% 13.1%
1993 42% - 23% 15%
1992 42.3% - 24.7% 16.6%
1991 41.1% - 19.6% 20.1%
1990 38.9% - 18.2% 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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-07-08).

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

In 2025, Botswana's government spending was $6.98B, accounting for 35% of its GDP, while Eswatini spent $1.84B, or 35.7% of GDP.

Debt-to-GDP ratio is 38.6% in Botswana and 44.9% in Eswatini, ranking 137/185 and 118/185, respectively.

Government deficit by year

Deficit/surplus
Botswana

Eswatini
1x
Year Deficit/surplus, % of GDP
Botswana Eswatini
2025 -7.42% -6.14%
2024 -7.26% -1.06%
2023 -4.16% -0.66%
2022 0.04% -5.27%
2021 -2.33% -4.55%
2020 -10.9% -4.21%
2019 -8.53% -6.23%
2018 -5.03% -6.59%
2017 -1.14% -5.64%
2016 0.71% -8.36%
2015 -4.82% -5.89%
2014 3.9% -1.16%
2013 5.84% 0.57%
2012 0.89% 3.39%
2011 -0.12% -3.88%
2010 -7.95% -9.34%
2009 -13.8% -3%
2008 -7.61% 1.58%
2007 5.73% 2.37%
2006 13.3% 8.67%
2005 10.3% -1.66%
2004 1.35% -3.97%
2003 -0.18% -2.11%
2002 -3.94% -3.69%
2001 -2.91% -2.24%
2000 8.73% -1.19%
1999 5.95% -1.23%
1998 - 1.05%
1997 - 2.06%
1996 - -0.97%
1995 - 0.87%
1994 - -3.43%
1993 - -3.15%
1992 - -2.76%
1991 - 3.28%
1990 - 5.47%
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

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

In 2025, Botswana's government deficit, the difference between spending and revenue, was $1.48B, equivalent to 7.42% of GDP. This compares to Eswatini's deficit of $317M, or 6.14% of GDP.

Over the past 27 years, Botswana recorded a fiscal deficit in 16 of those years, while Eswatini ran a deficit in 22 years. On average, Botswana posted an annual deficit equal to 1.16% of GDP, compared to deficit of 2.65% of GDP for Eswatini.

Inflation comparison by year

Inflation
Botswana

Eswatini
1x
Year Consumer prices inflation
Botswana Eswatini
2025 2.66% -
2024 2.82% -
2023 5.07% -
2022 11.7% -
2021 7.24% -
2020 1.89% -
2019 2.77% 2.6%
2018 3.24% 4.82%
2017 3.31% 6.22%
2016 2.81% 7.85%
2015 3.06% 4.95%
2014 4.4% 5.68%
2013 5.88% 5.62%
2012 7.54% 8.94%
2011 8.46% 6.11%
2010 6.95% 4.51%
2009 8.03% 7.45%
2008 12.7% 12.7%
2007 7.08% 8.08%
2006 11.6% 5.3%
2005 8.61% 4.77%
2004 6.95% 3.45%
2003 9.19% 7.29%
2002 8.03% 12%
2001 6.56% 5.94%
2000 8.6% 12.2%
1999 7.75% 6.09%
1998 6.66% 8.11%
1997 8.72% 7.13%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 23 years, Botswana has recorded an average annual inflation rate of 6.91%, compared with 6.86% in Eswatini. In 2019, inflation was 2.66% in Botswana and 2.6% in Eswatini.

Top exports between countries

Botswana
Export category Export value
Machinery & equipment $281K
Processed food, beverages & tobacco $109K
Metals $64K
Miscellaneous $64K
Raw materials & minerals $57K
Chemicals & pharma $33K
Animal & marine products $26K
Textiles & consumer goods $26K
Wood & paper products $5K
Eswatini
Export category Export value
Chemicals & pharma $24.4M
Processed food, beverages & tobacco $13.2M
Wood & paper products $2.91M
Textiles & consumer goods $558K
Machinery & equipment $303K
Animal & marine products $75K
Miscellaneous $36K
Raw agricultural goods $5K
Raw materials & minerals $2K

Balance of trade

Botswana Eswatini
Current account balance
-$821M
2024
$78.3M
2024
Current account balance ranking
113/190
2024
65/190
2024
Current account balance, % of GDP
-4.26%
2024
+1.61%
2024
Goods imports
$6.86B
2024
$2.07B
2024
Goods exports
$4.66B
2024
$2.33B
2024
Service imports
$1.29B
2024
$542M
2024
Service exports
$935M
2024
$234M
2024
Imports of goods and services, % of GDP
37.5%
2025
53.7%
2024
Exports of goods and services, % of GDP
32%
2025
53.8%
2024

Economic freedom indices

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

Botswana Eswatini
Economic freedom 67.7 57.5
Economic freedom ranking 53/197 116/197
Property rights 71.7 42.5
Government integrity 59.6 29.7
Judicial effectiveness 70.2 35.5
Tax burden 87.1 78.6
Government spending 69.8 71
Fiscal health 72.4 87.5
Business freedom 61.5 49.9
Labor freedom 60.7 55.2
Monetary freedom 72 76.8
Trade freedom 77 73.6
Investment freedom 50 50
Financial freedom 60 40

Economic freedom comparison by year

Botswana
Eswatini
1x
Year Economic freedom index
Botswana Eswatini
2026 67.7 57.5
2025 69.9 56.4
2024 68 55.6
2023 64.9 54.9
2022 64.8 51.4
2021 67.6 55.1
2020 69.6 55.3
2019 69.5 54.7
2018 69.9 55.9
2017 70.1 61.1
2016 71.1 59.7
2015 69.8 59.9
2014 72 61.2
2013 70.6 57.2
2012 69.6 57.2
2011 68.8 59.1
2010 70.3 57.4
2009 69.7 59.1
2008 68.2 58.4
2007 68.1 60.1
2006 68.8 61.4
2005 69.3 59.4
2004 69.9 58.6
2003 68.6 59.6
2002 66.2 60.9
2001 66.8 63.6
2000 65.8 62.6
1999 62.9 62.1
1998 62.8 62
1997 59.1 59.4
1996 61.6 58.6
1995 56.8 63.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Botswana is 67.7, ranking 53/197, 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

Botswana Eswatini
Services, % of GDP
64.6%
2025
52.4%
2025
Industry, % of GDP
27.9%
2025
33.6%
2025
Agriculture, forestry, and fishing, % of GDP
1.78%
2025
6.41%
2025
GNI, Atlas method
$18.9B
2025
$4.69B
2025
GNI per capita, PPP
$19,960
2025
$11,390
2025
Total reserves including gold
$3.46B
2024
$537M
2024
Total reserves ranking
117/177
2024
157/177
2024
Net foreign direct investment
-$464M
2024
-$11.8M
2024
Net inflows of foreign direct investment
$467M
2024
$75.5M
2024
Net outflows of foreign direct investment
$3.02M
2024
$63.8M
2024
Servicing debt to the IMF, % of GNI
1.45%
2024
4.88%
2024
Poverty at national poverty lines
16.1%
2015
58.9%
2016
Gross capital formation, % of GDP
29.2%
2025
15%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2023–2024, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.