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Economy of China vs Eswatini compared: GDP & Debt

Updated on by Georank team

China has a GDP of $18.7T compared to $4.89B for Eswatini, ranking 2/197 and 162/197 by economy size, respectively.

China has $16.6T in government debt (96.3% of GDP), compared to $1.82B (38.7% of GDP) in Eswatini.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

China
GDP, current $

GDP, constant 2015 $
Eswatini
GDP, current $

GDP, constant 2015 $
Year GDP
China Eswatini
Current $ Constant $ Current $ Constant $
1960 $59,846,235,025 $161,023,131,028 $35,076,846 -
1961 $50,162,299,350 $117,112,123,191 $43,026,043 -
1962 $47,310,737,754 $110,577,266,728 $45,927,962 -
1963 $50,812,227,919 $121,966,725,197 $54,129,438 -
1964 $59,821,862,703 $144,140,275,830 $64,980,554 -
1965 $70,565,994,356 $168,572,052,589 $70,279,972 -
1966 $76,854,053,259 $186,524,976,187 $76,859,969 -
1967 $73,011,350,596 $175,762,485,054 $74,759,970 -
1968 $70,980,323,819 $168,556,223,190 $79,799,968 -
1969 $79,847,786,729 $197,109,647,392 $105,419,958 -
1970 $92,752,930,873 $235,151,809,332 $112,139,955 $401,852,565
1971 $99,959,013,880 $251,753,527,067 $136,462,081 $457,081,710
1972 $113,871,930,714 $261,345,336,449 $146,736,479 $481,875,167
1973 $138,764,340,892 $281,625,734,560 $221,915,128 $525,333,916
1974 $144,418,433,058 $288,131,289,037 $264,320,941 $555,506,401
1975 $163,687,619,736 $313,256,337,433 $288,299,789 $632,768,698
1976 $154,196,810,059 $308,338,212,930 $272,550,068 $619,357,559
1977 $175,226,595,860 $331,679,415,654 $304,060,076 $625,610,549
1978 $149,788,617,886 $369,245,353,261 $340,630,085 $633,913,207
1979 $178,573,913,043 $397,275,966,893 $412,093,134 $653,608,542
1980 $191,487,500,000 $428,399,142,253 $541,976,853 $734,976,610
1981 $196,218,253,968 $450,302,166,910 $570,774,825 $842,587,777
1982 $205,480,916,031 $491,096,319,837 $537,568,059 $852,467,691
1983 $231,130,268,199 $543,778,042,482 $555,336,146 $862,717,378
1984 $260,442,857,143 $626,609,364,484 $494,483,409 $915,875,910
1985 $310,064,625,850 $710,797,305,027 $360,079,419 $950,609,732
1986 $301,310,144,928 $774,307,505,788 $449,140,318 $1,067,197,054
1987 $273,455,156,951 $864,345,705,903 $584,126,092 $1,223,078,154
1988 $312,888,888,889 $961,347,723,725 $692,026,455 $1,303,432,207
1989 $348,380,566,802 $1,001,785,223,304 $696,921,542 $1,471,719,695
1990 $361,560,229,446 $1,041,271,896,196 $1,114,694,041 $1,781,045,749
1991 $384,510,452,962 $1,138,752,669,459 $1,156,135,718 $1,812,398,860
1992 $428,502,354,788 $1,301,589,870,245 $1,284,759,928 $1,870,870,590
1993 $446,557,291,212 $1,482,889,338,699 $1,357,189,552 $1,928,981,970
1994 $566,929,539,493 $1,676,743,149,158 $1,419,294,254 $1,975,290,870
1995 $738,190,896,228 $1,861,735,071,148 $1,698,989,464 $2,070,611,521
1996 $868,523,936,530 $2,047,465,483,837 $1,602,741,834 $2,150,165,529
1997 $967,753,570,435 $2,237,626,840,760 $1,716,714,070 $2,216,880,978
1998 $1,037,134,141,760 $2,414,864,610,328 $1,576,908,856 $2,274,609,434
1999 $1,103,843,203,576 $2,601,702,759,079 $1,547,888,496 $2,341,730,319
2000 $1,223,754,919,971 $2,825,096,197,800 $1,738,093,840 $2,382,948,839
2001 $1,355,036,590,252 $3,059,936,242,479 $1,542,477,309 $2,408,083,352
2002 $1,489,821,682,051 $3,342,778,183,071 $1,432,221,739 $2,513,559,784
2003 $1,683,903,309,844 $3,681,006,926,651 $2,197,598,466 $2,611,091,276
2004 $1,984,196,551,300 $4,053,944,733,454 $2,770,082,792 $2,705,714,981
2005 $2,317,551,298,052 $4,518,455,387,849 $3,178,112,499 $2,868,024,775
2006 $2,791,498,472,804 $5,091,154,930,758 $3,291,330,019 $3,039,881,607
2007 $3,604,055,822,572 $5,811,552,614,974 $3,469,381,231 $3,174,711,772
2008 $4,667,346,414,522 $6,373,544,042,638 $3,294,084,314 $3,200,797,233
2009 $5,189,577,094,998 $6,972,829,250,985 $3,580,428,053 $3,250,891,273
2010 $6,192,564,874,453 $7,711,689,202,853 $4,438,765,086 $3,374,222,126
2011 $7,671,757,207,851 $8,441,318,020,902 $4,820,478,680 $3,450,048,645
2012 $8,673,664,713,189 $9,104,482,675,356 $4,886,551,484 $3,636,235,032
2013 $9,743,124,247,267 $9,812,695,262,901 $4,464,726,181 $3,776,637,841
2014 $10,674,533,168,257 $10,544,908,798,424 $4,286,015,248 $3,830,866,489
2015 $11,280,814,787,469 $11,280,814,787,469 $3,909,281,650 $3,909,281,650
2016 $11,456,024,084,962 $12,045,152,668,727 $3,724,180,911 $4,092,073,634
2017 $12,537,559,062,283 $12,875,216,222,853 $4,463,673,661 $4,151,686,675
2018 $14,147,765,772,964 $13,745,158,275,137 $4,644,696,656 $4,162,339,322
2019 $14,560,167,101,283 $14,579,283,528,148 $4,616,996,145 $4,415,541,767
2020 $14,996,414,166,715 $14,920,466,234,565 $4,120,621,325 $4,289,130,011
2021 $18,201,698,719,564 $16,199,162,892,909 $4,785,708,166 $4,436,460,293
2022 $18,316,765,021,690 $16,706,875,253,649 $4,741,163,885 $4,486,130,489
2023 $18,270,356,654,533 $17,611,526,369,127 $4,604,172,127 $4,640,654,280
2024 $18,743,803,170,827 $18,488,114,837,769 $4,891,883,720 $4,763,200,252

Economic indicators

China Eswatini
Gross domestic product
$18.7T
2024
$4.89B
2024
GDP rank
2/197
2024
162/197
2024
GDP growth
2.59%
2023-2024
6.25%
2023-2024
GDP per capita
$13,303
2024
$3,936
2024
GDP per capita rank
76/197
2024
131/197
2024
GDP per capita, PPP
$27,105
2024
$11,784
2024
Government debt
$16.6T
2024
$1.82B
2024
Debt-to-GDP ratio
96.3%
2025
38.7%
2025
Government debt per person
$11,750
2024
$1,465
2024
Government debt per person rank
48/185
2024
129/185
2024
Average annual personal income after taxes
$9,060
2025
$3,418
2025
Market capitalization of domestic companies
$11.8T
2024
$234M
2007
Number of millionaires
6,013,282
2024
n/a
Number of billionaires
450
2025
1
2025
Income share by richest 10%
28.4%
2022
42.7%
2016
Income share by poorest 10%
3.1%
2022
1.4%
2016
Government expenditure, % of GDP
33.7%
2025
32.8%
2025
Consumer prices inflation
0%
2024-2025
2.6%
2018-2019
Central bank interest rate
3.1%
2024
7%
2024
Unemployment rate
5.11%
2021
34.6%
2023
Population
1405773318
1267161

GDP per capita in China vs Eswatini

China's GDP per capita is $13,303, ranking 76/197, compared to $3,936 in Eswatini, ranking 131/197. Adjusted for purchasing power (GDP per capita PPP), China ranks 77th at $27,105, while Eswatini ranks 125th at $11,784.

China
GDP per capita

GDP per capita, PPP
Eswatini
GDP per capita

GDP per capita, PPP
Year Current $
China Eswatini
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $89.7 - $101.6 -
1961 $76 - $121.8 -
1962 $71.1 - $127.1 -
1963 $74.5 - $146.4 -
1964 $85.7 - $171.6 -
1965 $98.7 - $181 -
1966 $104.5 - $192.7 -
1967 $96.8 - $182.8 -
1968 $91.6 - $190.4 -
1969 $100.3 - $245.2 -
1970 $113.3 - $254.2 -
1971 $118.8 - $301 -
1972 $132.1 - $315 -
1973 $157.3 - $463 -
1974 $160.4 - $536 -
1975 $178.6 - $568 -
1976 $165.7 - $521 -
1977 $185.7 - $563 -
1978 $156.7 - $610 -
1979 $184.3 - $714 -
1980 $195.1 - $908 -
1981 $197.4 - $925 -
1982 $203.7 - $843 -
1983 $225.9 - $843 -
1984 $251.2 - $726 -
1985 $295 - $510 -
1986 $282.4 - $611 -
1987 $252.3 - $765 -
1988 $284 - $865 -
1989 $311 - $832 -
1990 $319 $991 $1,278 $3,218
1991 $334 $1,105 $1,273 $3,252
1992 $368 $1,276 $1,362 $3,305
1993 $379 $1,471 $1,397 $3,388
1994 $476 $1,680 $1,461 $3,544
1995 $613 $1,884 $1,751 $3,796
1996 $713 $2,088 $1,619 $3,935
1997 $787 $2,297 $1,705 $4,059
1998 $835 $2,483 $1,547 $4,157
1999 $881 $2,690 $1,502 $4,294
2000 $969 $2,964 $1,669 $4,423
2001 $1,065 $3,258 $1,468 $4,528
2002 $1,164 $3,591 $1,352 $4,762
2003 $1,307 $4,007 $2,060 $5,010
2004 $1,531 $4,505 $2,581 $5,299
2005 $1,778 $5,148 $2,945 $5,761
2006 $2,129 $5,946 $3,035 $6,264
2007 $2,735 $6,935 $3,181 $6,680
2008 $3,523 $7,713 $3,000 $6,818
2009 $3,898 $8,448 $3,240 $6,923
2010 $4,629 $9,411 $3,993 $7,231
2011 $5,704 $10,457 $4,312 $7,504
2012 $6,405 $11,420 $4,348 $7,756
2013 $7,147 $12,228 $3,951 $8,234
2014 $7,781 $12,942 $3,772 $8,368
2015 $8,175 $13,463 $3,421 $8,393
2016 $8,255 $14,157 $3,240 $8,488
2017 $8,980 $15,022 $3,854 $8,586
2018 $10,086 $16,298 $3,973 $8,537
2019 $10,343 $17,601 $3,913 $9,248
2020 $10,627 $18,267 $3,455 $9,298
2021 $12,887 $20,843 $3,966 $9,946
2022 $12,971 $23,032 $3,890 $10,665
2023 $12,951 $25,179 $3,742 $11,322
2024 $13,303 $27,105 $3,936 $11,784

Spending and national debt comparison

In 2024, China's government spending was $6.18T, accounting for 33.7% of its GDP, while Eswatini's spent $1.59B, or 32.8% of GDP.

Debt-to-GDP ratio is 96.3% in China and 38.7% in Eswatini, ranking 26/185 and 138/185, respectively.

China
Government spending

Government debt
Eswatini
Government spending

Government debt
Year % of GDP
China Eswatini
Government spending Government debt Government spending Government debt
1980 - - 15.3% 27.2%
1981 - - 18.9% 24.3%
1982 27.9% - 18.1% 29.2%
1983 28.3% - 17% 28.7%
1984 26.9% 0.97% 17% 29.7%
1985 25.8% 3.31% 19% 45.5%
1986 25.6% 3.24% 18.8% 44%
1987 23.4% 3.6% 16.8% 36.1%
1988 20.9% 4.46% 16.6% 27.5%
1989 18.6% - 15.4% 26.8%
1990 18.2% - 18.2% 20.4%
1991 16.5% - 19.7% 20.1%
1992 14.6% - 25.2% 16.6%
1993 13.4% - 23.3% 15.2%
1994 12.4% - 24% 13.4%
1995 11.1% 21.4% 19.9% 12.5%
1996 11% 21.2% 22.6% 11.6%
1997 11.5% 20.4% 20.6% 12.6%
1998 12.6% 20.4% 21.8% 15.5%
1999 14.9% 21.6% 25.8% 16.7%
2000 16.1% 22.7% 24.6% 18.2%
2001 17.2% 24.3% 25.7% 21.8%
2002 18.2% 25.6% 26.4% 17.1%
2003 18% 26.4% 25.6% 17.5%
2004 17.6% 26% 31% 15%
2005 18% 25.9% 28.9% 13.5%
2006 18.1% 25.2% 27.4% 14.6%
2007 17.9% 28.7% 30.3% 16.1%
2008 22.2% 26.7% 33.4% 14.6%
2009 25.2% 34% 33.5% 10.5%
2010 24.7% 33.3% 30.7% 14.1%
2011 26.6% 33.2% 25.3% 14.7%
2012 27.7% 33.8% 27% 14.8%
2013 28.1% 36.4% 28.5% 15%
2014 28.4% 39.3% 32.2% 13.9%
2015 31% 40.8% 34.3% 15.8%
2016 31.7% 49.7% 34.6% 20%
2017 32% 53.9% 35.5% 22.2%
2018 32.6% 55.6% 35% 26.9%
2019 33.6% 59.4% 34.1% 31.5%
2020 34.8% 69% 34% 39.6%
2021 31.9% 70.1% 29.7% 37.9%
2022 32.6% 75.5% 30.5% 42.2%
2023 32.7% 82% 30.1% 37.9%
2024 32.9% 88.3% 32.4% 37.2%
2025 33.7% 96.3% 32.8% 38.7%

Government deficit by year

In 2024, China's government deficit, the difference between spending and revenue, was -$1.38T, equivalent to -7.34% of GDP. This compares to Eswatini's deficit of -$95M, or -1.94% of GDP.

Over the past 43 years, China recorded a fiscal deficit in 42 of those years, while Eswatini ran a deficit in 27 years. On average, China posted an annual deficit equal to -2.28% of GDP, compared to deficit of -1.39% of GDP for Eswatini.

Deficit/surplus
China

Eswatini
Year Deficit/surplus, % of GDP
China Eswatini
1980 - 5.11%
1981 - -3.4%
1982 -1.33% 0.08%
1983 -1.61% -0.44%
1984 -1.44% 0.95%
1985 -0.45% -1.13%
1986 -1.82% -2.28%
1987 -2.08% 2%
1988 -2.22% 3.42%
1989 -0.91% 5.65%
1990 -0.72% 5.45%
1991 -1.04% 3.3%
1992 -1.22% -2.81%
1993 -0.89% -3.2%
1994 -1.68% -3.51%
1995 -0.94% 0.87%
1996 -0.73% -0.97%
1997 -0.73% 2.05%
1998 -1.08% 1.04%
1999 -2.3% -1.23%
2000 -2.81% -1.19%
2001 -2.56% -2.25%
2002 -2.84% -3.67%
2003 -2.36% -2.09%
2004 -1.49% -3.98%
2005 -1.38% -1.65%
2006 -1.13% 8.62%
2007 0.06% 2.36%
2008 -0.02% 1.58%
2009 -1.72% -2.97%
2010 -0.36% -9.24%
2011 -0.1% -3.9%
2012 -0.3% 3.38%
2013 -0.82% 0.57%
2014 -0.67% -1.15%
2015 -2.5% -6.14%
2016 -3.33% -9.09%
2017 -3.34% -6.93%
2018 -4.2% -9.66%
2019 -6% -6.7%
2020 -9.56% -4.62%
2021 -5.9% -4.59%
2022 -7.32% -4.74%
2023 -6.71% 0.94%
2024 -7.34% -1.94%
2025 -8.57% -5.51%

Inflation comparison by year

Over the past 24 years, China has recorded an average annual inflation rate of 2.23%, compared with 6.84% in Eswatini. In 2019, inflation was 0% in China and 2.6% in Eswatini.

Inflation
China

Eswatini
Year Inflation
China Eswatini China Eswatini
1996 8.3% 6.43%
1997 2.8% 7.13%
1998 -0.8% 8.11%
1999 -1.4% 6.09%
2000 0.4% 12.2%
2001 0.7% 5.94%
2002 -0.8% 12%
2003 1.1% 7.29%
2004 3.9% 3.45%
2005 1.8% 4.77%
2006 1.5% 5.3%
2007 4.7% 8.08%
2008 5.9% 12.7%
2009 -0.7% 7.45%
2010 3.3% 4.51%
2011 5.4% 6.11%
2012 2.6% 8.94%
2013 2.7% 5.62%
2014 2% 5.68%
2015 1.5% 4.95%
2016 2% 7.85%
2017 1.6% 6.22%
2018 2.1% 4.82%
2019 2.9% 2.6%
2020 2.5% -
2021 0.9% -
2022 2% -
2023 0.2% -
2024 0.2% -
2025 0% -

Top exports between countries

China
Export category Export value
Machinery & equipment $22M
Textiles & consumer goods $16M
Chemicals & pharma $4.49M
Raw materials & minerals $4.15M
Metals $3.05M
Processed food, beverages & tobacco $409K
Miscellaneous $340K
Wood & paper products $329K
Precious metals & jewellery $51K
Raw agricultural goods $17K
Eswatini
Export category Export value
Chemicals & pharma $166K
Wood & paper products $2K
Miscellaneous $1K
Processed food, beverages & tobacco $1K

Balance of trade

China Eswatini
Current account balance
$424B
2024
$108M
2023
Current account balance ranking
1/189
2024
65/189
2023
Current account balance, % of GDP
+2.26%
2024
+2.34%
2023
Goods imports
$2.64T
2024
$1.86B
2023
Goods exports
$3.41T
2024
$2.03B
2023
Service imports
$613B
2024
$489M
2023
Service exports
$384B
2024
$145M
2023
Imports of goods and services, % of GDP
17.2%
2024
51.4%
2023
Exports of goods and services, % of GDP
20%
2024
48.7%
2023

Economic freedom indices

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

China Eswatini
Economic freedom 49 56.4
Economic freedom ranking 167/197 118/197
Property rights 46.7 44.8
Government integrity 40.4 29.9
Judicial effectiveness 37.4 36.8
Tax burden 71.6 76.1
Government spending 67.1 73.9
Fiscal health 11.1 70.6
Business freedom 67.7 49.5
Labor freedom 57.9 55.9
Monetary freedom 74.6 76.1
Trade freedom 74 73.6
Investment freedom 20 50
Financial freedom 20 40

Economic freedom by year comparison

The Economic Freedom Index for China is 49, ranking 167/197, compared to 56.4 for Eswatini, ranking 118/197. The chart below displays a comparison of annual changes in economic freedom indexes.

China
Eswatini
Year Economic freedom index
China Eswatini
1995 52 63.3
1996 51.3 58.6
1997 51.7 59.4
1998 53.1 62
1999 54.8 62.1
2000 56.4 62.6
2001 52.6 63.6
2002 52.8 60.9
2003 52.6 59.6
2004 52.5 58.6
2005 53.7 59.4
2006 53.6 61.4
2007 52 60.1
2008 53.1 58.4
2009 53.2 59.1
2010 51 57.4
2011 52 59.1
2012 51.2 57.2
2013 51.9 57.2
2014 52.5 61.2
2015 52.7 59.9
2016 52 59.7
2017 57.4 61.1
2018 57.8 55.9
2019 58.4 54.7
2020 59.5 55.3
2021 58.4 55.1
2022 48 51.4
2023 48.3 54.9
2024 48.5 55.6
2025 49 56.4

More economic indicators

China Eswatini
Services, % of GDP
56.7%
2024
51.7%
2023
Industry, % of GDP
36.5%
2024
34.7%
2023
Agriculture, forestry, and fishing, % of GDP
6.78%
2024
6.78%
2023
GNI, Atlas method
$19.3T
2024
$4.45B
2024
GNI per capita, PPP
$26,920
2024
$10,750
2024
Total reserves including gold
$3.46T
2024
$479M
2023
Total reserves ranking
1/177
2024
159/177
2023
Net foreign direct investment
$154B
2024
-$50.8M
2023
Net inflows of foreign direct investment
$18.6B
2024
$75.5M
2024
Net outflows of foreign direct investment
$172B
2024
$63.8M
2024
Servicing debt to the IMF, % of GNI
2.13%
2023
3.92%
2023
Poverty at national poverty lines
0%
2020
58.9%
2016
Gross capital formation, % of GDP
41.1%
2023
19.2%
2023

GDP per capita map

GDP per capita

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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.