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Economy of Cyprus vs Eswatini compared: GDP & Debt

Updated on by Georank team

Cyprus has a GDP of $37.6B compared to $4.86B for Eswatini, ranking 103/197 and 162/197 by economy size, respectively.

Cyprus has $24.5B in government debt (65.1% of GDP), compared to $1.93B (39.8% of GDP) in Eswatini.

Cyprus vs Eswatini GDP by year

Cyprus
Eswatini
1x
Year GDP, current $
Cyprus Eswatini
2024 $37,634,533,332 $4,858,885,841
2023 $35,075,423,857 $4,621,191,262
2022 $31,218,038,929 $4,746,660,274
2021 $30,372,642,502 $4,807,069,277
2020 $25,555,093,854 $4,134,677,810
2019 $26,196,667,100 $4,617,018,959
2018 $25,754,001,368 $4,643,751,059
2017 $22,946,570,629 $4,462,640,651
2016 $21,046,462,281 $3,722,306,117
2015 $19,909,278,417 $3,908,217,914
2014 $23,225,918,260 $4,285,065,665
2013 $23,959,712,861 $4,463,396,204
2012 $25,047,436,975 $4,747,813,067
2011 $27,641,549,302 $4,722,912,047
2010 $25,799,940,078 $4,360,714,359
2009 $26,048,179,949 $3,525,213,502
2008 $27,844,646,258 $3,235,921,171
2007 $23,968,727,074 $3,391,122,887
2006 $20,072,754,987 $3,215,307,901
2005 $18,433,412,511 $3,097,946,371
2004 $17,320,551,250 $2,710,331,785
2003 $14,547,329,558 $2,149,632,433
2002 $11,420,228,846 $1,393,945,031
2001 $10,397,898,907 $1,502,870,486
2000 $9,985,847,314 $1,697,161,558
1999 $10,497,907,228 $1,547,888,496
1998 $10,248,618,778 $1,576,908,856
1997 $9,547,816,420 $1,716,714,070
1996 $10,011,914,680 $1,602,741,834
1995 $9,933,137,128 $1,698,989,464
1994 $7,425,703,929 $1,419,294,254
1993 $6,590,291,048 $1,357,189,552
1992 $6,912,150,456 $1,284,759,928
1991 $5,770,197,348 $1,156,135,718
1990 $5,591,130,218 $1,114,694,041
1989 $4,563,482,604 $696,921,542
1988 $4,278,792,597 $692,026,455
1987 $3,704,813,886 $584,126,092
1986 $3,090,734,463 $449,140,318
1985 $2,430,411,900 $360,079,419
1984 $2,278,248,953 $494,483,409
1983 $2,160,364,071 $555,336,146
1982 $2,159,242,417 $537,568,059
1981 $2,087,496,374 $570,774,825
1980 $2,154,311,277 $541,976,853
1979 $1,288,699,776 $412,093,134
1978 $964,024,364 $340,630,085
1977 $734,876,021 $304,060,076
1976 $576,090,074 $272,550,068
1975 $489,912,574 $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/cyprus/eswatini | CC BY

GDP per capita in Cyprus vs Eswatini by year

Cyprus
GDP per capita

GDP per capita, PPP
Eswatini
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cyprus Eswatini
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $27,707 $63,007 $3,910 $11,799
2023 $26,079 $59,875 $3,756 $11,300
2022 $23,448 $55,876 $3,894 $10,635
2021 $23,057 $47,633 $3,984 $9,990
2020 $19,624 $42,569 $3,467 $9,329
2019 $20,360 $44,394 $3,913 $9,248
2018 $20,267 $40,262 $3,973 $8,535
2017 $18,295 $37,768 $3,853 $8,584
2016 $17,013 $35,247 $3,238 $8,484
2015 $16,326 $31,380 $3,420 $8,391
2014 $19,326 $29,893 $3,771 $8,366
2013 $20,238 $30,416 $3,950 $8,231
2012 $21,493 $31,924 $4,225 $7,760
2011 $24,110 $33,406 $4,225 $7,571
2010 $22,876 $33,502 $3,923 $7,324
2009 $23,480 $33,901 $3,190 $7,011
2008 $25,522 $34,830 $2,947 $6,914
2007 $22,344 $32,888 $3,109 $6,732
2006 $19,037 $30,009 $2,965 $6,319
2005 $17,790 $27,763 $2,871 $5,773
2004 $17,016 $25,942 $2,526 $5,310
2003 $14,553 $24,278 $2,015 $5,020
2002 $11,636 $23,556 $1,316 $4,742
2001 $10,785 $22,866 $1,430 $4,521
2000 $10,537 $21,296 $1,630 $4,401
1999 $11,273 $19,663 $1,502 $4,272
1998 $11,206 $18,760 $1,547 $4,137
1997 $10,637 $17,781 $1,705 $4,038
1996 $11,373 $17,320 $1,619 $3,916
1995 $11,514 $17,096 $1,751 $3,777
1994 $8,791 $15,735 $1,461 $3,526
1993 $7,978 $14,852 $1,397 $3,371
1992 $8,530 $14,759 $1,362 $3,289
1991 $7,222 $13,546 $1,273 $3,236
1990 $7,092 $13,348 $1,278 $3,202
1989 $5,870 - $832 -
1988 $5,584 - $865 -
1987 $4,908 - $765 -
1986 $4,159 - $611 -
1985 $3,324 - $510 -
1984 $3,167 - $726 -
1983 $3,055 - $843 -
1982 $3,100 - $843 -
1981 $3,030 - $925 -
1980 $3,154 - $908 -
1979 $1,902 - $714 -
1978 $1,434 - $610 -
1977 $1,102 - $563 -
1976 $870 - $521 -
1975 $743 - $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/cyprus/eswatini | CC BY

Cyprus' GDP per capita is $27,707, ranking 45/197, compared to $3,910 in Eswatini, ranking 131/197. Adjusted for purchasing power (GDP per capita PPP), Cyprus ranks 29th at $63,007, while Eswatini ranks 126th at $11,799.

Economic indicators

Cyprus Eswatini
Gross domestic product
$37.6B
2024
$4.86B
2024
GDP rank
103/197
2024
162/197
2024
GDP growth
3.94%
2023-2024
2.97%
2023-2024
GDP per capita
$27,707
2024
$3,910
2024
GDP per capita rank
45/197
2024
131/197
2024
GDP per capita, PPP
$63,007
2024
$11,799
2024
GDP per capita PPP rank
29/197
2024
126/197
2024
Government debt
$24.5B
2024
$1.93B
2024
Debt-to-GDP ratio
65.1%
2024
39.8%
2024
Government debt per person
$18,034
2024
$1,554
2024
Government debt per person rank
34/185
2024
130/185
2024
Average annual personal income after taxes
$25,384
2026
$3,913
2026
Market capitalization of domestic companies
$10.9B
2024
$234M
2007
Number of billionaires
10
2025
1
2025
Income share by richest 10%
26.3%
2023
42.7%
2016
Income share by poorest 10%
3.6%
2023
1.4%
2016
Government expenditure, % of GDP
40%
2024
33.3%
2024
Consumer prices inflation
1.8%
2023-2024
2.6%
2018-2019
Central bank interest rate n/a
6.75%
2025
Unemployment rate
4.87%
2024
34.6%
2023
Population
1386362
1273390

Spending and national debt comparison by year

Cyprus
Spending

Debt
Eswatini
Spending

Debt
1x
Year % of GDP
Cyprus Eswatini
Government spending Government debt Government spending Government debt
2024 40% 65.1% 33.3% 39.8%
2023 42% 73.6% 32% 40%
2022 38% 81.1% 29.6% 40.5%
2021 42.6% 96.5% 30.1% 38.4%
2020 45.9% 113.6% 32.7% 38.2%
2019 40.3% 92.3% 32.9% 30.7%
2018 44.3% 100.7% 32.2% 27%
2017 38.4% 96.4% 33.9% 21.9%
2016 39.6% 106.8% 34.7% 20.5%
2015 43% 111.6% 35.3% 16.4%
2014 52.1% 113% 33.3% 14.3%
2013 42.1% 102.7% 29.4% 15.5%
2012 41.9% 79.2% 27.8% 15.2%
2011 42.1% 64.8% 26% 15.1%
2010 41.7% 55.3% 31.6% 14.5%
2009 41.9% 52.8% 34.5% 10.8%
2008 38.2% 44.1% 34.4% 15%
2007 37.6% 53.1% 31.2% 16.6%
2006 39.1% 59% 28.2% 15%
2005 39.7% 64% 29.7% 13.9%
2004 38.6% 64.7% 32% 15.5%
2003 40.4% 63% 26.4% 18%
2002 37.4% 61% 27.2% 17.6%
2001 35.7% 57.5% 26.4% 22.4%
2000 35% 56% 25.3% 18.7%
1999 34.3% 55.7% 26.5% 17.2%
1998 34.4% 55% 22.5% 15.9%
1997 34.2% 53.5% 21.2% 13%
1996 32.4% 48.8% 23.3% 12%
1995 30.4% 46.7% 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/cyprus/eswatini | CC BY

In 2024, Cyprus' government spending was $15B, accounting for 40% of its GDP, while Eswatini spent $1.62B, or 33.3% of GDP.

Debt-to-GDP ratio is 65.1% in Cyprus and 39.8% in Eswatini, ranking 68/185 and 134/185, respectively.

Government deficit by year

Deficit/surplus
Cyprus

Eswatini
1x
Year Deficit/surplus, % of GDP
Cyprus Eswatini
2024 4.28% -1.36%
2023 1.7% -0.67%
2022 2.65% -5.4%
2021 -1.64% -4.68%
2020 -5.57% -4.27%
2019 1.03% -6.26%
2018 -3.36% -6.72%
2017 2.13% -5.68%
2016 0.45% -8.54%
2015 -0.77% -6.03%
2014 -8.8% -1.18%
2013 -5.16% 0.59%
2012 -5.55% 3.48%
2011 -5.65% -4.02%
2010 -4.68% -9.52%
2009 -5.43% -3.06%
2008 0.87% 1.63%
2007 3.23% 2.44%
2006 -1.04% 8.88%
2005 -2.22% -1.7%
2004 -3.71% -4.1%
2003 -5.91% -2.15%
2002 -4.13% -3.78%
2001 -2.11% -2.31%
2000 -2.24% -1.22%
1999 -4.05% -1.27%
1998 -3.85% 1.07%
1997 -4.82% 2.11%
1996 -2.96% -1%
1995 -0.71% 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/cyprus/eswatini | CC BY

In 2024, Cyprus' government surplus, the difference between spending and revenue, was $1.61B, equivalent to 4.28% of GDP. This compares to Eswatini's deficit of $66.2M, or 1.36% of GDP.

Over the past 30 years, Cyprus recorded a fiscal deficit in 22 of those years, while Eswatini ran a deficit in 22 years. On average, Cyprus posted an annual deficit equal to 2.27% of GDP, compared to deficit of 2.13% of GDP for Eswatini.

Inflation comparison by year

Inflation
Cyprus

Eswatini
1x
Year Consumer prices inflation
Cyprus Eswatini
2024 1.8% -
2023 3.54% -
2022 8.4% -
2021 2.45% -
2020 -0.64% -
2019 0.25% 2.6%
2018 1.44% 4.82%
2017 0.53% 6.22%
2016 -1.43% 7.85%
2015 -2.1% 4.95%
2014 -1.35% 5.68%
2013 -0.4% 5.62%
2012 2.39% 8.94%
2011 3.29% 6.11%
2010 2.43% 4.51%
2009 0.33% 7.45%
2008 4.67% 12.7%
2007 2.37% 8.08%
2006 2.3% 5.3%
2005 2.56% 4.77%
2004 2.29% 3.45%
2003 4.14% 7.29%
2002 2.8% 12%
2001 1.97% 5.94%
2000 4.14% 12.2%
1999 1.63% 6.09%
1998 2.23% 8.11%
1997 3.61% 7.13%

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

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

Over the past 23 years, Cyprus has recorded an average annual inflation rate of 1.74%, compared with 6.86% in Eswatini. In 2019, inflation was 1.8% in Cyprus and 2.6% in Eswatini.

Top exports between countries

Cyprus
Export category Export value
Chemicals & pharma $24K
Textiles & consumer goods $1K
Eswatini
Export category Export value
Raw agricultural goods $25K

Balance of trade

Cyprus Eswatini
Current account balance
-$3.07B
2024
$78.3M
2024
Current account balance ranking
157/190
2024
69/190
2024
Current account balance, % of GDP
-8.16%
2024
+1.61%
2024
Goods imports
$11.9B
2024
$2.07B
2024
Goods exports
$4.43B
2024
$2.33B
2024
Service imports
$23.2B
2024
$542M
2024
Service exports
$32.1B
2024
$234M
2024
Imports of goods and services, % of GDP
93.4%
2024
53.7%
2024
Exports of goods and services, % of GDP
97%
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.

Cyprus Eswatini
Economic freedom 74.1 57.5
Economic freedom ranking 21/197 116/197
Property rights 85.1 42.5
Government integrity 59.7 29.7
Judicial effectiveness 89.8 35.5
Tax burden 80.8 78.6
Government spending 52.1 71
Fiscal health 91.5 87.5
Business freedom 82.3 49.9
Labor freedom 60.3 55.2
Monetary freedom 78.7 76.8
Trade freedom 79.4 73.6
Investment freedom 70 50
Financial freedom 60 40

Economic freedom comparison by year

Cyprus
Eswatini
1x
Year Economic freedom index
Cyprus Eswatini
2026 74.1 57.5
2025 73.2 56.4
2024 72.2 55.6
2023 72.3 54.9
2022 72.9 51.4
2021 71.4 55.1
2020 70.1 55.3
2019 68.1 54.7
2018 67.8 55.9
2017 67.9 61.1
2016 68.7 59.7
2015 67.9 59.9
2014 67.6 61.2
2013 69 57.2
2012 71.8 57.2
2011 73.3 59.1
2010 70.9 57.4
2009 70.8 59.1
2008 71.3 58.4
2007 71.7 60.1
2006 71.8 61.4
2005 71.9 59.4
2004 74.1 58.6
2003 73.3 59.6
2002 73 60.9
2001 71 63.6
2000 67.2 62.6
1999 67.8 62.1
1998 68.2 62
1997 67.9 59.4
1996 67.7 58.6
1995 - 63.3

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

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

The Economic Freedom Index for Cyprus is 74.1, ranking 21/197, 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

Cyprus Eswatini
Services, % of GDP
76.5%
2024
51.4%
2024
Industry, % of GDP
11.1%
2024
34.7%
2024
Agriculture, forestry, and fishing, % of GDP
1.16%
2024
6.48%
2024
GNI, Atlas method
$32B
2024
$4.46B
2024
GNI per capita, PPP
$56,200
2024
$10,760
2024
Total reserves including gold
$2.09B
2024
$479M
2023
Total reserves ranking
124/177
2024
159/177
2023
Net foreign direct investment
-$5.49B
2024
-$11.8M
2024
Net inflows of foreign direct investment
-$50.4B
2024
$75.5M
2024
Net outflows of foreign direct investment
-$55.9B
2024
$63.8M
2024
Servicing debt to the IMF, % of GNI n/a
4.68%
2024
Poverty at national poverty lines
13.9%
2021
58.9%
2016
Gross capital formation, % of GDP
20.7%
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/cyprus/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. TradeMap (2021–2022, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.