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Economy of Estonia vs Eswatini compared: GDP & Debt

Updated on by Georank team

Estonia has a GDP of $43.1B compared to $4.86B for Eswatini, ranking 100/197 and 162/197 by economy size, respectively.

Estonia has $10.1B in government debt (23.4% of GDP), compared to $1.93B (39.8% of GDP) in Eswatini.

Estonia vs Eswatini GDP by year

Estonia
Eswatini
1x
Year GDP, current $
Estonia Eswatini
2024 $43,130,419,829 $4,858,885,841
2023 $41,470,344,395 $4,621,191,262
2022 $38,226,641,740 $4,746,660,274
2021 $37,201,101,171 $4,807,069,277
2020 $31,820,771,494 $4,134,677,810
2019 $31,873,748,770 $4,617,018,959
2018 $31,222,632,741 $4,643,751,059
2017 $27,469,461,919 $4,462,640,651
2016 $24,561,027,788 $3,722,306,117
2015 $23,311,847,751 $3,908,217,914
2014 $27,055,689,003 $4,285,065,665
2013 $25,451,032,781 $4,463,396,204
2012 $23,237,406,116 $4,747,813,067
2011 $23,303,915,795 $4,722,912,047
2010 $19,524,355,419 $4,360,714,359
2009 $19,633,984,440 $3,525,213,502
2008 $24,342,935,404 $3,235,921,171
2007 $22,450,264,166 $3,391,122,887
2006 $17,025,671,810 $3,215,307,901
2005 $14,109,491,357 $3,097,946,371
2004 $12,148,595,031 $2,710,331,785
2003 $9,876,595,528 $2,149,632,433
2002 $7,370,119,619 $1,393,945,031
2001 $6,250,218,423 $1,502,870,486
2000 $5,686,579,748 $1,697,161,558
1999 $5,756,912,266 $1,547,888,496
1998 $5,674,080,543 $1,576,908,856
1997 $5,154,420,649 $1,716,714,070
1996 $4,786,018,988 $1,602,741,834
1995 $4,502,970,889 $1,698,989,464
1994 $4,123,011,420 $1,419,294,254
1993 $4,013,091,682 $1,357,189,552
1992 - $1,284,759,928
1991 - $1,156,135,718
1990 - $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/estonia/eswatini | CC BY

GDP per capita in Estonia vs Eswatini by year

Estonia
GDP per capita

GDP per capita, PPP
Eswatini
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Eswatini
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $31,428 $49,969 $3,910 $11,799
2023 $30,264 $48,637 $3,756 $11,300
2022 $28,340 $48,218 $3,894 $10,635
2021 $27,951 $44,252 $3,984 $9,990
2020 $23,934 $40,672 $3,467 $9,329
2019 $24,021 $40,586 $3,913 $9,248
2018 $23,618 $37,121 $3,973 $8,535
2017 $20,852 $34,507 $3,853 $8,584
2016 $18,666 $31,948 $3,238 $8,484
2015 $17,722 $29,713 $3,420 $8,391
2014 $20,582 $29,404 $3,771 $8,366
2013 $19,310 $27,831 $3,950 $8,231
2012 $17,568 $26,243 $4,225 $7,760
2011 $17,556 $24,652 $4,225 $7,571
2010 $14,664 $21,614 $3,923 $7,324
2009 $14,712 $20,489 $3,190 $7,011
2008 $18,206 $22,804 $2,947 $6,914
2007 $16,745 $22,201 $3,109 $6,732
2006 $12,641 $19,344 $2,965 $6,319
2005 $10,415 $16,638 $2,871 $5,773
2004 $8,916 $14,538 $2,526 $5,310
2003 $7,205 $13,135 $2,015 $5,020
2002 $5,343 $11,667 $1,316 $4,742
2001 $4,503 $10,309 $1,430 $4,521
2000 $4,071 $9,425 $1,630 $4,401
1999 $4,141 $8,412 $1,502 $4,272
1998 $4,093 $8,451 $1,547 $4,137
1997 $3,683 $7,980 $1,705 $4,038
1996 $3,381 $6,892 $1,619 $3,916
1995 $3,134 $6,480 $1,751 $3,777
1994 $2,819 $5,967 $1,461 $3,526
1993 $2,686 $5,814 $1,397 $3,371
1992 - $5,872 $1,362 $3,289
1991 - $7,151 $1,273 $3,236
1990 - $7,481 $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/estonia/eswatini | CC BY

Estonia's GDP per capita is $31,428, ranking 40/197, compared to $3,910 in Eswatini, ranking 131/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while Eswatini ranks 126th at $11,799.

Economic indicators

Estonia Eswatini
Gross domestic product
$43.1B
2024
$4.86B
2024
GDP rank
100/197
2024
162/197
2024
GDP growth
-0.09%
2023-2024
2.97%
2023-2024
GDP per capita
$31,428
2024
$3,910
2024
GDP per capita rank
40/197
2024
131/197
2024
GDP per capita, PPP
$49,969
2024
$11,799
2024
GDP per capita PPP rank
45/197
2024
126/197
2024
Government debt
$10.1B
2024
$1.93B
2024
Debt-to-GDP ratio
23.4%
2024
39.8%
2024
Government debt per person
$7,356
2024
$1,554
2024
Government debt per person rank
65/185
2024
130/185
2024
Average annual personal income after taxes
$23,740
2026
$3,913
2026
Market capitalization of domestic companies n/a
$234M
2007
Number of billionaires
2
2025
1
2025
Income share by richest 10%
23.7%
2023
42.7%
2016
Income share by poorest 10%
3.1%
2023
1.4%
2016
Government expenditure, % of GDP
43.6%
2024
33.3%
2024
Consumer prices inflation
3.52%
2023-2024
2.6%
2018-2019
Central bank interest rate n/a
6.75%
2025
Unemployment rate
7.5%
2024
34.6%
2023
Population
1339590
1273390

Spending and national debt comparison by year

Estonia
Spending

Debt
Eswatini
Spending

Debt
1x
Year % of GDP
Estonia Eswatini
Government spending Government debt Government spending Government debt
2024 43.6% 23.4% 33.3% 39.8%
2023 43.5% 20.1% 32% 40%
2022 40.1% 19.2% 29.6% 40.5%
2021 42.1% 18.4% 30.1% 38.4%
2020 44.7% 19.1% 32.7% 38.2%
2019 39.1% 9.05% 32.9% 30.7%
2018 38.8% 8.51% 32.2% 27%
2017 38.9% 9.43% 33.9% 21.9%
2016 38.9% 10.2% 34.7% 20.5%
2015 39.3% 10.8% 35.3% 16.4%
2014 37.6% 11.6% 33.3% 14.3%
2013 38.3% 11.4% 29.4% 15.5%
2012 39.4% 11.1% 27.8% 15.2%
2011 37.6% 7.6% 26% 15.1%
2010 40.7% 7.99% 31.6% 14.5%
2009 46.1% 7.98% 34.5% 10.8%
2008 39.5% 4.67% 34.4% 15%
2007 33.8% 3.91% 31.2% 16.6%
2006 33.5% 4.72% 28.2% 15%
2005 33.7% 4.73% 29.7% 13.9%
2004 34.1% 5.16% 32% 15.5%
2003 35% 5.6% 26.4% 18%
2002 35.9% 5.66% 27.2% 17.6%
2001 35.3% 4.93% 26.4% 22.4%
2000 36.4% 5.11% 25.3% 18.7%
1999 40.7% 5.93% 26.5% 17.2%
1998 38.9% 5.4% 22.5% 15.9%
1997 35.8% 6.03% 21.2% 13%
1996 38.6% 7.3% 23.3% 12%
1995 39.5% 8.66% 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/estonia/eswatini | CC BY

In 2024, Estonia's government spending was $18.8B, accounting for 43.6% of its GDP, while Eswatini spent $1.62B, or 33.3% of GDP.

Debt-to-GDP ratio is 23.4% in Estonia and 39.8% in Eswatini, ranking 171/185 and 134/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Eswatini
1x
Year Deficit/surplus, % of GDP
Estonia Eswatini
2024 -1.51% -1.36%
2023 -3.13% -0.67%
2022 -1.08% -5.4%
2021 -2.57% -4.68%
2020 -5.42% -4.27%
2019 -0.11% -6.26%
2018 -1.15% -6.72%
2017 -1.07% -5.68%
2016 -0.62% -8.54%
2015 -0.24% -6.03%
2014 0.42% -1.18%
2013 -0.66% 0.59%
2012 -0.86% 3.48%
2011 0.09% -4.02%
2010 -1.09% -9.52%
2009 -3.43% -3.06%
2008 -2.92% 1.63%
2007 2.5% 2.44%
2006 2.71% 8.88%
2005 1.07% -1.7%
2004 2.29% -4.1%
2003 1.67% -2.15%
2002 0.29% -3.78%
2001 0.4% -2.31%
2000 -0.11% -1.22%
1999 -3.42% -1.27%
1998 0.65% 1.07%
1997 2.98% 2.11%
1996 -0.93% -1%
1995 -0.26% 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/estonia/eswatini | CC BY

In 2024, Estonia's government deficit, the difference between spending and revenue, was $651M, equivalent to 1.51% of GDP. This compares to Eswatini's deficit of $66.2M, or 1.36% of GDP.

Over the past 30 years, Estonia recorded a fiscal deficit in 19 of those years, while Eswatini ran a deficit in 22 years. On average, Estonia posted an annual deficit equal to 0.52% of GDP, compared to deficit of 2.13% of GDP for Eswatini.

Inflation comparison by year

Inflation
Estonia

Eswatini
1x
Year Consumer prices inflation
Estonia Eswatini
2024 3.52% -
2023 9.16% -
2022 19.4% -
2021 4.65% -
2020 -0.44% -
2019 2.28% 2.6%
2018 3.44% 4.82%
2017 3.42% 6.22%
2016 0.15% 7.85%
2015 -0.49% 4.95%
2014 -0.11% 5.68%
2013 2.78% 5.62%
2012 3.93% 8.94%
2011 4.98% 6.11%
2010 2.97% 4.51%
2009 -0.08% 7.45%
2008 10.4% 12.7%
2007 6.6% 8.08%
2006 4.44% 5.3%
2005 4.08% 4.77%
2004 3.05% 3.45%
2003 1.33% 7.29%
2002 3.57% 12%
2001 5.75% 5.94%
2000 4.02% 12.2%
1999 3.3% 6.09%
1998 8.21% 8.11%
1997 10.6% 7.13%

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

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

Over the past 23 years, Estonia has recorded an average annual inflation rate of 3.85%, compared with 6.86% in Eswatini. In 2019, inflation was 3.52% in Estonia and 2.6% in Eswatini.

Top exports between countries

Estonia
Export category Export value
Chemicals & pharma $695K
Animal & marine products $58K
Eswatini
Export category Export value

Balance of trade

Estonia Eswatini
Current account balance
-$543M
2024
$78.3M
2024
Current account balance ranking
107/190
2024
69/190
2024
Current account balance, % of GDP
-1.26%
2024
+1.61%
2024
Goods imports
$22.1B
2024
$2.07B
2024
Goods exports
$19B
2024
$2.33B
2024
Service imports
$10.4B
2024
$542M
2024
Service exports
$13.6B
2024
$234M
2024
Imports of goods and services, % of GDP
75.4%
2024
53.7%
2024
Exports of goods and services, % of GDP
75.7%
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.

Estonia Eswatini
Economic freedom 78.7 57.5
Economic freedom ranking 10/197 116/197
Property rights 93.6 42.5
Government integrity 86.3 29.7
Judicial effectiveness 92.4 35.5
Tax burden 77.9 78.6
Government spending 46 71
Fiscal health 93.1 87.5
Business freedom 82.8 49.9
Labor freedom 59 55.2
Monetary freedom 73.9 76.8
Trade freedom 79.4 73.6
Investment freedom 90 50
Financial freedom 70 40

Economic freedom comparison by year

Estonia
Eswatini
1x
Year Economic freedom index
Estonia Eswatini
2026 78.7 57.5
2025 78.9 56.4
2024 77.8 55.6
2023 78.6 54.9
2022 80 51.4
2021 78.2 55.1
2020 77.7 55.3
2019 76.6 54.7
2018 78.8 55.9
2017 79.1 61.1
2016 77.2 59.7
2015 76.8 59.9
2014 75.9 61.2
2013 75.3 57.2
2012 73.2 57.2
2011 75.2 59.1
2010 74.7 57.4
2009 76.4 59.1
2008 77.9 58.4
2007 78 60.1
2006 74.9 61.4
2005 75.2 59.4
2004 77.4 58.6
2003 77.7 59.6
2002 77.6 60.9
2001 76.1 63.6
2000 69.9 62.6
1999 73.8 62.1
1998 72.5 62
1997 69.1 59.4
1996 65.4 58.6
1995 65.2 63.3

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

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

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, 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

Estonia Eswatini
Services, % of GDP
65.7%
2024
51.4%
2024
Industry, % of GDP
20.1%
2024
34.7%
2024
Agriculture, forestry, and fishing, % of GDP
1.77%
2024
6.48%
2024
GNI, Atlas method
$39.6B
2024
$4.46B
2024
GNI per capita, PPP
$48,880
2024
$10,760
2024
Total reserves including gold
$2.07B
2024
$479M
2023
Total reserves ranking
125/177
2024
159/177
2023
Net foreign direct investment
-$285M
2024
-$11.8M
2024
Net inflows of foreign direct investment
-$3.44B
2024
$75.5M
2024
Net outflows of foreign direct investment
-$3.72B
2024
$63.8M
2024
Servicing debt to the IMF, % of GNI n/a
4.68%
2024
Poverty at national poverty lines
22.5%
2022
58.9%
2016
Gross capital formation, % of GDP
24.6%
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/estonia/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 (2024, 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.