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Economy of Eswatini vs Indonesia compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $1.4T for Indonesia, ranking 162/197 and 16/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $561B (40.2% of GDP) in Indonesia.

Eswatini vs Indonesia GDP by year

Eswatini
Indonesia
1x
Year GDP, current $
Eswatini Indonesia
2024 $4,858,885,841 $1,396,300,098,191
2023 $4,621,191,262 $1,371,169,301,564
2022 $4,746,660,274 $1,319,101,183,380
2021 $4,807,069,277 $1,186,509,691,087
2020 $4,134,677,810 $1,059,054,842,698
2019 $4,617,018,959 $1,119,099,871,350
2018 $4,643,751,059 $1,042,271,532,989
2017 $4,462,640,651 $1,015,618,744,160
2016 $3,722,306,117 $931,877,364,038
2015 $3,908,217,914 $860,854,232,686
2014 $4,285,065,665 $890,814,755,534
2013 $4,463,396,204 $912,524,136,718
2012 $4,747,813,067 $917,869,913,333
2011 $4,722,912,047 $892,969,104,563
2010 $4,360,714,359 $755,094,157,622
2009 $3,525,213,502 $539,580,085,612
2008 $3,235,921,171 $510,228,634,992
2007 $3,391,122,887 $432,216,737,775
2006 $3,215,307,901 $364,570,515,618
2005 $3,097,946,371 $285,868,619,196
2004 $2,710,331,785 $256,836,875,295
2003 $2,149,632,433 $234,772,463,824
2002 $1,393,945,031 $195,660,611,165
2001 $1,502,870,486 $160,446,947,785
2000 $1,697,161,558 $165,021,012,078
1999 $1,547,888,496 $140,001,351,215
1998 $1,576,908,856 $95,445,547,873
1997 $1,716,714,070 $215,748,998,610
1996 $1,602,741,834 $227,369,679,375
1995 $1,698,989,464 $202,132,028,723
1994 $1,419,294,254 $176,892,143,932
1993 $1,357,189,552 $158,006,700,302
1992 $1,284,759,928 $128,026,966,580
1991 $1,156,135,718 $116,621,996,217
1990 $1,114,694,041 $106,140,727,334
1989 $696,921,542 $94,451,427,877
1988 $692,026,455 $84,300,174,486
1987 $584,126,092 $75,929,617,558
1986 $449,140,318 $79,954,072,545
1985 $360,079,419 $85,289,488,375
1984 $494,483,409 $84,853,700,028
1983 $555,336,146 $81,052,283,384
1982 $537,568,059 $90,158,449,295
1981 $570,774,825 $85,518,233,419
1980 $541,976,853 $72,482,337,397
1979 $412,093,134 $51,400,186,343
1978 $340,630,085 $51,455,719,076
1977 $304,060,076 $45,808,915,663
1976 $272,550,068 $37,269,156,627
1975 $288,299,789 $30,463,855,422
1974 $264,320,941 $25,802,409,639
1973 $221,915,128 $16,273,253,012
1972 $146,736,479 $10,997,590,361
1971 $136,462,081 $9,333,536,370
1970 $112,139,955 $9,150,684,932
1969 $105,419,958 $8,337,423,313
1968 $79,799,968 $7,076,465,300
1967 $74,759,970 $5,667,756,628
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/eswatini/indonesia | CC BY

GDP per capita in Eswatini vs Indonesia by year

Eswatini
GDP per capita

GDP per capita, PPP
Indonesia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Indonesia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $4,925 $16,448
2023 $3,756 $11,300 $4,876 $15,416
2022 $3,894 $10,635 $4,731 $14,285
2021 $3,984 $9,990 $4,287 $12,757
2020 $3,467 $9,329 $3,854 $11,729
2019 $3,913 $9,248 $4,107 $11,986
2018 $3,973 $8,535 $3,861 $11,372
2017 $3,853 $8,584 $3,799 $10,688
2016 $3,238 $8,484 $3,521 $10,263
2015 $3,420 $8,391 $3,288 $10,028
2014 $3,771 $8,366 $3,441 $10,065
2013 $3,950 $8,231 $3,567 $9,866
2012 $4,225 $7,760 $3,632 $9,530
2011 $4,225 $7,571 $3,579 $8,937
2010 $3,923 $7,324 $3,066 $8,353
2009 $3,190 $7,011 $2,218 $7,868
2008 $2,947 $6,914 $2,125 $7,569
2007 $3,109 $6,732 $1,823 $7,096
2006 $2,965 $6,319 $1,558 $6,583
2005 $2,871 $5,773 $1,238 $6,134
2004 $2,526 $5,310 $1,127 $5,700
2003 $2,015 $5,020 $1,043 $5,353
2002 $1,316 $4,742 $881 $5,076
2001 $1,430 $4,521 $732 $4,849
2000 $1,630 $4,401 $764 $4,639
1999 $1,502 $4,272 $657 $4,386
1998 $1,547 $4,137 $455 $4,356
1997 $1,705 $4,038 $1,045 $5,037
1996 $1,619 $3,916 $1,119 $4,807
1995 $1,751 $3,777 $1,011 $4,451
1994 $1,461 $3,526 $900 $4,096
1993 $1,397 $3,371 $817 $3,793
1992 $1,362 $3,289 $674 $3,538
1991 $1,273 $3,236 $624 $3,305
1990 $1,278 $3,202 $578 $3,044
1989 $832 - $524 -
1988 $865 - $477 -
1987 $765 - $438 -
1986 $611 - $470 -
1985 $510 - $511 -
1984 $726 - $520 -
1983 $843 - $508 -
1982 $843 - $578 -
1981 $925 - $561 -
1980 $908 - $487 -
1979 $714 - $353 -
1978 $610 - $362 -
1977 $563 - $331 -
1976 $521 - $275.7 -
1975 $568 - $231.1 -
1974 $536 - $200.7 -
1973 $463 - $129.9 -
1972 $315 - $90.1 -
1971 $301 - $78.5 -
1970 $254.2 - $79.1 -
1969 $245.2 - $74.1 -
1968 $190.4 - $64.7 -
1967 $182.8 - $53.2 -
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/eswatini/indonesia | CC BY

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $4,925 in Indonesia, ranking 121/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Indonesia ranks 107th at $16,448.

Economic indicators

Eswatini Indonesia
Gross domestic product
$4.86B
2024
$1.4T
2024
GDP rank
162/197
2024
16/197
2024
GDP growth
2.97%
2023-2024
5.03%
2023-2024
GDP per capita
$3,910
2024
$4,925
2024
GDP per capita rank
131/197
2024
121/197
2024
GDP per capita, PPP
$11,799
2024
$16,448
2024
GDP per capita PPP rank
126/197
2024
107/197
2024
Government debt
$1.93B
2024
$561B
2024
Debt-to-GDP ratio
39.8%
2024
40.2%
2024
Government debt per person
$1,554
2024
$1,978
2024
Government debt per person rank
130/185
2024
120/185
2024
Average annual personal income after taxes
$3,913
2026
$3,371
2026
Market capitalization of domestic companies
$234M
2007
$758B
2023
Number of millionaires n/a
178,605
2025
Number of billionaires
1
2025
33
2025
Income share by richest 10%
42.7%
2016
28.8%
2024
Income share by poorest 10%
1.4%
2016
3.5%
2024
Government expenditure, % of GDP
33.3%
2024
16.8%
2024
Consumer prices inflation
2.6%
2018-2019
2.18%
2023-2024
Central bank interest rate
6.75%
2025
4.75%
2025
Unemployment rate
34.6%
2023
3.31%
2023
Population
1273390
288551776

Spending and national debt comparison by year

Eswatini
Spending

Debt
Indonesia
Spending

Debt
1x
Year % of GDP
Eswatini Indonesia
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 16.8% 40.2%
2023 32% 40% 16.6% 39.6%
2022 29.6% 40.5% 17.3% 40.1%
2021 30.1% 38.4% 18.1% 41.1%
2020 32.7% 38.2% 18.4% 39.7%
2019 32.9% 30.7% 16.4% 30.6%
2018 32.2% 27% 16.6% 30.4%
2017 33.9% 21.9% 16.4% 29.4%
2016 34.7% 20.5% 16.9% 28%
2015 35.3% 16.4% 17.6% 27%
2014 33.3% 14.3% 18.4% 24.6%
2013 29.4% 15.5% 18.8% 24.9%
2012 27.8% 15.2% 18.8% 23%
2011 26% 15.1% 17.7% 23.1%
2010 31.6% 14.5% 16.9% 26.4%
2009 34.5% 10.8% 17% 26.5%
2008 34.4% 15% 19.4% 30.3%
2007 31.2% 16.6% 18.7% 38.1%
2006 28.2% 15% 18.4% 35.8%
2005 29.7% 13.9% 17.4% 42.6%
2004 32% 15.5% 17.8% 51.3%
2003 26.4% 18% 18.2% 55.6%
2002 27.2% 17.6% 16.9% 62.3%
2001 26.4% 22.4% 19.5% 73.7%
2000 25.3% 18.7% 15.3% 87.4%
1999 26.5% 17.2% 15.1% 95.9%
1998 22.5% 15.9% 15.1% 72.5%
1997 21.2% 13% 15.2% 26.4%
1996 23.3% 12% 11.5% 27.5%
1995 20.5% 12.9% 11.9% 32%
1994 24.7% 13.8% 13.5% 37%
1993 24% 15.6% 14.1% 40.4%
1992 26% 16.6% 16.8% 42.6%
1991 20.3% 20.1% 15% 39.2%
1990 18.7% 20.4% 15.8% 40.8%
1989 15.8% 26.8% 16.5% 42.5%
1988 15.6% 27.5% 17.3% 45.6%
1987 17% 36.1% 18% 49.7%
1986 19.8% 44% 20.9% 38.3%
1985 22.3% 45.5% 18.5% 28%
1984 22.2% 29.7% 16.1% 23.5%
1983 23.2% 28.7% 18.2% 23.1%
1982 24% 29.2% 18.8% 18.6%
1981 23.8% 24.3% 24.4% 16.4%
1980 19.6% 27.2% 22.1% 17.3%
1979 - - 20.9% 22%
1978 - - 20.1% 30.3%
1977 - - 19.5% 27.7%
1976 - - 21.8% 38.1%
1975 - - 20.5% 36.7%
1974 - - 17.3% 34.4%
1973 - - 16.3% 43.1%
1972 - - 15.7% 51.2%
1971 - - 14.5% 50.5%
1970 - - 13.8% 46.7%
1969 - - 12.8% -
1968 - - 8.82% -
1967 - - 10.4% -
1966 - - 9.18% -
1965 - - 10.7% -
1964 - - 9.55% -
1963 - - 10.3% -
1962 - - 7.89% -
1961 - - 15.1% -
1960 - - 14.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1999, retrieved 2026-02-20).

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

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Indonesia spent $235B, or 16.8% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 40.2% in Indonesia, ranking 134/185 and 132/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Indonesia
1x
Year Deficit/surplus, % of GDP
Eswatini Indonesia
2024 -1.36% -2.3%
2023 -0.67% -1.64%
2022 -5.4% -2.31%
2021 -4.68% -4.4%
2020 -4.27% -6.07%
2019 -6.26% -2.09%
2018 -6.72% -1.69%
2017 -5.68% -2.26%
2016 -8.54% -2.56%
2015 -6.03% -2.72%
2014 -1.18% -1.8%
2013 0.59% -1.96%
2012 3.48% -1.59%
2011 -4.02% -0.7%
2010 -9.52% -1.24%
2009 -3.06% -1.64%
2008 1.63% 0.05%
2007 2.44% -0.95%
2006 8.88% 0.45%
2005 -1.7% 0.46%
2004 -4.1% -0.26%
2003 -2.15% -1.08%
2002 -3.78% -0.58%
2001 -2.31% -1.76%
2000 -1.22% -1.87%
1999 -1.27% -0.96%
1998 1.07% -1.89%
1997 2.11% -1.03%
1996 -1% 0.96%
1995 0.9% 0.64%
1994 -3.61% 0.005%
1993 -3.29% -0.59%
1992 -2.9% -2.95%
1991 3.4% -0.87%
1990 5.61% -0.55%
1989 5.82% -1.72%
1988 3.23% -2.68%
1987 2.03% -0.9%
1986 -2.41% -2.94%
1985 -1.33% -0.45%
1984 1.25% 1.83%
1983 -0.6% -1%
1982 0.11% -1.11%
1981 -4.29% -0.69%
1980 6.55% -0.82%
1979 - -0.67%
1978 - -2.03%
1977 - -0.38%
1976 - -2.63%
1975 - -2.33%
1974 - -0.35%
1973 - -1.33%
1972 - -1.82%
1971 - -2.51%
1970 - -3.02%
1969 - -2.8%
1968 - 0%
1967 - -0.35%
1966 - -5.06%
1965 - -6.62%
1964 - -5.58%
1963 - -5.24%
1962 - -3.1%
1961 - -4.57%
1960 - -1.65%
1959 - -4.06%
1958 - -6.67%
1957 - -2.92%
1956 - -1.38%
1955 - -1.6%
1954 - -3.16%
1953 - -2.33%
1952 - -3.66%
1951 - 1.52%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1951–1992, retrieved 2026-02-20).

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

In 2024, Eswatini's government deficit, the difference between spending and revenue, was $66.2M, equivalent to 1.36% of GDP. This compares to Indonesia's deficit of $32.1B, or 2.3% of GDP.

Over the past 45 years, Eswatini recorded a fiscal deficit in 29 of those years, while Indonesia ran a deficit in 38 years. On average, Eswatini posted an annual deficit equal to 1.21% of GDP, compared to deficit of 1.34% of GDP for Indonesia.

Inflation comparison by year

Inflation
Eswatini

Indonesia
1x
Year Consumer prices inflation
Eswatini Indonesia
2024 - 2.18%
2023 - 3.67%
2022 - 4.21%
2021 - 1.56%
2020 - 1.92%
2019 2.6% 3.03%
2018 4.82% 3.2%
2017 6.22% 3.81%
2016 7.85% 3.53%
2015 4.95% 6.36%
2014 5.68% 6.39%
2013 5.62% 6.41%
2012 8.94% 4.28%
2011 6.11% 5.36%
2010 4.51% 5.13%
2009 7.45% 4.39%
2008 12.7% 10.2%
2007 8.08% 6.41%
2006 5.3% 13.1%
2005 4.77% 10.5%
2004 3.45% 6.06%
2003 7.29% 6.76%
2002 12% 11.9%
2001 5.94% 11.5%
2000 12.2% 3.69%
1999 6.09% 20.5%
1998 8.11% 58.5%
1997 7.13% 6.23%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 9.44% in Indonesia. In 2019, inflation was 2.6% in Eswatini and 2.18% in Indonesia.

Top exports between countries

Eswatini
Export category Export value
Raw agricultural goods $166K
Wood & paper products $114K
Chemicals & pharma $76K
Metals $20K
Indonesia
Export category Export value
Miscellaneous $1.85M
Machinery & equipment $992K
Textiles & consumer goods $707K
Chemicals & pharma $600K
Metals $408K
Wood & paper products $47K
Raw materials & minerals $30K
Processed food, beverages & tobacco $16K
Raw agricultural goods $5K
Animal & marine products $1K

Balance of trade

Eswatini Indonesia
Current account balance
$78.3M
2024
-$8.72B
2024
Current account balance ranking
69/190
2024
174/190
2024
Current account balance, % of GDP
+1.61%
2024
-0.62%
2024
Goods imports
$2.07B
2024
$223B
2024
Goods exports
$2.33B
2024
$263B
2024
Service imports
$542M
2024
$57.6B
2024
Service exports
$234M
2024
$39B
2024
Imports of goods and services, % of GDP
53.7%
2024
20.4%
2024
Exports of goods and services, % of GDP
53.8%
2024
22.2%
2024

Economic freedom indices

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

Eswatini Indonesia
Economic freedom 57.5 65.1
Economic freedom ranking 116/197 67/197
Property rights 42.5 39.7
Government integrity 29.7 42
Judicial effectiveness 35.5 43.1
Tax burden 78.6 81.5
Government spending 71 91.4
Fiscal health 87.5 89.8
Business freedom 49.9 69.2
Labor freedom 55.2 56.8
Monetary freedom 76.8 79.4
Trade freedom 73.6 78.6
Investment freedom 50 50
Financial freedom 40 60

Economic freedom comparison by year

Eswatini
Indonesia
1x
Year Economic freedom index
Eswatini Indonesia
2026 57.5 65.1
2025 56.4 65.2
2024 55.6 63.5
2023 54.9 63.5
2022 51.4 64.4
2021 55.1 66.9
2020 55.3 67.2
2019 54.7 65.8
2018 55.9 64.2
2017 61.1 61.9
2016 59.7 59.4
2015 59.9 58.1
2014 61.2 58.5
2013 57.2 56.9
2012 57.2 56.4
2011 59.1 56
2010 57.4 55.5
2009 59.1 53.4
2008 58.4 53.2
2007 60.1 53.2
2006 61.4 51.9
2005 59.4 52.9
2004 58.6 52.1
2003 59.6 55.8
2002 60.9 54.8
2001 63.6 52.5
2000 62.6 55.2
1999 62.1 61.5
1998 62 63.4
1997 59.4 62
1996 58.6 61
1995 63.3 54.9

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 65.1 for Indonesia, ranking 67/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Indonesia
Services, % of GDP
51.4%
2024
43.8%
2024
Industry, % of GDP
34.7%
2024
39.3%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
12.6%
2024
GNI, Atlas method
$4.46B
2024
$1.39T
2024
GNI per capita, PPP
$10,760
2024
$16,010
2024
Total reserves including gold
$479M
2023
$156B
2024
Total reserves ranking
159/177
2023
20/177
2024
Net foreign direct investment
-$11.8M
2024
-$15.9B
2024
Net inflows of foreign direct investment
$75.5M
2024
$24.2B
2024
Net outflows of foreign direct investment
$63.8M
2024
$8.39B
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
5.65%
2024
Poverty at national poverty lines
58.9%
2016
9%
2024
Gross capital formation, % of GDP
15%
2024
31.4%
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/eswatini/indonesia | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1951–1999, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, 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.