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Economy of Eswatini vs Kenya compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $120B for Kenya, ranking 162/197 and 64/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $81B (67.3% of GDP) in Kenya.

Eswatini vs Kenya GDP by year

Eswatini
Kenya
1x
Year GDP, current $
Eswatini Kenya
2024 $4,858,885,841 $120,339,557,906
2023 $4,621,191,262 $107,500,884,685
2022 $4,746,660,274 $114,448,978,153
2021 $4,807,069,277 $109,703,658,905
2020 $4,134,677,810 $100,657,505,751
2019 $4,617,018,959 $100,378,436,207
2018 $4,643,751,059 $92,202,979,985
2017 $4,462,640,651 $82,036,510,877
2016 $3,722,306,117 $74,815,144,164
2015 $3,908,217,914 $70,120,446,897
2014 $4,285,065,665 $68,285,796,514
2013 $4,463,396,204 $61,671,440,408
2012 $4,747,813,067 $56,396,704,672
2011 $4,722,912,047 $46,869,473,151
2010 $4,360,714,359 $45,405,615,064
2009 $3,525,213,502 $42,347,217,913
2008 $3,235,921,171 $35,895,153,328
2007 $3,391,122,887 $31,958,195,182
2006 $3,215,307,901 $25,825,512,284
2005 $3,097,946,371 $18,737,895,513
2004 $2,710,331,785 $16,095,337,094
2003 $2,149,632,433 $14,904,517,650
2002 $1,393,945,031 $13,147,736,899
2001 $1,502,870,486 $12,986,007,426
2000 $1,697,161,558 $12,705,350,098
1999 $1,547,888,496 $12,896,010,459
1998 $1,576,908,856 $14,093,998,844
1997 $1,716,714,070 $13,115,764,358
1996 $1,602,741,834 $12,045,865,396
1995 $1,698,989,464 $9,046,320,255
1994 $1,419,294,254 $7,148,148,564
1993 $1,357,189,552 $5,751,786,643
1992 $1,284,759,928 $8,209,120,763
1991 $1,156,135,718 $8,151,488,783
1990 $1,114,694,041 $8,572,359,038
1989 $696,921,542 $8,283,114,514
1988 $692,026,455 $8,355,380,879
1987 $584,126,092 $7,970,820,369
1986 $449,140,318 $7,239,126,568
1985 $360,079,419 $6,135,034,214
1984 $494,483,409 $6,191,437,070
1983 $555,336,146 $5,979,198,314
1982 $537,568,059 $6,431,579,357
1981 $570,774,825 $6,854,491,706
1980 $541,976,853 $7,265,315,820
1979 $412,093,134 $6,234,391,113
1978 $340,630,085 $5,303,735,111
1977 $304,060,076 $4,494,378,764
1976 $272,550,068 $3,474,542,392
1975 $288,299,789 $3,259,345,083
1974 $264,320,941 $2,969,958,812
1973 $221,915,128 $2,509,001,324
1972 $146,736,479 $2,107,279,157
1971 $136,462,081 $1,778,391,289
1970 $112,139,955 $1,603,447,359
1969 $105,419,958 $1,458,379,417
1968 $79,799,968 $1,353,295,459
1967 $74,759,970 $1,232,559,507
1966 $76,859,969 $1,164,519,674
1965 $70,279,972 $997,919,321
1964 $64,980,554 $998,759,334
1963 $54,129,438 $926,589,349
1962 $45,927,962 $868,111,401
1961 $43,026,043 $792,959,473
1960 $35,076,846 $791,265,459

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Eswatini vs Kenya by year

Eswatini
GDP per capita

GDP per capita, PPP
Kenya
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Kenya
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $2,132 $6,644
2023 $3,756 $11,300 $1,943 $6,317
2022 $3,894 $10,635 $2,110 $5,883
2021 $3,984 $9,990 $2,061 $5,339
2020 $3,467 $9,329 $1,928 $4,793
2019 $3,913 $9,248 $1,960 $4,687
2018 $3,973 $8,535 $1,836 $4,412
2017 $3,853 $8,584 $1,667 $4,177
2016 $3,238 $8,484 $1,554 $3,917
2015 $3,420 $8,391 $1,489 $3,678
2014 $3,771 $8,366 $1,483 $3,359
2013 $3,950 $8,231 $1,371 $3,106
2012 $4,225 $7,760 $1,285 $2,847
2011 $4,225 $7,571 $1,096 $2,750
2010 $3,923 $7,324 $1,092 $2,635
2009 $3,190 $7,011 $1,048 $2,480
2008 $2,947 $6,914 $916 $2,459
2007 $3,109 $6,732 $840 $2,481
2006 $2,965 $6,319 $700 $2,330
2005 $2,871 $5,773 $523 $2,189
2004 $2,526 $5,310 $464 $2,066
2003 $2,015 $5,020 $443 $1,975
2002 $1,316 $4,742 $403 $1,940
2001 $1,430 $4,521 $411 $1,961
2000 $1,630 $4,401 $415 $1,907
1999 $1,502 $4,272 $434 $1,910
1998 $1,547 $4,137 $488 $1,895
1997 $1,705 $4,038 $467 $1,865
1996 $1,619 $3,916 $441 $1,875
1995 $1,751 $3,777 $340 $1,818
1994 $1,461 $3,526 $276.4 $1,754
1993 $1,397 $3,371 $229 $1,723
1992 $1,362 $3,289 $337 $1,728
1991 $1,273 $3,236 $345 $1,756
1990 $1,278 $3,202 $374 $1,729
1989 $832 - $374 -
1988 $865 - $391 -
1987 $765 - $387 -
1986 $611 - $364 -
1985 $510 - $320 -
1984 $726 - $334 -
1983 $843 - $335 -
1982 $843 - $374 -
1981 $925 - $413 -
1980 $908 - $454 -
1979 $714 - $403 -
1978 $610 - $355 -
1977 $563 - $311 -
1976 $521 - $248.9 -
1975 $568 - $241.2 -
1974 $536 - $227.2 -
1973 $463 - $198.6 -
1972 $315 - $172.6 -
1971 $301 - $150.9 -
1970 $254.2 - $141 -
1969 $245.2 - $133.3 -
1968 $190.4 - $128.7 -
1967 $182.8 - $121.9 -
1966 $192.7 - $119.8 -
1965 $181 - $106.9 -
1964 $171.6 - $111.3 -
1963 $146.4 - $107.4 -
1962 $127.1 - $104.6 -
1961 $121.8 - $99.3 -
1960 $101.6 - $102.8 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $2,132 in Kenya, ranking 154/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Kenya ranks 149th at $6,644.

Economic indicators

Eswatini Kenya
Gross domestic product
$4.86B
2024
$120B
2024
GDP rank
162/197
2024
64/197
2024
GDP growth
2.97%
2023-2024
4.72%
2023-2024
GDP per capita
$3,910
2024
$2,132
2024
GDP per capita rank
131/197
2024
154/197
2024
GDP per capita, PPP
$11,799
2024
$6,644
2024
GDP per capita PPP rank
126/197
2024
149/197
2024
Government debt
$1.93B
2024
$81B
2024
Debt-to-GDP ratio
39.8%
2024
67.3%
2024
Government debt per person
$1,554
2024
$1,436
2024
Government debt per person rank
130/185
2024
133/185
2024
Average annual personal income after taxes
$3,913
2026
$3,229
2026
Market capitalization of domestic companies
$234M
2007
$15B
2024
Number of billionaires
1
2025
n/a
Income share by richest 10%
42.7%
2016
30.1%
2022
Income share by poorest 10%
1.4%
2016
2.9%
2022
Government expenditure, % of GDP
33.3%
2024
23.3%
2024
Consumer prices inflation
2.6%
2018-2019
4.49%
2023-2024
Central bank interest rate
6.75%
2025
9.25%
2025
Unemployment rate
34.6%
2023
5.44%
2022
Population
1273390
58955623

Spending and national debt comparison by year

Eswatini
Spending

Debt
Kenya
Spending

Debt
1x
Year % of GDP
Eswatini Kenya
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 23.3% 67.3%
2023 32% 40% 22.7% 73.4%
2022 29.6% 40.5% 23.2% 67.8%
2021 30.1% 38.4% 24% 68.2%
2020 32.7% 38.2% 24.8% 68%
2019 32.9% 30.7% 24.4% 59.1%
2018 32.2% 27% 24.5% 56.4%
2017 33.9% 21.9% 25.2% 53.9%
2016 34.7% 20.5% 25.4% 50.4%
2015 35.3% 16.4% 23.8% 45.8%
2014 33.3% 14.3% 23.4% 41.3%
2013 29.4% 15.5% 23.2% 39.8%
2012 27.8% 15.2% 22.1% 37.6%
2011 26% 15.1% 20.1% 35.7%
2010 31.6% 14.5% 21.5% 36.7%
2009 34.5% 10.8% 20.3% 36%
2008 34.4% 15% 18.9% 34.3%
2007 31.2% 16.6% 18.1% 34.2%
2006 28.2% 15% 17.3% 37.1%
2005 29.7% 13.9% 16.2% 37.4%
2004 32% 15.5% 15.4% 40.8%
2003 26.4% 18% 16% 43.8%
2002 27.2% 17.6% 15.7% 42%
2001 26.4% 22.4% 14.9% 41.3%
2000 25.3% 18.7% 14.1% 43.1%
1999 26.5% 17.2% 13.7% 38.4%
1998 22.5% 15.9% 15.3% 38.5%
1997 21.2% 13% 15.6% 36%
1996 23.3% 12% 15.2% 40.5%
1995 20.5% 12.9% 17.3% 52.1%
1994 24.7% 13.8% 18.8% 57%
1993 24% 15.6% 18.9% 61.6%
1992 26% 16.6% 17.6% 41.2%
1991 20.3% 20.1% 16.4% 43%
1990 18.7% 20.4% 17.2% 37.6%
1989 15.8% 26.8% 16.3% 33.4%
1988 15.6% 27.5% 15.9% 33.9%
1987 17% 36.1% 15.5% 36.3%
1986 19.8% 44% 15.3% 31.3%
1985 22.3% 45.5% 15.6% 28.8%
1984 22.2% 29.7% 14.9% 25.6%
1983 23.2% 28.7% 14.6% 26.1%
1982 24% 29.2% 16.2% 26.9%
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 (1980–1997, retrieved 2026-02-20).

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

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Kenya spent $28B, or 23.3% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 67.3% in Kenya, ranking 134/185 and 64/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Kenya
1x
Year Deficit/surplus, % of GDP
Eswatini Kenya
2024 -1.36% -5.77%
2023 -0.67% -5.71%
2022 -5.4% -6.06%
2021 -4.68% -7.2%
2020 -4.27% -8.13%
2019 -6.26% -7.42%
2018 -6.72% -6.94%
2017 -5.68% -7.4%
2016 -8.54% -7.47%
2015 -6.03% -6.68%
2014 -1.18% -5.75%
2013 0.59% -5.25%
2012 3.48% -5.29%
2011 -4.02% -3.64%
2010 -9.52% -3.67%
2009 -3.06% -3.12%
2008 1.63% -1.95%
2007 2.44% -0.95%
2006 8.88% -0.43%
2005 -1.7% -0.19%
2004 -4.1% 0.5%
2003 -2.15% -0.73%
2002 -3.78% -1.29%
2001 -2.31% -0.53%
2000 -1.22% 0.38%
1999 -1.27% 0.84%
1998 1.07% -0.03%
1997 2.11% -0.91%
1996 -1% -0.49%
1995 0.9% -0.23%
1994 -3.61% -4.14%
1993 -3.29% -8.57%
1992 -2.9% -8.28%
1991 3.4% -6.56%
1990 5.61% -3.28%
1989 5.82% -2.39%
1988 3.23% -1.97%
1987 2.03% -2.27%
1986 -2.41% -2.98%
1985 -1.33% -3.05%
1984 1.25% -2.55%
1983 -0.6% -2.17%
1982 0.11% -3.07%
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/eswatini/kenya | 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 Kenya's deficit of $6.94B, or 5.77% of GDP.

Over the past 43 years, Eswatini recorded a fiscal deficit in 28 of those years, while Kenya ran a deficit in 40 years. On average, Eswatini posted an annual deficit equal to 1.31% of GDP, compared to deficit of 3.55% of GDP for Kenya.

Inflation comparison by year

Inflation
Eswatini

Kenya
1x
Year Consumer prices inflation
Eswatini Kenya
2024 - 4.49%
2023 - 7.67%
2022 - 7.66%
2021 - 6.11%
2020 - 5.41%
2019 2.6% 5.24%
2018 4.82% 4.69%
2017 6.22% 8.01%
2016 7.85% 6.3%
2015 4.95% 6.58%
2014 5.68% 6.88%
2013 5.62% 5.72%
2012 8.94% 9.38%
2011 6.11% 14%
2010 4.51% 3.96%
2009 7.45% 9.23%
2008 12.7% 26.2%
2007 8.08% 9.76%
2006 5.3% 14.5%
2005 4.77% 10.3%
2004 3.45% 11.6%
2003 7.29% 9.82%
2002 12% 1.96%
2001 5.94% 5.74%
2000 12.2% 9.98%
1999 6.09% 5.74%
1998 8.11% 6.72%
1997 7.13% 11.4%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 8.86% in Kenya. In 2019, inflation was 2.6% in Eswatini and 4.49% in Kenya.

Top exports between countries

Eswatini
Export category Export value
Chemicals & pharma $75.1M
Processed food, beverages & tobacco $12.6M
Miscellaneous $1.55M
Raw materials & minerals $175K
Textiles & consumer goods $173K
Raw agricultural goods $124K
Machinery & equipment $30K
Wood & paper products $3K
Kenya
Export category Export value
Raw agricultural goods $1.34M
Chemicals & pharma $137K
Machinery & equipment $96K
Textiles & consumer goods $81K
Raw materials & minerals $47K
Processed food, beverages & tobacco $40K
Precious metals & jewellery $22K
Wood & paper products $7K
Miscellaneous $2K
Animal & marine products $1K

Balance of trade

Eswatini Kenya
Current account balance
$78.3M
2024
-$1.55B
2024
Current account balance ranking
69/190
2024
134/190
2024
Current account balance, % of GDP
+1.61%
2024
-1.29%
2024
Goods imports
$2.07B
2024
$22.2B
2024
Goods exports
$2.33B
2024
$12.5B
2024
Service imports
$542M
2024
$5.64B
2024
Service exports
$234M
2024
$8.04B
2024
Imports of goods and services, % of GDP
53.7%
2024
23.1%
2024
Exports of goods and services, % of GDP
53.8%
2024
17.1%
2024

Economic freedom indices

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

Eswatini Kenya
Economic freedom 57.5 55.5
Economic freedom ranking 116/197 128/197
Property rights 42.5 40.2
Government integrity 29.7 32.7
Judicial effectiveness 35.5 47
Tax burden 78.6 76.3
Government spending 71 84.1
Fiscal health 87.5 36.2
Business freedom 49.9 61.5
Labor freedom 55.2 56.5
Monetary freedom 76.8 75.1
Trade freedom 73.6 52
Investment freedom 50 55
Financial freedom 40 50

Economic freedom comparison by year

Eswatini
Kenya
1x
Year Economic freedom index
Eswatini Kenya
2026 57.5 55.5
2025 56.4 54.8
2024 55.6 53.6
2023 54.9 52.5
2022 51.4 52.6
2021 55.1 54.9
2020 55.3 55.3
2019 54.7 55.1
2018 55.9 54.7
2017 61.1 53.5
2016 59.7 57.5
2015 59.9 55.6
2014 61.2 57.1
2013 57.2 55.9
2012 57.2 57.5
2011 59.1 57.4
2010 57.4 57.5
2009 59.1 58.7
2008 58.4 59.3
2007 60.1 59.6
2006 61.4 59.7
2005 59.4 57.9
2004 58.6 57.7
2003 59.6 58.6
2002 60.9 58.2
2001 63.6 57.6
2000 62.6 59.7
1999 62.1 58.2
1998 62 58.4
1997 59.4 60.1
1996 58.6 56.4
1995 63.3 54.5

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 55.5 for Kenya, ranking 128/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Kenya
Services, % of GDP
51.4%
2024
55.3%
2024
Industry, % of GDP
34.7%
2024
16.5%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
22.5%
2024
GNI, Atlas method
$4.46B
2024
$118B
2024
GNI per capita, PPP
$10,760
2024
$6,540
2024
Total reserves including gold
$479M
2023
$10.1B
2024
Total reserves ranking
159/177
2023
75/177
2024
Net foreign direct investment
-$11.8M
2024
-$45.8M
2024
Net inflows of foreign direct investment
$75.5M
2024
$463M
2024
Net outflows of foreign direct investment
$63.8M
2024
$418M
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
4.79%
2024
Poverty at national poverty lines
58.9%
2016
39.8%
2022
Gross capital formation, % of GDP
15%
2024
16.8%
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/kenya | 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 (1980–1997, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, 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.