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Economy of Eswatini vs Kuwait compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $160B for Kuwait, ranking 162/197 and 59/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $4.68B (2.92% of GDP) in Kuwait.

Eswatini vs Kuwait GDP by year

Eswatini
Kuwait
1x
Year GDP, current $
Eswatini Kuwait
2024 $4,858,885,841 $160,227,273,053
2023 $4,621,191,262 $165,384,407,116
2022 $4,746,660,274 $183,502,046,694
2021 $4,807,069,277 $148,350,671,489
2020 $4,134,677,810 $111,045,470,606
2019 $4,617,018,959 $140,856,394,861
2018 $4,643,751,059 $138,646,316,351
2017 $4,462,640,651 $120,687,539,806
2016 $3,722,306,117 $109,406,674,125
2015 $3,908,217,914 $114,585,555,689
2014 $4,285,065,665 $162,650,450,685
2013 $4,463,396,204 $174,168,116,535
2012 $4,747,813,067 $174,047,662,680
2011 $4,722,912,047 $154,039,231,246
2010 $4,360,714,359 $115,416,245,242
2009 $3,525,213,502 $105,968,691,905
2008 $3,235,921,171 $147,379,737,230
2007 $3,391,122,887 $114,634,043,362
2006 $3,215,307,901 $101,557,330,723
2005 $3,097,946,371 $80,798,630,137
2004 $2,710,331,785 $59,439,090,601
2003 $2,149,632,433 $47,874,582,232
2002 $1,393,945,031 $38,135,788,414
2001 $1,502,870,486 $34,889,559,870
2000 $1,697,161,558 $37,718,743,480
1999 $1,547,888,496 $30,122,365,849
1998 $1,576,908,856 $25,943,705,784
1997 $1,716,714,070 $30,350,190,704
1996 $1,602,741,834 $31,492,373,309
1995 $1,698,989,464 $27,186,980,647
1994 $1,419,294,254 $24,848,483,838
1993 $1,357,189,552 $23,941,391,391
1992 $1,284,759,928 $19,858,555,215
1991 $1,156,135,718 $11,009,993,703
1990 $1,114,694,041 $18,427,777,778
1989 $696,921,542 $24,313,855,653
1988 $692,026,455 $20,690,322,153
1987 $584,126,092 $22,368,704,134
1986 $449,140,318 $17,903,989,745
1985 $360,079,419 $21,445,970,614
1984 $494,483,409 $21,700,082,753
1983 $555,336,146 $20,871,081,080
1982 $537,568,059 $21,577,153,356
1981 $570,774,825 $25,058,020,338
1980 $541,976,853 $28,638,868,356
1979 $412,093,134 $24,749,063,922
1978 $340,630,085 $15,503,557,496
1977 $304,060,076 $14,137,406,741
1976 $272,550,068 $13,132,252,802
1975 $288,299,789 $12,022,811,621
1974 $264,320,941 $13,006,948,296
1973 $221,915,128 $5,408,804,607
1972 $146,736,479 $4,450,537,925
1971 $136,462,081 $3,880,392,195
1970 $112,139,955 $2,873,638,851
1969 $105,419,958 $2,769,198,892
1968 $79,799,968 $2,662,798,935
1967 $74,759,970 $2,441,599,023
1966 $76,859,969 $2,391,199,044
1965 $70,279,972 $2,097,199,161
1964 $64,980,554 $2,071,668,533
1963 $54,129,438 $1,900,895,857
1962 $45,927,962 $1,828,107,503
1961 $43,026,043 -
1960 $35,076,846 -

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

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

GDP per capita in Eswatini vs Kuwait by year

Eswatini
GDP per capita

GDP per capita, PPP
Kuwait
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Kuwait
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $32,718 $52,444
2023 $3,756 $11,300 $34,076 $53,025
2022 $3,894 $10,635 $39,982 $55,043
2021 $3,984 $9,990 $34,019 $50,652
2020 $3,467 $9,329 $25,236 $41,462
2019 $3,913 $9,248 $31,708 $50,703
2018 $3,973 $8,535 $32,068 $51,371
2017 $3,853 $8,584 $29,048 $46,566
2016 $3,238 $8,484 $27,324 $41,862
2015 $3,420 $8,391 $29,882 $45,267
2014 $3,771 $8,366 $44,369 $68,337
2013 $3,950 $8,231 $49,651 $76,813
2012 $4,225 $7,760 $52,155 $82,090
2011 $4,225 $7,571 $49,170 $79,037
2010 $3,923 $7,324 $39,212 $75,184
2009 $3,190 $7,011 $37,907 $80,110
2008 $2,947 $6,914 $55,585 $90,337
2007 $3,109 $6,732 $45,709 $91,435
2006 $2,965 $6,319 $42,947 $89,075
2005 $2,871 $5,773 $36,123 $84,968
2004 $2,526 $5,310 $27,552 $77,227
2003 $2,015 $5,020 $22,691 $69,752
2002 $1,316 $4,742 $18,513 $59,713
2001 $1,430 $4,521 $17,374 $58,553
2000 $1,630 $4,401 $19,296 $58,703
1999 $1,502 $4,272 $15,854 $56,406
1998 $1,547 $4,137 $14,067 $58,344
1997 $1,705 $4,038 $16,977 $57,420
1996 $1,619 $3,916 $18,201 $56,913
1995 $1,751 $3,777 $16,168 $57,163
1994 $1,461 $3,526 $14,930 $53,946
1993 $1,397 $3,371 $14,318 $48,482
1992 $1,362 $3,289 $12,146 $36,149
1991 $1,273 $3,236 $8,147 $23,390
1990 $1,278 $3,202 $10,938 $30,763
1989 $832 - $10,965 -
1988 $865 - $9,692 -
1987 $765 - $10,896 -
1986 $611 - $9,077 -
1985 $510 - $11,322 -
1984 $726 - $11,919 -
1983 $843 - $11,965 -
1982 $843 - $12,979 -
1981 $925 - $15,825 -
1980 $908 - $19,032 -
1979 $714 - $17,386 -
1978 $610 - $11,567 -
1977 $563 - $11,238 -
1976 $521 - $11,141 -
1975 $568 - $10,882 -
1974 $536 - $12,527 -
1973 $463 - $5,532 -
1972 $315 - $4,836 -
1971 $301 - $4,486 -
1970 $254.2 - $3,552 -
1969 $245.2 - $3,695 -
1968 $190.4 - $3,872 -
1967 $182.8 - $3,887 -
1966 $192.7 - $4,176 -
1965 $181 - $4,024 -
1964 $171.6 - $4,379 -
1963 $146.4 - $4,445 -
1962 $127.1 - $4,748 -
1961 $121.8 - - -
1960 $101.6 - - -

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

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $32,718 in Kuwait, ranking 37/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Kuwait ranks 40th at $52,444.

Economic indicators

Eswatini Kuwait
Gross domestic product
$4.86B
2024
$160B
2024
GDP rank
162/197
2024
59/197
2024
GDP growth
2.97%
2023-2024
-2.56%
2023-2024
GDP per capita
$3,910
2024
$32,718
2024
GDP per capita rank
131/197
2024
37/197
2024
GDP per capita, PPP
$11,799
2024
$52,444
2024
GDP per capita PPP rank
126/197
2024
40/197
2024
Government debt
$1.93B
2024
$4.68B
2024
Debt-to-GDP ratio
39.8%
2024
2.92%
2024
Government debt per person
$1,554
2024
$956
2024
Government debt per person rank
130/185
2024
143/185
2024
Average annual personal income after taxes
$3,913
2026
$23,828
2026
Market capitalization of domestic companies
$234M
2007
$141B
2024
Number of billionaires
1
2025
n/a
Income share by richest 10%
42.7%
2016
n/a
Income share by poorest 10%
1.4%
2016
n/a
Government expenditure, % of GDP
33.3%
2024
50.4%
2024
Consumer prices inflation
2.6%
2018-2019
2.9%
2023-2024
Central bank interest rate
6.75%
2025
3.5%
2025
Unemployment rate
34.6%
2023
2.16%
2016
Population
1273390
5100145

Spending and national debt comparison by year

Eswatini
Spending

Debt
Kuwait
Spending

Debt
1x
Year % of GDP
Eswatini Kuwait
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 50.4% 2.92%
2023 32% 40% 48.3% 3.13%
2022 29.6% 40.5% 39.6% 2.95%
2021 30.1% 38.4% 48.3% 7.2%
2020 32.7% 38.2% 62.9% 10.2%
2019 32.9% 30.7% 50.3% 10.5%
2018 32.2% 27% 51.1% 14.3%
2017 33.9% 21.9% 51.9% 19.6%
2016 34.7% 20.5% 54.1% 9.88%
2015 35.3% 16.4% 55.4% 4.6%
2014 33.3% 14.3% 45% 3.43%
2013 29.4% 15.5% 38.4% 3.09%
2012 27.8% 15.2% 38.2% 3.6%
2011 26% 15.1% 39.7% 4.64%
2010 31.6% 14.5% 45.5% 6.16%
2009 34.5% 10.8% 42.9% 6.65%
2008 34.4% 15% 40.9% 5.38%
2007 31.2% 16.6% 30.4% 7.05%
2006 28.2% 15% 32.3% 7.79%
2005 29.7% 13.9% 28.8% 10.2%
2004 32% 15.5% 35.3% 13.9%
2003 26.4% 18% 38.2% 17.2%
2002 27.2% 17.6% 42.8% 21.3%
2001 26.4% 22.4% 41.4% 23%
2000 25.3% 18.7% 29.9% 21.4%
1999 26.5% 17.2% 44.5% 25.5%
1998 22.5% 15.9% 51.7% 25.6%
1997 21.2% 13% 43.8% 24.3%
1996 23.3% 12% 42.8% 26.5%
1995 20.5% 12.9% 52% 34.9%
1994 24.7% 13.8% 57.8% 37.7%
1993 24% 15.6% 58.2% 28.8%
1992 26% 16.6% 77.6% 27.9%
1991 20.3% 20.1% 208.9% 45.3%
1990 18.7% 20.4% 122.9% -
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/eswatini/kuwait | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Kuwait spent $80.8B, or 50.4% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 2.92% in Kuwait, ranking 134/185 and 184/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Kuwait
1x
Year Deficit/surplus, % of GDP
Eswatini Kuwait
2024 -1.36% 23.8%
2023 -0.67% 28.2%
2022 -5.4% 30%
2021 -4.68% 9.98%
2020 -4.27% 0.14%
2019 -6.26% 13%
2018 -6.72% 17.5%
2017 -5.68% 15.3%
2016 -8.54% 13.1%
2015 -6.03% 16.6%
2014 -1.18% 30%
2013 0.59% 40.6%
2012 3.48% 40.7%
2011 -4.02% 38.8%
2010 -9.52% 31.9%
2009 -3.06% 31.3%
2008 1.63% 21.3%
2007 2.44% 37.1%
2006 8.88% 28%
2005 -1.7% 38.9%
2004 -4.1% 32.5%
2003 -2.15% 27.2%
2002 -3.78% 31%
2001 -2.31% 45.2%
2000 -1.22% 52.5%
1999 -1.27% 28.2%
1998 1.07% 19.5%
1997 2.11% 29.5%
1996 -1% 24.3%
1995 0.9% 11.7%
1994 -3.61% 1.76%
1993 -3.29% -3.12%
1992 -2.9% -28.1%
1991 3.4% -145%
1990 5.61% -50%
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/eswatini/kuwait | 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 Kuwait's surplus of $38.1B, or 23.8% of GDP.

Over the past 35 years, Eswatini recorded a fiscal deficit in 25 of those years, while Kuwait ran a deficit in 4 years. On average, Eswatini posted an annual deficit equal to 1.85% of GDP, compared to surplus of 16.7% of GDP for Kuwait.

Inflation comparison by year

Inflation
Eswatini

Kuwait
1x
Year Consumer prices inflation
Eswatini Kuwait
2024 - 2.9%
2023 - 3.64%
2022 - 3.98%
2021 - 3.42%
2020 - 2.1%
2019 2.6% 1.09%
2018 4.82% 0.54%
2017 6.22% 2.17%
2016 7.85% 3.2%
2015 4.95% 3.27%
2014 5.68% 2.91%
2013 5.62% 2.68%
2012 8.94% 3.26%
2011 6.11% 4.84%
2010 4.51% 4.5%
2009 7.45% 4.61%
2008 12.7% 10.6%
2007 8.08% 5.48%
2006 5.3% 3.06%
2005 4.77% 4.14%
2004 3.45% 1.25%
2003 7.29% 0.96%
2002 12% 0.89%
2001 5.94% 1.3%
2000 12.2% 1.81%
1999 6.09% 2.99%
1998 8.11% 0.13%
1997 7.13% 0.68%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 2.88% in Kuwait. In 2019, inflation was 2.6% in Eswatini and 2.9% in Kuwait.

Top exports between countries

Eswatini
Export category Export value
Wood & paper products $5K
Textiles & consumer goods $1K
Kuwait
Export category Export value

Balance of trade

Eswatini Kuwait
Current account balance
$78.3M
2024
$46.7B
2024
Current account balance ranking
69/190
2024
15/190
2024
Current account balance, % of GDP
+1.61%
2024
+29.1%
2024
Goods imports
$2.07B
2024
$33.4B
2024
Goods exports
$2.33B
2024
$77.5B
2024
Service imports
$542M
2024
$28.1B
2024
Service exports
$234M
2024
$12.2B
2024
Imports of goods and services, % of GDP
53.7%
2024
38.3%
2023
Exports of goods and services, % of GDP
53.8%
2024
57.7%
2023

Economic freedom indices

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

Eswatini Kuwait
Economic freedom 57.5 59.9
Economic freedom ranking 116/197 100/197
Property rights 42.5 42
Government integrity 29.7 47.9
Judicial effectiveness 35.5 43.4
Tax burden 78.6 97.7
Government spending 71 36.2
Fiscal health 87.5 99.9
Business freedom 49.9 57.4
Labor freedom 55.2 49.2
Monetary freedom 76.8 68.7
Trade freedom 73.6 75.8
Investment freedom 50 50
Financial freedom 40 50

Economic freedom comparison by year

Eswatini
Kuwait
1x
Year Economic freedom index
Eswatini Kuwait
2026 57.5 59.9
2025 56.4 59.9
2024 55.6 58.5
2023 54.9 56.7
2022 51.4 58.3
2021 55.1 64.1
2020 55.3 63.2
2019 54.7 60.8
2018 55.9 62.2
2017 61.1 65.1
2016 59.7 62.7
2015 59.9 62.5
2014 61.2 62.3
2013 57.2 63.1
2012 57.2 62.5
2011 59.1 64.9
2010 57.4 67.7
2009 59.1 65.6
2008 58.4 68.1
2007 60.1 66.4
2006 61.4 66.5
2005 59.4 64.6
2004 58.6 63.6
2003 59.6 66.7
2002 60.9 65.4
2001 63.6 68.2
2000 62.6 69.7
1999 62.1 69.5
1998 62 66.3
1997 59.4 64.8
1996 58.6 66.1
1995 63.3 -

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 59.9 for Kuwait, ranking 100/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Kuwait
Services, % of GDP
51.4%
2024
55.9%
2024
Industry, % of GDP
34.7%
2024
57.1%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
0.49%
2024
GNI, Atlas method
$4.46B
2024
$200B
2024
GNI per capita, PPP
$10,760
2024
$63,270
2024
Total reserves including gold
$479M
2023
$50.7B
2024
Total reserves ranking
159/177
2023
41/177
2024
Net foreign direct investment
-$11.8M
2024
$9.71B
2024
Net inflows of foreign direct investment
$75.5M
2024
$615M
2024
Net outflows of foreign direct investment
$63.8M
2024
$10.3B
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
n/a
Poverty at national poverty lines
58.9%
2016
n/a
Gross capital formation, % of GDP
15%
2024
17.7%
2023

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/kuwait | 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 (2020–2021, 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.