Skip to content

Economy of Eswatini vs Lesotho compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $2.57B for Lesotho, ranking 163/197 and 175/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $1.26B (49.1% of GDP) in Lesotho.

Eswatini vs Lesotho GDP by year

Eswatini
Lesotho
1x
Year GDP, current $
Eswatini Lesotho
2025 $5,160,679,613 $2,573,572,920
2024 $4,858,885,841 $2,391,282,548
2023 $4,621,191,262 $2,129,871,530
2022 $4,746,660,274 $2,354,980,960
2021 $4,807,069,277 $2,412,130,057
2020 $4,134,677,810 $2,053,699,864
2019 $4,617,018,959 $2,390,702,296
2018 $4,643,751,059 $2,556,247,292
2017 $4,462,640,651 $2,306,741,672
2016 $3,722,306,117 $2,114,426,452
2015 $3,908,217,914 $2,359,686,725
2014 $4,285,065,665 $2,441,063,054
2013 $4,463,396,204 $2,367,112,932
2012 $4,747,813,067 $2,477,702,216
2011 $4,722,912,047 $2,579,409,620
2010 $4,360,714,359 $2,234,754,242
2009 $3,525,213,502 $1,740,894,965
2008 $3,235,921,171 $1,766,902,709
2007 $3,391,122,887 $1,682,131,785
2006 $3,215,307,901 $1,800,092,564
2005 $3,097,946,371 $1,682,343,527
2004 $2,710,331,785 $1,511,236,656
2003 $2,149,632,433 $1,157,825,435
2002 $1,393,945,031 $775,777,239
2001 $1,502,870,486 $825,706,961
2000 $1,697,161,558 $887,291,688
1999 $1,547,888,496 $912,773,681
1998 $1,576,908,856 $928,460,893
1997 $1,716,714,070 $998,004,259
1996 $1,602,741,834 $946,112,493
1995 $1,698,989,464 $1,001,894,000
1994 $1,419,294,254 $878,250,945
1993 $1,357,189,552 $835,582,062
1992 $1,284,759,928 $831,029,862
1991 $1,156,135,718 $704,325,367
1990 $1,114,694,041 $596,410,264
1989 $696,921,542 $495,409,233
1988 $692,026,455 $470,395,801
1987 $584,126,092 $402,768,324
1986 $449,140,318 $318,858,423
1985 $360,079,419 $268,629,926
1984 $494,483,409 $333,163,670
1983 $555,336,146 $386,699,309
1982 $537,568,059 $348,741,684
1981 $570,774,825 $434,188,034
1980 $541,976,853 $431,542,537
1979 $412,093,134 $290,134,593
1978 $340,630,085 $266,570,067
1977 $304,060,076 $193,315,048
1976 $272,550,068 $147,660,037
1975 $288,299,789 $149,558,896
1974 $264,320,941 $150,851,317
1973 $221,915,128 $121,188,716
1972 $146,736,479 $80,913,200
1971 $136,462,081 $76,480,285
1970 $112,139,955 $68,739,973
1969 $105,419,958 $65,967,974
1968 $79,799,968 $61,445,975
1967 $74,759,970 $59,261,976
1966 $76,859,969 $56,699,977
1965 $70,279,972 $54,879,978
1964 $64,980,554 $51,939,979
1963 $54,129,438 $47,039,981
1962 $45,927,962 $41,859,983
1961 $43,026,043 $35,699,986
1960 $35,076,846 $34,579,986

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Eswatini vs Lesotho by year

Eswatini
GDP per capita

GDP per capita, PPP
Lesotho
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Lesotho
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $1,089 -
2024 $3,910 $11,799 $1,023 $3,001
2023 $3,756 $11,300 $921 $2,881
2022 $3,894 $10,635 $1,030 $2,761
2021 $3,984 $9,990 $1,067 $2,545
2020 $3,467 $9,329 $919 $2,559
2019 $3,913 $9,248 $1,082 $2,568
2018 $3,973 $8,535 $1,171 $2,632
2017 $3,853 $8,584 $1,069 $2,619
2016 $3,238 $8,484 $992 $2,942
2015 $3,420 $8,391 $1,121 $3,035
2014 $3,771 $8,366 $1,174 $2,771
2013 $3,950 $8,231 $1,151 $2,538
2012 $4,225 $7,760 $1,218 $2,291
2011 $4,225 $7,571 $1,281 $2,279
2010 $3,923 $7,324 $1,119 $2,153
2009 $3,190 $7,011 $879 $2,036
2008 $2,947 $6,914 $898 $2,064
2007 $3,109 $6,732 $861 $1,932
2006 $2,965 $6,319 $925 $1,813
2005 $2,871 $5,773 $861 $1,681
2004 $2,526 $5,310 $767 $1,561
2003 $2,015 $5,020 $583 $1,484
2002 $1,316 $4,742 $389 $1,385
2001 $1,430 $4,521 $413 $1,350
2000 $1,630 $4,401 $443 $1,273
1999 $1,502 $4,272 $456 $1,199
1998 $1,547 $4,137 $465 $1,179
1997 $1,705 $4,038 $502 $1,154
1996 $1,619 $3,916 $480 $1,103
1995 $1,751 $3,777 $513 $1,037
1994 $1,461 $3,526 $456 $995
1993 $1,397 $3,371 $439 $932
1992 $1,362 $3,289 $444 $893
1991 $1,273 $3,236 $382 $830
1990 $1,278 $3,202 $330 $764
1989 $832 - $279 -
1988 $865 - $270.4 -
1987 $765 - $236.5 -
1986 $611 - $191.4 -
1985 $510 - $165.4 -
1984 $726 - $211 -
1983 $843 - $252 -
1982 $843 - $233.9 -
1981 $925 - $299.8 -
1980 $908 - $307 -
1979 $714 - $212.4 -
1978 $610 - $200.8 -
1977 $563 - $149.9 -
1976 $521 - $117.8 -
1975 $568 - $123.2 -
1974 $536 - $128.7 -
1973 $463 - $107 -
1972 $315 - $74 -
1971 $301 - $72.4 -
1970 $254.2 - $67.4 -
1969 $245.2 - $67.1 -
1968 $190.4 - $64.8 -
1967 $182.8 - $64.8 -
1966 $192.7 - $64.3 -
1965 $181 - $64.3 -
1964 $171.6 - $62.6 -
1963 $146.4 - $58.4 -
1962 $127.1 - $53.5 -
1961 $121.8 - $47 -
1960 $101.6 - $47 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $1,089 in Lesotho, ranking 179/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Lesotho ranks 180th at $3,001.

Economic indicators

Eswatini Lesotho
Gross domestic product
$5.16B
2025
$2.57B
2025
GDP rank
163/197
2025
175/197
2025
GDP growth
4.19%
2024-2025
1.98%
2024-2025
GDP per capita
$4,108
2025
$1,089
2025
GDP per capita rank
131/197
2025
179/197
2025
GDP per capita, PPP
$11,799
2024
$3,001
2024
GDP per capita PPP rank
126/197
2024
180/197
2024
Government debt
$2.31B
2025
$1.26B
2025
Debt-to-GDP ratio
44.9%
2025
49.1%
2025
Government debt per person
$1,843
2025
$535
2025
Government debt per person rank
121/185
2025
165/185
2025
Average annual personal income after taxes
$4,770
2026
$1,455
2026
Market capitalization of domestic companies
$234M
2007
n/a
Number of billionaires
1
2026
n/a
Income share by richest 10%
42.7%
2016
32.9%
2017
Income share by poorest 10%
1.4%
2016
1.7%
2017
Government expenditure, % of GDP
35.7%
2025
54.2%
2025
Consumer prices inflation
2.6%
2018-2019
4.27%
2024-2025
Central bank interest rate
6.75%
2025
6.5%
2025
Unemployment rate
34.3%
2023
18.7%
2024
Population
1276995
2402837

Spending and national debt comparison by year

Eswatini
Spending

Debt
Lesotho
Spending

Debt
1x
Year % of GDP
Eswatini Lesotho
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 54.2% 49.1%
2024 33.6% 40.1% 52.5% 52.8%
2023 31.5% 39.4% 49% 61.1%
2022 28.9% 39.5% 50.8% 64.4%
2021 29.3% 37.3% 53.6% 58%
2020 32.2% 37.7% 54.2% 54.7%
2019 32.8% 30.5% 52.9% 58.2%
2018 31.6% 26.5% 51.9% 48.2%
2017 33.6% 21.7% 50.4% 41%
2016 34% 20.1% 54.1% 41.5%
2015 34.5% 16% 51.7% 45.8%
2014 32.7% 14.1% 50.1% 41.5%
2013 28.8% 15.2% 58.4% 41.2%
2012 27.1% 14.8% 58.1% 39.8%
2011 25.1% 14.6% 60.2% 36.2%
2010 31.1% 14.2% 55.3% 33.8%
2009 33.9% 10.6% 66.4% 35.9%
2008 33.4% 14.6% 54.1% 47%
2007 30.4% 16.1% 48.1% 49.6%
2006 27.6% 14.7% 43.2% 43.7%
2005 29% 13.6% 37.6% 41%
2004 31% 15% 36.3% 49.4%
2003 25.9% 17.7% 39.8% 52.6%
2002 26.5% 17.2% 41.2% 79.6%
2001 25.6% 21.7% 41.4% 108.7%
2000 24.7% 18.2% 39.3% 88.5%
1999 25.8% 16.7% 50.8% 83%
1998 22% 15.6% 51.4% 79.4%
1997 20.7% 12.7% 44.6% 65.7%
1996 22.5% 11.5% 41.5% 71.6%
1995 19.9% 12.5% 42.1% 62.8%
1994 23.4% 13.1% 40.2% 67%
1993 23% 15% 36% 71.2%
1992 24.7% 16.6% 35.3% 64.4%
1991 19.6% 20.1% 31.3% 11.9%
1990 18.2% 20.4% 32.9% 18%
1989 15.8% 26.8% 35.8% 112.5%
1988 15.6% 27.5% 35.3% 105.2%
1987 17% 36.1% 40.3% 97.4%
1986 19.8% 44% 33.2% 92.5%
1985 22.3% 45.5% 32.8% 86.3%
1984 22.2% 29.7% 26.8% 57.2%
1983 23.2% 28.7% 27.2% 56.7%
1982 24% 29.2% 29.9% 61.4%
1981 23.8% 24.3% - -
1980 19.6% 27.2% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-07-08).

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

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Lesotho spent $1.4B, or 54.2% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 49.1% in Lesotho, ranking 118/185 and 106/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Lesotho
1x
Year Deficit/surplus, % of GDP
Eswatini Lesotho
2025 -6.14% 2.15%
2024 -1.06% 8.17%
2023 -0.66% 7.36%
2022 -5.27% -6.33%
2021 -4.55% -4.79%
2020 -4.21% 1.45%
2019 -6.23% -5.09%
2018 -6.59% -4.41%
2017 -5.64% -2.02%
2016 -8.36% -9.43%
2015 -5.89% -1.38%
2014 -1.16% 3.16%
2013 0.57% -2.58%
2012 3.39% 4.56%
2011 -3.88% -9.85%
2010 -9.34% -1.49%
2009 -3% -4.16%
2008 1.58% 8.1%
2007 2.37% 10.8%
2006 8.67% 11.6%
2005 -1.66% 4.46%
2004 -3.97% 6.05%
2003 -2.11% 0.89%
2002 -3.69% -2.44%
2001 -2.24% -2.76%
2000 -1.19% -0.95%
1999 -1.23% -15.3%
1998 1.05% -11.8%
1997 2.06% 0.27%
1996 -0.97% 2.11%
1995 0.87% 5.13%
1994 -3.43% 5.69%
1993 -3.15% 7.55%
1992 -2.76% 4.65%
1991 3.28% 9.74%
1990 5.47% 8.78%
1989 5.82% 3.88%
1988 3.23% -1.87%
1987 2.03% -2.85%
1986 -2.41% 0.87%
1985 -1.33% 1.68%
1984 1.25% 4.82%
1983 -0.6% 1.85%
1982 0.11% -2.03%
1981 -4.29% -
1980 6.55% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

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

In 2025, Eswatini's government deficit, the difference between spending and revenue, was $317M, equivalent to 6.14% of GDP. This compares to Lesotho's surplus of $55.4M, or 2.15% of GDP.

Over the past 44 years, Eswatini recorded a fiscal deficit in 29 of those years, while Lesotho ran a deficit in 19 years. On average, Eswatini posted an annual deficit equal to 1.39% of GDP, compared to surplus of 0.78% of GDP for Lesotho.

Inflation comparison by year

Inflation
Eswatini

Lesotho
1x
Year Consumer prices inflation
Eswatini Lesotho
2025 - 4.27%
2024 - 6.11%
2023 - 6.34%
2022 - 8.27%
2021 - 6.05%
2020 - 4.98%
2019 2.6% 5.19%
2018 4.82% 4.75%
2017 6.22% 4.45%
2016 7.85% 6.6%
2015 4.95% 3.22%
2014 5.68% 5.37%
2013 5.62% 4.87%
2012 8.94% 6.05%
2011 6.11% 5.04%
2010 4.51% -2.41%
2009 7.45% -16.9%
2008 12.7% 10.7%
2007 8.08% 8.01%
2006 5.3% 6.07%
2005 4.77% 3.44%
2004 3.45% 5.02%
2003 7.29% 6.63%
2002 12% 33.8%
2001 5.94% -9.62%
2000 12.2% 6.13%
1999 6.09% -
1998 8.11% -
1997 7.13% -

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 20 years, Eswatini has recorded an average annual inflation rate of 6.82%, compared with 4.82% in Lesotho. In 2019, inflation was 2.6% in Eswatini and 4.27% in Lesotho.

Top exports between countries

Eswatini
Export category Export value
Wood & paper products $1.41M
Miscellaneous $813K
Animal & marine products $610K
Machinery & equipment $112K
Chemicals & pharma $80K
Textiles & consumer goods $17K
Processed food, beverages & tobacco $11K
Metals $1K
Lesotho
Export category Export value
Textiles & consumer goods $5.93M
Chemicals & pharma $288K
Metals $269K
Wood & paper products $253K
Machinery & equipment $85K
Processed food, beverages & tobacco $27K
Miscellaneous $3K

Balance of trade

Eswatini Lesotho
Current account balance
$78.3M
2024
-$3.94M
2025
Current account balance ranking
65/190
2024
71/190
2025
Current account balance, % of GDP
+1.61%
2024
-0.15%
2025
Goods imports
$2.07B
2024
$1.69B
2025
Goods exports
$2.33B
2024
$933M
2025
Service imports
$542M
2024
$467M
2025
Service exports
$234M
2024
$16M
2025
Imports of goods and services, % of GDP
53.7%
2024
104.5%
2025
Exports of goods and services, % of GDP
53.8%
2024
49.5%
2025

Economic freedom indices

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

Eswatini Lesotho
Economic freedom 57.5 54.9
Economic freedom ranking 116/197 130/197
Property rights 42.5 41.7
Government integrity 29.7 39.6
Judicial effectiveness 35.5 43.6
Tax burden 78.6 76.4
Government spending 71 21.3
Fiscal health 87.5 93.5
Business freedom 49.9 50.6
Labor freedom 55.2 57
Monetary freedom 76.8 74.8
Trade freedom 73.6 65.4
Investment freedom 50 55
Financial freedom 40 40

Economic freedom comparison by year

Eswatini
Lesotho
1x
Year Economic freedom index
Eswatini Lesotho
2026 57.5 54.9
2025 56.4 54.1
2024 55.6 51.9
2023 54.9 51.6
2022 51.4 48.1
2021 55.1 53.5
2020 55.3 54.5
2019 54.7 53.1
2018 55.9 53.9
2017 61.1 53.9
2016 59.7 50.6
2015 59.9 49.6
2014 61.2 49.5
2013 57.2 47.9
2012 57.2 46.6
2011 59.1 47.5
2010 57.4 48.1
2009 59.1 49.7
2008 58.4 52.1
2007 60.1 53.2
2006 61.4 54.7
2005 59.4 53.9
2004 58.6 50.3
2003 59.6 52
2002 60.9 48.9
2001 63.6 50.6
2000 62.6 48.4
1999 62.1 48.2
1998 62 48.4
1997 59.4 47.2
1996 58.6 47
1995 63.3 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 54.9 for Lesotho, ranking 130/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Lesotho
Services, % of GDP
52.4%
2025
55.6%
2025
Industry, % of GDP
33.6%
2025
25.2%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
6.49%
2025
GNI, Atlas method
$4.69B
2025
$3.03B
2025
GNI per capita, PPP
$11,390
2025
$3,900
2025
Total reserves including gold
$537M
2024
$1.01B
2024
Total reserves ranking
157/177
2024
142/177
2024
Net foreign direct investment
-$11.8M
2024
$5.77M
2025
Net inflows of foreign direct investment
$75.5M
2024
-$12.6M
2024
Net outflows of foreign direct investment
$63.8M
2024
$0
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
3.79%
2024
Poverty at national poverty lines
58.9%
2016
49.7%
2017
Gross capital formation, % of GDP
15%
2024
31.2%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2022–2024, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.