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Economy of Eswatini vs Liberia compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $4.78B for Liberia, ranking 162/197 and 163/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $2.73B (57.2% of GDP) in Liberia.

Eswatini vs Liberia GDP by year

Eswatini
Liberia
1x
Year GDP, current $
Eswatini Liberia
2024 $4,858,885,841 $4,779,300,900
2023 $4,621,191,262 $4,390,000,000
2022 $4,746,660,274 $4,001,047,000
2021 $4,807,069,277 $3,513,049,500
2020 $4,134,677,810 $3,176,126,300
2019 $4,617,018,959 $3,319,596,500
2018 $4,643,751,059 $3,422,754,800
2017 $4,462,640,651 $3,390,703,400
2016 $3,722,306,117 $3,398,419,600
2015 $3,908,217,914 $3,227,075,700
2014 $4,285,065,665 $3,225,652,000
2013 $4,463,396,204 $3,177,198,100
2012 $4,747,813,067 $2,791,614,000
2011 $4,722,912,047 $2,398,000,000
2010 $4,360,714,359 $1,998,000,000
2009 $3,525,213,502 $1,768,000,000
2008 $3,235,921,171 $1,726,000,000
2007 $3,391,122,887 $1,373,000,000
2006 $3,215,307,901 $1,119,000,000
2005 $3,097,946,371 $949,000,000
2004 $2,710,331,785 $897,000,000
2003 $2,149,632,433 $748,000,000
2002 $1,393,945,031 $927,000,000
2001 $1,502,870,486 $906,000,000
2000 $1,697,161,558 $874,000,000
1999 $1,547,888,496 $441,800,000
1998 $1,576,908,856 $359,600,000
1997 $1,716,714,070 $295,900,000
1996 $1,602,741,834 $159,400,000
1995 $1,698,989,464 $134,800,000
1994 $1,419,294,254 $132,200,000
1993 $1,357,189,552 $160,400,000
1992 $1,284,759,928 $223,500,000
1991 $1,156,135,718 $348,000,000
1990 $1,114,694,041 $384,400,000
1989 $696,921,542 $786,300,000
1988 $692,026,455 $1,038,300,000
1987 $584,126,092 $972,800,000
1986 $449,140,318 $840,964,400
1985 $360,079,419 $851,296,100
1984 $494,483,409 $848,478,300
1983 $555,336,146 $823,374,900
1982 $537,568,059 $863,933,200
1981 $570,774,825 $846,514,500
1980 $541,976,853 $854,711,500
1979 $412,093,134 $814,067,900
1978 $340,630,085 $717,240,400
1977 $304,060,076 $673,010,600
1976 $272,550,068 $596,675,700
1975 $288,299,789 $577,549,300
1974 $264,320,941 $486,955,000
1973 $221,915,128 $386,968,300
1972 $146,736,479 $368,098,000
1971 $136,462,081 $341,543,100
1970 $112,139,955 $323,099,700
1969 $105,419,958 $306,961,800
1968 $79,799,968 $276,820,700
1967 $74,759,970 $261,024,300
1966 $76,859,969 $244,459,500
1965 $70,279,972 $229,260,800
1964 $64,980,554 $218,929,100
1963 $54,129,438 $200,229,600
1962 $45,927,962 $191,861,800
1961 $43,026,043 $183,920,900
1960 $35,076,846 $190,495,600

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

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

GDP per capita in Eswatini vs Liberia by year

Eswatini
GDP per capita

GDP per capita, PPP
Liberia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Liberia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $851 $1,871
2023 $3,756 $11,300 $799 $1,795
2022 $3,894 $10,635 $745 $1,692
2021 $3,984 $9,990 $668 $1,539
2020 $3,467 $9,329 $617 $1,660
2019 $3,913 $9,248 $658 $1,900
2018 $3,973 $8,535 $692 $1,800
2017 $3,853 $8,584 $699 $1,665
2016 $3,238 $8,484 $715 $1,490
2015 $3,420 $8,391 $693 $1,340
2014 $3,771 $8,366 $707 $1,419
2013 $3,950 $8,231 $711 $1,360
2012 $4,225 $7,760 $638 $1,157
2011 $4,225 $7,571 $568 $1,041
2010 $3,923 $7,324 $492 $980
2009 $3,190 $7,011 $448 $939
2008 $2,947 $6,914 $452 $915
2007 $3,109 $6,732 $374 $873
2006 $2,965 $6,319 $321 $815
2005 $2,871 $5,773 $287.5 $774
2004 $2,526 $5,310 $284.1 $745
2003 $2,015 $5,020 $239.8 $716
2002 $1,316 $4,742 $299.5 $1,013
2001 $1,430 $4,521 $300 $987
2000 $1,630 $4,401 $298.5 $965
1999 $1,502 $4,272 $156.6 $762
1998 $1,547 $4,137 $134.7 $652
1997 $1,705 $4,038 $122.6 $548
1996 $1,619 $3,916 $71.4 $282.2
1995 $1,751 $3,777 $62.1 $254.4
1994 $1,461 $3,526 $61.5 $262.6
1993 $1,397 $3,371 $74.4 $328
1992 $1,362 $3,289 $107.8 $497
1991 $1,273 $3,236 $177.9 $793
1990 $1,278 $3,202 $172.9 $787
1989 $832 - $312 -
1988 $865 - $424 -
1987 $765 - $409 -
1986 $611 - $364 -
1985 $510 - $380 -
1984 $726 - $390 -
1983 $843 - $391 -
1982 $843 - $422 -
1981 $925 - $426 -
1980 $908 - $443 -
1979 $714 - $435 -
1978 $610 - $394 -
1977 $563 - $381 -
1976 $521 - $347 -
1975 $568 - $346 -
1974 $536 - $299.4 -
1973 $463 - $244.4 -
1972 $315 - $238.6 -
1971 $301 - $227.1 -
1970 $254.2 - $220.3 -
1969 $245.2 - $214.7 -
1968 $190.4 - $198.6 -
1967 $182.8 - $192.2 -
1966 $192.7 - $184.6 -
1965 $181 - $177.6 -
1964 $171.6 - $173.9 -
1963 $146.4 - $163.1 -
1962 $127.1 - $160.3 -
1961 $121.8 - $157.5 -
1960 $101.6 - $167.2 -

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

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $851 in Liberia, ranking 184/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Liberia ranks 188th at $1,871.

Economic indicators

Eswatini Liberia
Gross domestic product
$4.86B
2024
$4.78B
2024
GDP rank
162/197
2024
163/197
2024
GDP growth
2.97%
2023-2024
4.02%
2023-2024
GDP per capita
$3,910
2024
$851
2024
GDP per capita rank
131/197
2024
184/197
2024
GDP per capita, PPP
$11,799
2024
$1,871
2024
GDP per capita PPP rank
126/197
2024
188/197
2024
Government debt
$1.93B
2024
$2.73B
2024
Debt-to-GDP ratio
39.8%
2024
57.2%
2024
Government debt per person
$1,554
2024
$487
2024
Government debt per person rank
130/185
2024
167/185
2024
Average annual personal income after taxes
$3,913
2026
$1,191
2026
Market capitalization of domestic companies
$234M
2007
n/a
Number of billionaires
1
2025
n/a
Income share by richest 10%
42.7%
2016
27.1%
2016
Income share by poorest 10%
1.4%
2016
2.9%
2016
Government expenditure, % of GDP
33.3%
2024
24.3%
2024
Consumer prices inflation
2.6%
2018-2019
8.2%
2023-2024
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
34.6%
2023
5.93%
2017
Population
1273390
5887000

Spending and national debt comparison by year

Eswatini
Spending

Debt
Liberia
Spending

Debt
1x
Year % of GDP
Eswatini Liberia
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 24.3% 57.2%
2023 32% 40% 27.1% 57.8%
2022 29.6% 40.5% 26.9% 54.3%
2021 30.1% 38.4% 29.8% 53.3%
2020 32.7% 38.2% 35.3% 58.7%
2019 32.9% 30.7% 32.3% 48.6%
2018 32.2% 27% 32.7% 37.1%
2017 33.9% 21.9% 35.1% 31.8%
2016 34.7% 20.5% 35.8% 28.6%
2015 35.3% 16.4% 37.1% 24.8%
2014 33.3% 14.3% 33.4% 24.3%
2013 29.4% 15.5% 27.4% 20.6%
2012 27.8% 15.2% 30.8% 20.5%
2011 26% 15.1% 30.1% 22.7%
2010 31.6% 14.5% 25.2% 25.6%
2009 34.5% 10.8% 23.7% 130.9%
2008 34.4% 15% 21.6% 233.1%
2007 31.2% 16.6% 17.2% 394%
2006 28.2% 15% 11.1% 472%
2005 29.7% 13.9% 12.8% 535%
2004 32% 15.5% 12.1% 543%
2003 26.4% 18% 9.85% 658%
2002 27.2% 17.6% 13.2% 481%
2001 26.4% 22.4% 12.6% 484%
2000 25.3% 18.7% 15.2% 489%
1999 26.5% 17.2% - -
1998 22.5% 15.9% - -
1997 21.2% 13% - -
1996 23.3% 12% - -
1995 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/eswatini/liberia | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Liberia spent $1.16B, or 24.3% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 57.2% in Liberia, ranking 134/185 and 91/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Liberia
1x
Year Deficit/surplus, % of GDP
Eswatini Liberia
2024 -1.36% -1.98%
2023 -0.67% -7.03%
2022 -5.4% -5.33%
2021 -4.68% -2.5%
2020 -4.27% -4.02%
2019 -6.26% -4.92%
2018 -6.72% -4.7%
2017 -5.68% -7.14%
2016 -8.54% -3.83%
2015 -6.03% -3.74%
2014 -1.18% -4.92%
2013 0.59% 1.29%
2012 3.48% -2.86%
2011 -4.02% -4.43%
2010 -9.52% 1.17%
2009 -3.06% -1.39%
2008 1.63% -2.68%
2007 2.44% 2.44%
2006 8.88% 4.42%
2005 -1.7% -0.55%
2004 -4.1% -0.56%
2003 -2.15% 0.39%
2002 -3.78% -1.63%
2001 -2.31% -0.98%
2000 -1.22% -0.08%
1999 -1.27% -
1998 1.07% -
1997 2.11% -
1996 -1% -
1995 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/eswatini/liberia | 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 Liberia's deficit of $94.6M, or 1.98% of GDP.

Over the past 25 years, Eswatini recorded a fiscal deficit in 20 of those years, while Liberia ran a deficit in 20 years. On average, Eswatini posted an annual deficit equal to 2.63% of GDP, compared to deficit of 2.22% of GDP for Liberia.

Inflation comparison by year

Inflation
Eswatini

Liberia
1x
Year Consumer prices inflation
Eswatini Liberia
2024 - 8.2%
2023 - 10.1%
2022 - 7.6%
2021 - 7.8%
2020 - 17%
2019 2.6% 27%
2018 4.82% 23.5%
2017 6.22% 12.4%
2016 7.85% 8.8%
2015 4.95% 7.7%
2014 5.68% 9.9%
2013 5.62% 7.6%
2012 8.94% 6.8%
2011 6.11% 8.5%
2010 4.51% 7.3%
2009 7.45% 7.4%
2008 12.7% 17.5%
2007 8.08% 11.4%
2006 5.3% 9.5%
2005 4.77% 6.9%
2004 3.45% 3.6%
2003 7.29% 10.3%
2002 12% 14.2%
2001 5.94% 12.1%
2000 12.2% 5.3%
1999 6.09% 2%
1998 8.11% -
1997 7.13% -

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1999–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2019, retrieved 2026-04-06).

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

Over the past 21 years, Eswatini has recorded an average annual inflation rate of 6.79%, compared with 10.5% in Liberia. In 2019, inflation was 2.6% in Eswatini and 8.2% in Liberia.

Top exports between countries

Eswatini
Export category Export value
Machinery & equipment $2K
Liberia
Export category Export value
Machinery & equipment $53K
Processed food, beverages & tobacco $25K
Metals $7K
Raw materials & minerals $3K
Textiles & consumer goods $2K

Balance of trade

Eswatini Liberia
Current account balance
$78.3M
2024
$64.8M
2022
Current account balance ranking
69/190
2024
73/190
2022
Current account balance, % of GDP
+1.61%
2024
+1.62%
2022
Goods imports
$2.07B
2024
$1.53B
2022
Goods exports
$2.33B
2024
$1.03B
2022
Service imports
$542M
2024
$434M
2022
Service exports
$234M
2024
$192M
2022
Imports of goods and services, % of GDP
53.7%
2024
n/a
Exports of goods and services, % of GDP
53.8%
2024
28.5%
2025

Economic freedom indices

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

Eswatini Liberia
Economic freedom 57.5 49.8
Economic freedom ranking 116/197 163/197
Property rights 42.5 40.4
Government integrity 29.7 25.8
Judicial effectiveness 35.5 23.4
Tax burden 78.6 86.1
Government spending 71 79.5
Fiscal health 87.5 56.9
Business freedom 49.9 38
Labor freedom 55.2 43.4
Monetary freedom 76.8 71.4
Trade freedom 73.6 57.4
Investment freedom 50 55
Financial freedom 40 20

Economic freedom comparison by year

Eswatini
Liberia
1x
Year Economic freedom index
Eswatini Liberia
2026 57.5 49.8
2025 56.4 48.5
2024 55.6 49.9
2023 54.9 49.6
2022 51.4 47.9
2021 55.1 49.2
2020 55.3 49
2019 54.7 49.7
2018 55.9 50.9
2017 61.1 49.1
2016 59.7 52.2
2015 59.9 52.7
2014 61.2 52.4
2013 57.2 49.3
2012 57.2 48.6
2011 59.1 46.5
2010 57.4 46.2
2009 59.1 48.1
2008 58.4 -
2007 60.1 -
2006 61.4 -
2005 59.4 -
2004 58.6 -
2003 59.6 -
2002 60.9 -
2001 63.6 -
2000 62.6 -
1999 62.1 -
1998 62 -
1997 59.4 -
1996 58.6 -
1995 63.3 -

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 49.8 for Liberia, ranking 163/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Liberia
Services, % of GDP
51.4%
2024
41.9%
2024
Industry, % of GDP
34.7%
2024
22.7%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
33.8%
2024
GNI, Atlas method
$4.46B
2024
$4.28B
2024
GNI per capita, PPP
$10,760
2024
$1,750
2024
Total reserves including gold
$479M
2023
$600M
2022
Total reserves ranking
159/177
2023
153/177
2022
Net foreign direct investment
-$11.8M
2024
-$960M
2022
Net inflows of foreign direct investment
$75.5M
2024
$472M
2024
Net outflows of foreign direct investment
$63.8M
2024
$74.9M
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
3.09%
2024
Poverty at national poverty lines
58.9%
2016
50.9%
2016
Gross capital formation, % of GDP
15%
2024
n/a

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/liberia | 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 (2020–2023, 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.