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Economy of Eswatini vs Luxembourg compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $93.3B for Luxembourg, ranking 162/197 and 74/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $24.5B (26.3% of GDP) in Luxembourg.

Eswatini vs Luxembourg GDP by year

Eswatini
Luxembourg
1x
Year GDP, current $
Eswatini Luxembourg
2024 $4,858,885,841 $93,279,851,863
2023 $4,621,191,262 $88,788,881,539
2022 $4,746,660,274 $80,801,680,397
2021 $4,807,069,277 $86,386,759,695
2020 $4,134,677,810 $73,670,782,100
2019 $4,617,018,959 $69,872,035,114
2018 $4,643,751,059 $71,085,623,495
2017 $4,462,640,651 $65,712,180,343
2016 $3,722,306,117 $62,216,885,436
2015 $3,908,217,914 $60,071,584,216
2014 $4,285,065,665 $68,804,811,898
2013 $4,463,396,204 $65,203,276,467
2012 $4,747,813,067 $59,776,383,527
2011 $4,722,912,047 $61,696,281,326
2010 $4,360,714,359 $56,213,985,987
2009 $3,525,213,502 $54,467,289,898
2008 $3,235,921,171 $58,844,277,702
2007 $3,391,122,887 $51,587,401,416
2006 $3,215,307,901 $42,910,146,296
2005 $3,097,946,371 $37,672,280,120
2004 $2,710,331,785 $35,064,843,793
2003 $2,149,632,433 $29,667,268,248
2002 $1,393,945,031 $23,649,833,332
2001 $1,502,870,486 $21,387,533,703
2000 $1,697,161,558 $21,230,182,989
1999 $1,547,888,496 $21,899,317,599
1998 $1,576,908,856 $20,150,053,345
1997 $1,716,714,070 $19,563,836,265
1996 $1,602,741,834 $20,895,314,658
1995 $1,698,989,464 $20,853,093,870
1994 $1,419,294,254 $17,701,798,891
1993 $1,357,189,552 $15,925,521,222
1992 $1,284,759,928 $15,518,702,635
1991 $1,156,135,718 $13,834,219,728
1990 $1,114,694,041 $12,778,792,854
1989 $696,921,542 $10,037,674,038
1988 $692,026,455 $9,418,167,855
1987 $584,126,092 $8,320,902,215
1986 $449,140,318 $6,685,595,088
1985 $360,079,419 $4,577,211,767
1984 $494,483,409 $4,438,435,493
1983 $555,336,146 $4,524,217,751
1982 $537,568,059 $4,602,316,793
1981 $570,774,825 $5,053,665,797
1980 $541,976,853 $6,019,805,490
1979 $412,093,134 $5,516,982,664
1978 $340,630,085 $4,718,539,772
1977 $304,060,076 $3,789,321,328
1976 $272,550,068 $3,423,586,207
1975 $288,299,789 $3,123,333,333
1974 $264,320,941 $3,183,637,117
1973 $221,915,128 $2,609,875,802
1972 $146,736,479 $1,901,697,370
1971 $136,462,081 $1,518,773,421
1970 $112,139,955 $1,457,768,455
1969 $105,419,958 $1,245,432,991
1968 $79,799,968 $1,075,561,623
1967 $74,759,970 $983,052,315
1966 $76,859,969 $976,717,015
1965 $70,279,972 $929,477,285
1964 $64,980,554 $910,877,686
1963 $54,129,438 $797,902,154
1962 $45,927,962 $747,846,862
1961 $43,026,043 $710,163,719
1960 $35,076,846 $709,941,874

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

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

GDP per capita in Eswatini vs Luxembourg by year

Eswatini
GDP per capita

GDP per capita, PPP
Luxembourg
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Luxembourg
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $137,782 $155,941
2023 $3,756 $11,300 $133,231 $150,508
2022 $3,894 $10,635 $123,720 $146,919
2021 $3,984 $9,990 $134,966 $136,772
2020 $3,467 $9,329 $116,860 $122,067
2019 $3,913 $9,248 $112,697 $121,372
2018 $3,973 $8,535 $116,927 $116,638
2017 $3,853 $8,584 $110,193 $114,986
2016 $3,238 $8,484 $106,899 $113,365
2015 $3,420 $8,391 $105,462 $107,860
2014 $3,771 $8,366 $123,679 $105,296
2013 $3,950 $8,231 $120,000 $100,925
2012 $4,225 $7,760 $112,585 $96,636
2011 $4,225 $7,571 $119,025 $94,475
2010 $3,923 $7,324 $110,886 $90,336
2009 $3,190 $7,011 $109,420 $86,919
2008 $2,947 $6,914 $120,422 $90,971
2007 $3,109 $6,732 $107,475 $85,126
2006 $2,965 $6,319 $90,789 $78,861
2005 $2,871 $5,773 $80,988 $68,788
2004 $2,526 $5,310 $76,545 $64,686
2003 $2,015 $5,020 $65,689 $60,192
2002 $1,316 $4,742 $53,006 $58,576
2001 $1,430 $4,521 $48,440 $56,136
2000 $1,630 $4,401 $48,660 $55,136
1999 $1,502 $4,272 $50,872 $49,845
1998 $1,547 $4,137 $47,445 $44,270
1997 $1,705 $4,038 $46,642 $42,488
1996 $1,619 $3,916 $50,444 $39,722
1995 $1,751 $3,777 $51,032 $38,345
1994 $1,461 $3,526 $43,933 $37,551
1993 $1,397 $3,371 $40,067 $35,899
1992 $1,362 $3,289 $39,571 $34,108
1991 $1,273 $3,236 $35,747 $33,191
1990 $1,278 $3,202 $33,465 $29,949
1989 $832 - $26,618 -
1988 $865 - $25,219 -
1987 $765 - $22,443 -
1986 $611 - $18,150 -
1985 $510 - $12,482 -
1984 $726 - $12,127 -
1983 $843 - $12,374 -
1982 $843 - $12,591 -
1981 $925 - $13,837 -
1980 $908 - $16,531 -
1979 $714 - $15,204 -
1978 $610 - $13,034 -
1977 $563 - $10,486 -
1976 $521 - $9,491 -
1975 $568 - $8,701 -
1974 $536 - $8,967 -
1973 $463 - $7,447 -
1972 $315 - $5,487 -
1971 $301 - $4,435 -
1970 $254.2 - $4,298 -
1969 $245.2 - $3,690 -
1968 $190.4 - $3,203 -
1967 $182.8 - $2,935 -
1966 $192.7 - $2,925 -
1965 $181 - $2,804 -
1964 $171.6 - $2,779 -
1963 $146.4 - $2,462 -
1962 $127.1 - $2,332 -
1961 $121.8 - $2,241 -
1960 $101.6 - $2,261 -

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

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $137,782 in Luxembourg, ranking 3/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Luxembourg ranks 1st at $155,941.

Economic indicators

Eswatini Luxembourg
Gross domestic product
$4.86B
2024
$93.3B
2024
GDP rank
162/197
2024
74/197
2024
GDP growth
2.97%
2023-2024
0.36%
2023-2024
GDP per capita
$3,910
2024
$137,782
2024
GDP per capita rank
131/197
2024
3/197
2024
GDP per capita, PPP
$11,799
2024
$155,941
2024
GDP per capita PPP rank
126/197
2024
1/197
2024
Government debt
$1.93B
2024
$24.5B
2024
Debt-to-GDP ratio
39.8%
2024
26.3%
2024
Government debt per person
$1,554
2024
$36,221
2024
Government debt per person rank
130/185
2024
19/185
2024
Average annual personal income after taxes
$3,913
2026
$69,593
2026
Market capitalization of domestic companies
$234M
2007
$41.9B
2024
Number of billionaires
1
2025
1
2025
Income share by richest 10%
42.7%
2016
25%
2023
Income share by poorest 10%
1.4%
2016
2.8%
2023
Government expenditure, % of GDP
33.3%
2024
46.9%
2024
Consumer prices inflation
2.6%
2018-2019
2.05%
2023-2024
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
34.6%
2023
6.42%
2024
Population
1273390
693885

Spending and national debt comparison by year

Eswatini
Spending

Debt
Luxembourg
Spending

Debt
1x
Year % of GDP
Eswatini Luxembourg
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 46.9% 26.3%
2023 32% 40% 46.4% 24.7%
2022 29.6% 40.5% 44.3% 24.9%
2021 30.1% 38.4% 42.4% 24.2%
2020 32.7% 38.2% 47% 24.5%
2019 32.9% 30.7% 43.1% 22.3%
2018 32.2% 27% 42.3% 20.9%
2017 33.9% 21.9% 41.3% 21.8%
2016 34.7% 20.5% 40% 19.6%
2015 35.3% 16.4% 40.4% 21.1%
2014 33.3% 14.3% 40.6% 21.9%
2013 29.4% 15.5% 41.2% 22.4%
2012 27.8% 15.2% 41.8% 20.8%
2011 26% 15.1% 41.5% 18.5%
2010 31.6% 14.5% 42% 19.1%
2009 34.5% 10.8% 42.7% 15.3%
2008 34.4% 15% 37.9% 14.6%
2007 31.2% 16.6% 37.4% 8.09%
2006 28.2% 15% 39.4% 8.21%
2005 29.7% 13.9% 43.4% 7.95%
2004 32% 15.5% 43.7% 7.83%
2003 26.4% 18% 43.3% 7.43%
2002 27.2% 17.6% 41.8% 7.45%
2001 26.4% 22.4% 38.1% 7.62%
2000 25.3% 18.7% 38% 7.49%
1999 26.5% 17.2% 41.7% 8.39%
1998 22.5% 15.9% 43.9% 9.51%
1997 21.2% 13% 44.2% 10.1%
1996 23.3% 12% 42.5% 10.2%
1995 20.5% 12.9% 42% 10.3%
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/luxembourg | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Luxembourg spent $43.7B, or 46.9% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 26.3% in Luxembourg, ranking 134/185 and 162/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Luxembourg
1x
Year Deficit/surplus, % of GDP
Eswatini Luxembourg
2024 -1.36% 1.03%
2023 -0.67% -0.78%
2022 -5.4% 0.18%
2021 -4.68% 1%
2020 -4.27% -3.09%
2019 -6.26% 2.68%
2018 -6.72% 3.17%
2017 -5.68% 1.37%
2016 -8.54% 1.89%
2015 -6.03% 1.3%
2014 -1.18% 1.33%
2013 0.59% 0.84%
2012 3.48% 0.5%
2011 -4.02% 0.65%
2010 -9.52% -0.26%
2009 -3.06% -0.21%
2008 1.63% 3.37%
2007 2.44% 4.35%
2006 8.88% 1.9%
2005 -1.7% -0.21%
2004 -4.1% -1.39%
2003 -2.15% 0.28%
2002 -3.78% 2.03%
2001 -2.31% 5.62%
2000 -1.22% 5.55%
1999 -1.27% 3.24%
1998 1.07% 2.98%
1997 2.11% 2.65%
1996 -1% 2.37%
1995 0.9% 2.71%
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/luxembourg | 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 Luxembourg's surplus of $961M, or 1.03% of GDP.

Over the past 30 years, Eswatini recorded a fiscal deficit in 22 of those years, while Luxembourg ran a deficit in 6 years. On average, Eswatini posted an annual deficit equal to 2.13% of GDP, compared to surplus of 1.57% of GDP for Luxembourg.

Inflation comparison by year

Inflation
Eswatini

Luxembourg
1x
Year Consumer prices inflation
Eswatini Luxembourg
2024 - 2.05%
2023 - 3.74%
2022 - 6.34%
2021 - 2.53%
2020 - 0.82%
2019 2.6% 1.74%
2018 4.82% 1.53%
2017 6.22% 1.73%
2016 7.85% 0.29%
2015 4.95% 0.47%
2014 5.68% 0.63%
2013 5.62% 1.73%
2012 8.94% 2.66%
2011 6.11% 3.41%
2010 4.51% 2.27%
2009 7.45% 0.37%
2008 12.7% 3.4%
2007 8.08% 2.31%
2006 5.3% 2.67%
2005 4.77% 2.49%
2004 3.45% 2.23%
2003 7.29% 2.05%
2002 12% 2.07%
2001 5.94% 2.66%
2000 12.2% 3.15%
1999 6.09% 1.03%
1998 8.11% 0.96%
1997 7.13% 1.37%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 1.88% in Luxembourg. In 2019, inflation was 2.6% in Eswatini and 2.05% in Luxembourg.

Top exports between countries

Eswatini
Export category Export value
Chemicals & pharma $1K
Luxembourg
Export category Export value
Machinery & equipment $4K
Chemicals & pharma $1K
Processed food, beverages & tobacco $1K

Balance of trade

Eswatini Luxembourg
Current account balance
$78.3M
2024
$4.1B
2024
Current account balance ranking
69/190
2024
35/190
2024
Current account balance, % of GDP
+1.61%
2024
+4.4%
2024
Goods imports
$2.07B
2024
$29.4B
2024
Goods exports
$2.33B
2024
$31.3B
2024
Service imports
$542M
2024
$117B
2024
Service exports
$234M
2024
$150B
2024
Imports of goods and services, % of GDP
53.7%
2024
159.7%
2024
Exports of goods and services, % of GDP
53.8%
2024
191.5%
2024

Economic freedom indices

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

Eswatini Luxembourg
Economic freedom 57.5 79.7
Economic freedom ranking 116/197 7/197
Property rights 42.5 96.6
Government integrity 29.7 88.7
Judicial effectiveness 35.5 99.1
Tax burden 78.6 62.3
Government spending 71 36.9
Fiscal health 87.5 98.6
Business freedom 49.9 89.5
Labor freedom 55.2 56.7
Monetary freedom 76.8 74.1
Trade freedom 73.6 79.4
Investment freedom 50 95
Financial freedom 40 80

Economic freedom comparison by year

Eswatini
Luxembourg
1x
Year Economic freedom index
Eswatini Luxembourg
2026 57.5 79.7
2025 56.4 79.5
2024 55.6 79.2
2023 54.9 78.4
2022 51.4 80.6
2021 55.1 76
2020 55.3 75.8
2019 54.7 75.9
2018 55.9 76.4
2017 61.1 75.9
2016 59.7 73.9
2015 59.9 73.2
2014 61.2 74.2
2013 57.2 74.2
2012 57.2 74.5
2011 59.1 76.2
2010 57.4 75.4
2009 59.1 75.2
2008 58.4 74.7
2007 60.1 74.6
2006 61.4 75.3
2005 59.4 76.3
2004 58.6 78.9
2003 59.6 79.9
2002 60.9 79.4
2001 63.6 80.1
2000 62.6 76.4
1999 62.1 72.4
1998 62 72.7
1997 59.4 72.8
1996 58.6 72.5
1995 63.3 -

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 79.7 for Luxembourg, ranking 7/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Luxembourg
Services, % of GDP
51.4%
2024
81.2%
2024
Industry, % of GDP
34.7%
2024
9.66%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
0.21%
2024
GNI, Atlas method
$4.46B
2024
$57.3B
2024
GNI per capita, PPP
$10,760
2024
$110,650
2024
Total reserves including gold
$479M
2023
$2.79B
2024
Total reserves ranking
159/177
2023
119/177
2024
Net foreign direct investment
-$11.8M
2024
$21.4B
2024
Net inflows of foreign direct investment
$75.5M
2024
$106B
2024
Net outflows of foreign direct investment
$63.8M
2024
$109B
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
n/a
Poverty at national poverty lines
58.9%
2016
17.3%
2021
Gross capital formation, % of GDP
15%
2024
15.8%
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/luxembourg | 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 (2022–2024, 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.