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Economy of Eswatini vs Madagascar compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $19.6B for Madagascar, ranking 163/197 and 136/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $9.56B (48.7% of GDP) in Madagascar.

Eswatini vs Madagascar GDP by year

Eswatini
Madagascar
1x
Year GDP, current $
Eswatini Madagascar
2025 $5,160,679,613 $19,620,352,036
2024 $4,858,885,841 $17,592,832,696
2023 $4,621,191,262 $16,036,707,976
2022 $4,746,660,274 $15,342,178,598
2021 $4,807,069,277 $14,354,731,964
2020 $4,134,677,810 $13,051,441,204
2019 $4,617,018,959 $14,104,664,679
2018 $4,643,751,059 $13,760,033,282
2017 $4,462,640,651 $13,176,313,594
2016 $3,722,306,117 $11,848,613,858
2015 $3,908,217,914 $11,323,020,701
2014 $4,285,065,665 $12,522,957,399
2013 $4,463,396,204 $12,423,555,455
2012 $4,747,813,067 $11,578,975,062
2011 $4,722,912,047 $11,551,819,618
2010 $4,360,714,359 $9,982,711,338
2009 $3,525,213,502 $9,616,879,409
2008 $3,235,921,171 $10,725,137,724
2007 $3,391,122,887 $8,524,620,890
2006 $3,215,307,901 $6,395,712,491
2005 $3,097,946,371 $5,859,269,753
2004 $2,710,331,785 $5,064,732,626
2003 $2,149,632,433 $6,372,498,890
2002 $1,393,945,031 $5,351,701,663
2001 $1,502,870,486 $5,438,332,602
2000 $1,697,161,558 $4,629,247,204
1999 $1,547,888,496 $4,277,903,780
1998 $1,576,908,856 $4,401,967,633
1997 $1,716,714,070 $4,262,965,420
1996 $1,602,741,834 $4,931,861,039
1995 $1,698,989,464 $3,838,100,904
1994 $1,419,294,254 $3,522,227,092
1993 $1,357,189,552 $4,063,298,919
1992 $1,284,759,928 $3,714,966,678
1991 $1,156,135,718 $3,254,713,056
1990 $1,114,694,041 $3,931,334,875
1989 $696,921,542 $3,175,638,333
1988 $692,026,455 $3,189,456,965
1987 $584,126,092 $3,212,900,556
1986 $449,140,318 $4,347,989,788
1985 $360,079,419 $3,802,557,895
1984 $494,483,409 $3,905,938,481
1983 $555,336,146 $4,686,457,031
1982 $537,568,059 $4,784,977,326
1981 $570,774,825 $4,759,333,998
1980 $541,976,853 $5,201,818,348
1979 $412,093,134 $3,463,565,854
1978 $340,630,085 $2,669,755,115
1977 $304,060,076 $2,358,930,406
1976 $272,550,068 $2,181,844,179
1975 $288,299,789 $2,283,049,215
1974 $264,320,941 $1,917,508,190
1973 $221,915,128 $1,653,062,335
1972 $146,736,479 $1,341,590,690
1971 $136,462,081 $1,199,507,631
1970 $112,139,955 $1,111,859,571
1969 $105,419,958 $1,056,391,056
1968 $79,799,968 $1,031,669,637
1967 $74,759,970 $956,436,932
1966 $76,859,969 $900,264,585
1965 $70,279,972 $833,563,473
1964 $64,980,554 $802,482,184
1963 $54,129,438 $759,345,864
1962 $45,927,962 $739,286,908
1961 $43,026,043 $699,161,945
1960 $35,076,846 $673,081,725

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

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

GDP per capita in Eswatini vs Madagascar by year

Eswatini
GDP per capita

GDP per capita, PPP
Madagascar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Madagascar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $599 -
2024 $3,910 $11,799 $550 $1,884
2023 $3,756 $11,300 $514 $1,808
2022 $3,894 $10,635 $504 $1,717
2021 $3,984 $9,990 $483 $1,577
2020 $3,467 $9,329 $451 $1,490
2019 $3,913 $9,248 $500 $1,612
2018 $3,973 $8,535 $500 $1,547
2017 $3,853 $8,584 $492 $1,547
2016 $3,238 $8,484 $454 $1,562
2015 $3,420 $8,391 $445 $1,497
2014 $3,771 $8,366 $506 $1,499
2013 $3,950 $8,231 $515 $1,473
2012 $4,225 $7,760 $494 $1,464
2011 $4,225 $7,571 $506 $1,475
2010 $3,923 $7,324 $450 $1,464
2009 $3,190 $7,011 $446 $1,480
2008 $2,947 $6,914 $513 $1,577
2007 $3,109 $6,732 $420 $1,493
2006 $2,965 $6,319 $324 $1,416
2005 $2,871 $5,773 $306 $1,343
2004 $2,526 $5,310 $272.2 $1,280
2003 $2,015 $5,020 $353 $1,219
2002 $1,316 $4,742 $305 $1,121
2001 $1,430 $4,521 $319 $1,299
2000 $1,630 $4,401 $280.3 $1,236
1999 $1,502 $4,272 $267.4 $1,194
1998 $1,547 $4,137 $284.2 $1,162
1997 $1,705 $4,038 $284.4 $1,142
1996 $1,619 $3,916 $340 $1,119
1995 $1,751 $3,777 $273.1 $1,111
1994 $1,461 $3,526 $258.7 $1,104
1993 $1,397 $3,371 $308 $1,116
1992 $1,362 $3,289 $290.2 $1,101
1991 $1,273 $3,236 $262 $1,096
1990 $1,278 $3,202 $326 $1,166
1989 $832 - $271.3 -
1988 $865 - $280.5 -
1987 $765 - $290.8 -
1986 $611 - $405 -
1985 $510 - $364 -
1984 $726 - $385 -
1983 $843 - $476 -
1982 $843 - $501 -
1981 $925 - $513 -
1980 $908 - $578 -
1979 $714 - $396 -
1978 $610 - $315 -
1977 $563 - $286.9 -
1976 $521 - $273.5 -
1975 $568 - $295 -
1974 $536 - $255.3 -
1973 $463 - $226.8 -
1972 $315 - $189.6 -
1971 $301 - $174.6 -
1970 $254.2 - $166.6 -
1969 $245.2 - $162.9 -
1968 $190.4 - $163.6 -
1967 $182.8 - $155.9 -
1966 $192.7 - $150.7 -
1965 $181 - $143.2 -
1964 $171.6 - $141.5 -
1963 $146.4 - $137.4 -
1962 $127.1 - $137.3 -
1961 $121.8 - $133.3 -
1960 $101.6 - $131.7 -

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

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

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $599 in Madagascar, ranking 194/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Madagascar ranks 187th at $1,884.

Economic indicators

Eswatini Madagascar
Gross domestic product
$5.16B
2025
$19.6B
2025
GDP rank
163/197
2025
136/197
2025
GDP growth
4.19%
2024-2025
3%
2024-2025
GDP per capita
$4,108
2025
$599
2025
GDP per capita rank
131/197
2025
194/197
2025
GDP per capita, PPP
$11,799
2024
$1,884
2024
GDP per capita PPP rank
126/197
2024
187/197
2024
Government debt
$2.31B
2025
$9.56B
2025
Debt-to-GDP ratio
44.9%
2025
48.7%
2025
Government debt per person
$1,843
2025
$292
2025
Government debt per person rank
121/185
2025
179/185
2025
Average annual personal income after taxes
$4,770
2026
$1,285
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
29.6%
2021
Income share by poorest 10%
1.4%
2016
2.9%
2021
Government expenditure, % of GDP
35.7%
2025
13.5%
2025
Consumer prices inflation
2.6%
2018-2019
8.05%
2024-2025
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
34.3%
2023
3.19%
2022
Population
1276995
33936132

Spending and national debt comparison by year

Eswatini
Spending

Debt
Madagascar
Spending

Debt
1x
Year % of GDP
Eswatini Madagascar
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 13.5% 48.7%
2024 33.6% 40.1% 16.1% 49.8%
2023 31.5% 39.4% 17.7% 52.1%
2022 28.9% 39.5% 16.2% 49.8%
2021 29.3% 37.3% 13.9% 49.4%
2020 32.2% 37.7% 16.4% 52.9%
2019 32.8% 30.5% 15.4% 41.3%
2018 31.6% 26.5% 14.4% 42.9%
2017 33.6% 21.7% 14.9% 40.1%
2016 34% 20.1% 13.5% 40.3%
2015 34.5% 16% 13% 44.1%
2014 32.7% 14.1% 12.6% 37.8%
2013 28.8% 15.2% 12.7% 36.2%
2012 27.1% 14.8% 11.5% 30.4%
2011 25.1% 14.6% 12% 29.9%
2010 31.1% 14.2% 12.3% 32.3%
2009 33.9% 10.6% 12.5% 34.9%
2008 33.4% 14.6% 15.7% 31%
2007 30.4% 16.1% 16.1% 28.2%
2006 27.6% 14.7% 18.5% 32.2%
2005 29% 13.6% 18.4% 74.4%
2004 31% 15% 21.7% 81.9%
2003 25.9% 17.7% 16.6% 85.9%
2002 26.5% 17.2% 12.4% 86.7%
2001 25.6% 21.7% 15.3% 82.1%
2000 24.7% 18.2% 15.3% 90.2%
1999 25.8% 16.7% 15.5% 104.1%
1998 22% 15.6% 16.9% 108.5%
1997 20.7% 12.7% 14.5% 89.7%
1996 22.5% 11.5% 14.4% 98.7%
1995 19.9% 12.5% 14.5% 95.8%
1994 23.4% 13.1% 16.7% 96%
1993 23% 15% 17.1% 105.2%
1992 24.7% 16.6% 16.2% 110.9%
1991 19.6% 20.1% 13.5% 113.8%
1990 18.2% 20.4% 13.3% 92.7%
1989 15.8% 26.8% 15.5% 122%
1988 15.6% 27.5% 11.4% 126.6%
1987 17% 36.1% 10.4% 127.5%
1986 19.8% 44% 11.1% 84.9%
1985 22.3% 45.5% 11.8% 82.7%
1984 22.2% 29.7% 13.9% 70.9%
1983 23.2% 28.7% 13.4% 57.5%
1982 24% 29.2% 14.3% 56.1%
1981 23.8% 24.3% 18.2% 51.5%
1980 19.6% 27.2% 22.7% 37.7%

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/madagascar | CC BY

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Madagascar spent $2.65B, or 13.5% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 48.7% in Madagascar, ranking 118/185 and 109/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Madagascar
1x
Year Deficit/surplus, % of GDP
Eswatini Madagascar
2025 -6.14% -2.21%
2024 -1.06% -2.49%
2023 -0.66% -4.15%
2022 -5.27% -5.45%
2021 -4.55% -2.83%
2020 -4.21% -3.96%
2019 -6.23% -1.42%
2018 -6.59% -1.34%
2017 -5.64% -2.1%
2016 -8.36% -1.11%
2015 -5.89% -2.85%
2014 -1.16% -1.96%
2013 0.57% -3.4%
2012 3.39% -2.24%
2011 -3.88% -2.04%
2010 -9.34% -0.76%
2009 -3% -2.26%
2008 1.58% -1.72%
2007 2.37% -2.31%
2006 8.67% -5.71%
2005 -1.66% -2.47%
2004 -3.97% -4.23%
2003 -2.11% -3.32%
2002 -3.69% -4.09%
2001 -2.24% -3.61%
2000 -1.19% -2.35%
1999 -1.23% -2.42%
1998 1.05% -5.31%
1997 2.06% -2%
1996 -0.97% -3.97%
1995 0.87% -5.09%
1994 -3.43% -7.23%
1993 -3.15% -6.34%
1992 -2.76% -5%
1991 3.28% -4.4%
1990 5.47% -0.49%
1989 5.82% -3.35%
1988 3.23% -0.57%
1987 2.03% -2.12%
1986 -2.41% -2.24%
1985 -1.33% -2.39%
1984 1.25% -6.09%
1983 -0.6% -6.04%
1982 0.11% -6.97%
1981 -4.29% -9.97%
1980 6.55% -11%

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/madagascar | 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 Madagascar's deficit of $433M, or 2.21% of GDP.

Over the past 46 years, Eswatini recorded a fiscal deficit in 30 of those years, while Madagascar ran a deficit in 46 years. On average, Eswatini posted an annual deficit equal to 1.28% of GDP, compared to deficit of 3.6% of GDP for Madagascar.

Inflation comparison by year

Inflation
Eswatini

Madagascar
1x
Year Consumer prices inflation
Eswatini Madagascar
2025 - 8.05%
2024 - 7.61%
2023 - 9.87%
2022 - 8.16%
2021 - 5.81%
2020 - 4.2%
2019 2.6% 5.61%
2018 4.82% 8.59%
2017 6.22% 8.61%
2016 7.85% 6.04%
2015 4.95% 7.4%
2014 5.68% 6.08%
2013 5.62% 5.83%
2012 8.94% 5.71%
2011 6.11% 9.48%
2010 4.51% 9.25%
2009 7.45% 8.95%
2008 12.7% 9.3%
2007 8.08% 10.3%
2006 5.3% 10.8%
2005 4.77% 18.4%
2004 3.45% 14%
2003 7.29% -1.7%
2002 12% 16.5%
2001 5.94% 7.92%
2000 12.2% 11.9%
1999 6.09% 9.93%
1998 8.11% 6.21%
1997 7.13% 4.49%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 8.67% in Madagascar. In 2019, inflation was 2.6% in Eswatini and 8.05% in Madagascar.

Top exports between countries

Eswatini
Export category Export value
Processed food, beverages & tobacco $3.62M
Chemicals & pharma $2.59M
Miscellaneous $1.19M
Metals $7K
Machinery & equipment $4K
Madagascar
Export category Export value
Raw agricultural goods $515K
Textiles & consumer goods $1K

Balance of trade

Eswatini Madagascar
Current account balance
$78.3M
2024
-$749M
2024
Current account balance ranking
65/190
2024
110/190
2024
Current account balance, % of GDP
+1.61%
2024
-4.26%
2024
Goods imports
$2.07B
2024
$4.16B
2024
Goods exports
$2.33B
2024
$2.58B
2024
Service imports
$542M
2024
$1.27B
2024
Service exports
$234M
2024
$1.53B
2024
Imports of goods and services, % of GDP
53.7%
2024
32.9%
2025
Exports of goods and services, % of GDP
53.8%
2024
21.3%
2025

Economic freedom indices

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

Eswatini Madagascar
Economic freedom 57.5 57
Economic freedom ranking 116/197 119/197
Property rights 42.5 39.8
Government integrity 29.7 26.8
Judicial effectiveness 35.5 33.7
Tax burden 78.6 90.5
Government spending 71 91.5
Fiscal health 87.5 68.8
Business freedom 49.9 37.3
Labor freedom 55.2 56.1
Monetary freedom 76.8 71.8
Trade freedom 73.6 67.6
Investment freedom 50 50
Financial freedom 40 50

Economic freedom comparison by year

Eswatini
Madagascar
1x
Year Economic freedom index
Eswatini Madagascar
2026 57.5 57
2025 56.4 57
2024 55.6 57.3
2023 54.9 58.9
2022 51.4 58.9
2021 55.1 57.7
2020 55.3 60.5
2019 54.7 56.6
2018 55.9 56.8
2017 61.1 57.4
2016 59.7 61.1
2015 59.9 61.7
2014 61.2 61.7
2013 57.2 62
2012 57.2 62.4
2011 59.1 61.2
2010 57.4 63.2
2009 59.1 62.2
2008 58.4 62.4
2007 60.1 61.1
2006 61.4 61
2005 59.4 63.1
2004 58.6 60.9
2003 59.6 62.8
2002 60.9 56.8
2001 63.6 53.9
2000 62.6 54.4
1999 62.1 52.8
1998 62 51.8
1997 59.4 53.8
1996 58.6 52.2
1995 63.3 51.6

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 57 for Madagascar, ranking 119/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Madagascar
Services, % of GDP
52.4%
2025
48.8%
2025
Industry, % of GDP
33.6%
2025
23.9%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
21.7%
2025
GNI, Atlas method
$4.69B
2025
$18.2B
2025
GNI per capita, PPP
$11,390
2025
$1,910
2025
Total reserves including gold
$537M
2024
$2.78B
2024
Total reserves ranking
157/177
2024
122/177
2024
Net foreign direct investment
-$11.8M
2024
-$472M
2024
Net inflows of foreign direct investment
$75.5M
2024
$606M
2024
Net outflows of foreign direct investment
$63.8M
2024
$134M
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
1.71%
2024
Poverty at national poverty lines
58.9%
2016
75.2%
2021
Gross capital formation, % of GDP
15%
2024
24.1%
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/madagascar | CC BY

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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 (2024–2025, 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.