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Economy of Eswatini vs Malaysia compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $422B for Malaysia, ranking 162/197 and 38/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Eswatini vs Malaysia GDP by year

Eswatini
Malaysia
1x
Year GDP, current $
Eswatini Malaysia
2024 $4,858,885,841 $422,227,005,429
2023 $4,621,191,262 $399,949,418,753
2022 $4,746,660,274 $407,830,525,990
2021 $4,807,069,277 $373,784,553,030
2020 $4,134,677,810 $337,456,163,961
2019 $4,617,018,959 $365,177,721,022
2018 $4,643,751,059 $358,788,845,713
2017 $4,462,640,651 $319,109,094,160
2016 $3,722,306,117 $301,256,033,870
2015 $3,908,217,914 $301,355,266,965
2014 $4,285,065,665 $338,066,095,097
2013 $4,463,396,204 $323,276,235,524
2012 $4,747,813,067 $314,443,047,642
2011 $4,722,912,047 $297,951,668,675
2010 $4,360,714,359 $255,017,638,456
2009 $3,525,213,502 $202,257,453,037
2008 $3,235,921,171 $230,811,614,370
2007 $3,391,122,887 $193,549,569,478
2006 $3,215,307,901 $162,692,258,307
2005 $3,097,946,371 $143,534,405,819
2004 $2,710,331,785 $124,749,473,684
2003 $2,149,632,433 $110,202,368,421
2002 $1,393,945,031 $100,845,526,316
2001 $1,502,870,486 $92,783,947,368
2000 $1,697,161,558 $93,789,736,842
1999 $1,547,888,496 $79,148,421,053
1998 $1,576,908,856 $72,167,498,981
1997 $1,716,714,070 $100,005,323,302
1996 $1,602,741,834 $100,855,393,910
1995 $1,698,989,464 $88,705,342,903
1994 $1,419,294,254 $74,478,356,958
1993 $1,357,189,552 $66,894,966,969
1992 $1,284,759,928 $59,167,550,163
1991 $1,156,135,718 $49,143,148,094
1990 $1,114,694,041 $44,024,585,240
1989 $696,921,542 $38,847,965,293
1988 $692,026,455 $35,272,109,220
1987 $584,126,092 $32,181,210,158
1986 $449,140,318 $27,734,111,400
1985 $360,079,419 $31,199,633,353
1984 $494,483,409 $33,942,897,422
1983 $555,336,146 $30,347,442,111
1982 $537,568,059 $26,804,493,635
1981 $570,774,825 $25,004,285,792
1980 $541,976,853 $24,488,224,677
1979 $412,093,134 $21,213,264,962
1978 $340,630,085 $16,358,079,862
1977 $304,060,076 $13,139,488,633
1976 $272,550,068 $11,050,234,599
1975 $288,299,789 $9,298,800,799
1974 $264,320,941 $9,496,204,302
1973 $221,915,128 $7,662,902,678
1972 $146,736,479 $5,043,347,250
1971 $136,462,081 $4,244,395,956
1970 $112,139,955 $3,864,145,667
1969 $105,419,958 $3,664,552,041
1968 $79,799,968 $3,330,371,551
1967 $74,759,970 $3,188,924,677
1966 $76,859,969 $3,143,517,944
1965 $70,279,972 $2,956,337,669
1964 $64,980,554 $2,674,423,922
1963 $54,129,438 $2,510,110,348
1962 $45,927,962 $2,001,489,602
1961 $43,026,043 $1,901,856,123
1960 $35,076,846 $1,916,229,477

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

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

GDP per capita in Eswatini vs Malaysia by year

Eswatini
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $11,874 $38,779
2023 $3,756 $11,300 $11,386 $36,467
2022 $3,894 $10,635 $11,755 $34,420
2021 $3,984 $9,990 $10,903 $29,823
2020 $3,467 $9,329 $9,958 $27,475
2019 $3,913 $9,248 $10,920 $28,934
2018 $3,973 $8,535 $10,902 $27,794
2017 $3,853 $8,584 $9,863 $26,416
2016 $3,238 $8,484 $9,477 $25,286
2015 $3,420 $8,391 $9,649 $24,526
2014 $3,771 $8,366 $11,013 $24,307
2013 $3,950 $8,231 $10,714 $23,161
2012 $4,225 $7,760 $10,601 $22,639
2011 $4,225 $7,571 $10,217 $21,324
2010 $3,923 $7,324 $8,899 $20,193
2009 $3,190 $7,011 $7,191 $18,923
2008 $2,947 $6,914 $8,372 $19,480
2007 $3,109 $6,732 $7,169 $18,617
2006 $2,965 $6,319 $6,158 $17,426
2005 $2,871 $5,773 $5,556 $16,371
2004 $2,526 $5,310 $4,939 $15,416
2003 $2,015 $5,020 $4,465 $14,387
2002 $1,316 $4,742 $4,184 $13,656
2001 $1,430 $4,521 $3,944 $13,072
2000 $1,630 $4,401 $4,084 $13,027
1999 $1,502 $4,272 $3,528 $11,980
1998 $1,547 $4,137 $3,294 $11,398
1997 $1,705 $4,038 $4,679 $12,469
1996 $1,619 $3,916 $4,837 $11,709
1995 $1,751 $3,777 $4,363 $10,720
1994 $1,461 $3,526 $3,758 $9,806
1993 $1,397 $3,371 $3,462 $9,018
1992 $1,362 $3,289 $3,141 $8,224
1991 $1,273 $3,236 $2,679 $7,583
1990 $1,278 $3,202 $2,469 $6,887
1989 $832 - $2,244 -
1988 $865 - $2,100 -
1987 $765 - $1,977 -
1986 $611 - $1,760 -
1985 $510 - $2,046 -
1984 $726 - $2,300 -
1983 $843 - $2,124 -
1982 $843 - $1,938 -
1981 $925 - $1,866 -
1980 $908 - $1,886 -
1979 $714 - $1,680 -
1978 $610 - $1,327 -
1977 $563 - $1,092 -
1976 $521 - $940 -
1975 $568 - $811 -
1974 $536 - $848 -
1973 $463 - $701 -
1972 $315 - $472 -
1971 $301 - $407 -
1970 $254.2 - $380 -
1969 $245.2 - $368 -
1968 $190.4 - $342 -
1967 $182.8 - $335 -
1966 $192.7 - $339 -
1965 $181 - $326 -
1964 $171.6 - $303 -
1963 $146.4 - $291.8 -
1962 $127.1 - $238.8 -
1961 $121.8 - $232.9 -
1960 $101.6 - $240.8 -

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

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Malaysia ranks 60th at $38,779.

Economic indicators

Eswatini Malaysia
Gross domestic product
$4.86B
2024
$422B
2024
GDP rank
162/197
2024
38/197
2024
GDP growth
2.97%
2023-2024
5.11%
2023-2024
GDP per capita
$3,910
2024
$11,874
2024
GDP per capita rank
131/197
2024
79/197
2024
GDP per capita, PPP
$11,799
2024
$38,779
2024
GDP per capita PPP rank
126/197
2024
60/197
2024
Government debt
$1.93B
2024
$296B
2024
Debt-to-GDP ratio
39.8%
2024
70.1%
2024
Government debt per person
$1,554
2024
$8,322
2024
Government debt per person rank
130/185
2024
62/185
2024
Average annual personal income after taxes
$3,913
2026
$11,005
2026
Market capitalization of domestic companies
$234M
2007
$449B
2024
Number of billionaires
1
2025
19
2025
Income share by richest 10%
42.7%
2016
30.9%
2021
Income share by poorest 10%
1.4%
2016
2.3%
2021
Government expenditure, % of GDP
33.3%
2024
23.9%
2024
Consumer prices inflation
2.6%
2018-2019
1.83%
2023-2024
Central bank interest rate
6.75%
2025
2.75%
2025
Unemployment rate
34.6%
2023
3.93%
2022
Population
1273390
36512221

Spending and national debt comparison by year

Eswatini
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Eswatini Malaysia
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 23.9% 70.1%
2023 32% 40% 24.9% 69.7%
2022 29.6% 40.5% 24.6% 65.5%
2021 30.1% 38.4% 24.5% 69.2%
2020 32.7% 38.2% 25% 67.7%
2019 32.9% 30.7% 23.6% 57.1%
2018 32.2% 27% 22.8% 55.6%
2017 33.9% 21.9% 22% 54.4%
2016 34.7% 20.5% 22.9% 55.8%
2015 35.3% 16.4% 24.7% 57%
2014 33.3% 14.3% 26% 55.4%
2013 29.4% 15.5% 27.8% 55.7%
2012 27.8% 15.2% 28.5% 53.8%
2011 26% 15.1% 27.1% 51.9%
2010 31.6% 14.5% 26.6% 51.2%
2009 34.5% 10.8% 30.9% 50.4%
2008 34.4% 15% 26.9% 39.4%
2007 31.2% 16.6% 25.9% 39.3%
2006 28.2% 15% 25.6% 39.7%
2005 29.7% 13.9% 24.5% 40.8%
2004 32% 15.5% 25.9% 42%
2003 26.4% 18% 28.1% 41.4%
2002 27.2% 17.6% 27.1% 39.5%
2001 26.4% 22.4% 28.2% 38.1%
2000 25.3% 18.7% 25.6% 32.5%
1999 26.5% 17.2% 24.6% 34.4%
1998 22.5% 15.9% 23.1% 33.6%
1997 21.2% 13% 21.2% 29.6%
1996 23.3% 12% 22.4% 32.8%
1995 20.5% 12.9% 22.6% 38.2%
1994 24.7% 13.8% 23.3% 43.7%
1993 24% 15.6% 24.6% 51.1%
1992 26% 16.6% 28.2% 59.1%
1991 20.3% 20.1% 27.4% 67.3%
1990 18.7% 20.4% 30.5% 74.1%
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/malaysia | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 70.1% in Malaysia, ranking 134/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Malaysia
1x
Year Deficit/surplus, % of GDP
Eswatini Malaysia
2024 -1.36% -3.95%
2023 -0.67% -3.97%
2022 -5.4% -4.56%
2021 -4.68% -6.03%
2020 -4.27% -4.9%
2019 -6.26% -2.01%
2018 -6.72% -2.64%
2017 -5.68% -2.41%
2016 -8.54% -2.6%
2015 -6.03% -2.55%
2014 -1.18% -2.63%
2013 0.59% -3.48%
2012 3.48% -3.1%
2011 -4.02% -3.57%
2010 -9.52% -4.32%
2009 -3.06% -5.88%
2008 1.63% -3.4%
2007 2.44% -2.57%
2006 8.88% -2.6%
2005 -1.7% -2.83%
2004 -4.1% -3.35%
2003 -2.15% -4.6%
2002 -3.78% -3.96%
2001 -2.31% -4.36%
2000 -1.22% -6.05%
1999 -1.27% -3%
1998 1.07% -0.63%
1997 2.11% 4.84%
1996 -1% 3.27%
1995 0.9% 3.1%
1994 -3.61% 5.45%
1993 -3.29% 3.44%
1992 -2.9% 1.81%
1991 3.4% 1.6%
1990 5.61% 0.15%
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/malaysia | 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 Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 35 years, Eswatini recorded a fiscal deficit in 25 of those years, while Malaysia ran a deficit in 27 years. On average, Eswatini posted an annual deficit equal to 1.85% of GDP, compared to deficit of 2.07% of GDP for Malaysia.

Inflation comparison by year

Inflation
Eswatini

Malaysia
1x
Year Consumer prices inflation
Eswatini Malaysia
2024 - 1.83%
2023 - 2.49%
2022 - 3.38%
2021 - 2.48%
2020 - -1.14%
2019 2.6% 0.66%
2018 4.82% 0.88%
2017 6.22% 3.87%
2016 7.85% 2.09%
2015 4.95% 2.1%
2014 5.68% 3.14%
2013 5.62% 2.11%
2012 8.94% 1.66%
2011 6.11% 3.17%
2010 4.51% 1.62%
2009 7.45% 0.58%
2008 12.7% 5.44%
2007 8.08% 2.03%
2006 5.3% 3.61%
2005 4.77% 2.98%
2004 3.45% 1.42%
2003 7.29% 1.09%
2002 12% 1.81%
2001 5.94% 1.42%
2000 12.2% 1.53%
1999 6.09% 2.74%
1998 8.11% 5.27%
1997 7.13% 2.66%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 2.34% in Malaysia. In 2019, inflation was 2.6% in Eswatini and 1.83% in Malaysia.

Top exports between countries

Eswatini
Export category Export value
Raw agricultural goods $20K
Machinery & equipment $6K
Miscellaneous $2K
Precious metals & jewellery $1K
Malaysia
Export category Export value
Raw materials & minerals $1.47M
Machinery & equipment $385K
Processed food, beverages & tobacco $116K
Textiles & consumer goods $116K
Chemicals & pharma $80K
Metals $16K
Miscellaneous $4K

Balance of trade

Eswatini Malaysia
Current account balance
$78.3M
2024
$7.15B
2024
Current account balance ranking
69/190
2024
26/190
2024
Current account balance, % of GDP
+1.61%
2024
+1.69%
2024
Goods imports
$2.07B
2024
$223B
2024
Goods exports
$2.33B
2024
$248B
2024
Service imports
$542M
2024
$56.4B
2024
Service exports
$234M
2024
$53.4B
2024
Imports of goods and services, % of GDP
53.7%
2024
66%
2024
Exports of goods and services, % of GDP
53.8%
2024
71.3%
2024

Economic freedom indices

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

Eswatini Malaysia
Economic freedom 57.5 68
Economic freedom ranking 116/197 51/197
Property rights 42.5 62.7
Government integrity 29.7 52.9
Judicial effectiveness 35.5 63.4
Tax burden 78.6 83.5
Government spending 71 82
Fiscal health 87.5 62.5
Business freedom 49.9 79.6
Labor freedom 55.2 55.4
Monetary freedom 76.8 80.8
Trade freedom 73.6 83
Investment freedom 50 60
Financial freedom 40 50

Economic freedom comparison by year

Eswatini
Malaysia
1x
Year Economic freedom index
Eswatini Malaysia
2026 57.5 68
2025 56.4 67.1
2024 55.6 65.7
2023 54.9 67.3
2022 51.4 68.1
2021 55.1 74.4
2020 55.3 74.7
2019 54.7 74
2018 55.9 74.5
2017 61.1 73.8
2016 59.7 71.5
2015 59.9 70.8
2014 61.2 69.6
2013 57.2 66.1
2012 57.2 66.4
2011 59.1 66.3
2010 57.4 64.8
2009 59.1 64.6
2008 58.4 63.9
2007 60.1 63.8
2006 61.4 61.6
2005 59.4 61.9
2004 58.6 59.9
2003 59.6 61.1
2002 60.9 60.1
2001 63.6 60.2
2000 62.6 66
1999 62.1 68.9
1998 62 68.2
1997 59.4 66.8
1996 58.6 69.9
1995 63.3 71.9

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Malaysia
Services, % of GDP
51.4%
2024
53.7%
2024
Industry, % of GDP
34.7%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
8.13%
2024
GNI, Atlas method
$4.46B
2024
$414B
2024
GNI per capita, PPP
$10,760
2024
$37,450
2024
Total reserves including gold
$479M
2023
$116B
2024
Total reserves ranking
159/177
2023
24/177
2024
Net foreign direct investment
-$11.8M
2024
-$2.55B
2024
Net inflows of foreign direct investment
$75.5M
2024
$15.6B
2024
Net outflows of foreign direct investment
$63.8M
2024
$13B
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
n/a
Poverty at national poverty lines
58.9%
2016
5.8%
2023
Gross capital formation, % of GDP
15%
2024
22%
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/malaysia | 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 (2020–2024, 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.