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Economy of Eswatini vs Maldives compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $7.74B for Maldives, ranking 163/197 and 159/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $9.71B (125.4% of GDP) in Maldives.

Eswatini vs Maldives GDP by year

Eswatini
Maldives
1x
Year GDP, current $
Eswatini Maldives
2025 $5,160,679,613 $7,741,066,861
2024 $4,858,885,841 $7,061,608,267
2023 $4,621,191,262 $6,621,008,704
2022 $4,746,660,274 $6,177,123,352
2021 $4,807,069,277 $5,252,457,370
2020 $4,134,677,810 $3,712,604,583
2019 $4,617,018,959 $5,726,094,799
2018 $4,643,751,059 $5,404,344,163
2017 $4,462,640,651 $4,816,426,257
2016 $3,722,306,117 $4,409,942,624
2015 $3,908,217,914 $4,129,505,319
2014 $4,285,065,665 $3,697,353,039
2013 $4,463,396,204 $3,295,009,238
2012 $4,747,813,067 $2,886,163,997
2011 $4,722,912,047 $2,774,350,240
2010 $4,360,714,359 $2,588,176,055
2009 $3,525,213,502 $2,345,294,875
2008 $3,235,921,171 $2,271,646,188
2007 $3,391,122,887 $1,868,383,461
2006 $3,215,307,901 $1,575,200,391
2005 $3,097,946,371 $1,163,362,438
2004 $2,710,331,785 $1,226,829,563
2003 $2,149,632,433 $1,052,121,055
2002 $1,393,945,031 $897,031,250
2001 $1,502,870,486 $870,031,677
2000 $1,697,161,558 $624,337,145
1999 $1,547,888,496 $589,239,754
1998 $1,576,908,856 $540,096,398
1997 $1,716,714,070 $508,223,602
1996 $1,602,741,834 $450,382,328
1995 $1,698,989,464 $398,988,955
1994 $1,419,294,254 $356,014,932
1993 $1,357,189,552 $322,417,837
1992 $1,284,759,928 $284,875,809
1991 $1,156,135,718 $244,396,762
1990 $1,114,694,041 $215,043,970
1989 $696,921,542 $189,514,434
1988 $692,026,455 $168,514,513
1987 $584,126,092 $141,223,029
1986 $449,140,318 $141,882,254
1985 $360,079,419 $127,190,758
1984 $494,483,409 $109,503,546
1983 $555,336,146 $57,829,787
1982 $537,568,059 $47,911,340
1981 $570,774,825 $44,781,457
1980 $541,976,853 $42,463,576
1979 $412,093,134 $38,523,364
1978 $340,630,085 $24,369,109
1977 $304,060,076 $20,853,789
1976 $272,550,068 $22,399,467
1975 $288,299,789 $24,540,878
1974 $264,320,941 $39,120,171
1973 $221,915,128 $30,862,042
1972 $146,736,479 $25,177,138
1971 $136,462,081 $21,566,404
1970 $112,139,955 $19,328,038
1969 $105,419,958 -
1968 $79,799,968 -
1967 $74,759,970 -
1966 $76,859,969 -
1965 $70,279,972 -
1964 $64,980,554 -
1963 $54,129,438 -
1962 $45,927,962 -
1961 $43,026,043 -
1960 $35,076,846 -

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

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

GDP per capita in Eswatini vs Maldives by year

Eswatini
GDP per capita

GDP per capita, PPP
Maldives
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Maldives
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $14,615 -
2024 $3,910 $11,799 $13,379 $26,183
2023 $3,756 $11,300 $12,588 $24,786
2022 $3,894 $10,635 $11,786 $22,881
2021 $3,984 $9,990 $10,176 $19,053
2020 $3,467 $9,329 $7,394 $13,425
2019 $3,913 $9,248 $11,740 $23,077
2018 $3,973 $8,535 $11,423 $21,899
2017 $3,853 $8,584 $10,510 $19,768
2016 $3,238 $8,484 $9,948 $18,770
2015 $3,420 $8,391 $9,645 $17,875
2014 $3,771 $8,366 $8,939 $16,723
2013 $3,950 $8,231 $8,236 $15,264
2012 $4,225 $7,760 $7,461 $13,989
2011 $4,225 $7,571 $7,425 $13,726
2010 $3,923 $7,324 $7,174 $12,797
2009 $3,190 $7,011 $6,734 $12,266
2008 $2,947 $6,914 $6,757 $13,779
2007 $3,109 $6,732 $5,758 $12,852
2006 $2,965 $6,319 $5,019 $12,075
2005 $2,871 $5,773 $3,797 $9,704
2004 $2,526 $5,310 $4,070 $10,770
2003 $2,015 $5,020 $3,549 $10,065
2002 $1,316 $4,742 $3,076 $8,823
2001 $1,430 $4,521 $3,034 $8,236
2000 $1,630 $4,401 $2,214 $8,526
1999 $1,502 $4,272 $2,124 $8,162
1998 $1,547 $4,137 $1,980 $7,710
1997 $1,705 $4,038 $1,898 $7,226
1996 $1,619 $3,916 $1,717 $6,687
1995 $1,751 $3,777 $1,555 $6,223
1994 $1,461 $3,526 $1,419 $5,520
1993 $1,397 $3,371 $1,317 $5,138
1992 $1,362 $3,289 $1,194 $4,881
1991 $1,273 $3,236 $1,054 $4,604
1990 $1,278 $3,202 $957 $4,528
1989 $832 - $870 -
1988 $865 - $799 -
1987 $765 - $692 -
1986 $611 - $720 -
1985 $510 - $669 -
1984 $726 - $594 -
1983 $843 - $323 -
1982 $843 - $274.8 -
1981 $925 - $264.1 -
1980 $908 - $257.6 -
1979 $714 - $240.2 -
1978 $610 - $156.1 -
1977 $563 - $137.3 -
1976 $521 - $151.8 -
1975 $568 - $171.4 -
1974 $536 - $281.5 -
1973 $463 - $228.7 -
1972 $315 - $192.2 -
1971 $301 - $169.8 -
1970 $254.2 - $156.9 -
1969 $245.2 - - -
1968 $190.4 - - -
1967 $182.8 - - -
1966 $192.7 - - -
1965 $181 - - -
1964 $171.6 - - -
1963 $146.4 - - -
1962 $127.1 - - -
1961 $121.8 - - -
1960 $101.6 - - -

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

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

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $14,615 in Maldives, ranking 75/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Maldives ranks 81st at $26,183.

Economic indicators

Eswatini Maldives
Gross domestic product
$5.16B
2025
$7.74B
2025
GDP rank
163/197
2025
159/197
2025
GDP growth
4.19%
2024-2025
6.31%
2024-2025
GDP per capita
$4,108
2025
$14,615
2025
GDP per capita rank
131/197
2025
75/197
2025
GDP per capita, PPP
$11,799
2024
$26,183
2024
GDP per capita PPP rank
126/197
2024
81/197
2024
Government debt
$2.31B
2025
$9.71B
2025
Debt-to-GDP ratio
44.9%
2025
125.4%
2025
Government debt per person
$1,843
2025
$18,329
2025
Government debt per person rank
121/185
2025
35/185
2025
Average annual personal income after taxes
$4,770
2026
$9,733
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
23.3%
2019
Income share by poorest 10%
1.4%
2016
3.8%
2019
Government expenditure, % of GDP
35.7%
2025
36.5%
2025
Consumer prices inflation
2.6%
2018-2019
3.5%
2024-2025
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
34.3%
2023
4.56%
2019
Population
1276995
532468

Spending and national debt comparison by year

Eswatini
Spending

Debt
Maldives
Spending

Debt
1x
Year % of GDP
Eswatini Maldives
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 36.5% 125.4%
2024 33.6% 40.1% 43.9% 133.3%
2023 31.5% 39.4% 46.7% 122.4%
2022 28.9% 39.5% 42% 111.6%
2021 29.3% 37.3% 40.6% 123.4%
2020 32.2% 37.7% 50.4% 155.7%
2019 32.8% 30.5% 32.9% 77.2%
2018 31.6% 26.5% 31.9% 70.7%
2017 33.6% 21.7% 30.4% 63.8%
2016 34% 20.1% 37.3% 61.9%
2015 34.5% 16% 33.8% 54.8%
2014 32.7% 14.1% 29.1% 55.1%
2013 28.8% 15.2% 27% 55.9%
2012 27.1% 14.8% 29.8% 57.1%
2011 25.1% 14.6% 31.3% 51.9%
2010 31.1% 14.2% 33.2% 52.7%
2009 33.9% 10.6% 37% 48.4%
2008 33.4% 14.6% 35.6% 39%
2007 30.4% 16.1% 34.8% 35.8%
2006 27.6% 14.7% 35% 36.8%
2005 29% 13.6% 38.8% 43.2%
2004 31% 15% 24.1% 34.7%
2003 25.9% 17.7% 26.4% 37.6%
2002 26.5% 17.2% 29.6% 44.3%
2001 25.6% 21.7% 29.6% 41.8%
2000 24.7% 18.2% 29% 39%
1999 25.8% 16.7% 28% 38.9%
1998 22% 15.6% 25.9% 39.3%
1997 20.7% 12.7% 25.2% 38.1%
1996 22.5% 11.5% 27.3% 46.9%
1995 19.9% 12.5% 31.3% 52.2%
1994 23.4% 13.1% 30.7% 54.6%
1993 23% 15% 34.7% 55.7%
1992 24.7% 16.6% 36.1% 49%
1991 19.6% 20.1% 37.7% 46.7%
1990 18.2% 20.4% 33.3% 42.4%
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1996, retrieved 2026-07-08).

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

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Maldives spent $2.83B, or 36.5% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 125.4% in Maldives, ranking 118/185 and 11/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Maldives
1x
Year Deficit/surplus, % of GDP
Eswatini Maldives
2025 -6.14% -2.94%
2024 -1.06% -11.6%
2023 -0.66% -13.2%
2022 -5.27% -11.2%
2021 -4.55% -14.2%
2020 -4.21% -23.7%
2019 -6.23% -6.54%
2018 -6.59% -5.17%
2017 -5.64% -3.02%
2016 -8.36% -9.93%
2015 -5.89% -6.52%
2014 -1.16% -2.42%
2013 0.57% -3.49%
2012 3.39% -6.91%
2011 -3.88% -8.13%
2010 -9.34% -13.6%
2009 -3% -17.9%
2008 1.58% -9.92%
2007 2.37% -3.16%
2006 8.67% -4.52%
2005 -1.66% -7.81%
2004 -3.97% -2.26%
2003 -2.11% -3.45%
2002 -3.69% -3.97%
2001 -2.24% -3.97%
2000 -1.19% -3.89%
1999 -1.23% -3.03%
1998 1.05% -2.25%
1997 2.06% -1.46%
1996 -0.97% -2.01%
1995 0.87% -5.66%
1994 -3.43% -4.82%
1993 -3.15% -13.9%
1992 -2.76% -12.6%
1991 3.28% -10.2%
1990 5.47% -12.8%
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

GeoRank.org/economy/eswatini/maldives | 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 Maldives' deficit of $228M, or 2.94% of GDP.

Over the past 36 years, Eswatini recorded a fiscal deficit in 26 of those years, while Maldives ran a deficit in 36 years. On average, Eswatini posted an annual deficit equal to 1.92% of GDP, compared to deficit of 7.56% of GDP for Maldives.

Inflation comparison by year

Inflation
Eswatini

Maldives
1x
Year Consumer prices inflation
Eswatini Maldives
2025 - 3.5%
2024 - 1.4%
2023 - 2.6%
2022 - 2.6%
2021 - 0.2%
2020 - -1.6%
2019 2.6% 1.3%
2018 4.82% 1.4%
2017 6.22% 2.3%
2016 7.85% 0.8%
2015 4.95% 1.4%
2014 5.68% 2.4%
2013 5.62% 4%
2012 8.94% 10.9%
2011 6.11% 11.3%
2010 4.51% 6.1%
2009 7.45% 4.5%
2008 12.7% 12%
2007 8.08% 6.8%
2006 5.3% 3.5%
2005 4.77% 2.5%
2004 3.45% 6.3%
2003 7.29% -2.8%
2002 12% 0.9%
2001 5.94% 0.7%
2000 12.2% -1.2%
1999 6.09% 3%
1998 8.11% -1.4%
1997 7.13% 7.6%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2019, retrieved 2026-07-08).

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 3.67% in Maldives. In 2019, inflation was 2.6% in Eswatini and 3.5% in Maldives.

Top exports between countries

Eswatini
Export category Export value
Maldives
Export category Export value
Animal & marine products $3K

Balance of trade

Eswatini Maldives
Current account balance
$78.3M
2024
-$1.32B
2024
Current account balance ranking
65/190
2024
126/190
2024
Current account balance, % of GDP
+1.61%
2024
-18.7%
2024
Goods imports
$2.07B
2024
$3.46B
2024
Goods exports
$2.33B
2024
$383M
2024
Service imports
$542M
2024
$1.89B
2024
Service exports
$234M
2024
$5.03B
2024
Imports of goods and services, % of GDP
53.7%
2024
78.3%
2024
Exports of goods and services, % of GDP
53.8%
2024
78.2%
2024

Economic freedom indices

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

Eswatini Maldives
Economic freedom 57.5 47.6
Economic freedom ranking 116/197 174/197
Property rights 42.5 52.2
Government integrity 29.7 41.9
Judicial effectiveness 35.5 39.3
Tax burden 78.6 89.9
Government spending 71 39.5
Fiscal health 87.5 0
Business freedom 49.9 49.7
Labor freedom 55.2 54.1
Monetary freedom 76.8 76.4
Trade freedom 73.6 62.8
Investment freedom 50 35
Financial freedom 40 30

Economic freedom comparison by year

Eswatini
Maldives
1x
Year Economic freedom index
Eswatini Maldives
2026 57.5 47.6
2025 56.4 48.3
2024 55.6 47.8
2023 54.9 46.6
2022 51.4 47.3
2021 55.1 55.2
2020 55.3 56.5
2019 54.7 53.2
2018 55.9 51.1
2017 61.1 50.3
2016 59.7 53.9
2015 59.9 53.4
2014 61.2 51
2013 57.2 49
2012 57.2 49.2
2011 59.1 48.3
2010 57.4 49
2009 59.1 51.3
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 2026-07-08).

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 47.6 for Maldives, ranking 174/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Maldives
Services, % of GDP
52.4%
2025
69.9%
2025
Industry, % of GDP
33.6%
2025
9.33%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
4.59%
2025
GNI, Atlas method
$4.69B
2025
$6.86B
2025
GNI per capita, PPP
$11,390
2025
$25,600
2025
Total reserves including gold
$537M
2024
$985M
2025
Total reserves ranking
157/177
2024
143/177
2025
Net foreign direct investment
-$11.8M
2024
-$806M
2024
Net inflows of foreign direct investment
$75.5M
2024
$806M
2024
Net outflows of foreign direct investment
$63.8M
2024
$0
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
8.02%
2024
Poverty at national poverty lines
58.9%
2016
15%
2020
Gross capital formation, % of GDP
15%
2024
30.8%
2024

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/maldives | 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 (1980–1996, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)
  8. Central Intelligence Agency (CIA) (2020, retrieved 2026-07-08)
  9. TradeMap (2023, 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.