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Economy of Eswatini vs Mali compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $26.8B for Mali, ranking 162/197 and 113/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $13.9B (51.7% of GDP) in Mali.

Eswatini vs Mali GDP by year

Eswatini
Mali
1x
Year GDP, current $
Eswatini Mali
2024 $4,858,885,841 $26,794,747,240
2023 $4,621,191,262 $24,813,860,599
2022 $4,746,660,274 $22,539,987,719
2021 $4,807,069,277 $22,999,245,263
2020 $4,134,677,810 $20,698,560,939
2019 $4,617,018,959 $20,477,421,885
2018 $4,643,751,059 $20,368,015,381
2017 $4,462,640,651 $18,308,362,040
2016 $3,722,306,117 $16,743,796,800
2015 $3,908,217,914 $15,583,181,170
2014 $4,285,065,665 $17,081,681,993
2013 $4,463,396,204 $15,747,192,681
2012 $4,747,813,067 $14,795,114,603
2011 $4,722,912,047 $15,452,791,789
2010 $4,360,714,359 $12,710,739,159
2009 $3,525,213,502 $12,155,217,833
2008 $3,235,921,171 $11,462,490,840
2007 $3,391,122,887 $9,699,047,443
2006 $3,215,307,901 $8,212,007,554
2005 $3,097,946,371 $7,429,066,951
2004 $2,710,331,785 $6,485,774,930
2003 $2,149,632,433 $5,605,613,011
2002 $1,393,945,031 $4,647,238,257
2001 $1,502,870,486 $4,124,281,594
2000 $1,697,161,558 $3,521,570,876
1999 $1,547,888,496 $4,091,446,054
1998 $1,576,908,856 $3,894,433,432
1997 $1,716,714,070 $3,414,879,486
1996 $1,602,741,834 $3,743,103,420
1995 $1,698,989,464 $3,373,322,735
1994 $1,419,294,254 $2,655,768,636
1993 $1,357,189,552 $3,632,801,877
1992 $1,284,759,928 $3,680,775,037
1991 $1,156,135,718 $3,576,562,682
1990 $1,114,694,041 $3,248,417,791
1989 $696,921,542 $2,824,822,489
1988 $692,026,455 $2,712,207,901
1987 $584,126,092 $2,437,004,680
1986 $449,140,318 $2,132,938,007
1985 $360,079,419 $1,594,347,021
1984 $494,483,409 $1,387,809,615
1983 $555,336,146 $1,496,616,127
1982 $537,568,059 $1,680,304,773
1981 $570,774,825 $2,234,583,940
1980 $541,976,853 $2,704,362,789
1979 $412,093,134 $1,595,422,956
1978 $340,630,085 $1,222,702,573
1977 $304,060,076 $1,049,838,548
1976 $272,550,068 $939,228,017
1975 $288,299,789 $830,710,615
1974 $264,320,941 $538,747,340
1973 $221,915,128 $563,683,703
1972 $146,736,479 $486,617,280
1971 $136,462,081 $395,218,629
1970 $112,139,955 $359,772,315
1969 $105,419,958 $339,913,867
1968 $79,799,968 $343,771,973
1967 $74,759,970 $275,494,478
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 (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Eswatini vs Mali by year

Eswatini
GDP per capita

GDP per capita, PPP
Mali
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Mali
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $1,095 $3,315
2023 $3,756 $11,300 $1,044 $3,175
2022 $3,894 $10,635 $977 $3,014
2021 $3,984 $9,990 $1,027 $2,796
2020 $3,467 $9,329 $953 $2,724
2019 $3,913 $9,248 $972 $2,820
2018 $3,973 $8,535 $996 $2,684
2017 $3,853 $8,584 $924 $2,607
2016 $3,238 $8,484 $872 $2,532
2015 $3,420 $8,391 $838 $2,330
2014 $3,771 $8,366 $948 $2,185
2013 $3,950 $8,231 $902 $2,059
2012 $4,225 $7,760 $873 $1,990
2011 $4,225 $7,571 $938 $2,046
2010 $3,923 $7,324 $797 $2,012
2009 $3,190 $7,011 $787 $1,945
2008 $2,947 $6,914 $767 $1,893
2007 $3,109 $6,732 $671 $1,852
2006 $2,965 $6,319 $587 $1,832
2005 $2,871 $5,773 $549 $1,771
2004 $2,526 $5,310 $495 $1,730
2003 $2,015 $5,020 $442 $1,715
2002 $1,316 $4,742 $378 $1,581
2001 $1,430 $4,521 $346 $1,559
2000 $1,630 $4,401 $305 $1,357
1999 $1,502 $4,272 $364 $1,376
1998 $1,547 $4,137 $357 $1,332
1997 $1,705 $4,038 $321 $1,267
1996 $1,619 $3,916 $360 $1,224
1995 $1,751 $3,777 $331 $1,154
1994 $1,461 $3,526 $266.5 $1,147
1993 $1,397 $3,371 $372 $1,087
1992 $1,362 $3,289 $385 $1,039
1991 $1,273 $3,236 $382 $1,091
1990 $1,278 $3,202 $354 $956
1989 $832 - $314 -
1988 $865 - $307 -
1987 $765 - $280.7 -
1986 $611 - $250 -
1985 $510 - $190.4 -
1984 $726 - $169.1 -
1983 $843 - $186.3 -
1982 $843 - $213.8 -
1981 $925 - $290.5 -
1980 $908 - $359 -
1979 $714 - $216.3 -
1978 $610 - $169.1 -
1977 $563 - $148.1 -
1976 $521 - $134.9 -
1975 $568 - $121.5 -
1974 $536 - $80.2 -
1973 $463 - $85.4 -
1972 $315 - $75.1 -
1971 $301 - $62 -
1970 $254.2 - $57.3 -
1969 $245.2 - $55 -
1968 $190.4 - $56.5 -
1967 $182.8 - $46 -
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 (1960–2024, retrieved 2026-04-06).

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $1,095 in Mali, ranking 173/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Mali ranks 174th at $3,315.

Economic indicators

Eswatini Mali
Gross domestic product
$4.86B
2024
$26.8B
2024
GDP rank
162/197
2024
113/197
2024
GDP growth
2.97%
2023-2024
4.99%
2023-2024
GDP per capita
$3,910
2024
$1,095
2024
GDP per capita rank
131/197
2024
173/197
2024
GDP per capita, PPP
$11,799
2024
$3,315
2024
GDP per capita PPP rank
126/197
2024
174/197
2024
Government debt
$1.93B
2024
$13.9B
2024
Debt-to-GDP ratio
39.8%
2024
51.7%
2024
Government debt per person
$1,554
2024
$566
2024
Government debt per person rank
130/185
2024
161/185
2024
Average annual personal income after taxes
$3,913
2026
$1,463
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
28.3%
2021
Income share by poorest 10%
1.4%
2016
3.2%
2021
Government expenditure, % of GDP
33.3%
2024
24.7%
2024
Consumer prices inflation
2.6%
2018-2019
3.2%
2023-2024
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
34.6%
2023
5.45%
2023
Population
1273390
26143152

Spending and national debt comparison by year

Eswatini
Spending

Debt
Mali
Spending

Debt
1x
Year % of GDP
Eswatini Mali
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 24.7% 51.7%
2023 32% 40% 24.8% 51.9%
2022 29.6% 40.5% 24.4% 50.3%
2021 30.1% 38.4% 26.9% 51.6%
2020 32.7% 38.2% 26.1% 47.3%
2019 32.9% 30.7% 23.1% 40.7%
2018 32.2% 27% 20.3% 37.5%
2017 33.9% 21.9% 22.9% 38.2%
2016 34.7% 20.5% 22.3% 37.2%
2015 35.3% 16.4% 20.9% 30.7%
2014 33.3% 14.3% 20% 26.9%
2013 29.4% 15.5% 19.8% 26.4%
2012 27.8% 15.2% 15.5% 25.4%
2011 26% 15.1% 20.6% 24%
2010 31.6% 14.5% 20.3% 25.3%
2009 34.5% 10.8% 22.8% 21.9%
2008 34.4% 15% 18.8% 20.1%
2007 31.2% 16.6% 21.5% 18.5%
2006 28.2% 15% 22.1% 18.1%
2005 29.7% 13.9% 21.6% 46.6%
2004 32% 15.5% 21.8% 42.4%
2003 26.4% 18% 20.8% 44.1%
2002 27.2% 17.6% 19.9% 42.6%
2001 26.4% 22.4% 18.3% 77.5%
2000 25.3% 18.7% 19.4% 90.5%
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/mali | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Mali spent $6.61B, or 24.7% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 51.7% in Mali, ranking 134/185 and 102/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Mali
1x
Year Deficit/surplus, % of GDP
Eswatini Mali
2024 -1.36% -2.57%
2023 -0.67% -3.57%
2022 -5.4% -4.75%
2021 -4.68% -4.91%
2020 -4.27% -5.42%
2019 -6.26% -1.68%
2018 -6.72% -4.74%
2017 -5.68% -2.86%
2016 -8.54% -3.95%
2015 -6.03% -1.82%
2014 -1.18% -2.89%
2013 0.59% -2.37%
2012 3.48% -0.96%
2011 -4.02% -3.42%
2010 -9.52% -2.57%
2009 -3.06% -3.71%
2008 1.63% -1.97%
2007 2.44% -2.78%
2006 8.88% 27.8%
2005 -1.7% -2.76%
2004 -4.1% -2.36%
2003 -2.15% -1.19%
2002 -3.78% -3.09%
2001 -2.31% -2.8%
2000 -1.22% -2.64%
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/mali | 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 Mali's deficit of $687M, or 2.57% of GDP.

Over the past 25 years, Eswatini recorded a fiscal deficit in 20 of those years, while Mali ran a deficit in 24 years. On average, Eswatini posted an annual deficit equal to 2.63% of GDP, compared to deficit of 1.76% of GDP for Mali.

Inflation comparison by year

Inflation
Eswatini

Mali
1x
Year Consumer prices inflation
Eswatini Mali
2024 - 3.2%
2023 - 2.1%
2022 - 9.7%
2021 - 3.8%
2020 - 0.5%
2019 2.6% -3%
2018 4.82% 1.9%
2017 6.22% 2.4%
2016 7.85% -1.8%
2015 4.95% 1.4%
2014 5.68% 0.9%
2013 5.62% -0.6%
2012 8.94% 5.3%
2011 6.11% 3%
2010 4.51% 1.2%
2009 7.45% 2.4%
2008 12.7% 9.2%
2007 8.08% 1.4%
2006 5.3% 1.6%
2005 4.77% 6.4%
2004 3.45% -3.1%
2003 7.29% -1.3%
2002 12% 5%
2001 5.94% 5.2%
2000 12.2% -0.8%
1999 6.09% -1.2%
1998 8.11% 4.1%
1997 7.13% -0.7%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 1.69% in Mali. In 2019, inflation was 2.6% in Eswatini and 3.2% in Mali.

Top exports between countries

Eswatini
Export category Export value
Raw agricultural goods $59K
Mali
Export category Export value
Raw agricultural goods $144K

Balance of trade

Eswatini Mali
Current account balance
$78.3M
2024
-$1.61B
2023
Current account balance ranking
69/190
2024
136/190
2023
Current account balance, % of GDP
+1.61%
2024
-6.49%
2023
Goods imports
$2.07B
2024
$5.73B
2023
Goods exports
$2.33B
2024
$5.65B
2023
Service imports
$542M
2024
$2.34B
2023
Service exports
$234M
2024
$475M
2023
Imports of goods and services, % of GDP
53.7%
2024
27.3%
2024
Exports of goods and services, % of GDP
53.8%
2024
22.6%
2024

Economic freedom indices

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

Eswatini Mali
Economic freedom 57.5 52.1
Economic freedom ranking 116/197 150/197
Property rights 42.5 13.8
Government integrity 29.7 23.2
Judicial effectiveness 35.5 23.3
Tax burden 78.6 67.9
Government spending 71 81.8
Fiscal health 87.5 73.6
Business freedom 49.9 40.8
Labor freedom 55.2 54.1
Monetary freedom 76.8 78.2
Trade freedom 73.6 64
Investment freedom 50 65
Financial freedom 40 40

Economic freedom comparison by year

Eswatini
Mali
1x
Year Economic freedom index
Eswatini Mali
2026 57.5 52.1
2025 56.4 52.6
2024 55.6 52.5
2023 54.9 54.5
2022 51.4 55.9
2021 55.1 55.6
2020 55.3 55.9
2019 54.7 58.1
2018 55.9 57.6
2017 61.1 58.6
2016 59.7 56.5
2015 59.9 56.4
2014 61.2 55.5
2013 57.2 56.4
2012 57.2 55.8
2011 59.1 56.3
2010 57.4 55.6
2009 59.1 55.6
2008 58.4 55.6
2007 60.1 54.7
2006 61.4 54.1
2005 59.4 57.3
2004 58.6 56.6
2003 59.6 58.6
2002 60.9 61.1
2001 63.6 60.1
2000 62.6 60.3
1999 62.1 58.4
1998 62 57.3
1997 59.4 56.4
1996 58.6 57
1995 63.3 52.4

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 52.1 for Mali, ranking 150/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Mali
Services, % of GDP
51.4%
2024
36.3%
2024
Industry, % of GDP
34.7%
2024
23.5%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
33.3%
2024
GNI, Atlas method
$4.46B
2024
$25.2B
2024
GNI per capita, PPP
$10,760
2024
$3,230
2024
Total reserves including gold
$479M
2023
n/a
Total reserves ranking
159/177
2023
n/a
Net foreign direct investment
-$11.8M
2024
-$673M
2023
Net inflows of foreign direct investment
$75.5M
2024
$921M
2024
Net outflows of foreign direct investment
$63.8M
2024
$78.1M
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
1.41%
2024
Poverty at national poverty lines
58.9%
2016
43.3%
2024
Gross capital formation, % of GDP
15%
2024
19.5%
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/mali | 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 (2020–2022, 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.