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Economy of Eswatini vs Malta compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $27.8B for Malta, ranking 163/197 and 118/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $13B (46.8% of GDP) in Malta.

Eswatini vs Malta GDP by year

Eswatini
Malta
1x
Year GDP, current $
Eswatini Malta
2025 $5,160,679,613 $27,771,821,561
2024 $4,858,885,841 $25,042,712,191
2023 $4,621,191,262 $22,625,329,776
2022 $4,746,660,274 $18,938,869,147
2021 $4,807,069,277 $19,730,119,031
2020 $4,134,677,810 $16,404,655,808
2019 $4,617,018,959 $16,337,788,881
2018 $4,643,751,059 $16,153,785,817
2017 $4,462,640,651 $14,161,374,599
2016 $3,722,306,117 $12,025,777,078
2015 $3,908,217,914 $11,340,789,706
2014 $4,285,065,665 $11,888,029,752
2013 $4,463,396,204 $10,796,780,874
2012 $4,747,813,067 $9,609,530,619
2011 $4,722,912,047 $9,789,363,086
2010 $4,360,714,359 $9,097,044,301
2009 $3,525,213,502 $8,769,897,418
2008 $3,235,921,171 $9,172,399,573
2007 $3,391,122,887 $7,908,412,374
2006 $3,215,307,901 $6,749,838,862
2005 $3,097,946,371 $6,393,234,965
2004 $2,710,331,785 $6,104,141,501
2003 $2,149,632,433 $5,418,315,225
2002 $1,393,945,031 $4,455,127,398
2001 $1,502,870,486 $4,070,867,153
2000 $1,697,161,558 $4,036,809,767
1999 $1,547,888,496 $4,111,857,836
1998 $1,576,908,856 $4,010,111,652
1997 $1,716,714,070 $3,787,023,655
1996 $1,602,741,834 $3,822,547,151
1995 $1,698,989,464 $3,709,396,089
1994 $1,419,294,254 $2,998,505,428
1993 $1,357,189,552 $2,709,193,538
1992 $1,284,759,928 $3,021,942,759
1991 $1,156,135,718 $2,750,216,747
1990 $1,114,694,041 $2,547,328,748
1989 $696,921,542 $2,118,655,677
1988 $692,026,455 $2,019,503,068
1987 $584,126,092 $1,751,293,461
1986 $449,140,318 $1,435,038,441
1985 $360,079,419 $1,117,797,439
1984 $494,483,409 $1,101,807,023
1983 $555,336,146 $1,165,729,707
1982 $537,568,059 $1,234,474,404
1981 $570,774,825 $1,243,509,394
1980 $541,976,853 $1,250,198,601
1979 $412,093,134 $1,001,288,847
1978 $340,630,085 $793,673,402
1977 $304,060,076 $625,563,171
1976 $272,550,068 $527,936,989
1975 $288,299,789 $474,618,321
1974 $264,320,941 $376,081,124
1973 $221,915,128 $345,616,106
1972 $146,736,479 $295,106,628
1971 $136,462,081 $264,578,485
1970 $112,139,955 $250,728,796
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/malta | CC BY

GDP per capita in Eswatini vs Malta by year

Eswatini
GDP per capita

GDP per capita, PPP
Malta
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Malta
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $47,907 -
2024 $3,910 $11,799 $44,024 $69,864
2023 $3,756 $11,300 $40,933 $67,057
2022 $3,894 $10,635 $35,659 $60,589
2021 $3,984 $9,990 $38,078 $56,852
2020 $3,467 $9,329 $31,823 $49,972
2019 $3,913 $9,248 $32,422 $51,393
2018 $3,973 $8,535 $33,382 $48,178
2017 $3,853 $8,584 $30,317 $45,764
2016 $3,238 $8,484 $26,459 $41,000
2015 $3,420 $8,391 $25,530 $38,369
2014 $3,771 $8,366 $27,425 $35,206
2013 $3,950 $8,231 $25,416 $33,138
2012 $4,225 $7,760 $22,878 $30,716
2011 $4,225 $7,571 $23,517 $29,426
2010 $3,923 $7,324 $21,947 $28,909
2009 $3,190 $7,011 $21,262 $26,782
2008 $2,947 $6,914 $22,406 $26,654
2007 $3,109 $6,732 $19,444 $25,012
2006 $2,965 $6,319 $16,654 $23,219
2005 $2,871 $5,773 $15,831 $22,227
2004 $2,526 $5,310 $15,212 $21,566
2003 $2,015 $5,020 $13,594 $20,813
2002 $1,316 $4,742 $11,251 $19,532
2001 $1,430 $4,521 $10,358 $18,435
2000 $1,630 $4,401 $10,348 $18,214
1999 $1,502 $4,272 $10,609 $16,898
1998 $1,547 $4,137 $10,408 $16,219
1997 $1,705 $4,038 $9,893 $15,465
1996 $1,619 $3,916 $10,062 $14,661
1995 $1,751 $3,777 $9,828 $13,950
1994 $1,461 $3,526 $8,000 $12,938
1993 $1,397 $3,371 $7,296 $12,103
1992 $1,362 $3,289 $8,220 $11,429
1991 $1,273 $3,236 $7,559 $10,784
1990 $1,278 $3,202 $7,192 $10,086
1989 $832 - $6,041 -
1988 $865 - $5,814 -
1987 $765 - $5,084 -
1986 $611 - $4,195 -
1985 $510 - $3,322 -
1984 $726 - $3,333 -
1983 $843 - $3,527 -
1982 $843 - $3,788 -
1981 $925 - $3,898 -
1980 $908 - $3,948 -
1979 $714 - $3,196 -
1978 $610 - $2,559 -
1977 $563 - $2,038 -
1976 $521 - $1,727 -
1975 $568 - $1,560 -
1974 $536 - $1,245 -
1973 $463 - $1,144 -
1972 $315 - $976 -
1971 $301 - $874 -
1970 $254.2 - $828 -
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/malta | CC BY

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $47,907 in Malta, ranking 28/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Malta ranks 25th at $69,864.

Economic indicators

Eswatini Malta
Gross domestic product
$5.16B
2025
$27.8B
2025
GDP rank
163/197
2025
118/197
2025
GDP growth
4.19%
2024-2025
3.96%
2024-2025
GDP per capita
$4,108
2025
$47,907
2025
GDP per capita rank
131/197
2025
28/197
2025
GDP per capita, PPP
$11,799
2024
$69,864
2024
GDP per capita PPP rank
126/197
2024
25/197
2024
Government debt
$2.31B
2025
$13B
2025
Debt-to-GDP ratio
44.9%
2025
46.8%
2025
Government debt per person
$1,843
2025
$22,407
2025
Government debt per person rank
121/185
2025
30/185
2025
Average annual personal income after taxes
$4,770
2026
$22,914
2026
Market capitalization of domestic companies
$234M
2007
$5.35B
2025
Number of billionaires
1
2026
n/a
Income share by richest 10%
42.7%
2016
24.7%
2023
Income share by poorest 10%
1.4%
2016
2.8%
2023
Government expenditure, % of GDP
35.7%
2025
37%
2025
Consumer prices inflation
2.6%
2018-2019
2.36%
2024-2025
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
34.3%
2023
3.1%
2025
Population
1276995
586345

Spending and national debt comparison by year

Eswatini
Spending

Debt
Malta
Spending

Debt
1x
Year % of GDP
Eswatini Malta
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 37% 46.8%
2024 33.6% 40.1% 37.4% 46%
2023 31.5% 39.4% 35.8% 46.8%
2022 28.9% 39.5% 38.4% 50.1%
2021 29.3% 37.3% 39.5% 49.6%
2020 32.2% 37.7% 42.1% 48.6%
2019 32.8% 30.5% 34.9% 39.2%
2018 31.6% 26.5% 34.5% 41.4%
2017 33.6% 21.7% 32.7% 45.6%
2016 34% 20.1% 35.5% 53.1%
2015 34.5% 16% 37.8% 55%
2014 32.7% 14.1% 39.6% 60.7%
2013 28.8% 15.2% 40.1% 64.9%
2012 27.1% 14.8% 41.7% 65.6%
2011 25.1% 14.6% 41.5% 68.9%
2010 31.1% 14.2% 40.1% 65%
2009 33.9% 10.6% 41.1% 66%
2008 33.4% 14.6% 42.1% 61.5%
2007 30.4% 16.1% 41.2% 62%
2006 27.6% 14.7% 42.5% 64.5%
2005 29% 13.6% 42.5% 70.2%
2004 31% 15% 42% 70.4%
2003 25.9% 17.7% 45.6% 68.6%
2002 26.5% 17.2% 43.6% 65.1%
2001 25.6% 21.7% 44.4% 70%
2000 24.7% 18.2% 42.9% 64.4%
1999 25.8% 16.7% - 69.8%
1998 22% 15.6% - 66.4%
1997 20.7% 12.7% - 60.8%
1996 22.5% 11.5% - 51.5%
1995 19.9% 12.5% - 45.3%
1994 23.4% 13.1% - -
1993 23% 15% - -
1992 24.7% 16.6% - -
1991 19.6% 20.1% - -
1990 18.2% 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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-07-08).

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

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Malta spent $10.3B, or 37% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 46.8% in Malta, ranking 118/185 and 113/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Malta
1x
Year Deficit/surplus, % of GDP
Eswatini Malta
2025 -6.14% -3.1%
2024 -1.06% -3.51%
2023 -0.66% -4.43%
2022 -5.27% -5.33%
2021 -4.55% -6.96%
2020 -4.21% -8.71%
2019 -6.23% 0.72%
2018 -6.59% 1.86%
2017 -5.64% 3.4%
2016 -8.36% 1.1%
2015 -5.89% -0.84%
2014 -1.16% -1.49%
2013 0.57% -2.19%
2012 3.39% -3.31%
2011 -3.88% -2.99%
2010 -9.34% -2.22%
2009 -3% -3.11%
2008 1.58% -4.06%
2007 2.37% -2.05%
2006 8.67% -2.46%
2005 -1.66% -2.83%
2004 -3.97% -4.28%
2003 -2.11% -9.04%
2002 -3.69% -5.62%
2001 -2.24% -6.5%
2000 -1.19% -5.83%
1999 -1.23% -
1998 1.05% -
1997 2.06% -
1996 -0.97% -
1995 0.87% -
1994 -3.43% -
1993 -3.15% -
1992 -2.76% -
1991 3.28% -
1990 5.47% -
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/malta | 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 Malta's deficit of $861M, or 3.1% of GDP.

Over the past 26 years, Eswatini recorded a fiscal deficit in 21 of those years, while Malta ran a deficit in 22 years. On average, Eswatini posted an annual deficit equal to 2.7% of GDP, compared to deficit of 3.22% of GDP for Malta.

Inflation comparison by year

Inflation
Eswatini

Malta
1x
Year Consumer prices inflation
Eswatini Malta
2025 - 2.36%
2024 - 1.65%
2023 - 5.09%
2022 - 6.15%
2021 - 1.5%
2020 - 0.64%
2019 2.6% 1.64%
2018 4.82% 1.16%
2017 6.22% 1.36%
2016 7.85% 0.64%
2015 4.95% 1.1%
2014 5.68% 0.31%
2013 5.62% 1.18%
2012 8.94% 2.38%
2011 6.11% 2.96%
2010 4.51% 1.52%
2009 7.45% 2.08%
2008 12.7% 4.26%
2007 8.08% 1.25%
2006 5.3% 2.77%
2005 4.77% 3.01%
2004 3.45% 2.79%
2003 7.29% 1.3%
2002 12% 2.19%
2001 5.94% 2.93%
2000 12.2% 2.37%
1999 6.09% 2.13%
1998 8.11% 2.39%
1997 7.13% 3.11%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 2.04% in Malta. In 2019, inflation was 2.6% in Eswatini and 2.36% in Malta.

Top exports between countries

Eswatini
Export category Export value
Chemicals & pharma $2K
Malta
Export category Export value
Wood & paper products $76K

Balance of trade

Eswatini Malta
Current account balance
$78.3M
2024
$1.78B
2024
Current account balance ranking
65/190
2024
45/190
2024
Current account balance, % of GDP
+1.61%
2024
+7.1%
2024
Goods imports
$2.07B
2024
$7.56B
2024
Goods exports
$2.33B
2024
$4.58B
2024
Service imports
$542M
2024
$17.4B
2024
Service exports
$234M
2024
$25B
2024
Imports of goods and services, % of GDP
53.7%
2024
99.9%
2025
Exports of goods and services, % of GDP
53.8%
2024
119.1%
2025

Economic freedom indices

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

Eswatini Malta
Economic freedom 57.5 68.2
Economic freedom ranking 116/197 49/197
Property rights 42.5 85.5
Government integrity 29.7 54.3
Judicial effectiveness 35.5 80.2
Tax burden 78.6 68.5
Government spending 71 58.4
Fiscal health 87.5 63.2
Business freedom 49.9 83.2
Labor freedom 55.2 62.6
Monetary freedom 76.8 73.1
Trade freedom 73.6 79.4
Investment freedom 50 60
Financial freedom 40 50

Economic freedom comparison by year

Eswatini
Malta
1x
Year Economic freedom index
Eswatini Malta
2026 57.5 68.2
2025 56.4 66.8
2024 55.6 64.5
2023 54.9 67.5
2022 51.4 71.5
2021 55.1 70.2
2020 55.3 69.5
2019 54.7 68.6
2018 55.9 68.5
2017 61.1 67.7
2016 59.7 66.7
2015 59.9 66.5
2014 61.2 66.4
2013 57.2 67.5
2012 57.2 67
2011 59.1 65.7
2010 57.4 67.2
2009 59.1 66.1
2008 58.4 66
2007 60.1 66.1
2006 61.4 67.3
2005 59.4 68.9
2004 58.6 63.3
2003 59.6 61.1
2002 60.9 62.2
2001 63.6 62.9
2000 62.6 58.3
1999 62.1 59.3
1998 62 61.2
1997 59.4 57.9
1996 58.6 55.8
1995 63.3 56.3

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 68.2 for Malta, ranking 49/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Malta
Services, % of GDP
52.4%
2025
81.3%
2025
Industry, % of GDP
33.6%
2025
10.1%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
0.47%
2025
GNI, Atlas method
$4.69B
2025
$24B
2025
GNI per capita, PPP
$11,390
2025
$64,900
2025
Total reserves including gold
$537M
2024
$1.54B
2025
Total reserves ranking
157/177
2024
134/177
2025
Net foreign direct investment
-$11.8M
2024
-$6.13B
2024
Net inflows of foreign direct investment
$75.5M
2024
$42.6B
2024
Net outflows of foreign direct investment
$63.8M
2024
$36.5B
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
n/a
Poverty at national poverty lines
58.9%
2016
16.7%
2021
Gross capital formation, % of GDP
15%
2024
18.7%
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/malta | 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.