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Economy of Eswatini vs Mongolia compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $25.4B for Mongolia, ranking 163/197 and 123/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $11.4B (45.1% of GDP) in Mongolia.

Eswatini vs Mongolia GDP by year

Eswatini
Mongolia
1x
Year GDP, current $
Eswatini Mongolia
2025 $5,160,679,613 $25,369,107,325
2024 $4,858,885,841 $23,794,540,025
2023 $4,621,191,262 $20,325,121,394
2022 $4,746,660,274 $17,146,471,714
2021 $4,807,069,277 $15,286,441,738
2020 $4,134,677,810 $13,312,981,429
2019 $4,617,018,959 $14,206,359,018
2018 $4,643,751,059 $13,178,094,720
2017 $4,462,640,651 $11,480,847,741
2016 $3,722,306,117 $11,181,350,649
2015 $3,908,217,914 $11,619,892,591
2014 $4,285,065,665 $12,226,514,668
2013 $4,463,396,204 $12,582,122,604
2012 $4,747,813,067 $12,292,770,632
2011 $4,722,912,047 $10,409,797,378
2010 $4,360,714,359 $7,189,481,999
2009 $3,525,213,502 $4,583,850,368
2008 $3,235,921,171 $5,623,216,608
2007 $3,391,122,887 $4,234,999,704
2006 $3,215,307,901 $3,414,055,662
2005 $3,097,946,371 $2,523,471,601
2004 $2,710,331,785 $1,992,066,808
2003 $2,149,632,433 $1,595,297,356
2002 $1,393,945,031 $1,396,555,720
2001 $1,502,870,486 $1,267,997,934
2000 $1,697,161,558 $1,136,896,124
1999 $1,547,888,496 $1,057,408,589
1998 $1,576,908,856 $1,124,440,205
1997 $1,716,714,070 $1,180,934,203
1996 $1,602,741,834 $1,345,719,472
1995 $1,698,989,464 $1,452,165,005
1994 $1,419,294,254 $925,817,092
1993 $1,357,189,552 $768,401,634
1992 $1,284,759,928 $1,317,611,864
1991 $1,156,135,718 $2,379,018,326
1990 $1,114,694,041 $2,560,785,660
1989 $696,921,542 $3,576,966,800
1988 $692,026,455 $3,204,461,567
1987 $584,126,092 $3,020,611,600
1986 $449,140,318 $2,896,178,867
1985 $360,079,419 $2,186,505,475
1984 $494,483,409 $2,098,734,600
1983 $555,336,146 $2,725,736,633
1982 $537,568,059 $2,552,401,933
1981 $570,774,825 $2,310,099,100
1980 $541,976,853 $2,101,394,100
1979 $412,093,134 -
1978 $340,630,085 -
1977 $304,060,076 -
1976 $272,550,068 -
1975 $288,299,789 -
1974 $264,320,941 -
1973 $221,915,128 -
1972 $146,736,479 -
1971 $136,462,081 -
1970 $112,139,955 -
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/mongolia | CC BY

GDP per capita in Eswatini vs Mongolia by year

Eswatini
GDP per capita

GDP per capita, PPP
Mongolia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Mongolia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $7,108 -
2024 $3,910 $11,799 $6,751 $19,145
2023 $3,756 $11,300 $5,839 $18,005
2022 $3,894 $10,635 $4,994 $16,402
2021 $3,984 $9,990 $4,518 $14,792
2020 $3,467 $9,329 $4,001 $13,693
2019 $3,913 $9,248 $4,348 $13,605
2018 $3,973 $8,535 $4,108 $12,317
2017 $3,853 $8,584 $3,646 $11,096
2016 $3,238 $8,484 $3,620 $10,511
2015 $3,420 $8,391 $3,839 $10,458
2014 $3,771 $8,366 $4,126 $10,900
2013 $3,950 $8,231 $4,340 $10,442
2012 $4,225 $7,760 $4,329 $10,152
2011 $4,225 $7,571 $3,736 $8,862
2010 $3,923 $7,324 $2,625 $7,532
2009 $3,190 $7,011 $1,703 $7,119
2008 $2,947 $6,914 $2,127 $7,297
2007 $3,109 $6,732 $1,628 $6,678
2006 $2,965 $6,319 $1,330 $5,977
2005 $2,871 $5,773 $995 $5,406
2004 $2,526 $5,310 $794 $4,942
2003 $2,015 $5,020 $643 $4,399
2002 $1,316 $4,742 $570 $4,083
2001 $1,430 $4,521 $524 $3,889
2000 $1,630 $4,401 $476 $3,740
1999 $1,502 $4,272 $449 $3,664
1998 $1,547 $4,137 $484 $3,555
1997 $1,705 $4,038 $515 $3,449
1996 $1,619 $3,916 $596 $3,310
1995 $1,751 $3,777 $653 $3,229
1994 $1,461 $3,526 $423 $3,021
1993 $1,397 $3,371 $355 $2,929
1992 $1,362 $3,289 $608 $2,951
1991 $1,273 $3,236 $1,099 $3,183
1990 $1,278 $3,202 $1,220 $3,479
1989 $832 - $1,684 -
1988 $865 - $1,543 -
1987 $765 - $1,493 -
1986 $611 - $1,469 -
1985 $510 - $1,138 -
1984 $726 - $1,120 -
1983 $843 - $1,490 -
1982 $843 - $1,430 -
1981 $925 - $1,325 -
1980 $908 - $1,235 -
1979 $714 - - -
1978 $610 - - -
1977 $563 - - -
1976 $521 - - -
1975 $568 - - -
1974 $536 - - -
1973 $463 - - -
1972 $315 - - -
1971 $301 - - -
1970 $254.2 - - -
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/mongolia | CC BY

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $7,108 in Mongolia, ranking 103/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Mongolia ranks 98th at $19,145.

Economic indicators

Eswatini Mongolia
Gross domestic product
$5.16B
2025
$25.4B
2025
GDP rank
163/197
2025
123/197
2025
GDP growth
4.19%
2024-2025
6.84%
2024-2025
GDP per capita
$4,108
2025
$7,108
2025
GDP per capita rank
131/197
2025
103/197
2025
GDP per capita, PPP
$11,799
2024
$19,145
2024
GDP per capita PPP rank
126/197
2024
98/197
2024
Government debt
$2.31B
2025
$11.4B
2025
Debt-to-GDP ratio
44.9%
2025
45.1%
2025
Government debt per person
$1,843
2025
$3,207
2025
Government debt per person rank
121/185
2025
101/185
2025
Average annual personal income after taxes
$4,770
2026
$7,064
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
24.6%
2022
Income share by poorest 10%
1.4%
2016
3.4%
2022
Government expenditure, % of GDP
35.7%
2025
34.6%
2025
Consumer prices inflation
2.6%
2018-2019
8.6%
2024-2025
Central bank interest rate
6.75%
2025
12%
2025
Unemployment rate
34.3%
2023
5.81%
2024
Population
1276995
3630744

Spending and national debt comparison by year

Eswatini
Spending

Debt
Mongolia
Spending

Debt
1x
Year % of GDP
Eswatini Mongolia
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 34.6% 45.1%
2024 33.6% 40.1% 37.5% 44.1%
2023 31.5% 39.4% 31.9% 46.7%
2022 28.9% 39.5% 33.7% 64.5%
2021 29.3% 37.3% 35.9% 67.3%
2020 32.2% 37.7% 37.1% 83.4%
2019 32.8% 30.5% 30.8% 66.8%
2018 31.6% 26.5% 28.4% 76.5%
2017 33.6% 21.7% 32.2% 86.9%
2016 34% 20.1% 39.7% 78.7%
2015 34.5% 16% 31.2% 50.5%
2014 32.7% 14.1% 32.1% 44%
2013 28.8% 15.2% 32.2% 49.4%
2012 27.1% 14.8% 36.1% 43.7%
2011 25.1% 14.6% 37.9% 32.7%
2010 31.1% 14.2% 31.6% 31%
2009 33.9% 10.6% 35.5% 48.5%
2008 33.4% 14.6% 37.6% 31%
2007 30.4% 16.1% 35.3% 36.1%
2006 27.6% 14.7% 26.2% 40.9%
2005 29% 13.6% 25.1% 55.9%
2004 31% 15% 31.8% 75%
2003 25.9% 17.7% 33.7% 90%
2002 26.5% 17.2% 35.5% 72%
2001 25.6% 21.7% 35.2% 69.2%
2000 24.7% 18.2% 34.5% 79.3%
1999 25.8% 16.7% 33.2% 103.7%
1998 22% 15.6% 36.2% 77.5%
1997 20.7% 12.7% 30.8% 61%
1996 22.5% 11.5% 28.6% 49.7%
1995 19.9% 12.5% 26.6% 40.2%
1994 23.4% 13.1% 32.2% 57.6%
1993 23% 15% 38.3% 57.8%
1992 24.7% 16.6% 29.1% 29.3%
1991 19.6% 20.1% 46% -
1990 18.2% 20.4% 51.7% -
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 (1980–2005, retrieved 2026-07-08).

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

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Mongolia spent $8.78B, or 34.6% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 45.1% in Mongolia, ranking 118/185 and 116/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Mongolia
1x
Year Deficit/surplus, % of GDP
Eswatini Mongolia
2025 -6.14% 1.7%
2024 -1.06% 1.39%
2023 -0.66% 2.73%
2022 -5.27% 0.67%
2021 -4.55% -3.05%
2020 -4.21% -9.24%
2019 -6.23% 1%
2018 -6.59% 2.85%
2017 -5.64% -3.72%
2016 -8.36% -15.3%
2015 -5.89% -5.04%
2014 -1.16% -3.73%
2013 0.57% -0.93%
2012 3.39% -6.24%
2011 -3.88% -4.01%
2010 -9.34% 0.43%
2009 -3% -5.2%
2008 1.58% -4.52%
2007 2.37% 2.64%
2006 8.67% 7.58%
2005 -1.66% 2.43%
2004 -3.97% -1.62%
2003 -2.11% -3.38%
2002 -3.69% -4.74%
2001 -2.24% -4.33%
2000 -1.19% -5.82%
1999 -1.23% -9.91%
1998 1.05% -12.3%
1997 2.06% -8.09%
1996 -0.97% -6.88%
1995 0.87% -4.97%
1994 -3.43% -9.74%
1993 -3.15% -13.3%
1992 -2.76% -8.1%
1991 3.28% -6.37%
1990 5.47% -9.37%
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/mongolia | 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 Mongolia's surplus of $432M, or 1.7% of GDP.

Over the past 36 years, Eswatini recorded a fiscal deficit in 26 of those years, while Mongolia ran a deficit in 26 years. On average, Eswatini posted an annual deficit equal to 1.92% of GDP, compared to deficit of 4.07% of GDP for Mongolia.

Inflation comparison by year

Inflation
Eswatini

Mongolia
1x
Year Consumer prices inflation
Eswatini Mongolia
2025 - 8.6%
2024 - 6.2%
2023 - 10.4%
2022 - 15.1%
2021 - 7.4%
2020 - 3.7%
2019 2.6% 7.3%
2018 4.82% 6.8%
2017 6.22% 4.3%
2016 7.85% 0.8%
2015 4.95% 6.8%
2014 5.68% 12.9%
2013 5.62% 10.6%
2012 8.94% 13.8%
2011 6.11% 8.8%
2010 4.51% 8.3%
2009 7.45% 7.6%
2008 12.7% 28%
2007 8.08% 9.6%
2006 5.3% 4.4%
2005 4.77% 12.6%
2004 3.45% 8.3%
2003 7.29% 5.2%
2002 12% 0.9%
2001 5.94% 6.4%
2000 12.2% 11.3%
1999 6.09% 7.6%
1998 8.11% 9.5%
1997 7.13% 30%

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/mongolia | CC BY

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 9.64% in Mongolia. In 2019, inflation was 2.6% in Eswatini and 8.6% in Mongolia.

Top exports between countries

Eswatini
Export category Export value
Miscellaneous $1K
Mongolia
Export category Export value

Balance of trade

Eswatini Mongolia
Current account balance
$78.3M
2024
-$2.49B
2024
Current account balance ranking
65/190
2024
147/190
2024
Current account balance, % of GDP
+1.61%
2024
-10.4%
2024
Goods imports
$2.07B
2024
$11.7B
2024
Goods exports
$2.33B
2024
$14.7B
2024
Service imports
$542M
2024
$4.92B
2024
Service exports
$234M
2024
$1.6B
2024
Imports of goods and services, % of GDP
53.7%
2024
62.6%
2025
Exports of goods and services, % of GDP
53.8%
2024
68.1%
2025

Economic freedom indices

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

Eswatini Mongolia
Economic freedom 57.5 63.9
Economic freedom ranking 116/197 76/197
Property rights 42.5 49.2
Government integrity 29.7 35.8
Judicial effectiveness 35.5 54.9
Tax burden 78.6 83.7
Government spending 71 64.6
Fiscal health 87.5 96.1
Business freedom 49.9 68.4
Labor freedom 55.2 68.2
Monetary freedom 76.8 72.1
Trade freedom 73.6 74.4
Investment freedom 50 50
Financial freedom 40 50

Economic freedom comparison by year

Eswatini
Mongolia
1x
Year Economic freedom index
Eswatini Mongolia
2026 57.5 63.9
2025 56.4 62.6
2024 55.6 60.6
2023 54.9 61.7
2022 51.4 63.9
2021 55.1 62.4
2020 55.3 55.9
2019 54.7 55.4
2018 55.9 55.7
2017 61.1 54.8
2016 59.7 59.4
2015 59.9 59.2
2014 61.2 58.9
2013 57.2 61.7
2012 57.2 61.5
2011 59.1 59.5
2010 57.4 60
2009 59.1 62.8
2008 58.4 63.6
2007 60.1 60.3
2006 61.4 62.4
2005 59.4 59.7
2004 58.6 56.5
2003 59.6 57.7
2002 60.9 56.7
2001 63.6 56
2000 62.6 58.5
1999 62.1 58.6
1998 62 57.3
1997 59.4 52.9
1996 58.6 47.4
1995 63.3 47.8

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 63.9 for Mongolia, ranking 76/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Mongolia
Services, % of GDP
52.4%
2025
44.3%
2025
Industry, % of GDP
33.6%
2025
37.2%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
8.94%
2025
GNI, Atlas method
$4.69B
2025
$22.2B
2025
GNI per capita, PPP
$11,390
2025
$18,460
2025
Total reserves including gold
$537M
2024
$7B
2025
Total reserves ranking
157/177
2024
91/177
2025
Net foreign direct investment
-$11.8M
2024
-$2.73B
2024
Net inflows of foreign direct investment
$75.5M
2024
$2.78B
2024
Net outflows of foreign direct investment
$63.8M
2024
$55.5M
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
25.7%
2024
Poverty at national poverty lines
58.9%
2016
27.1%
2022
Gross capital formation, % of GDP
15%
2024
31.4%
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/mongolia | 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 (1980–2005, 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. TradeMap (2024, 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.