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Economy of Eswatini vs Montenegro compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $8.27B for Montenegro, ranking 162/197 and 155/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $5.02B (60.8% of GDP) in Montenegro.

Eswatini vs Montenegro GDP by year

Eswatini
Montenegro
1x
Year GDP, current $
Eswatini Montenegro
2024 $4,858,885,841 $8,270,016,671
2023 $4,621,191,262 $7,644,389,160
2022 $4,746,660,274 $6,251,215,144
2021 $4,807,069,277 $5,823,715,810
2020 $4,134,677,810 $4,723,571,498
2019 $4,617,018,959 $5,483,476,883
2018 $4,643,751,059 $5,433,467,175
2017 $4,462,640,651 $4,803,962,016
2016 $3,722,306,117 $4,357,469,330
2015 $3,908,217,914 $4,010,885,991
2014 $4,285,065,665 $4,579,636,602
2013 $4,463,396,204 $4,422,097,763
2012 $4,747,813,067 $4,071,829,462
2011 $4,722,912,047 $4,507,126,949
2010 $4,360,714,359 $4,136,936,189
2009 $3,525,213,502 $4,142,640,317
2008 $3,235,921,171 $4,540,861,726
2007 $3,391,122,887 $3,677,910,895
2006 $3,215,307,901 $2,717,702,923
2005 $3,097,946,371 $2,257,174,481
2004 $2,710,331,785 $2,073,234,418
2003 $2,149,632,433 $1,707,710,053
2002 $1,393,945,031 $1,284,685,051
2001 $1,502,870,486 $1,159,869,246
2000 $1,697,161,558 $984,293,044
1999 $1,547,888,496 $828,950,327
1998 $1,576,908,856 $854,261,161
1997 $1,716,714,070 $838,288,806
1996 $1,602,741,834 -
1995 $1,698,989,464 -
1994 $1,419,294,254 -
1993 $1,357,189,552 -
1992 $1,284,759,928 -
1991 $1,156,135,718 -
1990 $1,114,694,041 -
1989 $696,921,542 -
1988 $692,026,455 -
1987 $584,126,092 -
1986 $449,140,318 -
1985 $360,079,419 -
1984 $494,483,409 -
1983 $555,336,146 -
1982 $537,568,059 -
1981 $570,774,825 -
1980 $541,976,853 -
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 (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Eswatini vs Montenegro by year

Eswatini
GDP per capita

GDP per capita, PPP
Montenegro
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Montenegro
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $13,263 $34,063
2023 $3,756 $11,300 $12,260 $31,863
2022 $3,894 $10,635 $10,025 $28,050
2021 $3,984 $9,990 $9,317 $23,690
2020 $3,467 $9,329 $7,539 $20,625
2019 $3,913 $9,248 $8,749 $23,706
2018 $3,973 $8,535 $8,674 $21,084
2017 $3,853 $8,584 $7,674 $19,357
2016 $3,238 $8,484 $6,968 $18,030
2015 $3,420 $8,391 $6,421 $16,092
2014 $3,771 $8,366 $7,342 $15,276
2013 $3,950 $8,231 $7,103 $14,692
2012 $4,225 $7,760 $6,552 $13,793
2011 $4,225 $7,571 $7,266 $14,347
2010 $3,923 $7,324 $6,679 $13,612
2009 $3,190 $7,011 $6,700 $12,976
2008 $2,947 $6,914 $7,360 $13,802
2007 $3,109 $6,732 $5,972 $12,452
2006 $2,965 $6,319 $4,419 $10,440
2005 $2,871 $5,773 $3,675 $8,314
2004 $2,526 $5,310 $3,380 $7,841
2003 $2,015 $5,020 $2,789 $7,340
2002 $1,316 $4,742 $2,107 $7,100
2001 $1,430 $4,521 $1,910 $6,772
2000 $1,630 $4,401 $1,627 $6,004
1999 $1,502 $4,272 $1,368 $5,684
1998 $1,547 $4,137 $1,406 $6,170
1997 $1,705 $4,038 $1,375 $5,798
1996 $1,619 $3,916 - -
1995 $1,751 $3,777 - -
1994 $1,461 $3,526 - -
1993 $1,397 $3,371 - -
1992 $1,362 $3,289 - -
1991 $1,273 $3,236 - -
1990 $1,278 $3,202 - -
1989 $832 - - -
1988 $865 - - -
1987 $765 - - -
1986 $611 - - -
1985 $510 - - -
1984 $726 - - -
1983 $843 - - -
1982 $843 - - -
1981 $925 - - -
1980 $908 - - -
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 (1960–2024, retrieved 2026-04-06).

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $13,263 in Montenegro, ranking 77/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Montenegro ranks 65th at $34,063.

Economic indicators

Eswatini Montenegro
Gross domestic product
$4.86B
2024
$8.27B
2024
GDP rank
162/197
2024
155/197
2024
GDP growth
2.97%
2023-2024
3.16%
2023-2024
GDP per capita
$3,910
2024
$13,263
2024
GDP per capita rank
131/197
2024
77/197
2024
GDP per capita, PPP
$11,799
2024
$34,063
2024
GDP per capita PPP rank
126/197
2024
65/197
2024
Government debt
$1.93B
2024
$5.02B
2024
Debt-to-GDP ratio
39.8%
2024
60.8%
2024
Government debt per person
$1,554
2024
$8,058
2024
Government debt per person rank
130/185
2024
64/185
2024
Average annual personal income after taxes
$3,913
2026
$11,119
2026
Market capitalization of domestic companies
$234M
2007
$3.79B
2012
Number of billionaires
1
2025
n/a
Income share by richest 10%
42.7%
2016
24.7%
2021
Income share by poorest 10%
1.4%
2016
2.1%
2021
Government expenditure, % of GDP
33.3%
2024
43.5%
2024
Consumer prices inflation
2.6%
2018-2019
3.3%
2023-2024
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
34.6%
2023
13.1%
2023
Population
1273390
612312

Spending and national debt comparison by year

Eswatini
Spending

Debt
Montenegro
Spending

Debt
1x
Year % of GDP
Eswatini Montenegro
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 43.5% 60.8%
2023 32% 40% 39.7% 59.6%
2022 29.6% 40.5% 42.2% 70.3%
2021 30.1% 38.4% 45.1% 86.2%
2020 32.7% 38.2% 54.9% 108.4%
2019 32.9% 30.7% 44.4% 79.6%
2018 32.2% 27% 47.8% 72.9%
2017 33.9% 21.9% 47.6% 66.9%
2016 34.7% 20.5% 47.7% 66.7%
2015 35.3% 16.4% 46.9% 69.5%
2014 33.3% 14.3% 44.3% 63.6%
2013 29.4% 15.5% 46.3% 59.2%
2012 27.8% 15.2% 45.9% 57.1%
2011 26% 15.1% 45.7% 49%
2010 31.6% 14.5% 46.7% 45.1%
2009 34.5% 10.8% 51.5% 43.9%
2008 34.4% 15% 51.2% 34.2%
2007 31.2% 16.6% 43.9% 31.8%
2006 28.2% 15% 42.6% 36.7%
2005 29.7% 13.9% 38.2% 38.6%
2004 32% 15.5% 40% 45.4%
2003 26.4% 18% 43.3% 48.6%
2002 27.2% 17.6% 37.5% 85.7%
2001 26.4% 22.4% - -
2000 25.3% 18.7% - -
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/montenegro | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Montenegro spent $3.6B, or 43.5% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 60.8% in Montenegro, ranking 134/185 and 76/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Montenegro
1x
Year Deficit/surplus, % of GDP
Eswatini Montenegro
2024 -1.36% -2.81%
2023 -0.67% 0.85%
2022 -5.4% -4.07%
2021 -4.68% -1.72%
2020 -4.27% -11%
2019 -6.26% -1.74%
2018 -6.72% -6.3%
2017 -5.68% -6.89%
2016 -8.54% -6.21%
2015 -6.03% -6.03%
2014 -1.18% -0.7%
2013 0.59% -4.54%
2012 3.48% -5.87%
2011 -4.02% -6.79%
2010 -9.52% -4.88%
2009 -3.06% -6.74%
2008 1.63% -2.3%
2007 2.44% 8.44%
2006 8.88% 4.34%
2005 -1.7% -1.42%
2004 -4.1% -2.45%
2003 -2.15% -4.06%
2002 -3.78% -1.44%
2001 -2.31% -
2000 -1.22% -
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/montenegro | 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 Montenegro's deficit of $232M, or 2.81% of GDP.

Over the past 23 years, Eswatini recorded a fiscal deficit in 18 of those years, while Montenegro ran a deficit in 20 years. On average, Eswatini posted an annual deficit equal to 2.7% of GDP, compared to deficit of 3.23% of GDP for Montenegro.

Inflation comparison by year

Inflation
Eswatini

Montenegro
1x
Year Consumer prices inflation
Eswatini Montenegro
2024 - 3.3%
2023 - 8.6%
2022 - 13%
2021 - 2.4%
2020 - -0.3%
2019 2.6% 0.4%
2018 4.82% 2.6%
2017 6.22% 2.4%
2016 7.85% -0.3%
2015 4.95% 1.5%
2014 5.68% -0.7%
2013 5.62% 2.2%
2012 8.94% 4.1%
2011 6.11% 3.5%
2010 4.51% 0.4%
2009 7.45% 3.6%
2008 12.7% 9%
2007 8.08% 3.4%
2006 5.3% 2.1%
2005 4.77% 3.4%
2004 3.45% 3.1%
2003 7.29% 7.5%
2002 12% 19.7%
2001 5.94% 23.7%
2000 12.2% 29.9%
1999 6.09% -
1998 8.11% -
1997 7.13% -

Data sources: International Monetary Fund (IMF) | World Economic Outlook (2000–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2019, retrieved 2026-04-06).

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

Over the past 20 years, Eswatini has recorded an average annual inflation rate of 6.82%, compared with 6.08% in Montenegro. In 2019, inflation was 2.6% in Eswatini and 3.3% in Montenegro.

Top exports between countries

Eswatini
Export category Export value
Montenegro
Export category Export value
Machinery & equipment $20K
Processed food, beverages & tobacco $20K
Chemicals & pharma $17K

Balance of trade

Eswatini Montenegro
Current account balance
$78.3M
2024
-$1.4B
2024
Current account balance ranking
69/190
2024
131/190
2024
Current account balance, % of GDP
+1.61%
2024
-17%
2024
Goods imports
$2.07B
2024
$4.29B
2024
Goods exports
$2.33B
2024
$714M
2024
Service imports
$542M
2024
$1.19B
2024
Service exports
$234M
2024
$2.92B
2024
Imports of goods and services, % of GDP
53.7%
2024
66.2%
2024
Exports of goods and services, % of GDP
53.8%
2024
43.7%
2024

Economic freedom indices

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

Eswatini Montenegro
Economic freedom 57.5 63.8
Economic freedom ranking 116/197 78/197
Property rights 42.5 60.9
Government integrity 29.7 49.9
Judicial effectiveness 35.5 51.5
Tax burden 78.6 88.7
Government spending 71 47.6
Fiscal health 87.5 86.2
Business freedom 49.9 68.4
Labor freedom 55.2 59.4
Monetary freedom 76.8 75.2
Trade freedom 73.6 78.4
Investment freedom 50 50
Financial freedom 40 50

Economic freedom comparison by year

Eswatini
Montenegro
1x
Year Economic freedom index
Eswatini Montenegro
2026 57.5 63.8
2025 56.4 63.8
2024 55.6 59.7
2023 54.9 60.9
2022 51.4 57.8
2021 55.1 63.4
2020 55.3 61.5
2019 54.7 60.5
2018 55.9 64.3
2017 61.1 62
2016 59.7 64.9
2015 59.9 64.7
2014 61.2 63.6
2013 57.2 62.6
2012 57.2 62.5
2011 59.1 62.5
2010 57.4 63.6
2009 59.1 58.2
2008 58.4 -
2007 60.1 -
2006 61.4 -
2005 59.4 -
2004 58.6 -
2003 59.6 43.5
2002 60.9 46.6
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 2026-03-09).

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 63.8 for Montenegro, ranking 78/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Montenegro
Services, % of GDP
51.4%
2024
63.8%
2024
Industry, % of GDP
34.7%
2024
12.2%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
3.49%
2024
GNI, Atlas method
$4.46B
2024
$7.61B
2024
GNI per capita, PPP
$10,760
2024
$33,970
2024
Total reserves including gold
$479M
2023
$1.74B
2024
Total reserves ranking
159/177
2023
130/177
2024
Net foreign direct investment
-$11.8M
2024
-$532M
2024
Net inflows of foreign direct investment
$75.5M
2024
$599M
2024
Net outflows of foreign direct investment
$63.8M
2024
$67.8M
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
15%
2024
Poverty at national poverty lines
58.9%
2016
20%
2023
Gross capital formation, % of GDP
15%
2024
25.9%
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/montenegro | 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 (2022–2024, 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.