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Economy of Eswatini vs Morocco compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $182B for Morocco, ranking 163/197 and 58/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $122B (67.1% of GDP) in Morocco.

Eswatini vs Morocco GDP by year

Eswatini
Morocco
1x
Year GDP, current $
Eswatini Morocco
2025 $5,160,679,613 $182,374,250,612
2024 $4,858,885,841 $160,610,994,055
2023 $4,621,191,262 $146,036,093,667
2022 $4,746,660,274 $131,245,312,804
2021 $4,807,069,277 $142,022,058,447
2020 $4,134,677,810 $121,353,645,057
2019 $4,617,018,959 $128,920,266,409
2018 $4,643,751,059 $127,341,147,582
2017 $4,462,640,651 $118,540,573,368
2016 $3,722,306,117 $111,572,947,005
2015 $3,908,217,914 $110,413,823,842
2014 $4,285,065,665 $119,130,841,412
2013 $4,463,396,204 $115,739,287,305
2012 $4,747,813,067 $106,937,392,311
2011 $4,722,912,047 $110,080,631,332
2010 $4,360,714,359 $100,865,329,473
2009 $3,525,213,502 $101,154,952,241
2008 $3,235,921,171 $101,822,906,949
2007 $3,391,122,887 $86,947,913,287
2006 $3,215,307,901 $75,883,823,301
2005 $3,097,946,371 $68,852,658,069
2004 $2,710,331,785 $66,114,145,451
2003 $2,149,632,433 $58,029,363,354
2002 $1,393,945,031 $47,077,192,188
2001 $1,502,870,486 $43,831,480,208
2000 $1,697,161,558 $43,017,455,402
1999 $1,547,888,496 $46,266,428,648
1998 $1,576,908,856 $46,497,608,725
1997 $1,716,714,070 $39,147,844,526
1996 $1,602,741,834 $43,161,571,528
1995 $1,698,989,464 $39,030,285,468
1994 $1,419,294,254 $35,604,137,423
1993 $1,357,189,552 $31,655,473,664
1992 $1,284,759,928 $33,711,069,431
1991 $1,156,135,718 $32,285,573,574
1990 $1,114,694,041 $30,179,954,775
1989 $696,921,542 $26,314,313,191
1988 $692,026,455 $25,705,296,184
1987 $584,126,092 $21,765,195,948
1986 $449,140,318 $19,462,085,540
1985 $360,079,419 $14,991,283,216
1984 $494,483,409 $14,824,667,954
1983 $555,336,146 $16,251,408,128
1982 $537,568,059 $17,692,276,734
1981 $570,774,825 $17,788,185,479
1980 $541,976,853 $21,728,516,153
1979 $412,093,134 $15,911,994,817
1978 $340,630,085 $13,236,946,234
1977 $304,060,076 $11,049,783,872
1976 $272,550,068 $9,584,297,284
1975 $288,299,789 $8,984,853,005
1974 $264,320,941 $7,675,466,449
1973 $221,915,128 $6,242,145,880
1972 $146,736,479 $5,074,117,545
1971 $136,462,081 $4,356,669,034
1970 $112,139,955 $3,956,336,244
1969 $105,419,958 $3,651,622,669
1968 $79,799,968 $3,271,422,333
1967 $74,759,970 $3,046,345,314
1966 $76,859,969 $2,876,401,297
1965 $70,279,972 $2,948,331,090
1964 $64,980,554 $2,798,345,299
1963 $54,129,438 $2,657,252,578
1962 $45,927,962 $2,379,611,125
1961 $43,026,043 $2,025,693,540
1960 $35,076,846 $2,037,154,742

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

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

GDP per capita in Eswatini vs Morocco by year

Eswatini
GDP per capita

GDP per capita, PPP
Morocco
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Morocco
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $4,746 -
2024 $3,910 $11,799 $4,218 $10,415
2023 $3,756 $11,300 $3,872 $9,895
2022 $3,894 $10,635 $3,516 $9,310
2021 $3,984 $9,990 $3,843 $8,623
2020 $3,467 $9,329 $3,317 $7,705
2019 $3,913 $9,248 $3,560 $8,046
2018 $3,973 $8,535 $3,553 $7,801
2017 $3,853 $8,584 $3,344 $8,115
2016 $3,238 $8,484 $3,186 $7,853
2015 $3,420 $8,391 $3,190 $7,799
2014 $3,771 $8,366 $3,483 $7,237
2013 $3,950 $8,231 $3,425 $7,542
2012 $4,225 $7,760 $3,206 $7,308
2011 $4,225 $7,571 $3,345 $7,274
2010 $3,923 $7,324 $3,107 $6,849
2009 $3,190 $7,011 $3,158 $6,629
2008 $2,947 $6,914 $3,222 $6,437
2007 $3,109 $6,732 $2,788 $6,058
2006 $2,965 $6,319 $2,466 $5,781
2005 $2,871 $5,773 $2,268 $5,275
2004 $2,526 $5,310 $2,207 $5,025
2003 $2,015 $5,020 $1,962 $4,741
2002 $1,316 $4,742 $1,612 $4,436
2001 $1,430 $4,521 $1,521 $4,269
2000 $1,630 $4,401 $1,513 $3,930
1999 $1,502 $4,272 $1,651 $3,801
1998 $1,547 $4,137 $1,683 $3,740
1997 $1,705 $4,038 $1,439 $3,502
1996 $1,619 $3,916 $1,610 $3,551
1995 $1,751 $3,777 $1,478 $3,152
1994 $1,461 $3,526 $1,369 $3,315
1993 $1,397 $3,371 $1,236 $2,979
1992 $1,362 $3,289 $1,337 $2,979
1991 $1,273 $3,236 $1,302 $3,025
1990 $1,278 $3,202 $1,238 $2,777
1989 $832 - $1,099 -
1988 $865 - $1,094 -
1987 $765 - $944 -
1986 $611 - $861 -
1985 $510 - $678 -
1984 $726 - $687 -
1983 $843 - $772 -
1982 $843 - $862 -
1981 $925 - $890 -
1980 $908 - $1,117 -
1979 $714 - $839 -
1978 $610 - $716 -
1977 $563 - $613 -
1976 $521 - $545 -
1975 $568 - $524 -
1974 $536 - $459 -
1973 $463 - $382 -
1972 $315 - $319 -
1971 $301 - $280.6 -
1970 $254.2 - $261.5 -
1969 $245.2 - $247.8 -
1968 $190.4 - $228 -
1967 $182.8 - $218.1 -
1966 $192.7 - $211.5 -
1965 $181 - $222.7 -
1964 $171.6 - $216.9 -
1963 $146.4 - $211.3 -
1962 $127.1 - $194.2 -
1961 $121.8 - $169.8 -
1960 $101.6 - $175.2 -

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

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

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $4,746 in Morocco, ranking 126/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Morocco ranks 132nd at $10,415.

Economic indicators

Eswatini Morocco
Gross domestic product
$5.16B
2025
$182B
2025
GDP rank
163/197
2025
58/197
2025
GDP growth
4.19%
2024-2025
4.6%
2024-2025
GDP per capita
$4,108
2025
$4,746
2025
GDP per capita rank
131/197
2025
126/197
2025
GDP per capita, PPP
$11,799
2024
$10,415
2024
GDP per capita PPP rank
126/197
2024
132/197
2024
Government debt
$2.31B
2025
$122B
2025
Debt-to-GDP ratio
44.9%
2025
67.1%
2025
Government debt per person
$1,843
2025
$3,183
2025
Government debt per person rank
121/185
2025
102/185
2025
Average annual personal income after taxes
$4,770
2026
$4,045
2026
Market capitalization of domestic companies
$234M
2007
$114B
2025
Number of billionaires
1
2026
3
2026
Income share by richest 10%
42.7%
2016
31.9%
2013
Income share by poorest 10%
1.4%
2016
2.7%
2013
Government expenditure, % of GDP
35.7%
2025
31.3%
2025
Consumer prices inflation
2.6%
2018-2019
0.7%
2024-2025
Central bank interest rate
6.75%
2025
2.25%
2025
Unemployment rate
34.3%
2023
11.8%
2022
Population
1276995
38938817

Spending and national debt comparison by year

Eswatini
Spending

Debt
Morocco
Spending

Debt
1x
Year % of GDP
Eswatini Morocco
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 31.3% 67.1%
2024 33.6% 40.1% 30.9% 67.7%
2023 31.5% 39.4% 30.2% 68.7%
2022 28.9% 39.5% 31.8% 71.4%
2021 29.3% 37.3% 30.1% 69.4%
2020 32.2% 37.7% 34.1% 72.2%
2019 32.8% 30.5% 27% 60.3%
2018 31.6% 26.5% 27.8% 60.5%
2017 33.6% 21.7% 27.9% 60.3%
2016 34% 20.1% 28.6% 60.1%
2015 34.5% 16% 28.5% 58.4%
2014 32.7% 14.1% 30.7% 58.6%
2013 28.8% 15.2% 30.4% 57.1%
2012 27.1% 14.8% 32.5% 52.3%
2011 25.1% 14.6% 31.2% 48.6%
2010 31.1% 14.2% 28.7% 45.3%
2009 33.9% 10.6% 28.1% 42.6%
2008 33.4% 14.6% 28.3% 42%
2007 30.4% 16.1% 26.4% 47.1%
2006 27.6% 14.7% 26% 50.6%
2005 29% 13.6% 28.6% 54.8%
2004 31% 15% 24.5% 54.4%
2003 25.9% 17.7% 24.1% 56.9%
2002 26.5% 17.2% 25.8% 59.4%
2001 25.6% 21.7% 23.7% 60.4%
2000 24.7% 18.2% 22.8% 64.9%
1999 25.8% 16.7% 18.4% 63.4%
1998 22% 15.6% 18.7% 64.5%
1997 20.7% 12.7% 18.6% 68%
1996 22.5% 11.5% 17.6% 65.3%
1995 19.9% 12.5% 21.3% 72.2%
1994 23.4% 13.1% 21.7% 69.3%
1993 23% 15% 23.1% 74.7%
1992 24.7% 16.6% 22.3% 67%
1991 19.6% 20.1% 20.8% 59.1%
1990 18.2% 20.4% 22.6% 70.5%
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/morocco | CC BY

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Morocco spent $57B, or 31.3% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 67.1% in Morocco, ranking 118/185 and 64/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Morocco
1x
Year Deficit/surplus, % of GDP
Eswatini Morocco
2025 -6.14% -3.54%
2024 -1.06% -3.92%
2023 -0.66% -4.41%
2022 -5.27% -5.37%
2021 -4.55% -5.92%
2020 -4.21% -7.15%
2019 -6.23% -3.8%
2018 -6.59% -3.52%
2017 -5.64% -3.3%
2016 -8.36% -4.49%
2015 -5.89% -4.59%
2014 -1.16% -4.78%
2013 0.57% -4.7%
2012 3.39% -6.63%
2011 -3.88% -6.08%
2010 -9.34% -3.93%
2009 -3% -1.63%
2008 1.58% 0.63%
2007 2.37% -0.12%
2006 8.67% -1.8%
2005 -1.66% -5.46%
2004 -3.97% -3.31%
2003 -2.11% -3.74%
2002 -3.69% -4.37%
2001 -2.24% -3.79%
2000 -1.19% -1.97%
1999 -1.23% 3.21%
1998 1.05% 1.47%
1997 2.06% 1.5%
1996 -0.97% 0.87%
1995 0.87% -2.54%
1994 -3.43% -2.51%
1993 -3.15% -2%
1992 -2.76% -1.84%
1991 3.28% -0.9%
1990 5.47% -1.32%
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/morocco | 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 Morocco's deficit of $6.46B, or 3.54% of GDP.

Over the past 36 years, Eswatini recorded a fiscal deficit in 26 of those years, while Morocco ran a deficit in 31 years. On average, Eswatini posted an annual deficit equal to 1.92% of GDP, compared to deficit of 2.94% of GDP for Morocco.

Inflation comparison by year

Inflation
Eswatini

Morocco
1x
Year Consumer prices inflation
Eswatini Morocco
2025 - 0.7%
2024 - 0.99%
2023 - 6.09%
2022 - 6.66%
2021 - 1.4%
2020 - 0.71%
2019 2.6% 0.3%
2018 4.82% 1.8%
2017 6.22% 0.75%
2016 7.85% 1.64%
2015 4.95% 1.56%
2014 5.68% 0.44%
2013 5.62% 1.88%
2012 8.94% 1.29%
2011 6.11% 0.91%
2010 4.51% 0.99%
2009 7.45% 0.97%
2008 12.7% 3.71%
2007 8.08% 2.04%
2006 5.3% 3.28%
2005 4.77% 0.98%
2004 3.45% 1.49%
2003 7.29% 1.17%
2002 12% 2.8%
2001 5.94% 0.62%
2000 12.2% 1.89%
1999 6.09% 0.68%
1998 8.11% 2.75%
1997 7.13% 1.04%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 1.52% in Morocco. In 2019, inflation was 2.6% in Eswatini and 0.7% in Morocco.

Top exports between countries

Eswatini
Export category Export value
Morocco
Export category Export value
Raw materials & minerals $2.29M
Machinery & equipment $2.12M
Metals $274K
Raw agricultural goods $32K
Processed food, beverages & tobacco $21K
Textiles & consumer goods $14K

Balance of trade

Eswatini Morocco
Current account balance
$78.3M
2024
-$4.56B
2025
Current account balance ranking
65/190
2024
163/190
2025
Current account balance, % of GDP
+1.61%
2024
-2.5%
2025
Goods imports
$2.07B
2024
$77.2B
2025
Goods exports
$2.33B
2024
$43.7B
2025
Service imports
$542M
2024
$16.7B
2025
Service exports
$234M
2024
$33.6B
2025
Imports of goods and services, % of GDP
53.7%
2024
51.1%
2025
Exports of goods and services, % of GDP
53.8%
2024
42%
2025

Economic freedom indices

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

Eswatini Morocco
Economic freedom 57.5 61.8
Economic freedom ranking 116/197 91/197
Property rights 42.5 55.2
Government integrity 29.7 35.6
Judicial effectiveness 35.5 32.5
Tax burden 78.6 65.5
Government spending 71 67.5
Fiscal health 87.5 57.5
Business freedom 49.9 72.1
Labor freedom 55.2 46.2
Monetary freedom 76.8 79.6
Trade freedom 73.6 69.8
Investment freedom 50 80
Financial freedom 40 80

Economic freedom comparison by year

Eswatini
Morocco
1x
Year Economic freedom index
Eswatini Morocco
2026 57.5 61.8
2025 56.4 60.3
2024 55.6 56.8
2023 54.9 58.4
2022 51.4 59.2
2021 55.1 63.3
2020 55.3 63.3
2019 54.7 62.9
2018 55.9 61.9
2017 61.1 61.5
2016 59.7 61.3
2015 59.9 60.1
2014 61.2 58.3
2013 57.2 59.6
2012 57.2 60.2
2011 59.1 59.6
2010 57.4 59.2
2009 59.1 57.7
2008 58.4 55.6
2007 60.1 56.4
2006 61.4 51.5
2005 59.4 52.2
2004 58.6 56.7
2003 59.6 57.8
2002 60.9 59
2001 63.6 63.9
2000 62.6 63.2
1999 62.1 63.8
1998 62 61.1
1997 59.4 64.7
1996 58.6 64.3
1995 63.3 62.8

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 61.8 for Morocco, ranking 91/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Morocco
Services, % of GDP
52.4%
2025
52.3%
2025
Industry, % of GDP
33.6%
2025
25.2%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
10.5%
2025
GNI, Atlas method
$4.69B
2025
$170B
2025
GNI per capita, PPP
$11,390
2025
$10,960
2025
Total reserves including gold
$537M
2024
$48.5B
2025
Total reserves ranking
157/177
2024
50/177
2025
Net foreign direct investment
-$11.8M
2024
-$2.51B
2025
Net inflows of foreign direct investment
$75.5M
2024
$1.75B
2024
Net outflows of foreign direct investment
$63.8M
2024
$679M
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
5.63%
2024
Poverty at national poverty lines
58.9%
2016
3.9%
2022
Gross capital formation, % of GDP
15%
2024
31.9%
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/morocco | 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 (2021–2025, 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.