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Economy of Eswatini vs Myanmar compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.89B compared to $74.1B for Myanmar, ranking 162/197 and 85/197 by economy size, respectively.

Eswatini has $1.82B in government debt (38.7% of GDP), compared to $45.4B (62.6% of GDP) in Myanmar.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Eswatini
GDP, current $

GDP, constant 2015 $
Myanmar
GDP, current $

GDP, constant 2015 $
Year GDP
Eswatini Myanmar
Current $ Constant $ Current $ Constant $
1960 $35,076,846 - $545,098,448 $2,819,978,877
1961 $43,026,043 - $605,581,577 $2,833,276,800
1962 $45,927,962 - $634,528,872 $2,949,069,211
1963 $54,129,438 - $598,998,419 $3,342,749,158
1964 $64,980,554 - $411,419,906 $3,145,726,893
1965 $70,279,972 - $367,053,117 $3,482,088,444
1966 $76,859,969 - $293,103,479 $3,313,145,218
1967 $74,759,970 - $420,359,036 $3,116,832,787
1968 $79,799,968 - $559,956,130 $3,492,702,256
1969 $105,419,958 - $571,854,215 $3,607,672,972
1970 $112,139,955 $401,852,565 $563,555,631 $3,787,310,936
1971 $136,462,081 $457,081,710 $587,448,405 $3,943,725,456
1972 $146,736,479 $481,875,167 $662,213,083 $4,039,788,352
1973 $221,915,128 $525,333,916 $719,754,655 $4,000,678,162
1974 $264,320,941 $555,506,401 $1,225,589,878 $4,214,409,420
1975 $288,299,789 $632,768,698 $1,061,107,354 $4,389,421,587
1976 $272,550,068 $619,357,559 $1,204,699,849 $4,656,315,812
1977 $304,060,076 $625,610,549 $873,579,932 $4,933,473,074
1978 $340,630,085 $633,913,207 $935,408,775 $5,255,027,822
1979 $412,093,134 $653,608,542 $952,265,043 $5,528,356,401
1980 $541,976,853 $734,976,610 $1,038,225,167 $5,967,227,079
1981 $570,774,825 $842,587,777 $1,111,000,765 $6,346,489,388
1982 $537,568,059 $852,467,691 $1,481,165,468 $6,702,138,811
1983 $555,336,146 $862,717,378 $1,381,573,615 $6,996,435,938
1984 $494,483,409 $915,875,910 $1,304,063,253 $7,341,551,094
1985 $360,079,419 $950,609,732 $1,478,908,173 $7,550,858,733
1986 $449,140,318 $1,067,197,054 $1,582,873,750 $7,471,019,822
1987 $584,126,092 $1,223,078,154 $1,562,448,077 $7,171,758,277
1988 $692,026,455 $1,303,432,207 $1,541,088,312 $6,357,588,760
1989 $696,921,542 $1,471,719,695 $2,013,448,229 $6,592,520,573
1990 $1,114,694,041 $1,781,045,749 $2,115,193,513 $6,778,227,479
1991 $1,156,135,718 $1,812,398,860 $2,069,832,687 $6,734,127,185
1992 $1,284,759,928 $1,870,870,590 $2,411,552,289 $7,384,707,337
1993 $1,357,189,552 $1,928,981,970 $3,163,020,035 $7,830,700,107
1994 $1,419,294,254 $1,975,290,870 $4,432,257,174 $8,416,276,600
1995 $1,698,989,464 $2,070,611,521 $5,289,174,943 $9,001,043,827
1996 $1,602,741,834 $2,150,165,529 $6,123,556,717 $9,580,955,459
1997 $1,716,714,070 $2,216,880,978 $4,722,288,496 $10,122,431,106
1998 $1,576,908,856 $2,274,609,434 $6,459,461,639 $10,716,234,491
1999 $1,547,888,496 $2,341,730,319 $8,486,832,801 $11,889,140,285
2000 $1,738,093,840 $2,382,948,839 $8,905,066,164 $13,523,413,252
2001 $1,542,477,309 $2,408,083,352 $6,477,790,688 $15,057,508,855
2002 $1,432,221,739 $2,513,559,784 $6,777,632,512 $16,868,251,605
2003 $2,197,598,466 $2,611,091,276 $10,467,109,978 $19,203,491,833
2004 $2,770,082,792 $2,705,714,981 $10,567,354,056 $21,808,380,519
2005 $3,178,112,499 $2,868,024,775 $11,986,972,419 $24,767,548,772
2006 $3,291,330,019 $3,039,881,607 $14,502,553,710 $28,006,178,558
2007 $3,469,381,231 $3,174,711,772 $20,182,477,481 $31,364,521,323
2008 $3,294,084,314 $3,200,797,233 $31,862,554,102 $34,581,048,770
2009 $3,580,428,053 $3,250,891,273 $36,906,181,381 $38,229,352,561
2010 $4,438,765,086 $3,374,222,126 $49,540,813,342 $41,912,536,386
2011 $4,820,478,680 $3,450,048,645 $59,977,326,086 $44,256,068,473
2012 $4,886,551,484 $3,636,235,032 $59,937,796,648 $47,501,220,127
2013 $4,464,726,181 $3,776,637,841 $60,269,732,855 $51,503,673,421
2014 $4,286,015,248 $3,830,866,489 $65,531,374,200 $55,711,475,876
2015 $3,909,281,650 $3,909,281,650 $59,607,290,408 $59,607,290,408
2016 $3,724,180,911 $4,092,073,634 $63,298,361,996 $63,101,751,663
2017 $4,463,673,661 $4,151,686,675 $66,053,040,483 $66,973,743,449
2018 $4,644,696,656 $4,162,339,322 $67,860,515,990 $71,172,235,146
2019 $4,616,996,145 $4,415,541,767 $75,065,106,228 $75,854,734,834
2020 $4,120,621,325 $4,289,130,011 $79,006,113,643 $68,991,135,074
2021 $4,785,708,166 $4,436,460,293 $66,345,291,160 $60,700,903,303
2022 $4,741,163,885 $4,486,130,489 $62,253,049,892 $63,151,698,289
2023 $4,604,172,127 $4,640,654,280 $66,757,619,000 $63,756,973,610
2024 $4,891,883,720 $4,763,200,252 $74,079,772,652 $63,137,226,235

Economic indicators

Eswatini Myanmar
Gross domestic product
$4.89B
2024
$74.1B
2024
GDP rank
162/197
2024
85/197
2024
GDP growth
6.25%
2023-2024
11%
2023-2024
GDP per capita
$3,936
2024
$1,359
2024
GDP per capita rank
131/197
2024
165/197
2024
GDP per capita, PPP
$11,784
2024
$5,997
2024
Government debt
$1.82B
2024
$45.4B
2024
Debt-to-GDP ratio
38.7%
2025
62.6%
2025
Government debt per person
$1,465
2024
$833
2024
Government debt per person rank
129/185
2024
146/185
2024
Average annual personal income after taxes
$3,418
2025
$1,798
2025
Market capitalization of domestic companies
$234M
2007
n/a
Number of billionaires
1
2025
n/a
Income share by richest 10%
42.7%
2016
25.5%
2017
Income share by poorest 10%
1.4%
2016
3.8%
2017
Government expenditure, % of GDP
32.8%
2025
21.9%
2025
Consumer prices inflation
2.6%
2018-2019
8.83%
2018-2019
Central bank interest rate
7%
2024
n/a
Unemployment rate
34.6%
2023
1.48%
2020
Population
1267161
55119090

GDP per capita in Eswatini vs Myanmar

Eswatini's GDP per capita is $3,936, ranking 131/197, compared to $1,359 in Myanmar, ranking 165/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 125th at $11,784, while Myanmar ranks 153rd at $5,997.

Eswatini
GDP per capita

GDP per capita, PPP
Myanmar
GDP per capita

GDP per capita, PPP
Year Current $
Eswatini Myanmar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $101.6 - $25.1 -
1961 $121.8 - $27.3 -
1962 $127.1 - $27.9 -
1963 $146.4 - $25.8 -
1964 $171.6 - $17.3 -
1965 $181 - $15.1 -
1966 $192.7 - $11.8 -
1967 $182.8 - $16.5 -
1968 $190.4 - $21.5 -
1969 $245.2 - $21.5 -
1970 $254.2 - $20.7 -
1971 $301 - $21.1 -
1972 $315 - $23.3 -
1973 $463 - $24.8 -
1974 $536 - $41.4 -
1975 $568 - $35.2 -
1976 $521 - $39.2 -
1977 $563 - $27.9 -
1978 $610 - $29.3 -
1979 $714 - $29.2 -
1980 $908 - $31.2 -
1981 $925 - $32.8 -
1982 $843 - $43 -
1983 $843 - $39.3 -
1984 $726 - $36.3 -
1985 $510 - $40.4 -
1986 $611 - $42.4 -
1987 $765 - $41.1 -
1988 $865 - $39.9 -
1989 $832 - $51.3 -
1990 $1,278 $3,218 $53.1 $441
1991 $1,273 $3,252 $51.2 $447
1992 $1,362 $3,305 $58.9 $494
1993 $1,397 $3,388 $76.2 $529
1994 $1,461 $3,544 $105.4 $573
1995 $1,751 $3,796 $124.1 $618
1996 $1,619 $3,935 $141.9 $661
1997 $1,705 $4,059 $108 $702
1998 $1,547 $4,157 $146 $742
1999 $1,502 $4,294 $189.5 $825
2000 $1,669 $4,423 $196.6 $949
2001 $1,468 $4,528 $141.5 $1,069
2002 $1,352 $4,762 $146.6 $1,204
2003 $2,060 $5,010 $224.3 $1,385
2004 $2,581 $5,299 $224.5 $1,601
2005 $2,945 $5,761 $252.7 $1,860
2006 $3,035 $6,264 $303 $2,153
2007 $3,181 $6,680 $419 $2,459
2008 $3,000 $6,818 $658 $2,748
2009 $3,240 $6,923 $758 $3,040
2010 $3,993 $7,231 $1,011 $3,348
2011 $4,312 $7,504 $1,214 $3,579
2012 $4,348 $7,756 $1,203 $3,845
2013 $3,951 $8,234 $1,199 $4,144
2014 $3,772 $8,368 $1,293 $4,376
2015 $3,421 $8,393 $1,167 $4,459
2016 $3,240 $8,488 $1,229 $4,460
2017 $3,854 $8,586 $1,273 $4,706
2018 $3,973 $8,537 $1,298 $5,581
2019 $3,913 $9,248 $1,426 $6,101
2020 $3,455 $9,298 $1,490 $5,741
2021 $3,966 $9,946 $1,243 $5,178
2022 $3,890 $10,665 $1,158 $5,732
2023 $3,742 $11,322 $1,233 $5,953
2024 $3,936 $11,784 $1,359 $5,997

Spending and national debt comparison

In 2024, Eswatini's government spending was $1.59B, accounting for 32.8% of its GDP, while Myanmar's spent $15.2B, or 21.9% of GDP.

Debt-to-GDP ratio is 38.7% in Eswatini and 62.6% in Myanmar, ranking 138/185 and 73/185, respectively.

Eswatini
Government spending

Government debt
Myanmar
Government spending

Government debt
Year % of GDP
Eswatini Myanmar
Government spending Government debt Government spending Government debt
1980 15.3% 27.2% - -
1981 18.9% 24.3% - -
1982 18.1% 29.2% - -
1983 17% 28.7% - -
1984 17% 29.7% - -
1985 19% 45.5% - -
1986 18.8% 44% - -
1987 16.8% 36.1% - -
1988 16.6% 27.5% - -
1989 15.4% 26.8% - -
1990 18.2% 20.4% - -
1991 19.7% 20.1% - -
1992 25.2% 16.6% - -
1993 23.3% 15.2% - -
1994 24% 13.4% - -
1995 19.9% 12.5% - -
1996 22.6% 11.6% - -
1997 20.6% 12.6% - -
1998 21.8% 15.5% 25.2% 225.7%
1999 25.8% 16.7% 22.8% 163.1%
2000 24.6% 18.2% 21.4% 178%
2001 25.7% 21.8% 19.1% 283.5%
2002 26.4% 17.1% 15.3% 206.3%
2003 25.6% 17.5% 14.3% 158%
2004 31% 15% 14.6% 137%
2005 28.9% 13.5% 14.6% 128.7%
2006 27.4% 14.6% 15.6% 111.5%
2007 30.3% 16.1% 15.7% 83.7%
2008 33.4% 14.6% 14.4% 64.7%
2009 33.5% 10.5% 14.4% 61%
2010 30.7% 14.1% 15.8% 58.8%
2011 25.3% 14.7% 15.6% 54%
2012 27% 14.8% 20% 51.9%
2013 28.5% 15% 23.9% 48.5%
2014 32.2% 13.9% 24.7% 37.3%
2015 34.3% 15.8% 23.7% 38.4%
2016 34.6% 20% 21.3% 35.7%
2017 35.5% 22.2% 19.7% 41.9%
2018 35% 26.9% 18.7% 38.7%
2019 34.1% 31.5% 20.5% 38.3%
2020 34% 39.6% 21.2% 48.7%
2021 29.7% 37.9% 20.6% 59.2%
2022 30.5% 42.2% 21.2% 55.6%
2023 30.1% 37.9% 21.2% 57.9%
2024 32.4% 37.2% 20.5% 61.3%
2025 32.8% 38.7% 21.9% 62.6%

Government deficit by year

In 2024, Eswatini's government deficit, the difference between spending and revenue, was -$95M, equivalent to -1.94% of GDP. This compares to Myanmar's deficit of -$3.94B, or -5.32% of GDP.

Over the past 27 years, Eswatini recorded a fiscal deficit in 20 of those years, while Myanmar ran a deficit in 27 years. On average, Eswatini posted an annual deficit equal to -2.56% of GDP, compared to deficit of -3.96% of GDP for Myanmar.

Deficit/surplus
Eswatini

Myanmar
Year Deficit/surplus, % of GDP
Eswatini Myanmar
1980 5.11% -
1981 -3.4% -
1982 0.08% -
1983 -0.44% -
1984 0.95% -
1985 -1.13% -
1986 -2.28% -
1987 2% -
1988 3.42% -
1989 5.65% -
1990 5.45% -
1991 3.3% -
1992 -2.81% -
1993 -3.2% -
1994 -3.51% -
1995 0.87% -
1996 -0.97% -
1997 2.05% -
1998 1.04% -4.89%
1999 -1.23% -4.46%
2000 -1.19% -6.03%
2001 -2.25% -6.34%
2002 -3.67% -4.01%
2003 -2.09% -4.24%
2004 -3.98% -4.62%
2005 -1.65% -3.49%
2006 8.62% -3.42%
2007 2.36% -3.52%
2008 1.58% -2.73%
2009 -2.97% -3.55%
2010 -9.24% -5.4%
2011 -3.9% -4.82%
2012 3.38% -2.7%
2013 0.57% -1.53%
2014 -1.15% -1.06%
2015 -6.14% -4.33%
2016 -9.09% -2.53%
2017 -6.93% -3.42%
2018 -9.66% -2.77%
2019 -6.7% -4.7%
2020 -4.62% -6.56%
2021 -4.59% -2.53%
2022 -4.74% -2.78%
2023 0.94% -5.22%
2024 -1.94% -5.32%
2025 -5.51% -5.71%

Inflation comparison by year

Over the past 24 years, Eswatini has recorded an average annual inflation rate of 6.84%, compared with 16.2% in Myanmar. In 2019, inflation was 2.6% in Eswatini and 8.83% in Myanmar.

Inflation
Eswatini

Myanmar
Year Inflation
Eswatini Myanmar Eswatini Myanmar
1996 6.43% 16.3%
1997 7.13% 29.7%
1998 8.11% 51.5%
1999 6.09% 18.4%
2000 12.2% -0.11%
2001 5.94% 21.1%
2002 12% 57.1%
2003 7.29% 36.6%
2004 3.45% 4.53%
2005 4.77% 9.37%
2006 5.3% 20%
2007 8.08% 35%
2008 12.7% 26.8%
2009 7.45% 1.47%
2010 4.51% 7.72%
2011 6.11% 5.02%
2012 8.94% 1.47%
2013 5.62% 5.64%
2014 5.68% 4.95%
2015 4.95% 9.45%
2016 7.85% 6.93%
2017 6.22% 4.57%
2018 4.82% 6.87%
2019 2.6% 8.83%

Top exports between countries

Eswatini
Export category Export value
Myanmar
Export category Export value
Textiles & consumer goods $68K
Processed food, beverages & tobacco $55K

Balance of trade

Eswatini Myanmar
Current account balance
$108M
2023
$67.7M
2019
Current account balance ranking
65/189
2023
70/189
2019
Current account balance, % of GDP
+2.34%
2023
+0.09%
2019
Goods imports
$1.86B
2023
$13.7B
2019
Goods exports
$2.03B
2023
$10.8B
2019
Service imports
$489M
2023
$3.66B
2019
Service exports
$145M
2023
$6.68B
2019
Imports of goods and services, % of GDP
51.4%
2023
n/a
Exports of goods and services, % of GDP
48.7%
2023
24.3%
2025

Economic freedom indices

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

Eswatini Myanmar
Economic freedom 56.4 43.7
Economic freedom ranking 118/197 182/197
Property rights 44.8 17.3
Government integrity 29.9 18.7
Judicial effectiveness 36.8 4.2
Tax burden 76.1 88.6
Government spending 73.9 84
Fiscal health 70.6 39.9
Business freedom 49.5 39.9
Labor freedom 55.9 53.2
Monetary freedom 76.1 59.7
Trade freedom 73.6 68.6
Investment freedom 50 30
Financial freedom 40 20

Economic freedom by year comparison

The Economic Freedom Index for Eswatini is 56.4, ranking 118/197, compared to 43.7 for Myanmar, ranking 182/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Eswatini
Myanmar
Year Economic freedom index
Eswatini Myanmar
1995 63.3 -
1996 58.6 45.1
1997 59.4 45.4
1998 62 45.7
1999 62.1 46.4
2000 62.6 47.9
2001 63.6 46.1
2002 60.9 45.5
2003 59.6 44.9
2004 58.6 43.6
2005 59.4 40.5
2006 61.4 40
2007 60.1 41
2008 58.4 39.5
2009 59.1 37.7
2010 57.4 36.7
2011 59.1 37.8
2012 57.2 38.7
2013 57.2 39.2
2014 61.2 46.5
2015 59.9 46.9
2016 59.7 48.7
2017 61.1 52.5
2018 55.9 53.9
2019 54.7 53.6
2020 55.3 54
2021 55.1 55.2
2022 51.4 49.6
2023 54.9 46.5
2024 55.6 42.2
2025 56.4 43.7

More economic indicators

Eswatini Myanmar
Services, % of GDP
51.7%
2023
41.4%
2024
Industry, % of GDP
34.7%
2023
37.8%
2024
Agriculture, forestry, and fishing, % of GDP
6.78%
2023
20.8%
2024
GNI, Atlas method
$4.45B
2024
$66.3B
2024
GNI per capita, PPP
$10,750
2024
$5,920
2024
Total reserves including gold
$479M
2023
$9.34B
2023
Total reserves ranking
159/177
2023
81/177
2023
Net foreign direct investment
-$50.8M
2023
-$1.74B
2019
Net inflows of foreign direct investment
$75.5M
2024
$1.1B
2024
Net outflows of foreign direct investment
$63.8M
2024
$0
1989
Servicing debt to the IMF, % of GNI
3.92%
2023
1.39%
2023
Poverty at national poverty lines
58.9%
2016
24.8%
2017
Gross capital formation, % of GDP
19.2%
2023
n/a

GDP per capita map

GDP per capita

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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.