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Economy of Eswatini vs Nepal compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $42.9B for Nepal, ranking 162/197 and 101/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $20.7B (48.3% of GDP) in Nepal.

Eswatini vs Nepal GDP by year

Eswatini
Nepal
1x
Year GDP, current $
Eswatini Nepal
2024 $4,858,885,841 $42,914,268,287
2023 $4,621,191,262 $41,047,772,331
2022 $4,746,660,274 $41,182,939,601
2021 $4,807,069,277 $36,924,841,394
2020 $4,134,677,810 $33,433,659,301
2019 $4,617,018,959 $34,186,180,699
2018 $4,643,751,059 $33,111,525,237
2017 $4,462,640,651 $28,971,588,940
2016 $3,722,306,117 $24,524,109,484
2015 $3,908,217,914 $24,360,801,287
2014 $4,285,065,665 $22,731,612,922
2013 $4,463,396,204 $22,162,204,925
2012 $4,747,813,067 $21,703,100,877
2011 $4,722,912,047 $21,573,872,421
2010 $4,360,714,359 $16,002,656,434
2009 $3,525,213,502 $12,854,985,464
2008 $3,235,921,171 $12,545,438,605
2007 $3,391,122,887 $10,325,618,017
2006 $3,215,307,901 $9,043,715,356
2005 $3,097,946,371 $8,130,258,378
2004 $2,710,331,785 $7,273,938,315
2003 $2,149,632,433 $6,330,473,097
2002 $1,393,945,031 $6,050,875,807
2001 $1,502,870,486 $6,007,055,042
2000 $1,697,161,558 $5,494,252,208
1999 $1,547,888,496 $5,033,642,384
1998 $1,576,908,856 $4,856,255,044
1997 $1,716,714,070 $4,918,691,917
1996 $1,602,741,834 $4,521,580,381
1995 $1,698,989,464 $4,401,104,418
1994 $1,419,294,254 $4,066,775,510
1993 $1,357,189,552 $3,660,041,667
1992 $1,284,759,928 $3,401,211,581
1991 $1,156,135,718 $3,921,476,085
1990 $1,114,694,041 $3,627,560,239
1989 $696,921,542 $3,525,225,787
1988 $692,026,455 $3,487,009,748
1987 $584,126,092 $2,957,255,380
1986 $449,140,318 $2,850,782,044
1985 $360,079,419 $2,619,913,956
1984 $494,483,409 $2,581,207,388
1983 $555,336,146 $2,447,174,803
1982 $537,568,059 $2,395,423,742
1981 $570,774,825 $2,275,583,317
1980 $541,976,853 $1,945,916,583
1979 $412,093,134 $1,851,250,008
1978 $340,630,085 $1,604,162,497
1977 $304,060,076 $1,382,400,000
1976 $272,550,068 $1,452,788,985
1975 $288,299,789 $1,575,789,254
1974 $264,320,941 $1,217,953,547
1973 $221,915,128 $972,101,725
1972 $146,736,479 $1,024,098,400
1971 $136,462,081 $882,765,472
1970 $112,139,955 $865,975,309
1969 $105,419,958 $788,641,965
1968 $79,799,968 $772,231,387
1967 $74,759,970 $841,974,025
1966 $76,859,969 $906,811,944
1965 $70,279,972 $735,267,082
1964 $64,980,554 $496,098,775
1963 $54,129,438 $496,947,904
1962 $45,927,962 $574,091,101
1961 $43,026,043 $531,959,562
1960 $35,076,846 $508,334,414

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Eswatini vs Nepal by year

Eswatini
GDP per capita

GDP per capita, PPP
Nepal
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Nepal
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $1,447 $5,737
2023 $3,756 $11,300 $1,382 $5,395
2022 $3,894 $10,635 $1,386 $5,103
2021 $3,984 $9,990 $1,253 $4,546
2020 $3,467 $9,329 $1,154 $4,236
2019 $3,913 $9,248 $1,203 $4,261
2018 $3,973 $8,535 $1,179 $3,956
2017 $3,853 $8,584 $1,034 $3,605
2016 $3,238 $8,484 $877 $2,976
2015 $3,420 $8,391 $876 $2,957
2014 $3,771 $8,366 $821 $2,901
2013 $3,950 $8,231 $803 $2,658
2012 $4,225 $7,760 $788 $2,466
2011 $4,225 $7,571 $786 $2,248
2010 $3,923 $7,324 $585 $2,139
2009 $3,190 $7,011 $473 $2,029
2008 $2,947 $6,914 $465 $1,942
2007 $3,109 $6,732 $385 $1,809
2006 $2,965 $6,319 $340 $1,718
2005 $2,871 $5,773 $309 $1,628
2004 $2,526 $5,310 $279.6 $1,542
2003 $2,015 $5,020 $246.4 $1,453
2002 $1,316 $4,742 $238.9 $1,390
2001 $1,430 $4,521 $240.8 $1,388
2000 $1,630 $4,401 $223.8 $1,317
1999 $1,502 $4,272 $208.6 $1,234
1998 $1,547 $4,137 $205.1 $1,187
1997 $1,705 $4,038 $211.8 $1,162
1996 $1,619 $3,916 $198.8 $1,110
1995 $1,751 $3,777 $197.8 $1,058
1994 $1,461 $3,526 $187.3 $1,026
1993 $1,397 $3,371 $172.8 $952
1992 $1,362 $3,289 $165 $920
1991 $1,273 $3,236 $195.7 $889
1990 $1,278 $3,202 $185.8 $830
1989 $832 - $185 -
1988 $865 - $187.1 -
1987 $765 - $162 -
1986 $611 - $159.5 -
1985 $510 - $149.9 -
1984 $726 - $151.1 -
1983 $843 - $146.6 -
1982 $843 - $147 -
1981 $925 - $142.9 -
1980 $908 - $125.1 -
1979 $714 - $121.9 -
1978 $610 - $108.1 -
1977 $563 - $95.3 -
1976 $521 - $102.5 -
1975 $568 - $113.6 -
1974 $536 - $89.8 -
1973 $463 - $73.2 -
1972 $315 - $78.8 -
1971 $301 - $69.5 -
1970 $254.2 - $69.6 -
1969 $245.2 - $64.8 -
1968 $190.4 - $64.9 -
1967 $182.8 - $72.3 -
1966 $192.7 - $79.5 -
1965 $181 - $65.8 -
1964 $171.6 - $45.3 -
1963 $146.4 - $46.3 -
1962 $127.1 - $54.6 -
1961 $121.8 - $51.6 -
1960 $101.6 - $50.2 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $1,447 in Nepal, ranking 164/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Nepal ranks 155th at $5,737.

Economic indicators

Eswatini Nepal
Gross domestic product
$4.86B
2024
$42.9B
2024
GDP rank
162/197
2024
101/197
2024
GDP growth
2.97%
2023-2024
3.67%
2023-2024
GDP per capita
$3,910
2024
$1,447
2024
GDP per capita rank
131/197
2024
164/197
2024
GDP per capita, PPP
$11,799
2024
$5,737
2024
GDP per capita PPP rank
126/197
2024
155/197
2024
Government debt
$1.93B
2024
$20.7B
2024
Debt-to-GDP ratio
39.8%
2024
48.3%
2024
Government debt per person
$1,554
2024
$700
2024
Government debt per person rank
130/185
2024
154/185
2024
Average annual personal income after taxes
$3,913
2026
$2,170
2026
Market capitalization of domestic companies
$234M
2007
n/a
Number of billionaires
1
2025
2
2025
Income share by richest 10%
42.7%
2016
24.2%
2022
Income share by poorest 10%
1.4%
2016
3.7%
2022
Government expenditure, % of GDP
33.3%
2024
22.1%
2024
Consumer prices inflation
2.6%
2018-2019
4.69%
2023-2024
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
34.6%
2023
10.7%
2017
Population
1273390
29596762

Spending and national debt comparison by year

Eswatini
Spending

Debt
Nepal
Spending

Debt
1x
Year % of GDP
Eswatini Nepal
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 22.1% 48.3%
2023 32% 40% 25.1% 47%
2022 29.6% 40.5% 26.1% 42.7%
2021 30.1% 38.4% 27.2% 43.3%
2020 32.7% 38.2% 28.5% 43.3%
2019 32.9% 30.7% 27.1% 34%
2018 32.2% 27% 28% 31.1%
2017 33.9% 21.9% 23.6% 25%
2016 34.7% 20.5% 19% 25%
2015 35.3% 16.4% 17.7% 25.7%
2014 33.3% 14.3% 16.6% 27.6%
2013 29.4% 15.5% 15.5% 31.9%
2012 27.8% 15.2% 16.8% 34.5%
2011 26% 15.1% 16.3% 32.4%
2010 31.6% 14.5% 16.5% 35.4%
2009 34.5% 10.8% 17% 39.5%
2008 34.4% 15% 13.4% 36.8%
2007 31.2% 16.6% 13.1% 37.9%
2006 28.2% 15% 11.2% 42.9%
2005 29.7% 13.9% 12% 45.1%
2004 32% 15.5% 11.8% 51.3%
2003 26.4% 18% 12% 53%
2002 27.2% 17.6% 13% 51.8%
2001 26.4% 22.4% 12.9% 50.8%
2000 25.3% 18.7% 11.4% 50.8%
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/nepal | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Nepal spent $9.5B, or 22.1% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 48.3% in Nepal, ranking 134/185 and 112/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Nepal
1x
Year Deficit/surplus, % of GDP
Eswatini Nepal
2024 -1.36% -2.76%
2023 -0.67% -5.81%
2022 -5.4% -3.12%
2021 -4.68% -3.98%
2020 -4.27% -7.47%
2019 -6.26% -4.27%
2018 -6.72% -5.83%
2017 -5.68% -2.69%
2016 -8.54% 1.2%
2015 -6.03% 0.46%
2014 -1.18% 1.36%
2013 0.59% 1.57%
2012 3.48% -1.18%
2011 -4.02% -0.72%
2010 -9.52% -0.67%
2009 -3.06% -2.24%
2008 1.63% -0.29%
2007 2.44% -0.67%
2006 8.88% 0.24%
2005 -1.7% 0.24%
2004 -4.1% -0.14%
2003 -2.15% -0.34%
2002 -3.78% -2.46%
2001 -2.31% -2.35%
2000 -1.22% -1.48%
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/nepal | 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 Nepal's deficit of $1.19B, or 2.76% of GDP.

Over the past 25 years, Eswatini recorded a fiscal deficit in 20 of those years, while Nepal ran a deficit in 19 years. On average, Eswatini posted an annual deficit equal to 2.63% of GDP, compared to deficit of 1.74% of GDP for Nepal.

Inflation comparison by year

Inflation
Eswatini

Nepal
1x
Year Consumer prices inflation
Eswatini Nepal
2024 - 4.69%
2023 - 7.12%
2022 - 7.67%
2021 - 4.13%
2020 - 5.06%
2019 2.6% 5.57%
2018 4.82% 4.41%
2017 6.22% 2.78%
2016 7.85% 8.79%
2015 4.95% 7.87%
2014 5.68% 8.36%
2013 5.62% 9.04%
2012 8.94% 9.46%
2011 6.11% 9.23%
2010 4.51% 9.33%
2009 7.45% 11.1%
2008 12.7% 9.91%
2007 8.08% 2.27%
2006 5.3% 6.92%
2005 4.77% 6.84%
2004 3.45% 2.84%
2003 7.29% 5.71%
2002 12% 3.03%
2001 5.94% 2.69%
2000 12.2% 2.48%
1999 6.09% 7.45%
1998 8.11% 11.2%
1997 7.13% 4.01%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 6.58% in Nepal. In 2019, inflation was 2.6% in Eswatini and 4.69% in Nepal.

Top exports between countries

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

Balance of trade

Eswatini Nepal
Current account balance
$78.3M
2024
$1.68B
2024
Current account balance ranking
69/190
2024
50/190
2024
Current account balance, % of GDP
+1.61%
2024
+3.91%
2024
Goods imports
$2.07B
2024
$12.1B
2024
Goods exports
$2.33B
2024
$1.54B
2024
Service imports
$542M
2024
$2.27B
2024
Service exports
$234M
2024
$1.9B
2024
Imports of goods and services, % of GDP
53.7%
2024
32.9%
2024
Exports of goods and services, % of GDP
53.8%
2024
7.62%
2024

Economic freedom indices

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

Eswatini Nepal
Economic freedom 57.5 52.9
Economic freedom ranking 116/197 144/197
Property rights 42.5 38.8
Government integrity 29.7 38.9
Judicial effectiveness 35.5 42.9
Tax burden 78.6 84.3
Government spending 71 82.1
Fiscal health 87.5 71
Business freedom 49.9 60.8
Labor freedom 55.2 48.2
Monetary freedom 76.8 69.4
Trade freedom 73.6 58.6
Investment freedom 50 10
Financial freedom 40 30

Economic freedom comparison by year

Eswatini
Nepal
1x
Year Economic freedom index
Eswatini Nepal
2026 57.5 52.9
2025 56.4 52.5
2024 55.6 52.1
2023 54.9 51.4
2022 51.4 49.7
2021 55.1 50.7
2020 55.3 54.2
2019 54.7 53.8
2018 55.9 54.1
2017 61.1 55.1
2016 59.7 50.9
2015 59.9 51.3
2014 61.2 50.1
2013 57.2 50.4
2012 57.2 50.2
2011 59.1 50.1
2010 57.4 52.7
2009 59.1 53.2
2008 58.4 54.1
2007 60.1 54.4
2006 61.4 53.7
2005 59.4 51.4
2004 58.6 51.2
2003 59.6 51.5
2002 60.9 52.3
2001 63.6 51.6
2000 62.6 51.3
1999 62.1 53.1
1998 62 53.5
1997 59.4 53.6
1996 58.6 50.3
1995 63.3 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 52.9 for Nepal, ranking 144/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Nepal
Services, % of GDP
51.4%
2024
55.2%
2024
Industry, % of GDP
34.7%
2024
11.4%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
21.9%
2024
GNI, Atlas method
$4.46B
2024
$43.7B
2024
GNI per capita, PPP
$10,760
2024
$5,830
2024
Total reserves including gold
$479M
2023
$12.5B
2023
Total reserves ranking
159/177
2023
74/177
2023
Net foreign direct investment
-$11.8M
2024
-$56.9M
2024
Net inflows of foreign direct investment
$75.5M
2024
$56.9M
2024
Net outflows of foreign direct investment
$63.8M
2024
$0
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
1.23%
2024
Poverty at national poverty lines
58.9%
2016
20.3%
2022
Gross capital formation, % of GDP
15%
2024
30.4%
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/nepal | 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. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2020, retrieved 2026-02-08)

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.