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Economy of Eswatini vs Nicaragua compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $22.2B for Nicaragua, ranking 163/197 and 128/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $7.74B (34.8% of GDP) in Nicaragua.

Eswatini vs Nicaragua GDP by year

Eswatini
Nicaragua
1x
Year GDP, current $
Eswatini Nicaragua
2025 $5,160,679,613 $22,237,167,113
2024 $4,858,885,841 $19,696,311,850
2023 $4,621,191,262 $17,805,842,221
2022 $4,746,660,274 $15,634,573,556
2021 $4,807,069,277 $14,209,019,392
2020 $4,134,677,810 $12,726,422,432
2019 $4,617,018,959 $12,699,023,614
2018 $4,643,751,059 $13,025,221,974
2017 $4,462,640,651 $13,785,893,007
2016 $3,722,306,117 $13,286,093,388
2015 $3,908,217,914 $12,756,696,261
2014 $4,285,065,665 $11,880,438,824
2013 $4,463,396,204 $10,982,988,249
2012 $4,747,813,067 $10,532,017,232
2011 $4,722,912,047 $9,774,329,333
2010 $4,360,714,359 $8,758,602,233
2009 $3,525,213,502 $8,298,702,489
2008 $3,235,921,171 $8,496,967,597
2007 $3,391,122,887 $7,423,375,015
2006 $3,215,307,901 $6,763,672,381
2005 $3,097,946,371 $6,321,324,279
2004 $2,710,331,785 $5,792,932,838
2003 $2,149,632,433 $5,322,228,351
2002 $1,393,945,031 $5,223,727,303
2001 $1,502,870,486 $5,351,752,034
2000 $1,697,161,558 $5,109,587,050
1999 $1,547,888,496 $4,856,026,259
1998 $1,576,908,856 $4,635,347,386
1997 $1,716,714,070 $4,389,973,490
1996 $1,602,741,834 $4,308,351,903
1995 $1,698,989,464 $4,140,470,000
1994 $1,419,294,254 $3,863,185,119
1993 $1,357,189,552 $1,756,454,248
1992 $1,284,759,928 $1,792,800,000
1991 $1,156,135,718 $1,488,804,124
1990 $1,114,694,041 $1,009,455,484
1989 $696,921,542 $1,013,184,756
1988 $692,026,455 $2,630,900,096
1987 $584,126,092 $3,851,200,118
1986 $449,140,318 $2,885,799,994
1985 $360,079,419 $2,683,699,935
1984 $494,483,409 $3,117,599,872
1983 $555,336,146 $2,753,100,058
1982 $537,568,059 $2,454,499,872
1981 $570,774,825 $2,474,700,227
1980 $541,976,853 $2,144,300,006
1979 $412,093,134 $1,567,599,982
1978 $340,630,085 $2,127,699,979
1977 $304,060,076 $2,226,999,874
1976 $272,550,068 $1,836,899,999
1975 $288,299,789 $1,581,599,959
1974 $264,320,941 $1,521,400,012
1973 $221,915,128 $1,092,900,015
1972 $146,736,479 $878,570,045
1971 $136,462,081 $828,569,953
1970 $112,139,955 $778,569,939
1969 $105,419,958 $750,000,003
1968 $79,799,968 $692,859,985
1967 $74,759,970 $657,140,011
1966 $76,859,969 $607,140,010
1965 $70,279,972 $564,290,020
1964 $64,980,554 $347,119,918
1963 $54,129,438 $297,324,163
1962 $45,927,962 $269,283,804
1961 $43,026,043 $244,144,237
1960 $35,076,846 $227,223,322

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

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

GDP per capita in Eswatini vs Nicaragua by year

Eswatini
GDP per capita

GDP per capita, PPP
Nicaragua
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Nicaragua
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $3,173 -
2024 $3,910 $11,799 $2,848 $8,709
2023 $3,756 $11,300 $2,609 $8,320
2022 $3,894 $10,635 $2,323 $7,797
2021 $3,984 $9,990 $2,138 $7,119
2020 $3,467 $9,329 $1,938 $6,274
2019 $3,913 $9,248 $1,959 $5,981
2018 $3,973 $8,535 $2,035 $5,935
2017 $3,853 $8,584 $2,183 $6,225
2016 $3,238 $8,484 $2,132 $5,882
2015 $3,420 $8,391 $2,074 $5,449
2014 $3,771 $8,366 $1,958 $5,068
2013 $3,950 $8,231 $1,835 $4,711
2012 $4,225 $7,760 $1,785 $4,508
2011 $4,225 $7,571 $1,680 $4,325
2010 $3,923 $7,324 $1,527 $4,042
2009 $3,190 $7,011 $1,467 $3,880
2008 $2,947 $6,914 $1,524 $4,044
2007 $3,109 $6,732 $1,350 $3,891
2006 $2,965 $6,319 $1,248 $3,658
2005 $2,871 $5,773 $1,183 $3,456
2004 $2,526 $5,310 $1,099 $3,255
2003 $2,015 $5,020 $1,021 $3,046
2002 $1,316 $4,742 $1,014 $2,948
2001 $1,430 $4,521 $1,052 $2,917
2000 $1,630 $4,401 $1,017 $2,806
1999 $1,502 $4,272 $980 $2,672
1998 $1,547 $4,137 $949 $2,497
1997 $1,705 $4,038 $913 $2,418
1996 $1,619 $3,916 $911 $2,325
1995 $1,751 $3,777 $892 $2,187
1994 $1,461 $3,526 $849 $2,064
1993 $1,397 $3,371 $394 $1,998
1992 $1,362 $3,289 $411 $2,003
1991 $1,273 $3,236 $350 $1,995
1990 $1,278 $3,202 $242.5 $1,979
1989 $832 - $249.2 -
1988 $865 - $662 -
1987 $765 - $992 -
1986 $611 - $761 -
1985 $510 - $724 -
1984 $726 - $861 -
1983 $843 - $780 -
1982 $843 - $714 -
1981 $925 - $740 -
1980 $908 - $659 -
1979 $714 - $495 -
1978 $610 - $691 -
1977 $563 - $744 -
1976 $521 - $633 -
1975 $568 - $561 -
1974 $536 - $557 -
1973 $463 - $413 -
1972 $315 - $341 -
1971 $301 - $331 -
1970 $254.2 - $321 -
1969 $245.2 - $319 -
1968 $190.4 - $304 -
1967 $182.8 - $297.9 -
1966 $192.7 - $284 -
1965 $181 - $272.3 -
1964 $171.6 - $172.7 -
1963 $146.4 - $152.5 -
1962 $127.1 - $142.3 -
1961 $121.8 - $132.9 -
1960 $101.6 - $127.5 -

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

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

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $3,173 in Nicaragua, ranking 140/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Nicaragua ranks 138th at $8,709.

Economic indicators

Eswatini Nicaragua
Gross domestic product
$5.16B
2025
$22.2B
2025
GDP rank
163/197
2025
128/197
2025
GDP growth
4.19%
2024-2025
4.92%
2024-2025
GDP per capita
$4,108
2025
$3,173
2025
GDP per capita rank
131/197
2025
140/197
2025
GDP per capita, PPP
$11,799
2024
$8,709
2024
GDP per capita PPP rank
126/197
2024
138/197
2024
Government debt
$2.31B
2025
$7.74B
2025
Debt-to-GDP ratio
44.9%
2025
34.8%
2025
Government debt per person
$1,843
2025
$1,104
2025
Government debt per person rank
121/185
2025
142/185
2025
Average annual personal income after taxes
$4,770
2026
$1,939
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
37.2%
2014
Income share by poorest 10%
1.4%
2016
2%
2014
Government expenditure, % of GDP
35.7%
2025
26.1%
2025
Consumer prices inflation
2.6%
2018-2019
2.1%
2024-2025
Central bank interest rate
6.75%
2025
6%
2025
Unemployment rate
34.3%
2023
5.2%
2018
Population
1276995
7144725

Spending and national debt comparison by year

Eswatini
Spending

Debt
Nicaragua
Spending

Debt
1x
Year % of GDP
Eswatini Nicaragua
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 26.1% 34.8%
2024 33.6% 40.1% 26.2% 37.9%
2023 31.5% 39.4% 26% 42.4%
2022 28.9% 39.5% 28.6% 45.9%
2021 29.3% 37.3% 30% 48.4%
2020 32.2% 37.7% 28.9% 49.2%
2019 32.8% 30.5% 27.7% 44.2%
2018 31.6% 26.5% 27.7% 39.1%
2017 33.6% 21.7% 27.3% 34.7%
2016 34% 20.1% 26.8% 30.9%
2015 34.5% 16% 25.4% 28.9%
2014 32.7% 14.1% 24.6% 28.7%
2013 28.8% 15.2% 24.2% 28.8%
2012 27.1% 14.8% 24.1% 27.9%
2011 25.1% 14.6% 23.5% 28.8%
2010 31.1% 14.2% 22.6% 30.3%
2009 33.9% 10.6% 22.7% 29.3%
2008 33.4% 14.6% 21.9% 26%
2007 30.4% 16.1% 21.5% 30.9%
2006 27.6% 14.7% 21.4% 51.2%
2005 29% 13.6% 21.3% 66.6%
2004 31% 15% 20.8% 84%
2003 25.9% 17.7% 20.9% 109.5%
2002 26.5% 17.2% 18.7% 110.4%
2001 25.6% 21.7% 19.2% 87.5%
2000 24.7% 18.2% 20.6% 95.2%
1999 25.8% 16.7% 22.1% 99.8%
1998 22% 15.6% 18.5% 86.5%
1997 20.7% 12.7% 17.9% 86.4%
1996 22.5% 11.5% 18% -
1995 19.9% 12.5% 17.7% -
1994 23.4% 13.1% 18.4% -
1993 23% 15% 18.4% -
1992 24.7% 16.6% 18.4% -
1991 19.6% 20.1% 16.8% -
1990 18.2% 20.4% 28.2% -
1989 15.8% 26.8% - -
1988 15.6% 27.5% 24.8% -
1987 17% 36.1% - 266.6%
1986 19.8% 44% 26.1% 159.2%
1985 22.3% 45.5% 29.9% 218%
1984 22.2% 29.7% 31.9% 198%
1983 23.2% 28.7% 33.8% 211.6%
1982 24% 29.2% 49.4% 159.1%
1981 23.8% 24.3% 39.3% 149.1%
1980 19.6% 27.2% 30.4% 152.1%
1979 - - 20.7% 116.3%
1978 - - 17.7% 76.9%
1977 - - 19.9% 62.7%
1976 - - 16.2% 59.5%
1975 - - 17.5% 57.8%
1974 - - 15.3% 40%
1973 - - 12.8% 32.9%
1972 - - 15.1% 30.2%
1971 - - 15.1% 31.6%
1970 - - 13.2% 35.4%
1969 - - 11.1% -
1968 - - 10.9% -
1967 - - 12.7% -
1966 - - 12.2% -
1965 - - 10.9% -
1964 - - 10.2% -
1963 - - 10.5% -
1962 - - 10.6% -
1961 - - 9.93% -
1960 - - 11.2% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1999, retrieved 2026-07-08).

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

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Nicaragua spent $5.8B, or 26.1% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 34.8% in Nicaragua, ranking 118/185 and 145/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Nicaragua
1x
Year Deficit/surplus, % of GDP
Eswatini Nicaragua
2025 -6.14% 2.1%
2024 -1.06% 2.25%
2023 -0.66% 2.3%
2022 -5.27% 0.65%
2021 -4.55% -1.26%
2020 -4.21% -2.57%
2019 -6.23% -1.12%
2018 -6.59% -4.35%
2017 -5.64% -1.75%
2016 -8.36% -1.92%
2015 -5.89% -1.64%
2014 -1.16% -0.89%
2013 0.57% -0.3%
2012 3.39% 0.22%
2011 -3.88% 0.59%
2010 -9.34% 0.69%
2009 -3% -0.9%
2008 1.58% 0.27%
2007 2.37% 1.88%
2006 8.67% 1.36%
2005 -1.66% 1.72%
2004 -3.97% 1.69%
2003 -2.11% 1.3%
2002 -3.69% 2.07%
2001 -2.24% 0.34%
2000 -1.19% 2.15%
1999 -1.23% -6.86%
1998 1.05% -2.88%
1997 2.06% -3.31%
1996 -0.97% -5%
1995 0.87% -4.62%
1994 -3.43% -5.79%
1993 -3.15% -4.66%
1992 -2.76% -3.8%
1991 3.28% -3.45%
1990 5.47% -15.2%
1989 5.82% -
1988 3.23% -22.4%
1987 2.03% -
1986 -2.41% -7.33%
1985 -1.33% -11.3%
1984 1.25% -11.8%
1983 -0.6% -15.6%
1982 0.11% -20.2%
1981 -4.29% -10.6%
1980 6.55% -6.53%
1979 - -5.89%
1978 - -4.44%
1977 - -5.91%
1976 - -2.2%
1975 - -3.53%
1974 - -1.41%
1973 - 1.21%
1972 - -2.61%
1971 - -2.33%
1970 - -2.69%
1969 - -1.57%
1968 - -1.21%
1967 - -2.11%
1966 - -1.04%
1965 - 0.3%
1964 - 0.2%
1963 - 0.75%
1962 - -0.29%
1961 - 0.04%
1960 - -1.28%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1999, retrieved 2026-07-08).

GeoRank.org/economy/eswatini/nicaragua | 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 Nicaragua's surplus of $467M, or 2.1% of GDP.

Over the past 46 years, Eswatini recorded a fiscal deficit in 30 of those years, while Nicaragua ran a deficit in 28 years. On average, Eswatini posted an annual deficit equal to 1.28% of GDP, compared to deficit of 3.56% of GDP for Nicaragua.

Inflation comparison by year

Inflation
Eswatini

Nicaragua
1x
Year Consumer prices inflation
Eswatini Nicaragua
2025 - 2.1%
2024 - 4.6%
2023 - 8.4%
2022 - 10.5%
2021 - 4.9%
2020 - 3.7%
2019 2.6% 5.4%
2018 4.82% 4.9%
2017 6.22% 3.9%
2016 7.85% 3.5%
2015 4.95% 4%
2014 5.68% 6%
2013 5.62% 7.1%
2012 8.94% 7.2%
2011 6.11% 8.1%
2010 4.51% 5.5%
2009 7.45% 3.7%
2008 12.7% 19.8%
2007 8.08% 11.1%
2006 5.3% 9.1%
2005 4.77% 9.6%
2004 3.45% 8.5%
2003 7.29% 5.3%
2002 12% 3.8%
2001 5.94% 7.4%
2000 12.2% 11.5%
1999 6.09% 11.2%
1998 8.11% 13%
1997 7.13% 9.2%

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/nicaragua | CC BY

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 7.77% in Nicaragua. In 2019, inflation was 2.6% in Eswatini and 2.1% in Nicaragua.

Balance of trade

Eswatini Nicaragua
Current account balance
$78.3M
2024
$818M
2024
Current account balance ranking
65/190
2024
52/190
2024
Current account balance, % of GDP
+1.61%
2024
+4.15%
2024
Goods imports
$2.07B
2024
$10.1B
2024
Goods exports
$2.33B
2024
$6.84B
2024
Service imports
$542M
2024
$1.31B
2024
Service exports
$234M
2024
$1.3B
2024
Imports of goods and services, % of GDP
53.7%
2024
54.9%
2025
Exports of goods and services, % of GDP
53.8%
2024
41.6%
2025

Economic freedom indices

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

Eswatini Nicaragua
Economic freedom 57.5 53.6
Economic freedom ranking 116/197 139/197
Property rights 42.5 23.8
Government integrity 29.7 13.4
Judicial effectiveness 35.5 8.8
Tax burden 78.6 74.5
Government spending 71 77.7
Fiscal health 87.5 96.9
Business freedom 49.9 54.4
Labor freedom 55.2 47.3
Monetary freedom 76.8 69.4
Trade freedom 73.6 67
Investment freedom 50 60
Financial freedom 40 50

Economic freedom comparison by year

Eswatini
Nicaragua
1x
Year Economic freedom index
Eswatini Nicaragua
2026 57.5 53.6
2025 56.4 54
2024 55.6 53.4
2023 54.9 54.9
2022 51.4 54.8
2021 55.1 56.3
2020 55.3 57.2
2019 54.7 57.7
2018 55.9 58.9
2017 61.1 59.2
2016 59.7 58.6
2015 59.9 57.6
2014 61.2 58.4
2013 57.2 56.6
2012 57.2 57.9
2011 59.1 58.8
2010 57.4 58.3
2009 59.1 59.8
2008 58.4 60.8
2007 60.1 62.7
2006 61.4 63.8
2005 59.4 62.5
2004 58.6 61.4
2003 59.6 62.6
2002 60.9 61.1
2001 63.6 58
2000 62.6 56.9
1999 62.1 54
1998 62 53.8
1997 59.4 53.3
1996 58.6 54.1
1995 63.3 42.5

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 53.6 for Nicaragua, ranking 139/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Nicaragua
Services, % of GDP
52.4%
2025
45.2%
2025
Industry, % of GDP
33.6%
2025
29.3%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
14.5%
2025
GNI, Atlas method
$4.69B
2025
$19.9B
2025
GNI per capita, PPP
$11,390
2025
$8,780
2025
Total reserves including gold
$537M
2024
$8.32B
2025
Total reserves ranking
157/177
2024
87/177
2025
Net foreign direct investment
-$11.8M
2024
-$1.28B
2024
Net inflows of foreign direct investment
$75.5M
2024
$1.35B
2024
Net outflows of foreign direct investment
$63.8M
2024
$73.8M
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
9.74%
2024
Poverty at national poverty lines
58.9%
2016
24.9%
2016
Gross capital formation, % of GDP
15%
2024
25.8%
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/nicaragua | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1960–1999, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, 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)

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.