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Economy of Eswatini vs Oman compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $110B for Oman, ranking 163/197 and 70/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $39.2B (35.8% of GDP) in Oman.

Eswatini vs Oman GDP by year

Eswatini
Oman
1x
Year GDP, current $
Eswatini Oman
2025 $5,160,679,613 $109,604,780,696
2024 $4,858,885,841 $107,137,198,700
2023 $4,621,191,262 $106,174,707,932
2022 $4,746,660,274 $109,852,795,839
2021 $4,807,069,277 $87,323,797,139
2020 $4,134,677,810 $75,909,492,848
2019 $4,617,018,959 $88,060,858,257
2018 $4,643,751,059 $91,505,851,756
2017 $4,462,640,651 $80,856,697,009
2016 $3,722,306,117 $75,128,738,622
2015 $3,908,217,914 $78,710,793,238
2014 $4,285,065,665 $92,699,089,727
2013 $4,463,396,204 $89,936,020,806
2012 $4,747,813,067 $87,408,842,653
2011 $4,722,912,047 $77,497,529,259
2010 $4,360,714,359 $64,993,498,049
2009 $3,525,213,502 $55,454,096,229
2008 $3,235,921,171 $69,804,681,404
2007 $3,391,122,887 $48,300,390,117
2006 $3,215,307,901 $42,577,633,290
2005 $3,097,946,371 $35,506,892,068
2004 $2,710,331,785 $28,378,933,680
2003 $2,149,632,433 $24,733,680,104
2002 $1,393,945,031 $23,065,539,662
2001 $1,502,870,486 $22,205,721,717
2000 $1,697,161,558 $22,259,557,867
1999 $1,547,888,496 $17,832,769,831
1998 $1,576,908,856 $16,044,213,264
1997 $1,716,714,070 $18,039,791,938
1996 $1,602,741,834 $17,402,080,624
1995 $1,698,989,464 $15,722,236,671
1994 $1,419,294,254 $14,715,214,564
1993 $1,357,189,552 $14,230,429,129
1992 $1,284,759,928 $14,183,615,085
1991 $1,156,135,718 $12,918,335,501
1990 $1,114,694,041 $13,310,273,082
1989 $696,921,542 $9,372,171,651
1988 $692,026,455 $8,386,215,865
1987 $584,126,092 $7,811,183,095
1986 $449,140,318 $7,324,167,369
1985 $360,079,419 $10,005,645,420
1984 $494,483,409 $8,821,443,151
1983 $555,336,146 $7,932,541,691
1982 $537,568,059 $7,554,719,456
1981 $570,774,825 $7,259,120,151
1980 $541,976,853 $5,981,760,278
1979 $412,093,134 $3,733,352,635
1978 $340,630,085 $2,740,301,390
1977 $304,060,076 $2,741,169,948
1976 $272,550,068 $2,560,220,035
1975 $288,299,789 $2,096,699,189
1974 $264,320,941 $1,645,917,776
1973 $221,915,128 $483,066,991
1972 $146,736,479 $366,883,548
1971 $136,462,081 $301,010,587
1970 $112,139,955 $256,319,795
1969 $105,419,958 $239,999,808
1968 $79,799,968 $188,879,849
1967 $74,759,970 $107,151,832
1966 $76,859,969 $67,759,973
1965 $70,279,972 $63,279,975
1964 $64,980,554 $61,872,526
1963 $54,129,438 $59,912,763
1962 $45,927,962 $56,273,202
1961 $43,026,043 $45,634,487
1960 $35,076,846 $44,234,656

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

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

GDP per capita in Eswatini vs Oman by year

Eswatini
GDP per capita

GDP per capita, PPP
Oman
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Oman
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $19,947 -
2024 $3,910 $11,799 $20,285 $41,740
2023 $3,756 $11,300 $21,028 $41,945
2022 $3,894 $10,635 $23,224 $42,616
2021 $3,984 $9,990 $19,403 $38,719
2020 $3,467 $9,329 $16,785 $35,163
2019 $3,913 $9,248 $19,180 $37,251
2018 $3,973 $8,535 $19,902 $37,780
2017 $3,853 $8,584 $17,820 $33,619
2016 $3,238 $8,484 $17,110 $33,334
2015 $3,420 $8,391 $18,808 $36,058
2014 $3,771 $8,366 $23,161 $44,236
2013 $3,950 $8,231 $23,458 $47,013
2012 $4,225 $7,760 $24,642 $49,989
2011 $4,225 $7,571 $25,188 $52,393
2010 $3,923 $7,324 $23,570 $55,667
2009 $3,190 $7,011 $20,656 $55,127
2008 $2,947 $6,914 $26,577 $52,841
2007 $3,109 $6,732 $18,793 $48,627
2006 $2,965 $6,319 $16,931 $46,091
2005 $2,871 $5,773 $14,435 $43,673
2004 $2,526 $5,310 $11,801 $42,142
2003 $2,015 $5,020 $10,464 $40,935
2002 $1,316 $4,742 $9,869 $41,511
2001 $1,430 $4,521 $9,612 $41,679
2000 $1,630 $4,401 $9,754 $39,443
1999 $1,502 $4,272 $7,915 $36,792
1998 $1,547 $4,137 $7,219 $36,666
1997 $1,705 $4,038 $8,235 $36,809
1996 $1,619 $3,916 $8,068 $34,661
1995 $1,751 $3,777 $7,414 $33,598
1994 $1,461 $3,526 $7,068 $31,925
1993 $1,397 $3,371 $7,039 $30,987
1992 $1,362 $3,289 $7,318 $29,773
1991 $1,273 $3,236 $6,977 $28,109
1990 $1,278 $3,202 $7,546 $26,904
1989 $832 - $5,591 -
1988 $865 - $5,279 -
1987 $765 - $5,204 -
1986 $611 - $5,182 -
1985 $510 - $7,549 -
1984 $726 - $7,070 -
1983 $843 - $6,714 -
1982 $843 - $6,759 -
1981 $925 - $6,866 -
1980 $908 - $5,974 -
1979 $714 - $3,934 -
1978 $610 - $3,044 -
1977 $563 - $3,205 -
1976 $521 - $3,143 -
1975 $568 - $2,692 -
1974 $536 - $2,203 -
1973 $463 - $670 -
1972 $315 - $524 -
1971 $301 - $442 -
1970 $254.2 - $387 -
1969 $245.2 - $372 -
1968 $190.4 - $300 -
1967 $182.8 - $174.7 -
1966 $192.7 - $113.2 -
1965 $181 - $108.1 -
1964 $171.6 - $108.1 -
1963 $146.4 - $106.8 -
1962 $127.1 - $102.3 -
1961 $121.8 - $84.5 -
1960 $101.6 - $83.4 -

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

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

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $19,947 in Oman, ranking 60/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Oman ranks 55th at $41,740.

Economic indicators

Eswatini Oman
Gross domestic product
$5.16B
2025
$110B
2025
GDP rank
163/197
2025
70/197
2025
GDP growth
4.19%
2024-2025
2.4%
2024-2025
GDP per capita
$4,108
2025
$19,947
2025
GDP per capita rank
131/197
2025
60/197
2025
GDP per capita, PPP
$11,799
2024
$41,740
2024
GDP per capita PPP rank
126/197
2024
55/197
2024
Government debt
$2.31B
2025
$39.2B
2025
Debt-to-GDP ratio
44.9%
2025
35.8%
2025
Government debt per person
$1,843
2025
$7,132
2025
Government debt per person rank
121/185
2025
70/185
2025
Average annual personal income after taxes
$4,770
2026
$19,851
2026
Market capitalization of domestic companies
$234M
2007
$41.3B
2025
Number of billionaires
1
2026
2
2026
Income share by richest 10%
42.7%
2016
n/a
Income share by poorest 10%
1.4%
2016
n/a
Government expenditure, % of GDP
35.7%
2025
28.9%
2025
Consumer prices inflation
2.6%
2018-2019
1%
2024-2025
Central bank interest rate
6.75%
2025
4.5%
2025
Unemployment rate
34.3%
2023
3.3%
2024
Population
1276995
5775345

Spending and national debt comparison by year

Eswatini
Spending

Debt
Oman
Spending

Debt
1x
Year % of GDP
Eswatini Oman
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 28.9% 35.8%
2024 33.6% 40.1% 28.7% 35.5%
2023 31.5% 39.4% 27.5% 37.4%
2022 28.9% 39.5% 31.1% 41.7%
2021 29.3% 37.3% 36.5% 61.9%
2020 32.2% 37.7% 44.5% 67.9%
2019 32.8% 30.5% 38.8% 52.5%
2018 31.6% 26.5% 38.3% 44.7%
2017 33.6% 21.7% 39.4% 40.1%
2016 34% 20.1% 44.6% 29.3%
2015 34.5% 16% 44.5% 13.9%
2014 32.7% 14.1% 41.4% 4.04%
2013 28.8% 15.2% 39.3% 4.66%
2012 27.1% 14.8% 38.6% 4.59%
2011 25.1% 14.6% 34.5% 4.44%
2010 31.1% 14.2% 30.6% 5.46%
2009 33.9% 10.6% 33.4% 5.8%
2008 33.4% 14.6% 25.6% 3.2%
2007 30.4% 16.1% 30.7% 4.44%
2006 27.6% 14.7% 30.1% 7.56%
2005 29% 13.6% 30.6% 8.39%
2004 31% 15% 34.1% 14.5%
2003 25.9% 17.7% 34% 13%
2002 26.5% 17.2% 34.1% 15.9%
2001 25.6% 21.7% 33.3% 22.5%
2000 24.7% 18.2% 31.2% 21.7%
1999 25.8% 16.7% 34.2% 28.9%
1998 22% 15.6% 36.1% 30.9%
1997 20.7% 12.7% 32.1% 20.8%
1996 22.5% 11.5% 33.5% 21.2%
1995 19.9% 12.5% 38.2% 21.9%
1994 23.4% 13.1% 39.7% 23.6%
1993 23% 15% 40.1% 22.2%
1992 24.7% 16.6% 40.1% 23.1%
1991 19.6% 20.1% 37.4% 22.6%
1990 18.2% 20.4% 36.5% 17.8%
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/oman | CC BY

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Oman spent $31.7B, or 28.9% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 35.8% in Oman, ranking 118/185 and 142/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Oman
1x
Year Deficit/surplus, % of GDP
Eswatini Oman
2025 -6.14% 1.04%
2024 -1.06% 3.22%
2023 -0.66% 6.72%
2022 -5.27% 10.3%
2021 -4.55% -3.17%
2020 -4.21% -15.7%
2019 -6.23% -4.83%
2018 -6.59% -6.72%
2017 -5.64% -10.5%
2016 -8.36% -19.6%
2015 -5.89% -13.5%
2014 -1.16% -1.58%
2013 0.57% 2.78%
2012 3.39% 4.07%
2011 -3.88% 8.24%
2010 -9.34% 4.95%
2009 -3% -0.27%
2008 1.58% 14.7%
2007 2.37% 10.5%
2006 8.67% 12.2%
2005 -1.66% 11.2%
2004 -3.97% 5.43%
2003 -2.11% 5.92%
2002 -3.69% 5.31%
2001 -2.24% 7.55%
2000 -1.19% 12.2%
1999 -1.23% 0.3%
1998 1.05% -4.37%
1997 2.06% 4.77%
1996 -0.97% 2.22%
1995 0.87% -3.9%
1994 -3.43% -7.47%
1993 -3.15% -6.84%
1992 -2.76% -4.85%
1991 3.28% 0.12%
1990 5.47% 4.78%
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/oman | 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 Oman's surplus of $1.14B, or 1.04% of GDP.

Over the past 36 years, Eswatini recorded a fiscal deficit in 26 of those years, while Oman ran a deficit in 14 years. On average, Eswatini posted an annual deficit equal to 1.92% of GDP, compared to surplus of 0.98% of GDP for Oman.

Inflation comparison by year

Inflation
Eswatini

Oman
1x
Year Consumer prices inflation
Eswatini Oman
2025 - 1%
2024 - 0.6%
2023 - 1%
2022 - 2.5%
2021 - 1.7%
2020 - -0.4%
2019 2.6% 0.5%
2018 4.82% 0.7%
2017 6.22% 1.5%
2016 7.85% 0.9%
2015 4.95% 0.1%
2014 5.68% 1.2%
2013 5.62% 1.3%
2012 8.94% 2.9%
2011 6.11% 4.1%
2010 4.51% 3.3%
2009 7.45% 3.5%
2008 12.7% 12.6%
2007 8.08% 5.9%
2006 5.3% 3.2%
2005 4.77% 1.9%
2004 3.45% 0.8%
2003 7.29% 0.2%
2002 12% -0.3%
2001 5.94% -0.8%
2000 12.2% -1.2%
1999 6.09% 0.5%
1998 8.11% 0.4%
1997 7.13% -0.4%

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/oman | CC BY

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 1.86% in Oman. In 2019, inflation was 2.6% in Eswatini and 1% in Oman.

Balance of trade

Eswatini Oman
Current account balance
$78.3M
2024
$3.07B
2024
Current account balance ranking
65/190
2024
37/190
2024
Current account balance, % of GDP
+1.61%
2024
+2.86%
2024
Goods imports
$2.07B
2024
$39.5B
2024
Goods exports
$2.33B
2024
$65.2B
2024
Service imports
$542M
2024
$12.8B
2024
Service exports
$234M
2024
$5.64B
2024
Imports of goods and services, % of GDP
53.7%
2024
48.8%
2024
Exports of goods and services, % of GDP
53.8%
2024
66.1%
2024

Economic freedom indices

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

Eswatini Oman
Economic freedom 57.5 68.5
Economic freedom ranking 116/197 45/197
Property rights 42.5 71.8
Government integrity 29.7 49.4
Judicial effectiveness 35.5 28
Tax burden 78.6 97.6
Government spending 71 74.7
Fiscal health 87.5 97.5
Business freedom 49.9 67.8
Labor freedom 55.2 47.7
Monetary freedom 76.8 79.2
Trade freedom 73.6 78.4
Investment freedom 50 70
Financial freedom 40 60

Economic freedom comparison by year

Eswatini
Oman
1x
Year Economic freedom index
Eswatini Oman
2026 57.5 68.5
2025 56.4 65.4
2024 55.6 62.9
2023 54.9 58.5
2022 51.4 56.6
2021 55.1 64.6
2020 55.3 63.6
2019 54.7 61
2018 55.9 61
2017 61.1 62.1
2016 59.7 67.1
2015 59.9 66.7
2014 61.2 67.4
2013 57.2 68.1
2012 57.2 67.9
2011 59.1 69.8
2010 57.4 67.7
2009 59.1 67
2008 58.4 67.3
2007 60.1 65.8
2006 61.4 63.7
2005 59.4 66.5
2004 58.6 66.9
2003 59.6 64.6
2002 60.9 64
2001 63.6 67.7
2000 62.6 64.1
1999 62.1 64.9
1998 62 64.9
1997 59.4 64.5
1996 58.6 65.4
1995 63.3 70.2

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 68.5 for Oman, ranking 45/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Oman
Services, % of GDP
52.4%
2025
47.2%
2025
Industry, % of GDP
33.6%
2025
52.7%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
2.81%
2025
GNI, Atlas method
$4.69B
2025
$103B
2024
GNI per capita, PPP
$11,390
2025
$39,390
2024
Total reserves including gold
$537M
2024
$18.3B
2024
Total reserves ranking
157/177
2024
68/177
2024
Net foreign direct investment
-$11.8M
2024
-$12.6B
2024
Net inflows of foreign direct investment
$75.5M
2024
$12.5B
2024
Net outflows of foreign direct investment
$63.8M
2024
-$143M
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
n/a
Poverty at national poverty lines
58.9%
2016
n/a
Gross capital formation, % of GDP
15%
2024
24.8%
2024

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/oman | 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. 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.