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Economy of Eswatini vs Russia compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $2.56T for Russia, ranking 163/197 and 8/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $440B (17.2% of GDP) in Russia.

Eswatini vs Russia GDP by year

Eswatini
Russia
1x
Year GDP, current $
Eswatini Russia
2025 $5,160,679,613 $2,561,310,169,359
2024 $4,858,885,841 $2,186,462,268,813
2023 $4,621,191,262 $2,046,284,838,151
2022 $4,746,660,274 $2,292,495,097,681
2021 $4,807,069,277 $1,829,186,719,575
2020 $4,134,677,810 $1,493,075,894,362
2019 $4,617,018,959 $1,693,115,002,708
2018 $4,643,751,059 $1,657,328,773,461
2017 $4,462,640,651 $1,574,199,360,089
2016 $3,722,306,117 $1,276,786,350,881
2015 $3,908,217,914 $1,363,482,182,198
2014 $4,285,065,665 $2,059,241,589,895
2013 $4,463,396,204 $2,292,470,078,346
2012 $4,747,813,067 $2,208,293,553,878
2011 $4,722,912,047 $2,045,922,753,398
2010 $4,360,714,359 $1,524,916,715,224
2009 $3,525,213,502 $1,222,645,900,056
2008 $3,235,921,171 $1,660,848,058,303
2007 $3,391,122,887 $1,299,703,478,482
2006 $3,215,307,901 $989,932,071,353
2005 $3,097,946,371 $764,015,973,481
2004 $2,710,331,785 $591,016,690,732
2003 $2,149,632,433 $430,347,420,185
2002 $1,393,945,031 $345,470,494,418
2001 $1,502,870,486 $306,602,070,621
2000 $1,697,161,558 $259,710,142,197
1999 $1,547,888,496 $195,907,128,351
1998 $1,576,908,856 $270,955,486,862
1997 $1,716,714,070 $404,928,954,192
1996 $1,602,741,834 $391,724,890,744
1995 $1,698,989,464 $395,537,185,735
1994 $1,419,294,254 $395,077,301,248
1993 $1,357,189,552 $435,083,713,851
1992 $1,284,759,928 $460,290,556,901
1991 $1,156,135,718 $517,962,962,963
1990 $1,114,694,041 $517,014,446,228
1989 $696,921,542 $506,631,299,735
1988 $692,026,455 $554,828,660,436
1987 $584,126,092 -
1986 $449,140,318 -
1985 $360,079,419 -
1984 $494,483,409 -
1983 $555,336,146 -
1982 $537,568,059 -
1981 $570,774,825 -
1980 $541,976,853 -
1979 $412,093,134 -
1978 $340,630,085 -
1977 $304,060,076 -
1976 $272,550,068 -
1975 $288,299,789 -
1974 $264,320,941 -
1973 $221,915,128 -
1972 $146,736,479 -
1971 $136,462,081 -
1970 $112,139,955 -
1969 $105,419,958 -
1968 $79,799,968 -
1967 $74,759,970 -
1966 $76,859,969 -
1965 $70,279,972 -
1964 $64,980,554 -
1963 $54,129,438 -
1962 $45,927,962 -
1961 $43,026,043 -
1960 $35,076,846 -

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

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

GDP per capita in Eswatini vs Russia by year

Eswatini
GDP per capita

GDP per capita, PPP
Russia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Russia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $17,847 -
2024 $3,910 $11,799 $15,219 $47,362
2023 $3,756 $11,300 $14,227 $44,269
2022 $3,894 $10,635 $15,894 $40,939
2021 $3,984 $9,990 $12,637 $38,638
2020 $3,467 $9,329 $10,280 $31,491
2019 $3,913 $9,248 $11,640 $30,964
2018 $3,973 $8,535 $11,399 $28,629
2017 $3,853 $8,584 $10,835 $25,778
2016 $3,238 $8,484 $8,804 $24,012
2015 $3,420 $8,391 $9,427 $23,994
2014 $3,771 $8,366 $14,277 $25,688
2013 $3,950 $8,231 $15,941 $26,020
2012 $4,225 $7,760 $15,402 $24,274
2011 $4,225 $7,571 $14,305 $22,790
2010 $3,923 $7,324 $10,675 $20,490
2009 $3,190 $7,011 $8,563 $19,390
2008 $2,947 $6,914 $11,635 $20,164
2007 $3,109 $6,732 $9,101 $16,648
2006 $2,965 $6,319 $6,920 $14,912
2005 $2,871 $5,773 $5,323 $11,822
2004 $2,526 $5,310 $4,102 $10,227
2003 $2,015 $5,020 $2,975 $9,255
2002 $1,316 $4,742 $2,378 $8,037
2001 $1,430 $4,521 $2,100 $7,361
2000 $1,630 $4,401 $1,772 $6,825
1999 $1,502 $4,272 $1,331 $5,914
1998 $1,547 $4,137 $1,835 $5,465
1997 $1,705 $4,038 $2,738 $5,700
1996 $1,619 $3,916 $2,644 $5,518
1995 $1,751 $3,777 $2,666 $5,613
1994 $1,461 $3,526 $2,662 $5,734
1993 $1,397 $3,371 $2,931 $6,420
1992 $1,362 $3,289 $3,099 $6,862
1991 $1,273 $3,236 $3,490 $7,858
1990 $1,278 $3,202 $3,494 $8,028
1989 $832 - $3,430 -
1988 $865 - $3,778 -
1987 $765 - - -
1986 $611 - - -
1985 $510 - - -
1984 $726 - - -
1983 $843 - - -
1982 $843 - - -
1981 $925 - - -
1980 $908 - - -
1979 $714 - - -
1978 $610 - - -
1977 $563 - - -
1976 $521 - - -
1975 $568 - - -
1974 $536 - - -
1973 $463 - - -
1972 $315 - - -
1971 $301 - - -
1970 $254.2 - - -
1969 $245.2 - - -
1968 $190.4 - - -
1967 $182.8 - - -
1966 $192.7 - - -
1965 $181 - - -
1964 $171.6 - - -
1963 $146.4 - - -
1962 $127.1 - - -
1961 $121.8 - - -
1960 $101.6 - - -

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

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

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $17,847 in Russia, ranking 68/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Russia ranks 50th at $47,362.

Economic indicators

Eswatini Russia
Gross domestic product
$5.16B
2025
$2.56T
2025
GDP rank
163/197
2025
8/197
2025
GDP growth
4.19%
2024-2025
1%
2024-2025
GDP per capita
$4,108
2025
$17,847
2025
GDP per capita rank
131/197
2025
68/197
2025
GDP per capita, PPP
$11,799
2024
$47,362
2024
GDP per capita PPP rank
126/197
2024
50/197
2024
Government debt
$2.31B
2025
$440B
2025
Debt-to-GDP ratio
44.9%
2025
17.2%
2025
Government debt per person
$1,843
2025
$3,068
2025
Government debt per person rank
121/185
2025
105/185
2025
Average annual personal income after taxes
$4,770
2026
$11,183
2026
Market capitalization of domestic companies
$234M
2007
$650B
2023
Number of millionaires n/a
447,000
2026
Number of billionaires
1
2026
147
2026
Income share by richest 10%
42.7%
2016
25.1%
2023
Income share by poorest 10%
1.4%
2016
3.1%
2023
Government expenditure, % of GDP
35.7%
2025
39.1%
2025
Consumer prices inflation
2.6%
2018-2019
8.7%
2024-2025
Central bank interest rate
6.75%
2025
14.5%
2026
Unemployment rate
34.3%
2023
2.13%
2025
Population
1276995
142643173

Spending and national debt comparison by year

Eswatini
Spending

Debt
Russia
Spending

Debt
1x
Year % of GDP
Eswatini Russia
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 39.1% 17.2%
2024 33.6% 40.1% 36.7% 14.8%
2023 31.5% 39.4% 36.1% 15.2%
2022 28.9% 39.5% 35.1% 15.1%
2021 29.3% 37.3% 34.9% 16.5%
2020 32.2% 37.7% 39.2% 19.2%
2019 32.8% 30.5% 33.8% 13.7%
2018 31.6% 26.5% 32.6% 13.6%
2017 33.6% 21.7% 34.8% 14.3%
2016 34% 20.1% 36.6% 14.8%
2015 34.5% 16% 35.3% 15.3%
2014 32.7% 14.1% 34.9% 15.1%
2013 28.8% 15.2% 34.7% 12.3%
2012 27.1% 14.8% 34% 11.2%
2011 25.1% 14.6% 33.3% 10.3%
2010 31.1% 14.2% 35.5% 10.1%
2009 33.9% 10.6% 38.6% 9.92%
2008 33.4% 14.6% 32% 7.45%
2007 30.4% 16.1% 31.9% 8.03%
2006 27.6% 14.7% 29% 9.8%
2005 29% 13.6% 29.5% 14.9%
2004 31% 15% 29.6% 20.8%
2003 25.9% 17.7% 32.6% 28.3%
2002 26.5% 17.2% 33.8% 37.6%
2001 25.6% 21.7% 31.5% 44.4%
2000 24.7% 18.2% 30.7% 55.9%
1999 25.8% 16.7% 34.3% 92.4%
1998 22% 15.6% 39.7% 135.2%
1997 20.7% 12.7% - 51.5%
1996 22.5% 11.5% - 51.9%
1995 19.9% 12.5% - 53.7%
1994 23.4% 13.1% - 63.5%
1993 23% 15% - 92.4%
1992 24.7% 16.6% - 116%
1991 19.6% 20.1% - -
1990 18.2% 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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1996, retrieved 2026-07-08).

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

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Russia spent $1T, or 39.1% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 17.2% in Russia, ranking 118/185 and 175/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Russia
1x
Year Deficit/surplus, % of GDP
Eswatini Russia
2025 -6.14% -3.9%
2024 -1.06% -1.59%
2023 -0.66% -2.24%
2022 -5.27% -1.34%
2021 -4.55% 0.78%
2020 -4.21% -3.99%
2019 -6.23% 1.93%
2018 -6.59% 2.92%
2017 -5.64% -1.47%
2016 -8.36% -3.67%
2015 -5.89% -3.39%
2014 -1.16% -1.07%
2013 0.57% -1.16%
2012 3.39% 0.38%
2011 -3.88% 1.43%
2010 -9.34% -3.19%
2009 -3% -5.89%
2008 1.58% 4.55%
2007 2.37% 5.59%
2006 8.67% 7.8%
2005 -1.66% 7.6%
2004 -3.97% 4.57%
2003 -2.11% 1.35%
2002 -3.69% 0.67%
2001 -2.24% 2.99%
2000 -1.19% 3.11%
1999 -1.23% -3.59%
1998 1.05% -7.42%
1997 2.06% -
1996 -0.97% -
1995 0.87% -
1994 -3.43% -
1993 -3.15% -
1992 -2.76% -
1991 3.28% -
1990 5.47% -
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% -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - 0.15%
1939 - 0.12%
1938 - 0.16%
1937 - 0.12%
1936 - 0.1%
1935 - 0.07%
1934 - 0.25%
1933 - 0.58%
1932 - 0.06%
1931 - -1.12%
1930 - -1.62%
1929 - -0.4%
1928 - -0.4%
1927 - -
1926 - -
1925 - -
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - -
1912 - 0.69%
1911 - 1.26%
1910 - 1.52%
1909 - -0.15%
1908 - -0.83%
1907 - -0.86%
1906 - -3.19%
1905 - -7.72%
1904 - -5.13%
1903 - 1.04%
1902 - -1.57%
1901 - 0.14%
1900 - -0.36%
1899 - 0.66%
1898 - 0.03%
1897 - 0.34%
1896 - 1.3%
1895 - 0.7%
1894 - 1.43%
1893 - 0.63%
1892 - -1.16%
1891 - -0.97%
1890 - 0.01%
1889 - 1.34%
1888 - 0.88%
1887 - 0.14%
1886 - -0.84%
1885 - -0.75%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1885–1989, retrieved 2026-07-08).

GeoRank.org/economy/eswatini/russia | 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 Russia's deficit of $100B, or 3.9% of GDP.

Over the past 28 years, Eswatini recorded a fiscal deficit in 22 of those years, while Russia ran a deficit in 14 years. On average, Eswatini posted an annual deficit equal to 2.51% of GDP, compared to surplus of 0.06% of GDP for Russia.

Inflation comparison by year

Inflation
Eswatini

Russia
1x
Year Consumer prices inflation
Eswatini Russia
2025 - 8.7%
2024 - 8.4%
2023 - 5.9%
2022 - 13.7%
2021 - 6.7%
2020 - 3.4%
2019 2.6% 4.5%
2018 4.82% 2.9%
2017 6.22% 3.7%
2016 7.85% 7%
2015 4.95% 15.5%
2014 5.68% 7.8%
2013 5.62% 6.8%
2012 8.94% 5.1%
2011 6.11% 8.4%
2010 4.51% 6.8%
2009 7.45% 11.6%
2008 12.7% 14.1%
2007 8.08% 9%
2006 5.3% 9.7%
2005 4.77% 12.7%
2004 3.45% 10.9%
2003 7.29% 13.7%
2002 12% 15.8%
2001 5.94% 21.5%
2000 12.2% 20.8%
1999 6.09% 85.7%
1998 8.11% 27.7%
1997 7.13% 14.8%

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/russia | CC BY

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 14.6% in Russia. In 2019, inflation was 2.6% in Eswatini and 8.7% in Russia.

Top exports between countries

Eswatini
Export category Export value
Raw agricultural goods $712K
Processed food, beverages & tobacco $286K
Russia
Export category Export value
IT & IP services $100K
Transport & tourism services $16K
Machinery & equipment $8K
Chemicals & pharma $3K
Business & finance services $2K

Balance of trade

Eswatini Russia
Current account balance
$78.3M
2024
$43.1B
2025
Current account balance ranking
65/190
2024
14/190
2025
Current account balance, % of GDP
+1.61%
2024
+1.68%
2025
Goods imports
$2.07B
2024
$305B
2025
Goods exports
$2.33B
2024
$422B
2025
Service imports
$542M
2024
$94.8B
2025
Service exports
$234M
2024
$46.3B
2025
Imports of goods and services, % of GDP
53.7%
2024
15.5%
2025
Exports of goods and services, % of GDP
53.8%
2024
18.2%
2025

Economic freedom indices

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

Eswatini Russia
Economic freedom 57.5 50.3
Economic freedom ranking 116/197 161/197
Property rights 42.5 18.6
Government integrity 29.7 22.8
Judicial effectiveness 35.5 22.8
Tax burden 78.6 81.9
Government spending 71 61.3
Fiscal health 87.5 94.4
Business freedom 49.9 51.4
Labor freedom 55.2 59.1
Monetary freedom 76.8 61.8
Trade freedom 73.6 69.4
Investment freedom 50 30
Financial freedom 40 30

Economic freedom comparison by year

Eswatini
Russia
1x
Year Economic freedom index
Eswatini Russia
2026 57.5 50.3
2025 56.4 51.6
2024 55.6 52
2023 54.9 53.8
2022 51.4 56.1
2021 55.1 61.5
2020 55.3 61
2019 54.7 58.9
2018 55.9 58.2
2017 61.1 57.1
2016 59.7 50.6
2015 59.9 52.1
2014 61.2 51.9
2013 57.2 51.1
2012 57.2 50.5
2011 59.1 50.5
2010 57.4 50.3
2009 59.1 50.8
2008 58.4 49.8
2007 60.1 52.2
2006 61.4 52.4
2005 59.4 51.3
2004 58.6 52.8
2003 59.6 50.8
2002 60.9 48.7
2001 63.6 49.8
2000 62.6 51.8
1999 62.1 54.5
1998 62 52.8
1997 59.4 48.6
1996 58.6 51.6
1995 63.3 51.1

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 50.3 for Russia, ranking 161/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Russia
Services, % of GDP
52.4%
2025
58.9%
2025
Industry, % of GDP
33.6%
2025
29.7%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
3.06%
2025
GNI, Atlas method
$4.69B
2025
$2.33T
2025
GNI per capita, PPP
$11,390
2025
$49,220
2025
Total reserves including gold
$537M
2024
$608B
2024
Total reserves ranking
157/177
2024
6/177
2024
Net foreign direct investment
-$11.8M
2024
-$12.4B
2025
Net inflows of foreign direct investment
$75.5M
2024
-$9.35B
2024
Net outflows of foreign direct investment
$63.8M
2024
-$170M
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
2.63%
2024
Poverty at national poverty lines
58.9%
2016
7.2%
2024
Gross capital formation, % of GDP
15%
2024
25.9%
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/russia | 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 (1885–1996, 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. TradeMap (2014–2024, 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.