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Economy of Eswatini vs Rwanda compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $14.3B for Rwanda, ranking 162/197 and 144/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Eswatini vs Rwanda GDP by year

Eswatini
Rwanda
1x
Year GDP, current $
Eswatini Rwanda
2024 $4,858,885,841 $14,251,642,235
2023 $4,621,191,262 $14,331,722,703
2022 $4,746,660,274 $13,316,161,002
2021 $4,807,069,277 $11,078,787,090
2020 $4,134,677,810 $10,174,386,857
2019 $4,617,018,959 $10,349,300,277
2018 $4,643,751,059 $9,637,904,521
2017 $4,462,640,651 $9,252,833,891
2016 $3,722,306,117 $8,695,272,058
2015 $3,908,217,914 $8,543,760,200
2014 $4,285,065,665 $8,238,966,124
2013 $4,463,396,204 $7,819,964,030
2012 $4,747,813,067 $7,654,761,050
2011 $4,722,912,047 $6,884,913,658
2010 $4,360,714,359 $6,124,756,654
2009 $3,525,213,502 $5,674,476,969
2008 $3,235,921,171 $5,179,854,065
2007 $3,391,122,887 $4,070,507,895
2006 $3,215,307,901 $3,319,784,539
2005 $3,097,946,371 $2,933,819,766
2004 $2,710,331,785 $2,376,496,067
2003 $2,149,632,433 $2,138,237,279
2002 $1,393,945,031 $1,966,003,468
2001 $1,502,870,486 $1,966,600,715
2000 $1,697,161,558 $2,068,836,754
1999 $1,547,888,496 $2,157,108,263
1998 $1,576,908,856 $1,989,343,546
1997 $1,716,714,070 $1,851,558,197
1996 $1,602,741,834 $1,382,334,879
1995 $1,698,989,464 $1,293,535,193
1994 $1,419,294,254 $753,636,370
1993 $1,357,189,552 $1,971,525,712
1992 $1,284,759,928 $2,029,026,962
1991 $1,156,135,718 $1,911,600,237
1990 $1,114,694,041 $2,550,185,679
1989 $696,921,542 $2,405,022,593
1988 $692,026,455 $2,395,492,687
1987 $584,126,092 $2,157,432,668
1986 $449,140,318 $1,944,710,684
1985 $360,079,419 $1,715,626,331
1984 $494,483,409 $1,587,413,084
1983 $555,336,146 $1,479,687,587
1982 $537,568,059 $1,407,243,139
1981 $570,774,825 $1,407,062,527
1980 $541,976,853 $1,254,765,642
1979 $412,093,134 $1,109,346,131
1978 $340,630,085 $905,709,076
1977 $304,060,076 $746,650,613
1976 $272,550,068 $637,753,853
1975 $288,299,789 $571,863,500
1974 $264,320,941 $308,458,423
1973 $221,915,128 $290,746,157
1972 $146,736,479 $246,457,838
1971 $136,462,081 $222,952,504
1970 $112,139,955 $219,900,006
1969 $105,419,958 $188,700,037
1968 $79,799,968 $172,200,018
1967 $74,759,970 $159,560,018
1966 $76,859,969 $124,525,703
1965 $70,279,972 $148,799,980
1964 $64,980,554 $129,999,994
1963 $54,129,438 $128,000,000
1962 $45,927,962 $125,000,008
1961 $43,026,043 $122,000,016
1960 $35,076,846 $119,000,024

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

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

GDP per capita in Eswatini vs Rwanda by year

Eswatini
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $1,000 $3,711
2023 $3,756 $11,300 $1,027 $3,399
2022 $3,894 $10,635 $975 $3,099
2021 $3,984 $9,990 $830 $2,733
2020 $3,467 $9,329 $779 $2,285
2019 $3,913 $9,248 $810 $2,336
2018 $3,973 $8,535 $772 $2,125
2017 $3,853 $8,584 $758 $1,968
2016 $3,238 $8,484 $730 $1,866
2015 $3,420 $8,391 $734 $1,781
2014 $3,771 $8,366 $725 $1,678
2013 $3,950 $8,231 $705 $1,512
2012 $4,225 $7,760 $707 $1,455
2011 $4,225 $7,571 $651 $1,413
2010 $3,923 $7,324 $594 $1,314
2009 $3,190 $7,011 $564 $1,241
2008 $2,947 $6,914 $528 $1,191
2007 $3,109 $6,732 $426 $1,079
2006 $2,965 $6,319 $357 $1,002
2005 $2,871 $5,773 $324 $914
2004 $2,526 $5,310 $269.5 $832
2003 $2,015 $5,020 $249 $775
2002 $1,316 $4,742 $234 $760
2001 $1,430 $4,521 $237.3 $670
2000 $1,630 $4,401 $251.9 $609
1999 $1,502 $4,272 $264.7 $554
1998 $1,547 $4,137 $246.2 $528
1997 $1,705 $4,038 $238.7 $500
1996 $1,619 $3,916 $206 $499
1995 $1,751 $3,777 $228 $514
1994 $1,461 $3,526 $111 $311
1993 $1,397 $3,371 $247 $521
1992 $1,362 $3,289 $264.1 $575
1991 $1,273 $3,236 $254 $542
1990 $1,278 $3,202 $346 $549
1989 $832 - $335 -
1988 $865 - $344 -
1987 $765 - $320 -
1986 $611 - $297.7 -
1985 $510 - $271.6 -
1984 $726 - $259.9 -
1983 $843 - $250.6 -
1982 $843 - $246.4 -
1981 $925 - $254.6 -
1980 $908 - $234.4 -
1979 $714 - $213.8 -
1978 $610 - $179.9 -
1977 $563 - $152.7 -
1976 $521 - $134.4 -
1975 $568 - $124.1 -
1974 $536 - $68.9 -
1973 $463 - $66.9 -
1972 $315 - $58.4 -
1971 $301 - $54.4 -
1970 $254.2 - $55.2 -
1969 $245.2 - $48.9 -
1968 $190.4 - $46 -
1967 $182.8 - $44 -
1966 $192.7 - $35.4 -
1965 $181 - $43.5 -
1964 $171.6 - $39 -
1963 $146.4 - $39.3 -
1962 $127.1 - $39.2 -
1961 $121.8 - $39.3 -
1960 $101.6 - $39.4 -

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

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Rwanda ranks 168th at $3,711.

Economic indicators

Eswatini Rwanda
Gross domestic product
$4.86B
2024
$14.3B
2024
GDP rank
162/197
2024
144/197
2024
GDP growth
2.97%
2023-2024
8.89%
2023-2024
GDP per capita
$3,910
2024
$1,000
2024
GDP per capita rank
131/197
2024
178/197
2024
GDP per capita, PPP
$11,799
2024
$3,711
2024
GDP per capita PPP rank
126/197
2024
168/197
2024
Government debt
$1.93B
2024
$9.58B
2024
Debt-to-GDP ratio
39.8%
2024
67.2%
2024
Government debt per person
$1,554
2024
$672
2024
Government debt per person rank
130/185
2024
157/185
2024
Average annual personal income after taxes
$3,913
2026
$2,194
2026
Market capitalization of domestic companies
$234M
2007
$2.75B
2024
Number of billionaires
1
2025
n/a
Income share by richest 10%
42.7%
2016
33.4%
2023
Income share by poorest 10%
1.4%
2016
3.1%
2023
Government expenditure, % of GDP
33.3%
2024
28.8%
2024
Consumer prices inflation
2.6%
2018-2019
1.77%
2023-2024
Central bank interest rate
6.75%
2025
6.75%
2025
Unemployment rate
34.6%
2023
11.3%
2024
Population
1273390
14975051

Spending and national debt comparison by year

Eswatini
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Eswatini Rwanda
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 28.8% 67.2%
2023 32% 40% 27% 63.4%
2022 29.6% 40.5% 29.7% 60.9%
2021 30.1% 38.4% 31.6% 67.3%
2020 32.7% 38.2% 33.5% 68.7%
2019 32.9% 30.7% 28.2% 53.6%
2018 32.2% 27% 26.4% 49.2%
2017 33.9% 21.9% 25.1% 45.6%
2016 34.7% 20.5% 25.1% 41.1%
2015 35.3% 16.4% 26.6% 33.1%
2014 33.3% 14.3% 27.5% 29.1%
2013 29.4% 15.5% 26.2% 26.7%
2012 27.8% 15.2% 24.6% 19.1%
2011 26% 15.1% 24.7% 18.7%
2010 31.6% 14.5% 23.8% 18.8%
2009 34.5% 10.8% 22.3% 18.5%
2008 34.4% 15% 22.5% 18.3%
2007 31.2% 16.6% 22.4% 22.1%
2006 28.2% 15% 20.6% 22.5%
2005 29.7% 13.9% 19.9% 58.9%
2004 32% 15.5% 17.9% 80.9%
2003 26.4% 18% 18.5% 79.5%
2002 27.2% 17.6% 20.5% 92%
2001 26.4% 22.4% 19.1% 84%
2000 25.3% 18.7% 18.2% 86%
1999 26.5% 17.2% 22.4% 78.4%
1998 22.5% 15.9% 16.4% 70.1%
1997 21.2% 13% 17% 72.2%
1996 23.3% 12% 19.5% 83.4%
1995 20.5% 12.9% 18% 100.8%
1994 24.7% 13.8% 13.3% -
1993 24% 15.6% 20.3% -
1992 26% 16.6% 21.5% -
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/rwanda | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 67.2% in Rwanda, ranking 134/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Rwanda
1x
Year Deficit/surplus, % of GDP
Eswatini Rwanda
2024 -1.36% -6.57%
2023 -0.67% -5.04%
2022 -5.4% -5.74%
2021 -4.68% -7%
2020 -4.27% -9.54%
2019 -6.26% -5.08%
2018 -6.72% -2.57%
2017 -5.68% -2.52%
2016 -8.54% -2.27%
2015 -6.03% -2.68%
2014 -1.18% -3.92%
2013 0.59% -1.27%
2012 3.48% -2.38%
2011 -4.02% -0.86%
2010 -9.52% -0.64%
2009 -3.06% 0.26%
2008 1.63% 0.83%
2007 2.44% -1.56%
2006 8.88% -0.03%
2005 -1.7% 1.12%
2004 -4.1% 2.27%
2003 -2.15% -1.23%
2002 -3.78% -2.03%
2001 -2.31% -1.8%
2000 -1.22% -0.22%
1999 -1.27% -4.41%
1998 1.07% -2.59%
1997 2.11% -2.22%
1996 -1% -5.01%
1995 0.9% -2.04%
1994 -3.61% -9.54%
1993 -3.29% -6.6%
1992 -2.9% -7.21%
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/rwanda | 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 Rwanda's deficit of $936M, or 6.57% of GDP.

Over the past 33 years, Eswatini recorded a fiscal deficit in 25 of those years, while Rwanda ran a deficit in 29 years. On average, Eswatini posted an annual deficit equal to 2.23% of GDP, compared to deficit of 3.03% of GDP for Rwanda.

Inflation comparison by year

Inflation
Eswatini

Rwanda
1x
Year Consumer prices inflation
Eswatini Rwanda
2024 - 1.77%
2023 - 19.8%
2022 - 17.7%
2021 - -0.39%
2020 - 9.85%
2019 2.6% 3.35%
2018 4.82% -0.31%
2017 6.22% 8.28%
2016 7.85% 7.17%
2015 4.95% 2.53%
2014 5.68% 2.35%
2013 5.62% 5.92%
2012 8.94% 10.3%
2011 6.11% 3.08%
2010 4.51% -0.25%
2009 7.45% 12.9%
2008 12.7% 15.4%
2007 8.08% 9.08%
2006 5.3% 8.88%
2005 4.77% 9.01%
2004 3.45% 12.3%
2003 7.29% 7.45%
2002 12% 1.99%
2001 5.94% 3.34%
2000 12.2% 3.9%
1999 6.09% -2.41%
1998 8.11% 6.21%
1997 7.13% 12%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 6.2% in Rwanda. In 2019, inflation was 2.6% in Eswatini and 1.77% in Rwanda.

Top exports between countries

Eswatini
Export category Export value
Processed food, beverages & tobacco $4.96M
Raw agricultural goods $40K
Rwanda
Export category Export value
Raw agricultural goods $102K
Textiles & consumer goods $5K
Miscellaneous $2K
Wood & paper products $2K
Processed food, beverages & tobacco $1K

Balance of trade

Eswatini Rwanda
Current account balance
$78.3M
2024
-$1.81B
2024
Current account balance ranking
69/190
2024
140/190
2024
Current account balance, % of GDP
+1.61%
2024
-12.7%
2024
Goods imports
$2.07B
2024
$5.55B
2024
Goods exports
$2.33B
2024
$3.2B
2024
Service imports
$542M
2024
$991M
2024
Service exports
$234M
2024
$1.08B
2024
Imports of goods and services, % of GDP
53.7%
2024
39.1%
2024
Exports of goods and services, % of GDP
53.8%
2024
30.8%
2024

Economic freedom indices

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

Eswatini Rwanda
Economic freedom 57.5 56.5
Economic freedom ranking 116/197 121/197
Property rights 42.5 60.3
Government integrity 29.7 53.9
Judicial effectiveness 35.5 27.5
Tax burden 78.6 80.6
Government spending 71 75.7
Fiscal health 87.5 37.5
Business freedom 49.9 60.1
Labor freedom 55.2 49.1
Monetary freedom 76.8 72.3
Trade freedom 73.6 61.8
Investment freedom 50 60
Financial freedom 40 40

Economic freedom comparison by year

Eswatini
Rwanda
1x
Year Economic freedom index
Eswatini Rwanda
2026 57.5 56.5
2025 56.4 54.8
2024 55.6 51.6
2023 54.9 52.2
2022 51.4 57.1
2021 55.1 68.3
2020 55.3 70.9
2019 54.7 71.1
2018 55.9 69.1
2017 61.1 67.6
2016 59.7 63.1
2015 59.9 64.8
2014 61.2 64.7
2013 57.2 64.1
2012 57.2 64.9
2011 59.1 62.7
2010 57.4 59.1
2009 59.1 54.2
2008 58.4 54.2
2007 60.1 52.4
2006 61.4 52.8
2005 59.4 51.7
2004 58.6 53.3
2003 59.6 47.8
2002 60.9 50.4
2001 63.6 45.4
2000 62.6 42.3
1999 62.1 39.8
1998 62 39.1
1997 59.4 38.3
1996 58.6 -
1995 63.3 -

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Rwanda
Services, % of GDP
51.4%
2024
47.6%
2024
Industry, % of GDP
34.7%
2024
21%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
24.6%
2024
GNI, Atlas method
$4.46B
2024
$14.8B
2024
GNI per capita, PPP
$10,760
2024
$3,620
2024
Total reserves including gold
$479M
2023
$2.41B
2024
Total reserves ranking
159/177
2023
123/177
2024
Net foreign direct investment
-$11.8M
2024
-$560M
2024
Net inflows of foreign direct investment
$75.5M
2024
$573M
2024
Net outflows of foreign direct investment
$63.8M
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
3.09%
2024
Poverty at national poverty lines
58.9%
2016
27.4%
2023
Gross capital formation, % of GDP
15%
2024
25.9%
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/rwanda | 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. TradeMap (2021–2023, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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.