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Economy of Eswatini vs Saudi Arabia compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $1.24T for Saudi Arabia, ranking 162/197 and 18/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $324B (26.2% of GDP) in Saudi Arabia.

Eswatini vs Saudi Arabia GDP by year

Eswatini
Saudi Arabia
1x
Year GDP, current $
Eswatini Saudi Arabia
2024 $4,858,885,841 $1,239,804,533,333
2023 $4,621,191,262 $1,218,584,533,333
2022 $4,746,660,274 $1,239,075,200,000
2021 $4,807,069,277 $982,661,066,667
2020 $4,134,677,810 $767,951,200,000
2019 $4,617,018,959 $888,890,133,333
2018 $4,643,751,059 $886,564,800,000
2017 $4,462,640,651 $741,266,133,333
2016 $3,722,306,117 $689,279,466,667
2015 $3,908,217,914 $693,414,400,000
2014 $4,285,065,665 $787,153,066,667
2013 $4,463,396,204 $769,755,733,333
2012 $4,747,813,067 $751,921,333,333
2011 $4,722,912,047 $680,660,800,000
2010 $4,360,714,359 $528,207,466,667
2009 $3,525,213,502 $429,097,866,667
2008 $3,235,921,171 $519,796,800,000
2007 $3,391,122,887 $415,964,509,673
2006 $3,215,307,901 $376,900,133,511
2005 $3,097,946,371 $328,459,608,764
2004 $2,710,331,785 $258,742,133,333
2003 $2,149,632,433 $215,807,733,333
2002 $1,393,945,031 $189,605,866,667
2001 $1,502,870,486 $184,137,600,000
2000 $1,697,161,558 $189,514,933,333
1999 $1,547,888,496 $161,717,066,667
1998 $1,576,908,856 $146,775,466,667
1997 $1,716,714,070 $165,963,684,913
1996 $1,602,741,834 $158,662,483,311
1995 $1,698,989,464 $143,343,124,166
1994 $1,419,294,254 $135,174,899,866
1993 $1,357,189,552 $132,967,957,276
1992 $1,284,759,928 $137,087,850,467
1991 $1,156,135,718 $132,223,230,975
1990 $1,114,694,041 $117,630,173,565
1989 $696,921,542 $95,344,459,279
1988 $692,026,455 $88,256,074,766
1987 $584,126,092 $85,695,861,148
1986 $449,140,318 $86,961,922,765
1985 $360,079,419 $103,897,846,494
1984 $494,483,409 $119,624,858,116
1983 $555,336,146 $129,171,635,311
1982 $537,568,059 $153,240,313,858
1981 $570,774,825 $184,291,360,139
1980 $541,976,853 $164,539,660,725
1979 $412,093,134 $111,858,444,786
1978 $340,630,085 $80,266,516,687
1977 $304,060,076 $74,188,986,586
1976 $272,550,068 $64,005,665,722
1975 $288,299,789 $46,773,208,643
1974 $264,320,941 $45,412,957,746
1973 $221,915,128 $14,947,435,499
1972 $146,736,479 $9,664,267,087
1971 $136,462,081 $7,184,806,909
1970 $112,139,955 $5,377,333,333
1969 $105,419,958 $4,485,777,644
1968 $79,799,968 $4,187,777,711
1967 $74,759,970 $3,257,022,223
1966 $76,859,969 $2,920,555,557
1965 $70,279,972 $2,647,955,558
1964 $64,980,554 $2,371,808,713
1963 $54,129,438 $2,207,393,172
1962 $45,927,962 $2,130,606,532
1961 $43,026,043 $1,920,811,284
1960 $35,076,846 $1,748,124,064

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

GeoRank.org/economy/eswatini/saudi-arabia | CC BY

GDP per capita in Eswatini vs Saudi Arabia by year

Eswatini
GDP per capita

GDP per capita, PPP
Saudi Arabia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Saudi Arabia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $35,122 $71,375
2023 $3,756 $11,300 $36,157 $71,565
2022 $3,894 $10,635 $38,510 $71,968
2021 $3,984 $9,990 $31,921 $62,690
2020 $3,467 $9,329 $24,339 $47,518
2019 $3,913 $9,248 $29,567 $59,560
2018 $3,973 $8,535 $29,360 $59,378
2017 $3,853 $8,584 $23,929 $53,120
2016 $3,238 $8,484 $22,268 $49,937
2015 $3,420 $8,391 $23,256 $53,931
2014 $3,771 $8,366 $27,805 $62,578
2013 $3,950 $8,231 $27,865 $62,203
2012 $4,225 $7,760 $28,733 $65,034
2011 $4,225 $7,571 $27,127 $64,125
2010 $3,923 $7,324 $22,028 $58,829
2009 $3,190 $7,011 $17,718 $54,787
2008 $2,947 $6,914 $22,320 $57,236
2007 $3,109 $6,732 $18,596 $55,030
2006 $2,965 $6,319 $17,564 $54,639
2005 $2,871 $5,773 $15,976 $53,548
2004 $2,526 $5,310 $13,154 $51,225
2003 $2,015 $5,020 $11,487 $48,078
2002 $1,316 $4,742 $10,586 $45,466
2001 $1,430 $4,521 $10,805 $47,381
2000 $1,630 $4,401 $11,715 $48,644
1999 $1,502 $4,272 $10,452 $47,495
1998 $1,547 $4,137 $9,836 $48,867
1997 $1,705 $4,038 $11,545 $48,796
1996 $1,619 $3,916 $11,472 $48,569
1995 $1,751 $3,777 $10,786 $48,052
1994 $1,461 $3,526 $10,602 $48,904
1993 $1,397 $3,371 $10,885 $49,503
1992 $1,362 $3,289 $11,730 $50,355
1991 $1,273 $3,236 $11,847 $49,295
1990 $1,278 $3,202 $11,055 $46,214
1989 $832 - $9,414 -
1988 $865 - $9,165 -
1987 $765 - $9,386 -
1986 $611 - $10,078 -
1985 $510 - $12,745 -
1984 $726 - $15,541 -
1983 $843 - $17,810 -
1982 $843 - $22,454 -
1981 $925 - $28,703 -
1980 $908 - $27,206 -
1979 $714 - $19,612 -
1978 $610 - $14,914 -
1977 $563 - $14,595 -
1976 $521 - $13,313 -
1975 $568 - $10,266 -
1974 $536 - $10,503 -
1973 $463 - $3,640 -
1972 $315 - $2,474 -
1971 $301 - $1,929 -
1970 $254.2 - $1,509 -
1969 $245.2 - $1,313 -
1968 $190.4 - $1,276 -
1967 $182.8 - $1,032 -
1966 $192.7 - $961 -
1965 $181 - $904 -
1964 $171.6 - $840 -
1963 $146.4 - $812 -
1962 $127.1 - $813 -
1961 $121.8 - $760 -
1960 $101.6 - $718 -

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

GeoRank.org/economy/eswatini/saudi-arabia | CC BY

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $35,122 in Saudi Arabia, ranking 33/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Saudi Arabia ranks 24th at $71,375.

Economic indicators

Eswatini Saudi Arabia
Gross domestic product
$4.86B
2024
$1.24T
2024
GDP rank
162/197
2024
18/197
2024
GDP growth
2.97%
2023-2024
2%
2023-2024
GDP per capita
$3,910
2024
$35,122
2024
GDP per capita rank
131/197
2024
33/197
2024
GDP per capita, PPP
$11,799
2024
$71,375
2024
GDP per capita PPP rank
126/197
2024
24/197
2024
Government debt
$1.93B
2024
$324B
2024
Debt-to-GDP ratio
39.8%
2024
26.2%
2024
Government debt per person
$1,554
2024
$9,185
2024
Government debt per person rank
130/185
2024
58/185
2024
Average annual personal income after taxes
$3,913
2026
$23,076
2026
Market capitalization of domestic companies
$234M
2007
$2.73T
2024
Number of millionaires n/a
351,855
2025
Number of billionaires
1
2025
15
2025
Income share by richest 10%
42.7%
2016
n/a
Income share by poorest 10%
1.4%
2016
n/a
Government expenditure, % of GDP
33.3%
2024
29.6%
2024
Consumer prices inflation
2.6%
2018-2019
1.69%
2023-2024
Central bank interest rate
6.75%
2025
4.25%
2025
Unemployment rate
34.6%
2023
3.52%
2024
Population
1273390
36734925

Spending and national debt comparison by year

Eswatini
Spending

Debt
Saudi Arabia
Spending

Debt
1x
Year % of GDP
Eswatini Saudi Arabia
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 29.6% 26.2%
2023 32% 40% 28.3% 23%
2022 29.6% 40.5% 25.3% 21.3%
2021 30.1% 38.4% 28.2% 25.5%
2020 32.7% 38.2% 37.4% 29.7%
2019 32.9% 30.7% 31.8% 20.3%
2018 32.2% 27% 32.4% 16.8%
2017 33.9% 21.9% 30.9% 15.9%
2016 34.7% 20.5% 33.3% 12.2%
2015 35.3% 16.4% 38.5% 5.47%
2014 33.3% 14.3% 38.6% 1.5%
2013 29.4% 15.5% 34.5% 2.08%
2012 27.8% 15.2% 32.5% 2.97%
2011 26% 15.1% 32.4% 5.31%
2010 31.6% 14.5% 33% 8.43%
2009 34.5% 10.8% 37.1% 14%
2008 34.4% 15% 26.7% 12.1%
2007 31.2% 16.6% 29.5% 17.1%
2006 28.2% 15% 27.3% 25.8%
2005 29.7% 13.9% 28.2% 37.3%
2004 32% 15.5% 31.1% 62.9%
2003 26.4% 18% 33.1% 81.6%
2002 27.2% 17.6% 35.9% 96.4%
2001 26.4% 22.4% 36.9% 93.1%
2000 25.3% 18.7% 33.1% 86.7%
1999 26.5% 17.2% 30.3% 103%
1998 22.5% 15.9% 34.5% 101.5%
1997 21.2% 13% 35.6% 76.7%
1996 23.3% 12% 33.3% 75.2%
1995 20.5% 12.9% 32.4% 74.2%
1994 24.7% 13.8% 33.8% 67.9%
1993 24% 15.6% 37.7% 58.6%
1992 26% 16.6% 41.2% 47.8%
1991 20.3% 20.1% 34.9% 39.4%
1990 18.7% 20.4% 39.3% -
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/saudi-arabia | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Saudi Arabia spent $367B, or 29.6% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 26.2% in Saudi Arabia, ranking 134/185 and 163/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Saudi Arabia
1x
Year Deficit/surplus, % of GDP
Eswatini Saudi Arabia
2024 -1.36% -2.49%
2023 -0.67% -1.77%
2022 -5.4% 2.24%
2021 -4.68% -1.99%
2020 -4.27% -10.2%
2019 -6.26% -3.96%
2018 -6.72% -5.21%
2017 -5.68% -8.57%
2016 -8.54% -13.2%
2015 -6.03% -14.9%
2014 -1.18% -3.4%
2013 0.59% 5.47%
2012 3.48% 11.7%
2011 -4.02% 11.4%
2010 -9.52% 4.39%
2009 -3.06% -5.38%
2008 1.63% 29.8%
2007 2.44% 11.8%
2006 8.88% 20.8%
2005 -1.7% 18%
2004 -4.1% 9.72%
2003 -2.15% 1.2%
2002 -3.78% -5.91%
2001 -2.31% -3.91%
2000 -1.22% 3.18%
1999 -1.27% -5.99%
1998 1.07% -8.88%
1997 2.11% -2.51%
1996 -1% -3.25%
1995 0.9% -5.12%
1994 -3.61% -8.31%
1993 -3.29% -9.33%
1992 -2.9% -8.12%
1991 3.4% -3.28%
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/saudi-arabia | 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 Saudi Arabia's deficit of $30.9B, or 2.49% of GDP.

Over the past 34 years, Eswatini recorded a fiscal deficit in 25 of those years, while Saudi Arabia ran a deficit in 22 years. On average, Eswatini posted an annual deficit equal to 2.07% of GDP, compared to deficit of 0.18% of GDP for Saudi Arabia.

Inflation comparison by year

Inflation
Eswatini

Saudi Arabia
1x
Year Consumer prices inflation
Eswatini Saudi Arabia
2024 - 1.69%
2023 - 2.33%
2022 - 2.47%
2021 - 3.06%
2020 - 3.37%
2019 2.6% -1.19%
2018 4.82% 2.47%
2017 6.22% -0.83%
2016 7.85% 2.05%
2015 4.95% 1.22%
2014 5.68% 2.24%
2013 5.62% 3.51%
2012 8.94% 2.87%
2011 6.11% 5.83%
2010 4.51% 5.34%
2009 7.45% 5.06%
2008 12.7% 9.87%
2007 8.08% 4.17%
2006 5.3% 2.21%
2005 4.77% 0.48%
2004 3.45% 0.52%
2003 7.29% 0.61%
2002 12% 0.25%
2001 5.94% -1.12%
2000 12.2% -1.12%
1999 6.09% -1.33%
1998 8.11% -0.37%
1997 7.13% 0.06%

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

GeoRank.org/economy/eswatini/saudi-arabia | CC BY

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 1.86% in Saudi Arabia. In 2019, inflation was 2.6% in Eswatini and 1.69% in Saudi Arabia.

Top exports between countries

Eswatini
Export category Export value
Raw agricultural goods $572K
Metals $252K
Saudi Arabia
Export category Export value
Metals $2.63M
Machinery & equipment $476K
Raw materials & minerals $118K
Precious metals & jewellery $39K
Chemicals & pharma $20K
Miscellaneous $5K

Balance of trade

Eswatini Saudi Arabia
Current account balance
$78.3M
2024
-$16.3B
2024
Current account balance ranking
69/190
2024
180/190
2024
Current account balance, % of GDP
+1.61%
2024
-1.31%
2024
Goods imports
$2.07B
2024
$214B
2024
Goods exports
$2.33B
2024
$306B
2024
Service imports
$542M
2024
$125B
2024
Service exports
$234M
2024
$62.8B
2024
Imports of goods and services, % of GDP
53.7%
2024
25.6%
2024
Exports of goods and services, % of GDP
53.8%
2024
29.1%
2024

Economic freedom indices

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

Eswatini Saudi Arabia
Economic freedom 57.5 65.4
Economic freedom ranking 116/197 65/197
Property rights 42.5 51.4
Government integrity 29.7 52.7
Judicial effectiveness 35.5 38.2
Tax burden 78.6 99.2
Government spending 71 77
Fiscal health 87.5 97.9
Business freedom 49.9 71.2
Labor freedom 55.2 41.8
Monetary freedom 76.8 81.2
Trade freedom 73.6 73.8
Investment freedom 50 50
Financial freedom 40 50

Economic freedom comparison by year

Eswatini
Saudi Arabia
1x
Year Economic freedom index
Eswatini Saudi Arabia
2026 57.5 65.4
2025 56.4 64.4
2024 55.6 61.9
2023 54.9 58.3
2022 51.4 55.5
2021 55.1 66
2020 55.3 62.4
2019 54.7 60.7
2018 55.9 59.6
2017 61.1 64.4
2016 59.7 62.1
2015 59.9 62.1
2014 61.2 62.2
2013 57.2 60.6
2012 57.2 62.5
2011 59.1 66.2
2010 57.4 64.1
2009 59.1 64.3
2008 58.4 62.5
2007 60.1 60.9
2006 61.4 63
2005 59.4 63
2004 58.6 60.4
2003 59.6 63.2
2002 60.9 65.3
2001 63.6 62.2
2000 62.6 66.5
1999 62.1 65.5
1998 62 69.3
1997 59.4 68.7
1996 58.6 68.3
1995 63.3 -

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

GeoRank.org/economy/eswatini/saudi-arabia | CC BY

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 65.4 for Saudi Arabia, ranking 65/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Saudi Arabia
Services, % of GDP
51.4%
2024
47.1%
2024
Industry, % of GDP
34.7%
2024
44.9%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
2.54%
2024
GNI, Atlas method
$4.46B
2024
$1.26T
2024
GNI per capita, PPP
$10,760
2024
$71,730
2024
Total reserves including gold
$479M
2023
$464B
2024
Total reserves ranking
159/177
2023
7/177
2024
Net foreign direct investment
-$11.8M
2024
$6.27B
2024
Net inflows of foreign direct investment
$75.5M
2024
$21.3B
2024
Net outflows of foreign direct investment
$63.8M
2024
$27.6B
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
n/a
Poverty at national poverty lines
58.9%
2016
n/a
Gross capital formation, % of GDP
15%
2024
30.2%
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/saudi-arabia | 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 (2023–2024, 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.