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Economy of Eswatini vs Saudi Arabia compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $1.28T for Saudi Arabia, ranking 163/197 and 19/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $405B (31.7% of GDP) in Saudi Arabia.

Eswatini vs Saudi Arabia GDP by year

Eswatini
Saudi Arabia
1x
Year GDP, current $
Eswatini Saudi Arabia
2025 $5,160,679,613 $1,276,942,933,333
2024 $4,858,885,841 $1,254,140,800,000
2023 $4,621,191,262 $1,218,584,800,000
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 (1960–2025, retrieved 2026-07-08).

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
2025 $4,108 - $34,537 -
2024 $3,910 $11,799 $35,528 $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 (1960–2025, retrieved 2026-07-08).

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

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $34,537 in Saudi Arabia, ranking 36/197. 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
$5.16B
2025
$1.28T
2025
GDP rank
163/197
2025
19/197
2025
GDP growth
4.19%
2024-2025
4.5%
2024-2025
GDP per capita
$4,108
2025
$34,537
2025
GDP per capita rank
131/197
2025
36/197
2025
GDP per capita, PPP
$11,799
2024
$71,375
2024
GDP per capita PPP rank
126/197
2024
24/197
2024
Government debt
$2.31B
2025
$405B
2025
Debt-to-GDP ratio
44.9%
2025
31.7%
2025
Government debt per person
$1,843
2025
$10,956
2025
Government debt per person rank
121/185
2025
57/185
2025
Average annual personal income after taxes
$4,770
2026
$22,010
2026
Market capitalization of domestic companies
$234M
2007
$2.36T
2025
Number of millionaires n/a
348,000
2026
Number of billionaires
1
2026
15
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
29%
2025
Consumer prices inflation
2.6%
2018-2019
2.08%
2024-2025
Central bank interest rate
6.75%
2025
4.25%
2025
Unemployment rate
34.3%
2023
3.24%
2025
Population
1276995
37955120

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
2025 35.7% 44.9% 29% 31.7%
2024 33.6% 40.1% 29.2% 25.9%
2023 31.5% 39.4% 28.3% 23%
2022 28.9% 39.5% 25.3% 21.3%
2021 29.3% 37.3% 28.2% 25.5%
2020 32.2% 37.7% 37.4% 29.7%
2019 32.8% 30.5% 31.8% 20.3%
2018 31.6% 26.5% 32.4% 16.8%
2017 33.6% 21.7% 30.9% 15.9%
2016 34% 20.1% 33.3% 12.2%
2015 34.5% 16% 38.5% 5.47%
2014 32.7% 14.1% 38.6% 1.5%
2013 28.8% 15.2% 34.5% 2.08%
2012 27.1% 14.8% 32.5% 2.97%
2011 25.1% 14.6% 32.4% 5.31%
2010 31.1% 14.2% 33% 8.43%
2009 33.9% 10.6% 37.1% 14%
2008 33.4% 14.6% 26.7% 12.1%
2007 30.4% 16.1% 29.5% 17.1%
2006 27.6% 14.7% 27.3% 25.8%
2005 29% 13.6% 28.2% 37.3%
2004 31% 15% 31.1% 62.9%
2003 25.9% 17.7% 33.1% 81.6%
2002 26.5% 17.2% 35.9% 96.4%
2001 25.6% 21.7% 36.9% 93.1%
2000 24.7% 18.2% 33.1% 86.7%
1999 25.8% 16.7% 30.3% 103%
1998 22% 15.6% 34.5% 101.5%
1997 20.7% 12.7% 35.6% 76.7%
1996 22.5% 11.5% 33.3% 75.2%
1995 19.9% 12.5% 32.4% 74.2%
1994 23.4% 13.1% 33.8% 67.9%
1993 23% 15% 37.7% 58.6%
1992 24.7% 16.6% 41.2% 47.8%
1991 19.6% 20.1% 34.9% 39.4%
1990 18.2% 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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1992, retrieved 2026-07-08).

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

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Saudi Arabia spent $370B, or 29% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 31.7% in Saudi Arabia, ranking 118/185 and 151/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Saudi Arabia
1x
Year Deficit/surplus, % of GDP
Eswatini Saudi Arabia
2025 -6.14% -5.77%
2024 -1.06% -2.46%
2023 -0.66% -1.77%
2022 -5.27% 2.24%
2021 -4.55% -1.99%
2020 -4.21% -10.2%
2019 -6.23% -3.96%
2018 -6.59% -5.21%
2017 -5.64% -8.57%
2016 -8.36% -13.2%
2015 -5.89% -14.9%
2014 -1.16% -3.4%
2013 0.57% 5.47%
2012 3.39% 11.7%
2011 -3.88% 11.4%
2010 -9.34% 4.39%
2009 -3% -5.38%
2008 1.58% 29.8%
2007 2.37% 11.8%
2006 8.67% 20.8%
2005 -1.66% 18%
2004 -3.97% 9.72%
2003 -2.11% 1.2%
2002 -3.69% -5.91%
2001 -2.24% -3.91%
2000 -1.19% 3.18%
1999 -1.23% -5.99%
1998 1.05% -8.88%
1997 2.06% -2.51%
1996 -0.97% -3.25%
1995 0.87% -5.12%
1994 -3.43% -8.31%
1993 -3.15% -9.33%
1992 -2.76% -8.12%
1991 3.28% -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% -

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/saudi-arabia | 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 Saudi Arabia's deficit of $73.7B, or 5.77% of GDP.

Over the past 35 years, Eswatini recorded a fiscal deficit in 26 of those years, while Saudi Arabia ran a deficit in 23 years. On average, Eswatini posted an annual deficit equal to 2.13% of GDP, compared to deficit of 0.34% of GDP for Saudi Arabia.

Inflation comparison by year

Inflation
Eswatini

Saudi Arabia
1x
Year Consumer prices inflation
Eswatini Saudi Arabia
2025 - 2.08%
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 (1997–2025, retrieved 2026-07-08).

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 2.08% in Saudi Arabia.

Top exports between countries

Eswatini
Export category Export value
Raw agricultural goods $794K
Metals $252K
Processed food, beverages & tobacco $14K
Saudi Arabia
Export category Export value
Metals $2.63M
Machinery & equipment $476K
Raw materials & minerals $134K
Precious metals & jewellery $39K
Chemicals & pharma $20K
Miscellaneous $5K

Balance of trade

Eswatini Saudi Arabia
Current account balance
$78.3M
2024
-$32.7B
2025
Current account balance ranking
65/190
2024
185/190
2025
Current account balance, % of GDP
+1.61%
2024
-2.56%
2025
Goods imports
$2.07B
2024
$230B
2025
Goods exports
$2.33B
2024
$311B
2025
Service imports
$542M
2024
$129B
2025
Service exports
$234M
2024
$69.4B
2025
Imports of goods and services, % of GDP
53.7%
2024
28.2%
2025
Exports of goods and services, % of GDP
53.8%
2024
29.7%
2025

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 2026-07-08).

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
52.4%
2025
48.9%
2025
Industry, % of GDP
33.6%
2025
43%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
2.59%
2025
GNI, Atlas method
$4.69B
2025
$1.33T
2025
GNI per capita, PPP
$11,390
2025
$74,400
2025
Total reserves including gold
$537M
2024
$505B
2025
Total reserves ranking
157/177
2024
8/177
2025
Net foreign direct investment
-$11.8M
2024
-$5.6B
2025
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
4.88%
2024
n/a
Poverty at national poverty lines
58.9%
2016
n/a
Gross capital formation, % of GDP
15%
2024
31.6%
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/saudi-arabia | 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. TradeMap (2023–2025, 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.