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Economy of Eswatini vs Serbia compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $100B for Serbia, ranking 163/197 and 76/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $42.4B (42.4% of GDP) in Serbia.

Eswatini vs Serbia GDP by year

Eswatini
Serbia
1x
Year GDP, current $
Eswatini Serbia
2025 $5,160,679,613 $99,953,324,473
2024 $4,858,885,841 $90,088,366,320
2023 $4,621,191,262 $81,343,999,280
2022 $4,746,660,274 $66,809,895,701
2021 $4,807,069,277 $66,159,884,073
2020 $4,134,677,810 $55,874,017,669
2019 $4,617,018,959 $53,864,693,665
2018 $4,643,751,059 $52,787,520,249
2017 $4,462,640,651 $45,972,834,714
2016 $3,722,306,117 $42,225,495,910
2015 $3,908,217,914 $41,297,410,635
2014 $4,285,065,665 $49,114,321,280
2013 $4,463,396,204 $50,455,529,604
2012 $4,747,813,067 $45,103,269,969
2011 $4,722,912,047 $51,251,098,408
2010 $4,360,714,359 $43,536,629,233
2009 $3,525,213,502 $46,955,984,410
2008 $3,235,921,171 $54,220,641,202
2007 $3,391,122,887 $44,888,028,946
2006 $3,215,307,901 $33,298,057,362
2005 $3,097,946,371 $28,334,256,181
2004 $2,710,331,785 $26,845,632,342
2003 $2,149,632,433 $23,593,044,418
2002 $1,393,945,031 $17,930,583,571
2001 $1,502,870,486 $13,599,378,662
2000 $1,697,161,558 $7,326,373,882
1999 $1,547,888,496 $20,878,694,851
1998 $1,576,908,856 $21,004,077,441
1997 $1,716,714,070 $27,153,408,995
1996 $1,602,741,834 $23,277,430,168
1995 $1,698,989,464 $17,921,892,655
1994 $1,419,294,254 -
1993 $1,357,189,552 -
1992 $1,284,759,928 -
1991 $1,156,135,718 -
1990 $1,114,694,041 -
1989 $696,921,542 -
1988 $692,026,455 -
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/serbia | CC BY

GDP per capita in Eswatini vs Serbia by year

Eswatini
GDP per capita

GDP per capita, PPP
Serbia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Serbia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $15,262 -
2024 $3,910 $11,799 $13,678 $32,832
2023 $3,756 $11,300 $12,282 $29,777
2022 $3,894 $10,635 $10,025 $26,143
2021 $3,984 $9,990 $9,681 $23,406
2020 $3,467 $9,329 $8,099 $21,013
2019 $3,913 $9,248 $7,756 $20,587
2018 $3,973 $8,535 $7,560 $18,469
2017 $3,853 $8,584 $6,548 $17,285
2016 $3,238 $8,484 $5,982 $16,455
2015 $3,420 $8,391 $5,820 $15,546
2014 $3,771 $8,366 $6,887 $15,296
2013 $3,950 $8,231 $7,040 $15,247
2012 $4,225 $7,760 $6,263 $14,506
2011 $4,225 $7,571 $7,082 $14,298
2010 $3,923 $7,324 $5,971 $13,320
2009 $3,190 $7,011 $6,414 $13,038
2008 $2,947 $6,914 $7,377 $13,123
2007 $3,109 $6,732 $6,081 $11,685
2006 $2,965 $6,319 $4,493 $10,463
2005 $2,871 $5,773 $3,808 $9,398
2004 $2,526 $5,310 $3,597 $8,715
2003 $2,015 $5,020 $3,154 $8,023
2002 $1,316 $4,742 $2,391 $7,563
2001 $1,430 $4,521 $1,812 $6,803
2000 $1,630 $4,401 $975 $6,416
1999 $1,502 $4,272 $2,769 $5,897
1998 $1,547 $4,137 $2,775 $6,460
1997 $1,705 $4,038 $3,574 $6,040
1996 $1,619 $3,916 $3,054 $5,434
1995 $1,751 $3,777 $2,349 $5,022
1994 $1,461 $3,526 - -
1993 $1,397 $3,371 - -
1992 $1,362 $3,289 - -
1991 $1,273 $3,236 - -
1990 $1,278 $3,202 - -
1989 $832 - - -
1988 $865 - - -
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/serbia | CC BY

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $15,262 in Serbia, ranking 69/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Serbia ranks 69th at $32,832.

Economic indicators

Eswatini Serbia
Gross domestic product
$5.16B
2025
$100B
2025
GDP rank
163/197
2025
76/197
2025
GDP growth
4.19%
2024-2025
2.03%
2024-2025
GDP per capita
$4,108
2025
$15,262
2025
GDP per capita rank
131/197
2025
69/197
2025
GDP per capita, PPP
$11,799
2024
$32,832
2024
GDP per capita PPP rank
126/197
2024
69/197
2024
Government debt
$2.31B
2025
$42.4B
2025
Debt-to-GDP ratio
44.9%
2025
42.4%
2025
Government debt per person
$1,843
2025
$6,478
2025
Government debt per person rank
121/185
2025
75/185
2025
Average annual personal income after taxes
$4,770
2026
$12,492
2026
Market capitalization of domestic companies
$234M
2007
$4.06B
2011
Number of billionaires
1
2026
n/a
Income share by richest 10%
42.7%
2016
24.7%
2023
Income share by poorest 10%
1.4%
2016
2.5%
2023
Government expenditure, % of GDP
35.7%
2025
43.2%
2025
Consumer prices inflation
2.6%
2018-2019
3.89%
2024-2025
Central bank interest rate
6.75%
2025
5.75%
2024
Unemployment rate
34.3%
2023
7.3%
2025
Population
1276995
6500256

Spending and national debt comparison by year

Eswatini
Spending

Debt
Serbia
Spending

Debt
1x
Year % of GDP
Eswatini Serbia
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 43.2% 42.4%
2024 33.6% 40.1% 42.2% 44.1%
2023 31.5% 39.4% 40.6% 45.7%
2022 28.9% 39.5% 41.4% 50.9%
2021 29.3% 37.3% 44.4% 53.6%
2020 32.2% 37.7% 46% 54.3%
2019 32.8% 30.5% 40.2% 49.5%
2018 31.6% 26.5% 39% 51.1%
2017 33.6% 21.7% 38.5% 55.3%
2016 34% 20.1% 40.3% 65%
2015 34.5% 16% 41% 67.1%
2014 32.7% 14.1% 42.9% 63.5%
2013 28.8% 15.2% 40.6% 61.2%
2012 27.1% 14.8% 43.3% 58%
2011 25.1% 14.6% 40% 46%
2010 31.1% 14.2% 41.2% 42.4%
2009 33.9% 10.6% 41.1% 35.3%
2008 33.4% 14.6% 43.7% 29.4%
2007 30.4% 16.1% 40.6% 30%
2006 27.6% 14.7% 41.3% 37%
2005 29% 13.6% 38.9% 50.1%
2004 31% 15% 37.8% 57.6%
2003 25.9% 17.7% 37.6% 64.4%
2002 26.5% 17.2% 38.6% 68.4%
2001 25.6% 21.7% 30.5% 95.9%
2000 24.7% 18.2% 28% 200.6%
1999 25.8% 16.7% - -
1998 22% 15.6% - -
1997 20.7% 12.7% - -
1996 22.5% 11.5% - -
1995 19.9% 12.5% - -
1994 23.4% 13.1% - -
1993 23% 15% - -
1992 24.7% 16.6% - -
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 (1980–1992, retrieved 2026-07-08).

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

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Serbia spent $43.2B, or 43.2% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 42.4% in Serbia, ranking 118/185 and 123/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Serbia
1x
Year Deficit/surplus, % of GDP
Eswatini Serbia
2025 -6.14% -2.21%
2024 -1.06% -1.73%
2023 -0.66% -1.21%
2022 -5.27% -0.14%
2021 -4.55% -3.16%
2020 -4.21% -6.91%
2019 -6.23% -0.004%
2018 -6.59% 0.78%
2017 -5.64% 1.32%
2016 -8.36% -1.08%
2015 -5.89% -3.25%
2014 -1.16% -5.61%
2013 0.57% -4.79%
2012 3.39% -6.11%
2011 -3.88% -3.75%
2010 -9.34% -3.35%
2009 -3% -3.3%
2008 1.58% -4.25%
2007 2.37% -0.8%
2006 8.67% -0.9%
2005 -1.66% 1.02%
2004 -3.97% 0.06%
2003 -2.11% -2.39%
2002 -3.69% -2.33%
2001 -2.24% 0.32%
2000 -1.19% -0.15%
1999 -1.23% -
1998 1.05% -
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% -

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/serbia | 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 Serbia's deficit of $2.21B, or 2.21% of GDP.

Over the past 26 years, Eswatini recorded a fiscal deficit in 21 of those years, while Serbia ran a deficit in 21 years. On average, Eswatini posted an annual deficit equal to 2.7% of GDP, compared to deficit of 2.07% of GDP for Serbia.

Inflation comparison by year

Inflation
Eswatini

Serbia
1x
Year Consumer prices inflation
Eswatini Serbia
2025 - 3.89%
2024 - 4.67%
2023 - 12.4%
2022 - 12%
2021 - 4.09%
2020 - 1.58%
2019 2.6% 1.85%
2018 4.82% 1.96%
2017 6.22% 3.13%
2016 7.85% 1.12%
2015 4.95% 1.39%
2014 5.68% 2.08%
2013 5.62% 7.69%
2012 8.94% 7.33%
2011 6.11% 11.1%
2010 4.51% 6.14%
2009 7.45% 8.12%
2008 12.7% 12.4%
2007 8.08% 6.39%
2006 5.3% 11.7%
2005 4.77% 16.1%
2004 3.45% 11%
2003 7.29% 9.88%
2002 12% 19.5%
2001 5.94% 95%
2000 12.2% 71.1%
1999 6.09% 42.5%
1998 8.11% 30.2%
1997 7.13% 23.3%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 17.4% in Serbia. In 2019, inflation was 2.6% in Eswatini and 3.89% in Serbia.

Top exports between countries

Eswatini
Export category Export value
Raw agricultural goods $20K
Serbia
Export category Export value
Machinery & equipment $22K
Processed food, beverages & tobacco $21K
Raw agricultural goods $3K
Raw materials & minerals $1K

Balance of trade

Eswatini Serbia
Current account balance
$78.3M
2024
-$4.9B
2025
Current account balance ranking
65/190
2024
164/190
2025
Current account balance, % of GDP
+1.61%
2024
-4.9%
2025
Goods imports
$2.07B
2024
$44B
2025
Goods exports
$2.33B
2024
$36.7B
2025
Service imports
$542M
2024
$14.6B
2025
Service exports
$234M
2024
$17.2B
2025
Imports of goods and services, % of GDP
53.7%
2024
58.6%
2025
Exports of goods and services, % of GDP
53.8%
2024
54.3%
2025

Economic freedom indices

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

Eswatini Serbia
Economic freedom 57.5 65
Economic freedom ranking 116/197 68/197
Property rights 42.5 57.2
Government integrity 29.7 37.2
Judicial effectiveness 35.5 50.1
Tax burden 78.6 88
Government spending 71 48.2
Fiscal health 87.5 94.3
Business freedom 49.9 73.6
Labor freedom 55.2 61.8
Monetary freedom 76.8 73
Trade freedom 73.6 76.6
Investment freedom 50 70
Financial freedom 40 50

Economic freedom comparison by year

Eswatini
Serbia
1x
Year Economic freedom index
Eswatini Serbia
2026 57.5 65
2025 56.4 64.4
2024 55.6 62.7
2023 54.9 63.5
2022 51.4 65.2
2021 55.1 67.2
2020 55.3 66
2019 54.7 63.9
2018 55.9 62.5
2017 61.1 58.9
2016 59.7 62.1
2015 59.9 60
2014 61.2 59.4
2013 57.2 58.6
2012 57.2 58
2011 59.1 58
2010 57.4 56.9
2009 59.1 56.6
2008 58.4 -
2007 60.1 -
2006 61.4 -
2005 59.4 -
2004 58.6 -
2003 59.6 43.5
2002 60.9 46.6
2001 63.6 -
2000 62.6 -
1999 62.1 -
1998 62 -
1997 59.4 -
1996 58.6 -
1995 63.3 -

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 65 for Serbia, ranking 68/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Serbia
Services, % of GDP
52.4%
2025
59.7%
2025
Industry, % of GDP
33.6%
2025
22.3%
2025
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
3.29%
2025
GNI, Atlas method
$4.69B
2025
$88.3B
2025
GNI per capita, PPP
$11,390
2025
$31,780
2025
Total reserves including gold
$537M
2024
$34.2B
2025
Total reserves ranking
157/177
2024
55/177
2025
Net foreign direct investment
-$11.8M
2024
-$2.6B
2025
Net inflows of foreign direct investment
$75.5M
2024
$5.59B
2024
Net outflows of foreign direct investment
$63.8M
2024
$661M
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
12.2%
2024
Poverty at national poverty lines
58.9%
2016
19.7%
2023
Gross capital formation, % of GDP
15%
2024
23.4%
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/serbia | 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 (2021–2025, 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.