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Economy of Eswatini vs Tonga compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $591M for Tonga, ranking 162/197 and 191/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $256M (37% of GDP) in Tonga.

Eswatini vs Tonga GDP by year

Eswatini
Tonga
1x
Year GDP, current $
Eswatini Tonga
2024 $4,858,885,841 -
2023 $4,621,191,262 $591,139,749
2022 $4,746,660,274 $556,514,555
2021 $4,807,069,277 $519,306,353
2020 $4,134,677,810 $506,571,468
2019 $4,617,018,959 $506,031,239
2018 $4,643,751,059 $493,530,783
2017 $4,462,640,651 $459,976,850
2016 $3,722,306,117 $420,828,262
2015 $3,908,217,914 $437,525,514
2014 $4,285,065,665 $440,997,738
2013 $4,463,396,204 $451,788,498
2012 $4,747,813,067 $471,122,971
2011 $4,722,912,047 $414,143,828
2010 $4,360,714,359 $366,887,375
2009 $3,525,213,502 $312,415,028
2008 $3,235,921,171 $344,438,844
2007 $3,391,122,887 $298,519,623
2006 $3,215,307,901 $292,232,703
2005 $3,097,946,371 $261,823,805
2004 $2,710,331,785 $230,678,011
2003 $2,149,632,433 $202,246,591
2002 $1,393,945,031 $182,764,281
2001 $1,502,870,486 $181,117,230
2000 $1,697,161,558 $204,848,488
1999 $1,547,888,496 $199,208,718
1998 $1,576,908,856 $191,504,893
1997 $1,716,714,070 $214,991,452
1996 $1,602,741,834 $222,100,576
1995 $1,698,989,464 $208,871,666
1994 $1,419,294,254 $195,990,986
1993 $1,357,189,552 $138,489,884
1992 $1,284,759,928 $137,066,291
1991 $1,156,135,718 $132,201,141
1990 $1,114,694,041 $113,563,822
1989 $696,921,542 $106,344,855
1988 $692,026,455 $106,657,267
1987 $584,126,092 $81,667,133
1986 $449,140,318 $68,195,856
1985 $360,079,419 $60,058,663
1984 $494,483,409 $64,248,355
1983 $555,336,146 $60,863,964
1982 $537,568,059 $62,068,161
1981 $570,774,825 $62,242,013
1980 $541,976,853 $53,260,077
1979 $412,093,134 $44,667,002
1978 $340,630,085 $41,567,472
1977 $304,060,076 $34,139,388
1976 $272,550,068 $30,036,417
1975 $288,299,789 $32,506,742
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 (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Eswatini vs Tonga by year

Eswatini
GDP per capita

GDP per capita, PPP
Tonga
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Tonga
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 - -
2023 $3,756 $11,300 $5,652 $7,803
2022 $3,894 $10,635 $5,298 $7,296
2021 $3,984 $9,990 $4,923 $6,929
2020 $3,467 $9,329 $4,792 $6,676
2019 $3,913 $9,248 $4,789 $6,473
2018 $3,973 $8,535 $4,675 $6,393
2017 $3,853 $8,584 $4,366 $6,229
2016 $3,238 $8,484 $3,988 $5,920
2015 $3,420 $8,391 $4,124 $5,472
2014 $3,771 $8,366 $4,137 $5,336
2013 $3,950 $8,231 $4,219 $5,120
2012 $4,225 $7,760 $4,384 $4,996
2011 $4,225 $7,571 $3,850 $4,855
2010 $3,923 $7,324 $3,416 $4,465
2009 $3,190 $7,011 $2,914 $4,384
2008 $2,947 $6,914 $3,218 $4,600
2007 $3,109 $6,732 $2,797 $4,316
2006 $2,965 $6,319 $2,750 $4,327
2005 $2,871 $5,773 $2,478 $4,315
2004 $2,526 $5,310 $2,195 $4,235
2003 $2,015 $5,020 $1,936 $4,231
2002 $1,316 $4,742 $1,759 $4,171
2001 $1,430 $4,521 $1,754 $3,955
2000 $1,630 $4,401 $1,995 $3,834
1999 $1,502 $4,272 $1,952 $3,636
1998 $1,547 $4,137 $1,889 $3,527
1997 $1,705 $4,038 $2,136 $3,434
1996 $1,619 $3,916 $2,215 $3,410
1995 $1,751 $3,777 $2,084 $3,347
1994 $1,461 $3,526 $1,957 $3,088
1993 $1,397 $3,371 $1,383 $2,882
1992 $1,362 $3,289 $1,370 $2,716
1991 $1,273 $3,236 $1,323 $2,652
1990 $1,278 $3,202 $1,139 $2,416
1989 $832 - $1,070 -
1988 $865 - $1,078 -
1987 $765 - $830 -
1986 $611 - $696 -
1985 $510 - $613 -
1984 $726 - $656 -
1983 $843 - $621 -
1982 $843 - $633 -
1981 $925 - $636 -
1980 $908 - $545 -
1979 $714 - $458 -
1978 $610 - $428 -
1977 $563 - $353 -
1976 $521 - $315 -
1975 $568 - $349 -
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 (1960–2024, retrieved 2026-04-06).

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $5,652 in Tonga, ranking 115/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Tonga ranks 144th at $7,803.

Economic indicators

Eswatini Tonga
Gross domestic product
$4.86B
2024
$591M
2023
GDP rank
162/197
2024
191/197
2023
GDP growth
2.97%
2023-2024
2.79%
2022-2023
GDP per capita
$3,910
2024
$5,652
2023
GDP per capita rank
131/197
2024
115/197
2023
GDP per capita, PPP
$11,799
2024
$7,803
2023
GDP per capita PPP rank
126/197
2024
144/197
2023
Government debt
$1.93B
2024
$256M
2023
Debt-to-GDP ratio
39.8%
2024
37%
2024
Government debt per person
$1,554
2024
$2,445
2023
Government debt per person rank
130/185
2024
111/185
2023
Average annual personal income after taxes
$3,913
2026
$3,886
2026
Market capitalization of domestic companies
$234M
2007
n/a
Number of billionaires
1
2025
n/a
Income share by richest 10%
42.7%
2016
22%
2021
Income share by poorest 10%
1.4%
2016
4%
2021
Government expenditure, % of GDP
33.3%
2024
51.3%
2024
Consumer prices inflation
2.6%
2018-2019
3.18%
2023-2024
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
34.6%
2023
1.65%
2023
Population
1273390
103309

Spending and national debt comparison by year

Eswatini
Spending

Debt
Tonga
Spending

Debt
1x
Year % of GDP
Eswatini Tonga
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 51.3% 37%
2023 32% 40% 48.2% 43.3%
2022 29.6% 40.5% 44.4% 43.2%
2021 30.1% 38.4% 44.6% 43%
2020 32.7% 38.2% 37.9% 42.6%
2019 32.9% 30.7% 39.9% 42.8%
2018 32.2% 27% 39.6% 45.8%
2017 33.9% 21.9% 39.7% 44.7%
2016 34.7% 20.5% 37.2% 49.4%
2015 35.3% 16.4% 37.4% 51.1%
2014 33.3% 14.3% 31.5% 47.4%
2013 29.4% 15.5% 34.3% 48.9%
2012 27.8% 15.2% 32% 60%
2011 26% 15.1% 32.6% 51.9%
2010 31.6% 14.5% 28.4% 44.7%
2009 34.5% 10.8% 23.9% 39.7%
2008 34.4% 15% 24% 34%
2007 31.2% 16.6% 23.2% 37.8%
2006 28.2% 15% 25.6% 39.6%
2005 29.7% 13.9% 19.8% 43.3%
2004 32% 15.5% 19.3% 52.2%
2003 26.4% 18% 20% 56.2%
2002 27.2% 17.6% 21.3% 60.7%
2001 26.4% 22.4% 19.1% 53.4%
2000 25.3% 18.7% 20% 43.6%
1999 26.5% 17.2% 18.8% 38.4%
1998 22.5% 15.9% - -
1997 21.2% 13% - -
1996 23.3% 12% - -
1995 20.5% 12.9% - -
1994 24.7% 13.8% - -
1993 24% 15.6% - -
1992 26% 16.6% - -
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/tonga | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Tonga spent $285M, or 51.3% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 37% in Tonga, ranking 134/185 and 142/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Tonga
1x
Year Deficit/surplus, % of GDP
Eswatini Tonga
2024 -1.36% 4.17%
2023 -0.67% 6.14%
2022 -5.4% -0.1%
2021 -4.68% -0.87%
2020 -4.27% 5.25%
2019 -6.26% 3.28%
2018 -6.72% 2.92%
2017 -5.68% 3.58%
2016 -8.54% 1.47%
2015 -6.03% -2.75%
2014 -1.18% 6.38%
2013 0.59% -1.3%
2012 3.48% -1.74%
2011 -4.02% -6.02%
2010 -9.52% -1.22%
2009 -3.06% 6.85%
2008 1.63% 2.14%
2007 2.44% 5.39%
2006 8.88% 1.34%
2005 -1.7% 4.23%
2004 -4.1% 4.23%
2003 -2.15% 2.37%
2002 -3.78% 2.59%
2001 -2.31% 2.23%
2000 -1.22% 1.35%
1999 -1.27% 1.55%
1998 1.07% -
1997 2.11% -
1996 -1% -
1995 0.9% -
1994 -3.61% -
1993 -3.29% -
1992 -2.9% -
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/tonga | CC BY

In 2023, Eswatini's government deficit, the difference between spending and revenue, was $30.8M, equivalent to 0.67% of GDP. This compares to Tonga's surplus of $36.3M, or 6.14% of GDP.

Over the past 25 years, Eswatini recorded a fiscal deficit in 20 of those years, while Tonga ran a deficit in 7 years. On average, Eswatini posted an annual deficit equal to 2.62% of GDP, compared to surplus of 1.97% of GDP for Tonga.

Inflation comparison by year

Inflation
Eswatini

Tonga
1x
Year Consumer prices inflation
Eswatini Tonga
2024 - 3.18%
2023 - 6.35%
2022 - 11%
2021 - 5.64%
2020 - -0.35%
2019 2.6% 1.18%
2018 4.82% 5.03%
2017 6.22% 7.52%
2016 7.85% 2.58%
2015 4.95% -1.05%
2014 5.68% 2.51%
2013 5.62% 0.78%
2012 8.94% 1.15%
2011 6.11% 6.27%
2010 4.51% 3.53%
2009 7.45% 1.43%
2008 12.7% 10.4%
2007 8.08% 5.84%
2006 5.3% 6.15%
2005 4.77% 8.67%
2004 3.45% 11%
2003 7.29% 11.6%
2002 12% 10.4%
2001 5.94% 8.29%
2000 12.2% 6.33%
1999 6.09% 4.46%
1998 8.11% 3.27%
1997 7.13% 2.12%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 5.19% in Tonga. In 2019, inflation was 2.6% in Eswatini and 3.18% in Tonga.

Balance of trade

Eswatini Tonga
Current account balance
$78.3M
2024
-$43.5M
2024
Current account balance ranking
69/190
2024
83/190
2024
Current account balance, % of GDP
+1.61%
2024
-7.93%
2023
Goods imports
$2.07B
2024
$232M
2024
Goods exports
$2.33B
2024
$10.8M
2024
Service imports
$542M
2024
$161M
2024
Service exports
$234M
2024
$93.6M
2024
Imports of goods and services, % of GDP
53.7%
2024
64.9%
2023
Exports of goods and services, % of GDP
53.8%
2024
14.7%
2023

Economic freedom indices

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

Eswatini Tonga
Economic freedom 57.5 58.9
Economic freedom ranking 116/197 107/197
Property rights 42.5 71.1
Government integrity 29.7 45.1
Judicial effectiveness 35.5 64.9
Tax burden 78.6 85.6
Government spending 71 31
Fiscal health 87.5 97.3
Business freedom 49.9 59.2
Labor freedom 55.2 55.9
Monetary freedom 76.8 61
Trade freedom 73.6 75.4
Investment freedom 50 40
Financial freedom 40 20

Economic freedom comparison by year

Eswatini
Tonga
1x
Year Economic freedom index
Eswatini Tonga
2026 57.5 58.9
2025 56.4 58.5
2024 55.6 59.2
2023 54.9 60
2022 51.4 60.8
2021 55.1 57.5
2020 55.3 58.8
2019 54.7 57.7
2018 55.9 63.1
2017 61.1 63
2016 59.7 59.6
2015 59.9 59.3
2014 61.2 58.2
2013 57.2 56
2012 57.2 57
2011 59.1 55.8
2010 57.4 53.4
2009 59.1 54.1
2008 58.4 -
2007 60.1 -
2006 61.4 -
2005 59.4 -
2004 58.6 -
2003 59.6 -
2002 60.9 -
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 2026-03-09).

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 58.9 for Tonga, ranking 107/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Tonga
Services, % of GDP
51.4%
2024
50%
2023
Industry, % of GDP
34.7%
2024
14.9%
2023
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
19%
2023
GNI, Atlas method
$4.46B
2024
$619M
2023
GNI per capita, PPP
$10,760
2024
$8,400
2023
Total reserves including gold
$479M
2023
$377M
2024
Total reserves ranking
159/177
2023
163/177
2024
Net foreign direct investment
-$11.8M
2024
$13.3M
2024
Net inflows of foreign direct investment
$75.5M
2024
-$12.1M
2024
Net outflows of foreign direct investment
$63.8M
2024
$1.25M
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
2.76%
2023
Poverty at national poverty lines
58.9%
2016
20.6%
2021
Gross capital formation, % of GDP
15%
2024
25.9%
2023

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/tonga | 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. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.