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Economy of Eswatini vs Uganda compared: GDP & Debt

Updated on by Georank team

Eswatini has a GDP of $4.86B compared to $53.9B for Uganda, ranking 162/197 and 89/197 by economy size, respectively.

Eswatini has $1.93B in government debt (39.8% of GDP), compared to $27.8B (51.5% of GDP) in Uganda.

Eswatini vs Uganda GDP by year

Eswatini
Uganda
1x
Year GDP, current $
Eswatini Uganda
2024 $4,858,885,841 $53,911,907,086
2023 $4,621,191,262 $48,768,955,863
2022 $4,746,660,274 $45,565,333,211
2021 $4,807,069,277 $40,529,788,749
2020 $4,134,677,810 $37,600,368,242
2019 $4,617,018,959 $35,353,061,003
2018 $4,643,751,059 $32,927,025,620
2017 $4,462,640,651 $30,744,473,841
2016 $3,722,306,117 $29,203,988,696
2015 $3,908,217,914 $32,387,183,730
2014 $4,285,065,665 $32,612,397,257
2013 $4,463,396,204 $28,915,786,517
2012 $4,747,813,067 $27,305,915,911
2011 $4,722,912,047 $27,871,725,241
2010 $4,360,714,359 $26,673,441,431
2009 $3,525,213,502 $25,127,805,567
2008 $3,235,921,171 $14,440,404,132
2007 $3,391,122,887 $11,902,564,495
2006 $3,215,307,901 $9,977,647,683
2005 $3,097,946,371 $9,239,221,763
2004 $2,710,331,785 $7,939,487,548
2003 $2,149,632,433 $6,606,884,275
2002 $1,393,945,031 $6,178,563,591
2001 $1,502,870,486 $5,840,503,869
2000 $1,697,161,558 $6,193,246,837
1999 $1,547,888,496 $5,998,563,258
1998 $1,576,908,856 $6,584,815,847
1997 $1,716,714,070 $6,269,333,313
1996 $1,602,741,834 $6,044,585,327
1995 $1,698,989,464 $5,755,818,842
1994 $1,419,294,254 $3,990,430,447
1993 $1,357,189,552 $3,220,439,044
1992 $1,284,759,928 $2,857,457,762
1991 $1,156,135,718 $3,321,729,160
1990 $1,114,694,041 $4,304,399,310
1989 $696,921,542 $5,276,480,799
1988 $692,026,455 $6,508,931,652
1987 $584,126,092 $6,269,522,042
1986 $449,140,318 $3,923,244,050
1985 $360,079,419 $3,519,695,444
1984 $494,483,409 $3,615,647,477
1983 $555,336,146 $2,240,333,333
1982 $537,568,059 $2,177,500,000
1981 $570,774,825 $1,337,300,000
1980 $541,976,853 $1,244,610,000
1979 $412,093,134 $2,139,025,000
1978 $340,630,085 $2,420,260,870
1977 $304,060,076 $2,936,470,588
1976 $272,550,068 $2,447,300,000
1975 $288,299,789 $2,359,555,556
1974 $264,320,941 $2,098,944,967
1973 $221,915,128 $1,701,829,789
1972 $146,736,479 $1,490,970,181
1971 $136,462,081 $1,417,191,656
1970 $112,139,955 $1,259,554,809
1969 $105,419,958 $1,168,556,629
1968 $79,799,968 $1,037,379,252
1967 $74,759,970 $967,240,655
1966 $76,859,969 $925,381,492
1965 $70,279,972 $884,502,310
1964 $64,980,554 $589,247,687
1963 $54,129,438 $516,315,231
1962 $45,927,962 $449,158,233
1961 $43,026,043 $441,667,335
1960 $35,076,846 $423,145,605

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

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

GDP per capita in Eswatini vs Uganda by year

Eswatini
GDP per capita

GDP per capita, PPP
Uganda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Uganda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,910 $11,799 $1,078 $3,273
2023 $3,756 $11,300 $1,002 $3,098
2022 $3,894 $10,635 $963 $2,919
2021 $3,984 $9,990 $883 $2,685
2020 $3,467 $9,329 $846 $2,532
2019 $3,913 $9,248 $822 $2,441
2018 $3,973 $8,535 $792 $2,312
2017 $3,853 $8,584 $765 $2,158
2016 $3,238 $8,484 $753 $2,165
2015 $3,420 $8,391 $863 $2,190
2014 $3,771 $8,366 $896 $2,134
2013 $3,950 $8,231 $818 $2,045
2012 $4,225 $7,760 $795 $2,032
2011 $4,225 $7,571 $836 $2,268
2010 $3,923 $7,324 $823 $2,092
2009 $3,190 $7,011 $799 $2,015
2008 $2,947 $6,914 $473 $1,931
2007 $3,109 $6,732 $401 $1,795
2006 $2,965 $6,319 $347 $1,660
2005 $2,871 $5,773 $330 $1,497
2004 $2,526 $5,310 $292.4 $1,405
2003 $2,015 $5,020 $250.7 $1,320
2002 $1,316 $4,742 $242 $1,255
2001 $1,430 $4,521 $236 $1,173
2000 $1,630 $4,401 $258.1 $1,124
1999 $1,502 $4,272 $257.9 $1,100
1998 $1,547 $4,137 $292.5 $1,037
1997 $1,705 $4,038 $286.8 $1,007
1996 $1,619 $3,916 $284.7 $969
1995 $1,751 $3,777 $278.5 $897
1994 $1,461 $3,526 $198.4 $809
1993 $1,397 $3,371 $165.6 $770
1992 $1,362 $3,289 $152.1 $719
1991 $1,273 $3,236 $183 $703
1990 $1,278 $3,202 $245 $666
1989 $832 - $310 -
1988 $865 - $395 -
1987 $765 - $393 -
1986 $611 - $253.6 -
1985 $510 - $234.3 -
1984 $726 - $247.5 -
1983 $843 - $157.5 -
1982 $843 - $157 -
1981 $925 - $98.6 -
1980 $908 - $93.8 -
1979 $714 - $164.5 -
1978 $610 - $190.7 -
1977 $563 - $237.6 -
1976 $521 - $203.3 -
1975 $568 - $201.2 -
1974 $536 - $183.7 -
1973 $463 - $152.7 -
1972 $315 - $137 -
1971 $301 - $133.5 -
1970 $254.2 - $122 -
1969 $245.2 - $116.7 -
1968 $190.4 - $106.9 -
1967 $182.8 - $102.8 -
1966 $192.7 - $101.4 -
1965 $181 - $100 -
1964 $171.6 - $68.6 -
1963 $146.4 - $62 -
1962 $127.1 - $55.5 -
1961 $121.8 - $56.2 -
1960 $101.6 - $55.4 -

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

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

Eswatini's GDP per capita is $3,910, ranking 131/197, compared to $1,078 in Uganda, ranking 176/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Uganda ranks 176th at $3,273.

Economic indicators

Eswatini Uganda
Gross domestic product
$4.86B
2024
$53.9B
2024
GDP rank
162/197
2024
89/197
2024
GDP growth
2.97%
2023-2024
6.06%
2023-2024
GDP per capita
$3,910
2024
$1,078
2024
GDP per capita rank
131/197
2024
176/197
2024
GDP per capita, PPP
$11,799
2024
$3,273
2024
GDP per capita PPP rank
126/197
2024
176/197
2024
Government debt
$1.93B
2024
$27.8B
2024
Debt-to-GDP ratio
39.8%
2024
51.5%
2024
Government debt per person
$1,554
2024
$555
2024
Government debt per person rank
130/185
2024
163/185
2024
Average annual personal income after taxes
$3,913
2026
$1,466
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
34.5%
2019
Income share by poorest 10%
1.4%
2016
2.4%
2019
Government expenditure, % of GDP
33.3%
2024
18.7%
2024
Consumer prices inflation
2.6%
2018-2019
3.3%
2023-2024
Central bank interest rate
6.75%
2025
9.75%
2024
Unemployment rate
34.6%
2023
3.42%
2021
Population
1273390
53170946

Spending and national debt comparison by year

Eswatini
Spending

Debt
Uganda
Spending

Debt
1x
Year % of GDP
Eswatini Uganda
Government spending Government debt Government spending Government debt
2024 33.3% 39.8% 18.7% 51.5%
2023 32% 40% 19.3% 50.5%
2022 29.6% 40.5% 19.5% 50.2%
2021 30.1% 38.4% 22% 50.3%
2020 32.7% 38.2% 21.4% 46.3%
2019 32.9% 30.7% 18.3% 37.5%
2018 32.2% 27% 16.2% 34.9%
2017 33.9% 21.9% 16.3% 33.6%
2016 34.7% 20.5% 15.2% 31.3%
2015 35.3% 16.4% 14.9% 28%
2014 33.3% 14.3% 13.6% 24.8%
2013 29.4% 15.5% 13.3% 22.1%
2012 27.8% 15.2% 13.1% 19.5%
2011 26% 15.1% 13.2% 18%
2010 31.6% 14.5% 15.4% 18.4%
2009 34.5% 10.8% 11.8% 14.8%
2008 34.4% 15% 12.9% 15.7%
2007 31.2% 16.6% 13.2% 17%
2006 28.2% 15% 13.7% 27.8%
2005 29.7% 13.9% 14.5% 42.6%
2004 32% 15.5% 15.6% 49%
2003 26.4% 18% 16.5% 55.1%
2002 27.2% 17.6% 16.8% 54.7%
2001 26.4% 22.4% 16.2% 51.4%
2000 25.3% 18.7% 15.2% 48.5%
1999 26.5% 17.2% 14.7% 47.7%
1998 22.5% 15.9% 14% 45.1%
1997 21.2% 13% 13.9% 44.2%
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/uganda | CC BY

In 2024, Eswatini's government spending was $1.62B, accounting for 33.3% of its GDP, while Uganda spent $10.1B, or 18.7% of GDP.

Debt-to-GDP ratio is 39.8% in Eswatini and 51.5% in Uganda, ranking 134/185 and 103/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Uganda
1x
Year Deficit/surplus, % of GDP
Eswatini Uganda
2024 -1.36% -3.99%
2023 -0.67% -4.87%
2022 -5.4% -5.45%
2021 -4.68% -7.76%
2020 -4.27% -7.76%
2019 -6.26% -4.82%
2018 -6.72% -3.02%
2017 -5.68% -3.83%
2016 -8.54% -2.64%
2015 -6.03% -2.59%
2014 -1.18% -2.74%
2013 0.59% -3.19%
2012 3.48% -2.39%
2011 -4.02% -2.04%
2010 -9.52% -4.64%
2009 -3.06% -1.61%
2008 1.63% -1.99%
2007 2.44% -0.82%
2006 8.88% -0.64%
2005 -1.7% -0.17%
2004 -4.1% 0.34%
2003 -2.15% -0.97%
2002 -3.78% -2.07%
2001 -2.31% -0.99%
2000 -1.22% -0.62%
1999 -1.27% -1.24%
1998 1.07% -0.7%
1997 2.11% -0.83%
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/uganda | 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 Uganda's deficit of $2.15B, or 3.99% of GDP.

Over the past 28 years, Eswatini recorded a fiscal deficit in 21 of those years, while Uganda ran a deficit in 27 years. On average, Eswatini posted an annual deficit equal to 2.28% of GDP, compared to deficit of 2.64% of GDP for Uganda.

Inflation comparison by year

Inflation
Eswatini

Uganda
1x
Year Consumer prices inflation
Eswatini Uganda
2024 - 3.3%
2023 - 5.4%
2022 - 7.2%
2021 - 2.2%
2020 - 2.8%
2019 2.6% 2.1%
2018 4.82% 2.5%
2017 6.22% 5.6%
2016 7.85% 5.2%
2015 4.95% 3.7%
2014 5.68% 4.3%
2013 5.62% 5.5%
2012 8.94% 14%
2011 6.11% 18.7%
2010 4.51% 4%
2009 7.45% 13%
2008 12.7% 12%
2007 8.08% 6.1%
2006 5.3% 7.2%
2005 4.77% 8.6%
2004 3.45% 3.7%
2003 7.29% 8.7%
2002 12% -0.3%
2001 5.94% 1.9%
2000 12.2% 3.4%
1999 6.09% 5.8%
1998 8.11% 5.8%
1997 7.13% 7.7%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2019, retrieved 2026-04-06).

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 6.49% in Uganda. In 2019, inflation was 2.6% in Eswatini and 3.3% in Uganda.

Top exports between countries

Eswatini
Export category Export value
Chemicals & pharma $31.2M
Processed food, beverages & tobacco $2.95M
Raw agricultural goods $249K
Raw materials & minerals $97K
Machinery & equipment $66K
Miscellaneous $4K
Uganda
Export category Export value
Raw agricultural goods $114K

Balance of trade

Eswatini Uganda
Current account balance
$78.3M
2024
-$4.29B
2024
Current account balance ranking
69/190
2024
164/190
2024
Current account balance, % of GDP
+1.61%
2024
-7.96%
2024
Goods imports
$2.07B
2024
$11.7B
2024
Goods exports
$2.33B
2024
$8.67B
2024
Service imports
$542M
2024
$4.38B
2024
Service exports
$234M
2024
$2.39B
2024
Imports of goods and services, % of GDP
53.7%
2024
25.9%
2024
Exports of goods and services, % of GDP
53.8%
2024
16.8%
2024

Economic freedom indices

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

Eswatini Uganda
Economic freedom 57.5 52.4
Economic freedom ranking 116/197 149/197
Property rights 42.5 42.2
Government integrity 29.7 25.1
Judicial effectiveness 35.5 29.4
Tax burden 78.6 73.4
Government spending 71 89
Fiscal health 87.5 58.3
Business freedom 49.9 50.2
Labor freedom 55.2 55.9
Monetary freedom 76.8 77.1
Trade freedom 73.6 58
Investment freedom 50 30
Financial freedom 40 40

Economic freedom comparison by year

Eswatini
Uganda
1x
Year Economic freedom index
Eswatini Uganda
2026 57.5 52.4
2025 56.4 51.3
2024 55.6 50.7
2023 54.9 51.4
2022 51.4 54.2
2021 55.1 58.6
2020 55.3 59.5
2019 54.7 59.7
2018 55.9 62
2017 61.1 60.9
2016 59.7 59.3
2015 59.9 59.7
2014 61.2 59.9
2013 57.2 61.1
2012 57.2 61.9
2011 59.1 61.7
2010 57.4 62.2
2009 59.1 63.5
2008 58.4 63.8
2007 60.1 63.1
2006 61.4 63.9
2005 59.4 62.9
2004 58.6 64.1
2003 59.6 60.1
2002 60.9 61
2001 63.6 60.4
2000 62.6 58.2
1999 62.1 64.8
1998 62 64.7
1997 59.4 66.6
1996 58.6 66.2
1995 63.3 62.9

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

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 52.4 for Uganda, ranking 149/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Uganda
Services, % of GDP
51.4%
2024
43.1%
2024
Industry, % of GDP
34.7%
2024
24.9%
2024
Agriculture, forestry, and fishing, % of GDP
6.48%
2024
24.6%
2024
GNI, Atlas method
$4.46B
2024
$50.9B
2024
GNI per capita, PPP
$10,760
2024
$3,190
2024
Total reserves including gold
$479M
2023
$3.36B
2018
Total reserves ranking
159/177
2023
114/177
2018
Net foreign direct investment
-$11.8M
2024
-$3.26B
2024
Net inflows of foreign direct investment
$75.5M
2024
$3.26B
2024
Net outflows of foreign direct investment
$63.8M
2024
$400K
2024
Servicing debt to the IMF, % of GNI
4.68%
2024
2.96%
2024
Poverty at national poverty lines
58.9%
2016
20.3%
2019
Gross capital formation, % of GDP
15%
2024
22.4%
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/uganda | 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 (2022–2023, 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.