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Economy of Eswatini vs Vanuatu compared: GDP & Debt

Updated on by Georank

Eswatini has a GDP of $5.16B compared to $1.35B for Vanuatu, ranking 163/197 and 185/197 by economy size, respectively.

Eswatini has $2.31B in government debt (44.9% of GDP), compared to $554M (40.9% of GDP) in Vanuatu.

Eswatini vs Vanuatu GDP by year

Eswatini
Vanuatu
1x
Year GDP, current $
Eswatini Vanuatu
2025 $5,160,679,613 $1,353,658,841
2024 $4,858,885,841 $1,297,956,615
2023 $4,621,191,262 $1,188,137,265
2022 $4,746,660,274 $1,151,863,790
2021 $4,807,069,277 $1,093,826,089
2020 $4,134,677,810 $1,017,403,363
2019 $4,617,018,959 $1,061,547,513
2018 $4,643,751,059 $1,034,402,941
2017 $4,462,640,651 $998,536,155
2016 $3,722,306,117 $908,725,513
2015 $3,908,217,914 $855,360,240
2014 $4,285,065,665 $879,185,478
2013 $4,463,396,204 $863,347,172
2012 $4,747,813,067 $747,839,698
2011 $4,722,912,047 $770,153,588
2010 $4,360,714,359 $670,712,980
2009 $3,525,213,502 $592,622,319
2008 $3,235,921,171 $590,748,429
2007 $3,391,122,887 $516,392,923
2006 $3,215,307,901 $439,358,587
2005 $3,097,946,371 $394,962,433
2004 $2,710,331,785 $364,996,869
2003 $2,149,632,433 $314,471,413
2002 $1,393,945,031 $262,596,536
2001 $1,502,870,486 $257,926,882
2000 $1,697,161,558 $272,014,628
1999 $1,547,888,496 $268,006,973
1998 $1,576,908,856 $262,293,411
1997 $1,716,714,070 $272,771,209
1996 $1,602,741,834 $261,370,044
1995 $1,698,989,464 $249,333,250
1994 $1,419,294,254 $233,701,301
1993 $1,357,189,552 $200,491,853
1992 $1,284,759,928 $209,088,825
1991 $1,156,135,718 $201,334,169
1990 $1,114,694,041 $168,879,207
1989 $696,921,542 $154,013,202
1988 $692,026,455 $158,351,368
1987 $584,126,092 $139,464,174
1986 $449,140,318 $126,498,935
1985 $360,079,419 $131,856,421
1984 $494,483,409 $144,482,515
1983 $555,336,146 $117,389,554
1982 $537,568,059 $114,501,913
1981 $570,774,825 $113,781,796
1980 $541,976,853 $121,185,498
1979 $412,093,134 $119,258,835
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/vanuatu | CC BY

GDP per capita in Eswatini vs Vanuatu by year

Eswatini
GDP per capita

GDP per capita, PPP
Vanuatu
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eswatini Vanuatu
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,108 - $4,039 -
2024 $3,910 $11,799 $3,960 $3,606
2023 $3,756 $11,300 $3,708 $3,568
2022 $3,894 $10,635 $3,680 $3,453
2021 $3,984 $9,990 $3,576 $3,136
2020 $3,467 $9,329 $3,404 $3,118
2019 $3,913 $9,248 $3,636 $3,315
2018 $3,973 $8,535 $3,626 $3,233
2017 $3,853 $8,584 $3,585 $3,146
2016 $3,238 $8,484 $3,340 $3,030
2015 $3,420 $8,391 $3,214 $2,966
2014 $3,771 $8,366 $3,378 $2,890
2013 $3,950 $8,231 $3,393 $2,832
2012 $4,225 $7,760 $3,005 $2,834
2011 $4,225 $7,571 $3,163 $2,816
2010 $3,923 $7,324 $2,815 $2,733
2009 $3,190 $7,011 $2,546 $2,730
2008 $2,947 $6,914 $2,604 $2,701
2007 $3,109 $6,732 $2,334 $2,573
2006 $2,965 $6,319 $2,035 $2,496
2005 $2,871 $5,773 $1,874 $2,287
2004 $2,526 $5,310 $1,774 $2,157
2003 $2,015 $5,020 $1,567 $2,070
2002 $1,316 $4,742 $1,341 $1,995
2001 $1,430 $4,521 $1,350 $2,125
2000 $1,630 $4,401 $1,460 $2,206
1999 $1,502 $4,272 $1,472 $2,084
1998 $1,547 $4,137 $1,471 $2,091
1997 $1,705 $4,038 $1,562 $2,087
1996 $1,619 $3,916 $1,529 $1,998
1995 $1,751 $3,777 $1,492 $1,961
1994 $1,461 $3,526 $1,431 $1,946
1993 $1,397 $3,371 $1,257 $1,789
1992 $1,362 $3,289 $1,344 $1,777
1991 $1,273 $3,236 $1,326 $1,737
1990 $1,278 $3,202 $1,141 $1,670
1989 $832 - $1,067 -
1988 $865 - $1,125 -
1987 $765 - $1,017 -
1986 $611 - $946 -
1985 $510 - $1,012 -
1984 $726 - $1,137 -
1983 $843 - $947 -
1982 $843 - $946 -
1981 $925 - $962 -
1980 $908 - $1,048 -
1979 $714 - $1,055 -
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/vanuatu | CC BY

Eswatini's GDP per capita is $4,108, ranking 131/197, compared to $4,039 in Vanuatu, ranking 133/197. Adjusted for purchasing power (GDP per capita PPP), Eswatini ranks 126th at $11,799, while Vanuatu ranks 170th at $3,606.

Economic indicators

Eswatini Vanuatu
Gross domestic product
$5.16B
2025
$1.35B
2025
GDP rank
163/197
2025
185/197
2025
GDP growth
4.19%
2024-2025
3.05%
2024-2025
GDP per capita
$4,108
2025
$4,039
2025
GDP per capita rank
131/197
2025
133/197
2025
GDP per capita, PPP
$11,799
2024
$3,606
2024
GDP per capita PPP rank
126/197
2024
170/197
2024
Government debt
$2.31B
2025
$554M
2025
Debt-to-GDP ratio
44.9%
2025
40.9%
2025
Government debt per person
$1,843
2025
$1,654
2025
Government debt per person rank
121/185
2025
125/185
2025
Average annual personal income after taxes
$4,770
2026
$2,801
2026
Market capitalization of domestic companies
$234M
2007
n/a
Number of billionaires
1
2026
n/a
Income share by richest 10%
42.7%
2016
24.7%
2019
Income share by poorest 10%
1.4%
2016
3%
2019
Government expenditure, % of GDP
35.7%
2025
35.5%
2025
Consumer prices inflation
2.6%
2018-2019
0.66%
2024-2025
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
34.3%
2023
1.41%
2025
Population
1276995
346488

Spending and national debt comparison by year

Eswatini
Spending

Debt
Vanuatu
Spending

Debt
1x
Year % of GDP
Eswatini Vanuatu
Government spending Government debt Government spending Government debt
2025 35.7% 44.9% 35.5% 40.9%
2024 33.6% 40.1% 33.1% 39.1%
2023 31.5% 39.4% 38.9% 39.2%
2022 28.9% 39.5% 38.5% 39.2%
2021 29.3% 37.3% 38.6% 42.2%
2020 32.2% 37.7% 38.8% 42.9%
2019 32.8% 30.5% 35.1% 39.8%
2018 31.6% 26.5% 29.4% 40%
2017 33.6% 21.7% 32.7% 46.4%
2016 34% 20.1% 31.2% 37.6%
2015 34.5% 16% 38.1% 32.2%
2014 32.7% 14.1% 20.5% 17.8%
2013 28.8% 15.2% 20.1% 16.4%
2012 27.1% 14.8% 22.1% 17.4%
2011 25.1% 14.6% 22.7% 19.3%
2010 31.1% 14.2% 25.6% 18.3%
2009 33.9% 10.6% 24.9% 19.1%
2008 33.4% 14.6% 25.1% 19.2%
2007 30.4% 16.1% 20.3% 17.6%
2006 27.6% 14.7% 18.2% 20%
2005 29% 13.6% 16.5% 23.8%
2004 31% 15% 16.7% 27.5%
2003 25.9% 17.7% 17% 34.6%
2002 26.5% 17.2% 20.2% 35.1%
2001 25.6% 21.7% 20.2% 33.5%
2000 24.7% 18.2% 23% 32.6%
1999 25.8% 16.7% 21.6% 27.7%
1998 22% 15.6% 25.2% 25.4%
1997 20.7% 12.7% 20.1% 20.7%
1996 22.5% 11.5% 22.1% 20.8%
1995 19.9% 12.5% 25.3% 21.8%
1994 23.4% 13.1% 22% 19.5%
1993 23% 15% 23.7% 18.3%
1992 24.7% 16.6% 28.8% 19%
1991 19.6% 20.1% 30% 14.4%
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/vanuatu | CC BY

In 2025, Eswatini's government spending was $1.84B, accounting for 35.7% of its GDP, while Vanuatu spent $480M, or 35.5% of GDP.

Debt-to-GDP ratio is 44.9% in Eswatini and 40.9% in Vanuatu, ranking 118/185 and 131/185, respectively.

Government deficit by year

Deficit/surplus
Eswatini

Vanuatu
1x
Year Deficit/surplus, % of GDP
Eswatini Vanuatu
2025 -6.14% -3.88%
2024 -1.06% -2.46%
2023 -0.66% -0.78%
2022 -5.27% -5.96%
2021 -4.55% 2.07%
2020 -4.21% -1.74%
2019 -6.23% 2.48%
2018 -6.59% 5.53%
2017 -5.64% -1.06%
2016 -8.36% -0.64%
2015 -5.89% -8.13%
2014 -1.16% 1.26%
2013 0.57% -0.22%
2012 3.39% -1.54%
2011 -3.88% -1.98%
2010 -9.34% -2.38%
2009 -3% -0.76%
2008 1.58% -0.04%
2007 2.37% 0.25%
2006 8.67% 0.44%
2005 -1.66% 1.68%
2004 -3.97% 0.72%
2003 -2.11% -1.22%
2002 -3.69% -3.29%
2001 -2.24% -3.01%
2000 -1.19% -5.67%
1999 -1.23% -0.5%
1998 1.05% -6.01%
1997 2.06% -0.46%
1996 -0.97% -1.61%
1995 0.87% -2.34%
1994 -3.43% -1.35%
1993 -3.15% -3.32%
1992 -2.76% -2.1%
1991 3.28% -2.54%
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/vanuatu | 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 Vanuatu's deficit of $52.6M, or 3.88% of GDP.

Over the past 35 years, Eswatini recorded a fiscal deficit in 26 of those years, while Vanuatu ran a deficit in 27 years. On average, Eswatini posted an annual deficit equal to 2.13% of GDP, compared to deficit of 1.44% of GDP for Vanuatu.

Inflation comparison by year

Inflation
Eswatini

Vanuatu
1x
Year Consumer prices inflation
Eswatini Vanuatu
2025 - 0.66%
2024 - 1.14%
2023 - 11.2%
2022 - 6.68%
2021 - 2.34%
2020 - 5.33%
2019 2.6% 2.76%
2018 4.82% 2.33%
2017 6.22% 3.08%
2016 7.85% 0.84%
2015 4.95% 2.48%
2014 5.68% 0.8%
2013 5.62% 1.46%
2012 8.94% 1.35%
2011 6.11% 0.87%
2010 4.51% 2.76%
2009 7.45% 4.3%
2008 12.7% 4.84%
2007 8.08% 3.94%
2006 5.3% 2.04%
2005 4.77% 1.2%
2004 3.45% 1.42%
2003 7.29% 3.02%
2002 12% 1.96%
2001 5.94% 3.58%
2000 12.2% 2.54%
1999 6.09% 2%
1998 8.11% 3.28%
1997 7.13% 2.83%

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

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

Over the past 23 years, Eswatini has recorded an average annual inflation rate of 6.86%, compared with 2.42% in Vanuatu. In 2019, inflation was 2.6% in Eswatini and 0.66% in Vanuatu.

Balance of trade

Eswatini Vanuatu
Current account balance
$78.3M
2024
-$127M
2022
Current account balance ranking
65/190
2024
83/190
2022
Current account balance, % of GDP
+1.61%
2024
-11.1%
2022
Goods imports
$2.07B
2024
$350M
2022
Goods exports
$2.33B
2024
$73.6M
2022
Service imports
$542M
2024
$230M
2022
Service exports
$234M
2024
$78.5M
2022
Imports of goods and services, % of GDP
53.7%
2024
48%
2024
Exports of goods and services, % of GDP
53.8%
2024
25.3%
2024

Economic freedom indices

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

Eswatini Vanuatu
Economic freedom 57.5 61.1
Economic freedom ranking 116/197 92/197
Property rights 42.5 62.1
Government integrity 29.7 48.3
Judicial effectiveness 35.5 67.9
Tax burden 78.6 96.9
Government spending 71 48.1
Fiscal health 87.5 78.8
Business freedom 49.9 50.3
Labor freedom 55.2 41
Monetary freedom 76.8 72.1
Trade freedom 73.6 62
Investment freedom 50 65
Financial freedom 40 40

Economic freedom comparison by year

Eswatini
Vanuatu
1x
Year Economic freedom index
Eswatini Vanuatu
2026 57.5 61.1
2025 56.4 61.8
2024 55.6 62.2
2023 54.9 62.1
2022 51.4 62.9
2021 55.1 60.5
2020 55.3 60.7
2019 54.7 56.4
2018 55.9 69.5
2017 61.1 67.4
2016 59.7 60.8
2015 59.9 61.1
2014 61.2 59.5
2013 57.2 56.6
2012 57.2 56.6
2011 59.1 56.7
2010 57.4 56.4
2009 59.1 58.4
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 2026-07-08).

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

The Economic Freedom Index for Eswatini is 57.5, ranking 116/197, compared to 61.1 for Vanuatu, ranking 92/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eswatini Vanuatu
Services, % of GDP
52.4%
2025
56.8%
2024
Industry, % of GDP
33.6%
2025
10.1%
2024
Agriculture, forestry, and fishing, % of GDP
6.41%
2025
26.6%
2024
GNI, Atlas method
$4.69B
2025
$1.48B
2025
GNI per capita, PPP
$11,390
2025
$4,970
2025
Total reserves including gold
$537M
2024
$615M
2024
Total reserves ranking
157/177
2024
152/177
2024
Net foreign direct investment
-$11.8M
2024
-$9.21M
2022
Net inflows of foreign direct investment
$75.5M
2024
$28.9M
2024
Net outflows of foreign direct investment
$63.8M
2024
$2.79M
2024
Servicing debt to the IMF, % of GNI
4.88%
2024
1.88%
2024
Poverty at national poverty lines
58.9%
2016
15.9%
2020
Gross capital formation, % of GDP
15%
2024
26.1%
2024

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/vanuatu | 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. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.