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Economy of Ethiopia vs Lesotho compared: GDP & Debt

Updated on by Georank team

Ethiopia has a GDP of $150B compared to $2.27B for Lesotho, ranking 60/197 and 175/197 by economy size, respectively.

Ethiopia has $48.9B in government debt (32.7% of GDP), compared to $1.29B (56.8% of GDP) in Lesotho.

Ethiopia vs Lesotho GDP by year

Ethiopia
Lesotho
1x
Year GDP, current $
Ethiopia Lesotho
2024 $149,740,297,953 $2,271,759,455
2023 $135,874,093,202 $2,117,962,445
2022 $123,140,304,666 $2,354,980,960
2021 $109,070,960,372 $2,412,130,057
2020 $98,676,811,061 $2,053,699,864
2019 $91,834,517,113 $2,390,702,296
2018 $83,337,901,072 $2,556,247,292
2017 $76,366,081,767 $2,306,741,672
2016 $68,475,871,210 $2,114,426,452
2015 $62,103,418,182 $2,359,686,725
2014 $55,612,228,234 $2,441,063,054
2013 $47,648,276,605 $2,367,112,932
2012 $43,310,721,414 $2,477,702,216
2011 $31,952,763,089 $2,579,409,620
2010 $29,933,790,334 $2,234,754,242
2009 $32,437,389,116 $1,740,894,965
2008 $27,066,912,635 $1,766,902,709
2007 $19,707,616,773 $1,682,131,785
2006 $15,280,861,835 $1,800,092,564
2005 $12,401,139,454 $1,682,343,527
2004 $10,131,187,261 $1,511,236,656
2003 $8,623,691,300 $1,157,825,435
2002 $7,850,809,498 $775,777,239
2001 $8,231,326,016 $825,706,961
2000 $8,242,349,618 $887,291,688
1999 $7,892,973,532 $912,773,681
1998 $8,013,274,132 $928,460,893
1997 $8,803,539,988 $998,004,259
1996 $8,761,215,548 $946,112,493
1995 $7,855,205,207 $1,001,894,000
1994 $7,100,806,754 $878,250,945
1993 $9,051,043,870 $835,582,062
1992 $10,754,799,037 $831,029,862
1991 $13,799,799,324 $704,325,367
1990 $12,478,943,895 $596,410,264
1989 $11,762,932,007 $495,409,233
1988 $11,181,119,718 $470,395,801
1987 $10,790,001,558 $402,768,324
1986 $10,094,328,898 $318,858,423
1985 $9,717,392,687 $268,629,926
1984 $8,298,309,581 $333,163,670
1983 $8,781,664,427 $386,699,309
1982 $7,899,988,841 $348,741,684
1981 $7,507,663,567 $434,188,034
1980 $7,012,585,454 $431,542,537
1979 $6,586,048,398 $290,134,593
1978 $6,014,961,435 $266,570,067
1977 $5,651,840,585 $193,315,048
1976 $4,943,806,093 $147,660,037
1975 $4,577,047,854 $149,558,896
1974 $4,577,209,966 $150,851,317
1973 $4,070,570,550 $121,188,716
1972 $3,520,252,938 $80,913,200
1971 $3,224,280,835 $76,480,285
1970 $3,045,354,455 $68,739,973
1969 $2,768,987,372 $65,967,974
1968 $2,619,948,865 $61,445,975
1967 $2,461,762,003 $59,261,976
1966 $2,324,466,416 $56,699,977
1965 $2,159,998,591 $54,879,978
1964 $1,984,129,186 $51,939,979
1963 $1,825,058,828 $47,039,981
1962 $1,747,566,307 $41,859,983
1961 $1,680,859,514 $35,699,986
1960 $1,610,511,694 $34,579,986

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

GeoRank.org/economy/ethiopia/lesotho | CC BY

GDP per capita in Ethiopia vs Lesotho by year

Ethiopia
GDP per capita

GDP per capita, PPP
Lesotho
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ethiopia Lesotho
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,134 $3,288 $972 $3,001
2023 $1,056 $3,061 $916 $2,881
2022 $982 $2,845 $1,030 $2,761
2021 $893 $2,588 $1,067 $2,545
2020 $830 $2,407 $919 $2,559
2019 $793 $2,242 $1,082 $2,568
2018 $740 $2,095 $1,171 $2,632
2017 $696 $2,005 $1,069 $2,619
2016 $642 $1,858 $992 $2,942
2015 $598 $1,633 $1,121 $3,035
2014 $550 $1,485 $1,174 $2,771
2013 $484 $1,253 $1,151 $2,538
2012 $452 $1,179 $1,218 $2,291
2011 $343 $1,098 $1,281 $2,279
2010 $331 $996 $1,119 $2,153
2009 $369 $899 $879 $2,036
2008 $316 $845 $898 $2,064
2007 $237.1 $770 $861 $1,932
2006 $189.3 $693 $925 $1,813
2005 $158.2 $625 $861 $1,681
2004 $133.2 $558 $767 $1,561
2003 $116.8 $493 $583 $1,484
2002 $109.6 $509 $389 $1,385
2001 $118.5 $509 $413 $1,350
2000 $122.3 $474 $443 $1,273
1999 $120.7 $450 $456 $1,199
1998 $126.5 $436 $465 $1,179
1997 $143.4 $461 $502 $1,154
1996 $147.3 $453 $480 $1,103
1995 $136.5 $409 $513 $1,037
1994 $127.7 $391 $456 $995
1993 $168.5 $384 $439 $932
1992 $207.4 $343 $444 $893
1991 $277.6 $383 $382 $830
1990 $262.1 $417 $330 $764
1989 $256.4 - $279 -
1988 $253.2 - $270.4 -
1987 $254.1 - $236.5 -
1986 $246 - $191.4 -
1985 $243.9 - $165.4 -
1984 $214.2 - $211 -
1983 $232.7 - $252 -
1982 $215.3 - $233.9 -
1981 $212.7 - $299.8 -
1980 $203.7 - $307 -
1979 $192.4 - $212.4 -
1978 $178.3 - $200.8 -
1977 $170.4 - $149.9 -
1976 $152 - $117.8 -
1975 $144.3 - $123.2 -
1974 $147.9 - $128.7 -
1973 $134.9 - $107 -
1972 $119.8 - $74 -
1971 $112.7 - $72.4 -
1970 $109.4 - $67.4 -
1969 $102.3 - $67.1 -
1968 $99.5 - $64.8 -
1967 $96.1 - $64.8 -
1966 $93.2 - $64.3 -
1965 $88.9 - $64.3 -
1964 $83.8 - $62.6 -
1963 $79.2 - $58.4 -
1962 $77.8 - $53.5 -
1961 $76.7 - $47 -
1960 $75.3 - $47 -

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

GeoRank.org/economy/ethiopia/lesotho | CC BY

Ethiopia's GDP per capita is $1,134, ranking 171/197, compared to $972 in Lesotho, ranking 181/197. Adjusted for purchasing power (GDP per capita PPP), Ethiopia ranks 175th at $3,288, while Lesotho ranks 180th at $3,001.

Economic indicators

Ethiopia Lesotho
Gross domestic product
$150B
2024
$2.27B
2024
GDP rank
60/197
2024
175/197
2024
GDP growth
7.61%
2023-2024
2.85%
2023-2024
GDP per capita
$1,134
2024
$972
2024
GDP per capita rank
171/197
2024
181/197
2024
GDP per capita, PPP
$3,288
2024
$3,001
2024
GDP per capita PPP rank
175/197
2024
180/197
2024
Government debt
$48.9B
2024
$1.29B
2024
Debt-to-GDP ratio
32.7%
2024
56.8%
2024
Government debt per person
$370
2024
$552
2024
Government debt per person rank
172/185
2024
164/185
2024
Average annual personal income after taxes
$1,946
2026
$6,545
2026
Income share by richest 10%
24.8%
2021
32.9%
2017
Income share by poorest 10%
3.5%
2021
1.7%
2017
Government expenditure, % of GDP
9.54%
2024
53.5%
2024
Consumer prices inflation
21%
2023-2024
6.11%
2023-2024
Central bank interest rate n/a
6.5%
2025
Unemployment rate
3.94%
2021
18.7%
2024
Population
139917664
2396633

Spending and national debt comparison by year

Ethiopia
Spending

Debt
Lesotho
Spending

Debt
1x
Year % of GDP
Ethiopia Lesotho
Government spending Government debt Government spending Government debt
2024 9.54% 32.7% 53.5% 56.8%
2023 10.8% 38.7% 49.4% 61.5%
2022 12.7% 46.9% 50.8% 64.4%
2021 13.8% 53.8% 53.8% 58%
2020 14.5% 53.7% 54.4% 54.7%
2019 15.4% 54.7% 53.6% 58.2%
2018 16.1% 58.4% 51.9% 48.2%
2017 18% 55.3% 50.4% 41%
2016 17.9% 51.8% 54.1% 41.5%
2015 17.3% 50.7% 51.7% 45.8%
2014 17.5% 44.2% 50.1% 41.5%
2013 17.8% 44.1% 58.4% 41.2%
2012 16.6% 39.4% 58.1% 39.8%
2011 18.2% 44.6% 60.2% 36.2%
2010 18.5% 39.4% 55.3% 33.8%
2009 17.1% 30% 66.4% 35.9%
2008 18.8% 56.1% 54.1% 47%
2007 20.5% 55.7% 48.1% 49.6%
2006 22.1% 79.6% 43.2% 43.7%
2005 22.9% 78.2% 37.6% 41%
2004 23.1% 103.1% 36.3% 49.4%
2003 27% 103.7% 39.8% 52.6%
2002 24.9% 107.4% 41.2% 79.6%
2001 22.4% 97.3% 41.4% 108.7%
2000 25.6% 93.6% 39.3% 88.5%
1999 25.8% 94.3% 50.8% 83%
1998 20.4% 86% 51.4% 79.4%
1997 17.3% 77.4% 44.6% 65.7%
1996 18.2% 129% 41.5% 71.6%
1995 16.9% 142.3% 42.1% 62.8%
1994 17.1% 150.7% 40.2% 67%
1993 13.4% 136.9% 36% 71.2%
1992 13.8% 85.4% 35.3% 64.4%
1991 16.8% 89.3% 31.3% 11.9%
1990 20.3% 91.6% 32.9% 18%
1989 24% 84.7% 35.8% 112.5%
1988 21.6% 84.3% 35.3% 105.2%
1987 18.4% 82.3% 40.3% 97.4%
1986 19.8% 75.7% 33.2% 92.5%
1985 19.7% 67.7% 32.8% 86.3%
1984 18.8% 65.4% 26.8% 57.2%
1983 21.3% 55.2% 27.2% 56.7%
1982 16.4% 48.8% 29.9% 61.4%
1981 14.2% 30.6% - -
1980 13.5% 18.5% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1991, retrieved 2026-02-20).

GeoRank.org/economy/ethiopia/lesotho | CC BY

In 2024, Ethiopia's government spending was $14.3B, accounting for 9.54% of its GDP, while Lesotho spent $1.22B, or 53.5% of GDP.

Debt-to-GDP ratio is 32.7% in Ethiopia and 56.8% in Lesotho, ranking 150/185 and 92/185, respectively.

Government deficit by year

Deficit/surplus
Ethiopia

Lesotho
1x
Year Deficit/surplus, % of GDP
Ethiopia Lesotho
2024 -1.99% 9.04%
2023 -2.6% 7.31%
2022 -4.16% -6.41%
2021 -2.77% -4.95%
2020 -2.76% 1.18%
2019 -2.53% -5.72%
2018 -3.03% -4.41%
2017 -3.24% -2.02%
2016 -2.3% -9.43%
2015 -1.95% -1.38%
2014 -2.58% 3.16%
2013 -1.93% -2.58%
2012 -1.17% 4.56%
2011 -1.61% -9.85%
2010 -1.32% -1.49%
2009 -0.93% -4.16%
2008 -2.88% 8.1%
2007 -3.57% 10.8%
2006 -3.79% 11.6%
2005 -4.12% 4.46%
2004 -2.65% 6.05%
2003 -5.59% 0.89%
2002 -5.76% -2.44%
2001 -3.76% -2.76%
2000 -8.88% -0.95%
1999 -8.23% -15.3%
1998 -3.51% -11.8%
1997 -1.7% 0.27%
1996 -3.81% 2.11%
1995 -2.68% 5.13%
1994 -5.23% 5.69%
1993 -4% 7.55%
1992 -4.78% 4.65%
1991 -5.83% 9.74%
1990 -6.66% 8.78%
1989 -4.33% 3.88%
1988 -3.48% -1.87%
1987 -3.54% -2.85%
1986 -3.98% 0.87%
1985 -4.71% 1.68%
1984 -3.69% 4.82%
1983 -7.59% 1.85%
1982 -3.6% -2.03%
1981 -2.19% -
1980 -2.56% -

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/ethiopia/lesotho | CC BY

In 2024, Ethiopia's government deficit, the difference between spending and revenue, was $2.98B, equivalent to 1.99% of GDP. This compares to Lesotho's surplus of $205M, or 9.04% of GDP.

Over the past 43 years, Ethiopia recorded a fiscal deficit in 43 of those years, while Lesotho ran a deficit in 19 years. On average, Ethiopia posted an annual deficit equal to 3.7% of GDP, compared to surplus of 0.74% of GDP for Lesotho.

Inflation comparison by year

Inflation
Ethiopia

Lesotho
1x
Year Consumer prices inflation
Ethiopia Lesotho
2024 21% 6.11%
2023 30.2% 6.34%
2022 33.9% 8.27%
2021 26.8% 6.05%
2020 20.4% 4.98%
2019 15.8% 5.19%
2018 13.8% 4.75%
2017 10.7% 4.45%
2016 6.63% 6.6%
2015 9.57% 3.22%
2014 6.89% 5.37%
2013 7.46% 4.87%
2012 23.6% 6.05%
2011 33.2% 5.04%
2010 8.15% -2.41%
2009 8.48% -16.9%
2008 44.4% 10.7%
2007 17.2% 8.01%
2006 12.3% 6.07%
2005 9.97% 3.44%
2004 3.33% 5.02%
2003 13.7% 6.63%
2002 0.68% 33.8%
2001 -8.24% -9.62%
2000 0.66% 6.13%
1999 7.94% -
1998 0.89% -
1997 2.4% -

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

GeoRank.org/economy/ethiopia/lesotho | CC BY

Over the past 25 years, Ethiopia has recorded an average annual inflation rate of 14.8%, compared with 5.13% in Lesotho. In 2024, inflation was 21% in Ethiopia and 6.11% in Lesotho.

Top exports between countries

Ethiopia
Export category Export value
Textiles & consumer goods $154K
Raw agricultural goods $41K
Machinery & equipment $20K
Chemicals & pharma $10K
Wood & paper products $3K
Metals $1K
Lesotho
Export category Export value
Textiles & consumer goods $381K
Miscellaneous $9K
Processed food, beverages & tobacco $1K

Balance of trade

Ethiopia Lesotho
Current account balance
-$3.79B
2024
$89.2M
2024
Current account balance ranking
160/190
2024
68/190
2024
Current account balance, % of GDP
-2.53%
2024
+3.93%
2024
Goods imports
$19.6B
2024
$1.67B
2024
Goods exports
$5.58B
2024
$965M
2024
Service imports
$5.51B
2024
$415M
2024
Service exports
$7.61B
2024
$15.4M
2024
Imports of goods and services, % of GDP
11.9%
2024
98.6%
2023
Exports of goods and services, % of GDP
5.54%
2024
42.9%
2023

Economic freedom indices

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

Ethiopia Lesotho
Economic freedom 48.1 54.9
Economic freedom ranking 171/197 130/197
Property rights 22.1 41.7
Government integrity 33.2 39.6
Judicial effectiveness 19.1 43.6
Tax burden 78.6 76.4
Government spending 96.4 21.3
Fiscal health 84.3 93.5
Business freedom 44.5 50.6
Labor freedom 37.8 57
Monetary freedom 53.7 74.8
Trade freedom 57.4 65.4
Investment freedom 30 55
Financial freedom 20 40

Economic freedom comparison by year

Ethiopia
Lesotho
1x
Year Economic freedom index
Ethiopia Lesotho
2026 48.1 54.9
2025 48.1 54.1
2024 47.9 51.9
2023 48.3 51.6
2022 49.6 48.1
2021 51.7 53.5
2020 53.6 54.5
2019 53.6 53.1
2018 52.8 53.9
2017 52.7 53.9
2016 51.5 50.6
2015 51.5 49.6
2014 50 49.5
2013 49.4 47.9
2012 52 46.6
2011 50.5 47.5
2010 51.2 48.1
2009 53 49.7
2008 52.5 52.1
2007 53.6 53.2
2006 50.9 54.7
2005 51.1 53.9
2004 54.5 50.3
2003 48.8 52
2002 49.8 48.9
2001 48.9 50.6
2000 50.2 48.4
1999 46.7 48.2
1998 49.2 48.4
1997 48.1 47.2
1996 45.9 47
1995 42.6 -

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

GeoRank.org/economy/ethiopia/lesotho | CC BY

The Economic Freedom Index for Ethiopia is 48.1, ranking 171/197, compared to 54.9 for Lesotho, ranking 130/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ethiopia Lesotho
Services, % of GDP
37.5%
2024
48%
2024
Industry, % of GDP
25.4%
2024
30.9%
2024
Agriculture, forestry, and fishing, % of GDP
34.8%
2024
6.5%
2024
GNI, Atlas method
$146B
2024
$2.75B
2024
GNI per capita, PPP
$3,280
2024
$3,580
2024
Total reserves including gold
$3.78B
2024
$1.01B
2024
Total reserves ranking
109/177
2024
142/177
2024
Net foreign direct investment
-$4.02B
2024
$12.6M
2024
Net inflows of foreign direct investment
$4.02B
2024
-$12.6M
2024
Net outflows of foreign direct investment
$0
2024
$0
2024
Servicing debt to the IMF, % of GNI
0.91%
2024
4.06%
2024
Poverty at national poverty lines
33.1%
2021
49.7%
2017
Gross capital formation, % of GDP
20.6%
2024
27.2%
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/ethiopia/lesotho | 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 (1980–1991, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, 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.