Page last updated on February 28, 2018

Economy - overview:
A small, landlocked kingdom, Swaziland is bordered in the north, west and south by the Republic of South Africa and by Mozambique in the east. Swaziland depends on South Africa for 60% of its exports and for more than 90% of its imports. Swaziland's currency is pegged to the South African rand, effectively relinquishing Swaziland's monetary policy to South Africa. The government is dependent on customs duties from the Southern African Customs Union (SACU) for 49% of revenue; income tax accounts for 27% and a valued added tax for 19% of revenues. Swaziland is a lower middle income country, but its income distribution is highly skewed, with an estimated 20% of the population controlling 80% of the nation’s wealth. As of 2017, more than one-quarter of the adult population was infected by HIV/AIDS; Swaziland has the world’s highest HIV prevalence rate.Subsistence agriculture employs approximately 70% of the population. The manufacturing sector diversified in the 1980s and 1990s, but manufacturing has grown little in the last decade. Sugar and soft drink concentrate are the largest foreign exchange earners. Mining has declined in importance in recent years. Coal, gold, diamond, and quarry stone mines are small scale, and the only iron ore mine closed in 2014.With an estimated 28% unemployment rate, Swaziland's need to increase the number and size of small and medium enterprises and to attract foreign direct investment is acute. On 1 January 2015, Swaziland lost its eligibility for benefits under the US African Growth and Opportunity Act after failing to meet benchmarks relating to workers’ rights.The IMF forecasted that Swaziland’s economy will grow at a slower pace in 2017 because of a region-wide drought, which is likely to hurt Swaziland’s revenue from sugar exports and other agricultural products; tourism and transport sectors will also decline. Overgrazing, soil depletion, drought, and floods are persistent problems. Swaziland’s revenue from SACU receipts also are projected to decline in 2017, making it harder for the government to maintain fiscal balance.

GDP (purchasing power parity):
$11.34 billion (2017 est.) $11.31 billion (2016 est.) $11.31 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 158

GDP (official exchange rate):
$4.03 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.3% (2017 est.) 0% (2016 est.) 1.1% (2015 est.)
country comparison to the world: 198
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$9,900 (2017 est.) $10,000 (2016 est.) $10,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 140

Gross national saving:
11.1% of GDP (2017 est.) 12.8% of GDP (2016 est.) 23% of GDP (2015 est.)
country comparison to the world: 151
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 34.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -29.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 45%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 48.6% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sugarcane, corn, cotton, citrus, pineapples, cattle, goats

Industries:
soft drink concentrates, coal, forestry, sugar processing, textiles, and apparel

Industrial production growth rate:
1.1% (2017 est.)
country comparison to the world: 158
[see also: Industrial production growth rate country ranks ]

Labor force:
427,900 (2016 est.)
country comparison to the world: 158
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 10.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 30.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 58.9% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
28% (2014 est.) 28% (2013 est.)
country comparison to the world: 200
[see also: Unemployment rate country ranks ]

Population below poverty line:
63% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 40.1% (2010 est.)

Distribution of family income - Gini index:
50.4 (2001)
country comparison to the world: 16
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.15 billion
[see also: Budget - revenues country ranks ]
expenditures: $1.475 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
28.5% of GDP (2017 est.)
country comparison to the world: 93
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.1% of GDP (2017 est.)
country comparison to the world: 199
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
27.5% of GDP (2016 est.) 18.6% of GDP (2015 est.)
country comparison to the world: 169
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
7% (2017 est.) 8% (2016 est.)
country comparison to the world: 192
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7.25% (31 December 2016) 6.5% (31 December 2015)
country comparison to the world: 45
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.7% (31 December 2017 est.) 10.3% (31 December 2016 est.)
country comparison to the world: 70
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$290.3 million (31 December 2017 est.) $316.6 million (31 December 2016 est.)
country comparison to the world: 180
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$973.5 million (31 December 2017 est.) $1.015 billion (31 December 2016 est.)
country comparison to the world: 173
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$983.6 million (31 December 2017 est.) $890.5 million (31 December 2016 est.)
country comparison to the world: 168
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA $203.1 million (31 December 2007) $199.9 million (31 December 2006)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$44 million (2017 est.) $26 million (2016 est.)
country comparison to the world: 70
[see also: Current account balance country ranks ]

Exports:
$1.631 billion (2017 est.) $1.577 billion (2016 est.)
country comparison to the world: 147
[see also: Exports country ranks ]

Exports - commodities:
soft drink concentrates, sugar, timber, cotton yarn, refrigerators, citrus, and canned fruit

Exports - partners:
South Africa 87.1%, Namibia 4% (2016)

Imports:
$1.467 billion (2017 est.) $1.405 billion (2016 est.)
country comparison to the world: 169
[see also: Imports country ranks ]

Imports - commodities:
motor vehicles, machinery, transport equipment, foodstuffs, petroleum products, chemicals

Imports - partners:
South Africa 60.3%, China 5.3%, Mozambique 5.1% (2016)

Reserves of foreign exchange and gold:
$576.6 million (31 December 2017 est.) $564.4 million (31 December 2016 est.)
country comparison to the world: 140
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$548.2 million (31 December 2017 est.) $468.9 million (31 December 2016 est.)
country comparison to the world: 177
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
emalangeni per US dollar - 14.44 (2017 est.) 14.6924 (2016 est.) 14.6924 (2015 est.) 12.7581 (2014 est.) 10.8469 (2013 est.)