Eswatini Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

landlocked southern African economy; South African trade dependent and currency pegging; CMA and SACU member state; COVID-19 economic slowdown; growing utilities inflation; persistent poverty and unemployment; HIV/AIDS labor force disruptions

Real GDP (purchasing power parity)

$10.56 billion (2021 est.)

$9.788 billion (2020 est.)

$9.943 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.88% (2021 est.)

-1.56% (2020 est.)

2.7% (2019 est.)

Real GDP per capita

$8,900 (2021 est.)

$8,300 (2020 est.)

$8,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$4.484 billion (2019 est.)

Inflation rate (consumer prices)

2.6% (2019 est.)

4.82% (2018 est.)

6.22% (2017 est.)

Credit ratings

Moody's rating: B3 (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 6.5% (2017 est.)

industry: 45% (2017 est.)

services: 48.6% (2017 est.)

GDP - composition, by end use

household consumption: 64% (2017 est.)

government consumption: 21.3% (2017 est.)

investment in fixed capital: 13.4% (2017 est.)

investment in inventories: -0.1% (2017 est.)

exports of goods and services: 47.9% (2017 est.)

imports of goods and services: -46.3% (2017 est.)

Agricultural products

sugar cane, maize, roots/tubers nes, grapefruit, oranges, milk, beef, potatoes, vegetables, bananas

Industries

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

Industrial production growth rate

15.38% (2021 est.)

Labor force

383,500 (2021 est.)

Labor force - by occupation

agriculture: 10.7%

industry: 30.4%

services: 58.9% (2014 est.)

Unemployment rate

25.76% (2021 est.)

25.51% (2020 est.)

22.84% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 50.9%

male: 47.7%

female: 54.1% (2021 est.)

Population below poverty line

58.9% (2016 est.)

Gini Index coefficient - distribution of family income

54.6 (2016 est.)

Household income or consumption by percentage share

lowest 10%: 1.7%

highest 10%: 40.1% (2010 est.)

Budget

revenues: $1.131 billion (2020 est.)

expenditures: $1.454 billion (2020 est.)

Budget surplus (+) or deficit (-)

-8.5% (of GDP) (2017 est.)

Public debt

28.4% of GDP (2017 est.)

25.5% of GDP (2016 est.)

Taxes and other revenues

28.6% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

$124.463 million (2021 est.)

$270.942 million (2020 est.)

$176.144 million (2019 est.)

Exports

$2.132 billion (2021 est.) note: data are in current year dollars

$1.808 billion (2020 est.) note: data are in current year dollars

$2.048 billion (2019 est.) note: data are in current year dollars

Exports - partners

South Africa 94% (2017)

Exports - commodities

carbonated drink mixtures, sugar, gold, industrial additives, clothing, lumber (2021)

Imports

$2.173 billion (2021 est.) note: data are in current year dollars

$1.686 billion (2020 est.) note: data are in current year dollars

$1.924 billion (2019 est.) note: data are in current year dollars

Imports - partners

South Africa 81.6%, China 5.2% (2017)

Imports - commodities

motor vehicles, machinery, transport equipment, foodstuffs, petroleum products, chemicals

Reserves of foreign exchange and gold

$572,281,500 (31 December 2021 est.)

$545,564,200 (31 December 2020 est.)

$440,314,200 (31 December 2019 est.)

Debt - external

$535 million (2019 est.)

$456 million (2018 est.)

Exchange rates

emalangeni per US dollar -

14.783 (2021 est.)

16.47 (2020 est.)

14.452 (2019 est.)

13.234 (2018 est.)

13.324 (2017 est.)

NOTE: The information regarding Eswatini on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Eswatini 2023 information contained here. All suggestions for corrections of any errors about Eswatini 2023 should be addressed to the CIA or the source cited on each page.