Eswatini Economy - 2024

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.)

Unemployment rate

25.76% (2021 est.)
25.51% (2020 est.)
22.84% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 50.9% (2021 est.)

male: 47.7%

female: 54.1%

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.)

Remittances

2.79% of GDP (2021 est.)
2.82% of GDP (2020 est.)
2.64% of GDP (2019 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 -

Exchange rates:
14.783 (2021 est.)
16.47 (2020 est.)
14.452 (2019 est.)
13.234 (2018 est.)
13.324 (2017 est.)