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Eswatini · Economy

Eswatini economy: GDP, investment, trade and remittances

How large the Eswatini economy is and how fast it is growing, who invests in it, what it sells and buys, how much its citizens abroad send home, who it owes and what it holds in reserve. The latest published year is shown with each figure.

GDP
US$5.2 billion
current US$, 2025
Real GDP growth
4.2%
2025
GDP per person
US$4,108
current US$, 2025
Exports of goods
US$2.1 billion
2023
Remittances received
US$39 million
2025, 0.7% of GDP
Foreign direct investment, net inflows
US$53 million
2025, 1.0% of GDP

Eswatini economy snapshot: GDP, growth and income per person

Eswatini's GDP was US$5.2 billion in 2025, after real growth of 4.2%.

GDP

Current US dollars.

02.0bn4.0bn6.0bn201520172019202120232025GDP 2015: US$3.9 billionGDP 2016: US$3.7 billionGDP 2017: US$4.5 billionGDP 2018: US$4.6 billionGDP 2019: US$4.6 billionGDP 2020: US$4.1 billionGDP 2021: US$4.8 billionGDP 2022: US$4.7 billionGDP 2023: US$4.6 billionGDP 2024: US$4.9 billionGDP 2025: US$5.2 billion

Real GDP growth

Annual change, per cent. Red bars are contractions.

-5%-3%0%3%5%8%201520172019202120232025Real GDP growth 2015: 1.7%Real GDP growth 2016: 2.9%Real GDP growth 2017: 3.5%Real GDP growth 2018: 0.1%Real GDP growth 2019: 6.4%Real GDP growth 2020: -3.0%Real GDP growth 2021: 4.2%Real GDP growth 2022: 0.4%Real GDP growth 2023: 3.5%Real GDP growth 2024: 3.0%Real GDP growth 2025: 4.2%

GDP per person

Current US dollars.

02k4k6k201520172019202120232025GDP per person 2015: US$3,420GDP per person 2016: US$3,238GDP per person 2017: US$3,853GDP per person 2018: US$3,973GDP per person 2019: US$3,913GDP per person 2020: US$3,467GDP per person 2021: US$3,984GDP per person 2022: US$3,894GDP per person 2023: US$3,756GDP per person 2024: US$3,910GDP per person 2025: US$4,108

Source: World Bank, 2025. Method

Who invests in Eswatini and in what

Direct investment by investing country

South Africa was the largest investing country in Eswatini, at 44% of inward direct investment positions in 2022.

Inward direct investment positions in Eswatini at the end of 2022: the stock of foreign direct investment, not a year's new flow. The 3 largest investing countries.

South AfricaUS$380 million44.1%
United KingdomUS$28 million3.2%
MozambiqueUS$852 thousand0.1%

Source: IMF, 2022. Method

What Eswatini sells and buys

Essential oils and resinoids was 28% of exports in 2023.

Eswatini sold the most to South Africa, 68% of exports in 2023.

Exports by product, 2023

Tile area follows value. Each tile is a customs chapter of the Harmonized System; hover for the full name.

Essential oils and resinoids: US$586 million, 28.0%Essential oils and resinoids28%Sugars and sugar confectionery: US$477 million, 22.8%Sugars23%Chemical products n.e.c.: US$282 million, 13.5%Chemical products n.e.c.13%Apparel and clothing accessories: US$146 million, 6.9%Clothing, n…7%Wood and articles of wood: US$136 million, 6.5%Wood and wo…6%Mineral fuels, mineral oils and products of their distillation: US$75 million, 3.6%Mineral fue…4%Beverages, spirits and vinegar: US$61 million, 2.9%Apparel and clothing accessories: US$49 million, 2.4%Preparations of vegetables, fruit, nuts or other parts of plants: US$40 million, 1.9%Preparations of cereals, flour, starch or milk: US$36 million, 1.7%Machinery and mechanical appliances, boilers, nuclear reactors: US$23 million, 1.1%Food industries, residues and wastes thereof: US$21 million, 1.0%All other chapters: US$164 million, 7.8%All other chapt…8%

Source: UN Comtrade, 2023. Method

Top buyers, 2023

Share of Eswatini's exports.

South AfricaUS$1.4 billion67.5%
KenyaUS$90 million4.3%
MozambiqueUS$82 million3.9%
NigeriaUS$70 million3.3%
ZimbabweUS$48 million2.3%
TanzaniaUS$36 million1.7%
UgandaUS$34 million1.6%
ItalyUS$34 million1.6%
BotswanaUS$34 million1.6%
United StatesUS$29 million1.4%

Top suppliers, 2023

Share of Eswatini's imports.

South AfricaUS$1.5 billion73.8%
ChinaUS$154 million7.6%
IndiaUS$72 million3.5%
United StatesUS$32 million1.5%
MozambiqueUS$25 million1.2%
IrelandUS$19 million0.9%
GermanyUS$19 million0.9%
United Arab EmiratesUS$17 million0.8%
ItalyUS$13 million0.6%
BahrainUS$13 million0.6%

Source: UN Comtrade, 2023. Method

What Eswatini buys, 2023

The 8 largest product chapters in imports.

Mineral fuels and oilsUS$382 million18.7%
Machinery and mechanical appliancesUS$122 million6.0%
VehiclesUS$120 million5.9%
Electrical machinery and equipmentUS$88 million4.3%
CerealsUS$87 million4.3%
PlasticsUS$79 million3.9%
BeveragesUS$64 million3.2%
CottonUS$61 million3.0%

Source: UN Comtrade, 2023. Method

Trade balance of goods

Exports minus imports. Red bars are years when imports were larger. A year is left out when either side is not published.

-200m0200m400m20152017201920212023Trade balance 2015: US$312 million (exports US$1.8 billion, imports US$1.5 billion)Trade balance 2016: US$180 million (exports US$1.7 billion, imports US$1.5 billion)Trade balance 2017: US$189 million (exports US$1.8 billion, imports US$1.6 billion)Trade balance 2018: -US$15 million (exports US$1.8 billion, imports US$1.9 billion)Trade balance 2019: US$169 million (exports US$2.0 billion, imports US$1.8 billion)Trade balance 2020: US$147 million (exports US$1.8 billion, imports US$1.6 billion)Trade balance 2021: -US$54 million (exports US$2.1 billion, imports US$2.1 billion)Trade balance 2022: -US$133 million (exports US$2.0 billion, imports US$2.1 billion)Trade balance 2023: US$57 million (exports US$2.1 billion, imports US$2.0 billion)

Source: UN Comtrade, 2023. Method

Remittances against foreign direct investment in Eswatini

Foreign direct investment in Eswatini was 1.4 times remittances in 2025.

Foreign direct investment net inflows were negative in 2017: more investment left Eswatini than came in.

Remittances receivedForeign direct investment, net inflows
-100m0100m200m201520172019202120232025Remittances 2015: US$96 millionRemittances 2016: US$98 millionRemittances 2017: US$144 millionRemittances 2018: US$126 millionRemittances 2019: US$119 millionRemittances 2020: US$112 millionRemittances 2021: US$132 millionRemittances 2022: US$126 millionRemittances 2023: US$80 millionRemittances 2024: US$33 millionRemittances 2025: US$39 millionForeign direct investment 2015: US$31 millionForeign direct investment 2016: US$27 millionForeign direct investment 2017: -US$58 millionForeign direct investment 2018: US$31 millionForeign direct investment 2019: US$128 millionForeign direct investment 2020: US$39 millionForeign direct investment 2021: US$113 millionForeign direct investment 2022: US$13 millionForeign direct investment 2023: US$28 millionForeign direct investment 2024: US$136 millionForeign direct investment 2025: US$53 million

Source: World Bank, 2026. Method

Remittances and investment as a share of GDP

The same two flows measured against the size of the economy.

Remittances, share of GDPForeign direct investment, share of GDP
-2%0%2%4%201520172019202120232025Remittances 2015: 2.5%Remittances 2016: 2.6%Remittances 2017: 3.2%Remittances 2018: 2.7%Remittances 2019: 2.6%Remittances 2020: 2.7%Remittances 2021: 2.7%Remittances 2022: 2.7%Remittances 2023: 1.7%Remittances 2024: 0.7%Remittances 2025: 0.7%Foreign direct investment 2015: 0.8%Foreign direct investment 2016: 0.7%Foreign direct investment 2017: -1.3%Foreign direct investment 2018: 0.7%Foreign direct investment 2019: 2.8%Foreign direct investment 2020: 0.9%Foreign direct investment 2021: 2.3%Foreign direct investment 2022: 0.3%Foreign direct investment 2023: 0.6%Foreign direct investment 2024: 2.8%Foreign direct investment 2025: 1.0%

Source: World Bank, 2026. Method

Who Eswatini owes

External debt stock by type of creditor. Creditor types cover public and publicly guaranteed debt; the grey part is the rest of the total external debt stock. A creditor type with no published figure is not shown.

Multilateral creditors held 46% of Eswatini's external debt stock in 2024.

Public external debt owed to China was US$213 million in 2024, 17% of the external debt stock.

MultilateralBilateralBondsCommercial banksRest of the totalPublic debt owed to China
0500m1.0bn1.5bn20152017201920212023Multilateral 2015: US$149 millionBilateral 2015: US$134 millionCommercial banks 2015: US$14 millionRest of the total 2015: US$153 millionMultilateral 2016: US$168 millionBilateral 2016: US$184 millionCommercial banks 2016: US$15 millionRest of the total 2016: US$399 millionMultilateral 2017: US$205 millionBilateral 2017: US$207 millionCommercial banks 2017: US$16 millionRest of the total 2017: US$445 millionMultilateral 2018: US$223 millionBilateral 2018: US$264 millionCommercial banks 2018: US$12 millionRest of the total 2018: US$268 millionMultilateral 2019: US$245 millionBilateral 2019: US$285 millionCommercial banks 2019: US$11 millionRest of the total 2019: US$294 millionMultilateral 2020: US$274 millionBilateral 2020: US$300 millionCommercial banks 2020: US$10 millionRest of the total 2020: US$373 millionMultilateral 2021: US$341 millionBilateral 2021: US$270 millionCommercial banks 2021: US$9.4 millionRest of the total 2021: US$559 millionMultilateral 2022: US$497 millionBilateral 2022: US$252 millionCommercial banks 2022: US$8.8 millionRest of the total 2022: US$490 millionMultilateral 2023: US$523 millionBilateral 2023: US$242 millionCommercial banks 2023: US$8.1 millionRest of the total 2023: US$455 millionMultilateral 2024: US$564 millionBilateral 2024: US$273 millionBonds 2024: US$21 millionCommercial banks 2024: US$8.0 millionRest of the total 2024: US$372 millionPublic debt owed to China 2015: US$539 thousandPublic debt owed to China 2016: US$33 millionPublic debt owed to China 2017: US$57 millionPublic debt owed to China 2018: US$125 millionPublic debt owed to China 2019: US$159 millionPublic debt owed to China 2020: US$189 millionPublic debt owed to China 2021: US$186 millionPublic debt owed to China 2022: US$182 millionPublic debt owed to China 2023: US$177 millionPublic debt owed to China 2024: US$213 million

Source: World Bank, 2026. Method

Reserves and months of import cover

Total reserves including gold, and how many months of imports they cover.

Reserves, US$Months of imports
0200m400m600m0123420152017201920212023Reserves 2015: US$548 millionReserves 2016: US$564 millionReserves 2017: US$563 millionReserves 2018: US$441 millionReserves 2019: US$440 millionReserves 2020: US$546 millionReserves 2021: US$572 millionReserves 2022: US$452 millionReserves 2023: US$479 millionReserves 2024: US$537 millionMonths of imports 2015: 3.1 monthsMonths of imports 2016: 3.4 monthsMonths of imports 2017: 2.8 monthsMonths of imports 2018: 2.1 monthsMonths of imports 2019: 2.1 monthsMonths of imports 2020: 3.0 monthsMonths of imports 2021: 2.6 monthsMonths of imports 2022: 1.9 monthsMonths of imports 2023: 2.1 monthsMonths of imports 2024: 1.9 months

Source: World Bank, 2026. Method

Aid received by Eswatini

Net official development assistance and official aid received.

050m100m150m20152017201920212023Aid received 2015: US$93 millionAid received 2016: US$148 millionAid received 2017: US$148 millionAid received 2018: US$121 millionAid received 2019: US$72 millionAid received 2020: US$106 millionAid received 2021: US$126 millionAid received 2022: US$98 millionAid received 2023: US$110 million

Source: World Bank, 2026. Method