Source: IMF, World Economic Outlook (October 2026) · updated on
Public finances and external accounts
A fiscal deficit of 7.8 % of GDP
Eswatini: in 2025, the general government spent 7.8 % of GDP more than it collected, public debt stood at 44.8 % of GDP, the current account showed a surplus of 2.4 % (IMF).
- Fiscal balance · 2025
- −7.8 %
- of GDP · −3.6 pt since 2020
- Public debt · 2025
- 44.8 %
- of GDP · +7.1 pt since 2020
- Current account · 2025
- +2.4 %
- of GDP · −4.4 pt since 2020
Fiscal balance, % of GDP
Negative: a deficit · dashed: estimates and projections
Chart data as a table
| Year | Eswatini | Southern Africa |
|---|---|---|
| 2015 | −4.7 % | −4.2 % |
| 2016 | −7.8 % | −4.0 % |
| 2017 | −5.6 % | −4.7 % |
| 2018 | −6.6 % | −3.1 % |
| 2019 | −7.2 % | −4.0 % |
| 2020 | −4.2 % | −7.9 % |
| 2021 | −4.6 % | −4.5 % |
| 2022 | −5.4 % | −2.9 % |
| 2023 | −0.6 % | −5.1 % |
| 2024 | −1.1 % | −4.4 % |
| 2025 · estimate | −7.8 % | −4.9 % |
| 2026 · projection | −6.0 % | −4.2 % |
| 2027 · projection | −4.7 % | −3.9 % |
| 2028 · projection | −3.0 % | −3.9 % |
| 2029 · projection | −1.7 % | −3.8 % |
| 2030 · projection | −0.2 % | −3.7 % |
- Eswatini
- Southern Africa
Source: IMF, World Economic Outlook (October 2026) · general government net lending or borrowing · group values weighted by GDP in dollars (Syli Atlas)
Current account, % of GDP
Trade, income and transfers with the rest of the world
Chart data as a table
| Year | Eswatini |
|---|---|
| 2015 | +13.5 % |
| 2016 | +8.1 % |
| 2017 | +6.2 % |
| 2018 | +1.4 % |
| 2019 | +3.8 % |
| 2020 | +6.8 % |
| 2021 | +2.6 % |
| 2022 | −2.7 % |
| 2023 | +2.2 % |
| 2024 | +2.1 % |
| 2025 · estimate | +2.4 % |
| 2026 · projection | +1.8 % |
| 2027 · projection | +1.9 % |
| 2028 · projection | +2.0 % |
| 2029 · projection | +2.4 % |
| 2030 · projection | +2.7 % |
Source: IMF, World Economic Outlook (October 2026)
Currency
Lilangeni
Eswatini belongs to the Common Monetary Area: the lilangeni is at par with the South African rand, which also circulates in the country.
- Currency
- SZL
- lilangeni
- Exchange regime
- Fixed
- 1 ZAR = 1 SZL
- Inflation · 2025
- 3.1 %
- average annual change in consumer prices
- One US dollar
- 16.51 SZL
- rate of 2026-11-11
Currency codes: ISO 4217 · fixed parities: central banks (BCEAO, BEAC, Central Bank of the Comoros, Bank of Cape Verde…) · inflation: IMF, World Economic Outlook (October 2026) · dollar rate: Data by MansaAPI
Debt
A debt owed first to multilateral lenders
At the end of 2025, Eswatini owed 1.2 bn$ in public external debt (World Bank). 17.7 % of it was owed to China, 63.1 % to multilateral institutions and 6.0 % to bond holders.
- Public debt · 2025
- 44.8 %
- of GDP · IMF
- External debt · 2025
- 1.6 bn$
- public and private · World Bank
- Public external debt · 2025
- 1.2 bn$
- owed or guaranteed by the State
- Debt service · 2024
- 3.5 %
- of exports of goods, services and income
Public external debt by creditor
Share of the total at the end of each year
- Multilateral (IMF, World Bank, AfDB…)
- 63.1 %
- China
- 17.7 %
- Other countries
- 12.5 %
- Bonds (Eurobonds)
- 6.0 %
- Banks and other private lenders
- 0.8 %
Source: World Bank, International Debt Statistics (updated 2026-11-05) · public and publicly guaranteed external debt, end of year · CC BY 4.0 · shares: Syli Atlas calculation