Eswatini: public finances

How much debt does the Eswatini government have?

Eswatini's total public debt was E43.1 billion at the end of August 2026, equal to 41.4% of GDP, according to preliminary figures in the Central Bank of Eswatini's Monetary Policy Statement of 25 September 2026. Debt rose 3.7% in a month, from a revised E41.6 billion at the end of July.

At the end of March 2026 debt was E42.3 billion (40.6% of GDP), 17.0% more than a year earlier, according to the Bank's Annual Economic Review Report 2025/26. Figures are preliminary and are revised as data come in. Total public debt includes both domestic and external debt.

Official sources: Central Bank of Eswatini: Monetary Policy Statement, 25 September 2026 (PDF) · Central Bank of Eswatini: Annual Economic Review Report 2025/26 (PDF)

What is in Eswatini's 2026/27 budget?

Eswatini's 2026/27 budget plans revenue and grants of E31.9 billion and spending of E36.9 billion, a deficit of E5.0 billion or 4.9% of GDP, according to the Central Bank of Eswatini's Annual Economic Review Report 2025/26, citing the Ministry of Finance. The 2025/26 budget had planned a deficit of 3.1% of GDP; the preliminary outturn was 6.4%.

The Bank says the higher deficit comes mainly from the civil service salary review, higher debt service and faster capital spending. Staff costs make up 33.7% of planned spending, capital spending 21.1% and interest 10.0%. Medium-term projections show deficits above 10% of GDP in 2027/28 and 2028/29.

Official sources: Central Bank of Eswatini: Annual Economic Review Report 2025/26 (PDF)

How much tax does Eswatini expect to collect?

Eswatini's domestic revenue is projected to rise 13.9% to E19.0 billion in 2026/27, according to the Central Bank of Eswatini's Annual Economic Review Report 2025/26. VAT collections are expected to grow 24.8%, PAYE income tax 11.7% and company tax 5.9%. Excise duties on alcohol and tobacco are projected to rise 45.6% after tax changes.

Domestic revenue excludes Southern African Customs Union receipts, which are the other main source of income. The Bank expects fuel levy collections to fall slightly, by 0.3%, because of supply disruptions. These are budget projections, not outturns.

Official sources: Central Bank of Eswatini: Annual Economic Review Report 2025/26 (PDF)

What is Eswatini's debt to GDP ratio?

44.8% of GDP: that is general government gross debt in Eswatini for 2025, according to the IMF. It is the top of the series, which starts in 2005. Sub-Saharan Africa median: 53.0% of GDP; Eswatini is 32nd highest of 46. Worldwide: 115th of 185.

What is Eswatini's fiscal deficit?

-7.8% of GDP: that is general government net lending or borrowing in Eswatini for 2025, according to the IMF, which is a deficit. Its high point since 2005 was 2006, at 8.7% of GDP; its low point was 2010, at -9.3% of GDP. It is 45th highest of 47 in Sub-Saharan Africa, where the median is -3.0% of GDP. Of 188 countries with 2025 data, 174th highest.

What is Eswatini's government revenue?

The IMF puts general government revenue in Eswatini at 28.9% of GDP in 2025. Since 2005 it has ranged from 21.3% of GDP (2011) to 36.2% of GDP (2006). It is 4th highest of 47 in Sub-Saharan Africa, where the median is 18.4% of GDP. Worldwide: 80th of 187.

How big is Eswatini's government spending as a share of GDP?

The IMF puts general government spending in Eswatini at 36.6% of GDP in 2025. That is the highest since at least 2005. It is 3rd highest of 46 in Sub-Saharan Africa, where the median is 20.8% of GDP. World rank, highest first: 67th of 186.

How much tax does Eswatini collect?

The IMF puts central government tax revenue in Eswatini at 24.3% of GDP in 2021. The peak was 31.7% of GDP in 2006 and the low 16.3% of GDP in 2010. Sub-Saharan Africa median: 12.4% of GDP; Eswatini is 4th highest of 30. World rank, highest first: 16th of 127.

What is Eswatini's military budget as a share of GDP?

SIPRI puts military spending in Eswatini at 1.6% of GDP in 2025. The peak was 2.4% of GDP in 2010 and the low 1.5% of GDP in 2024. Across Sub-Saharan Africa the middle value was 1.3% of GDP, and Eswatini placed 17th highest of 44. Of 149 countries with 2025 data, 78th highest.