Eswatini economic growth and fiscal management

Eswatini’s economy has demonstrated growth, with the Gross Domestic Product (GDP) reaching E96.6 billion in 2025. This represents a real growth rate of 4.8 percent, up from 3.0 percent in 2024. The expansion was largely driven by the tertiary sector, which grew by 6.0 percent, including significant increases in information, communication, and professional services.

As part of the regional trade network, Eswatini contributed to a South African trade surplus of E20.1 billion in July 2026, with trade involving the BELN countries accounting for approximately E11 billion of that surplus.

Regarding domestic fiscal management, pension fund assets have reached approximately E55.8 billion, or about 57 percent of the national GDP. Finance Minister Neal Rijkenberg stated that while these funds offer potential for long-term capital, they must be managed with strict fiduciary responsibility and should not be treated as a “government cheque book.”

Despite economic growth, officials have expressed concerns regarding wealth inequality. Minister for Economic Planning and Development Dr. Thambo Gina warned that growth may not improve living standards for all citizens, as economic benefits often remain concentrated among the wealthiest sections of society.