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7 clusters · 11 sources · 55 days · First seen · Last updated

Eswatini economic growth and fiscal management

Overview

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 and accounts for 52.3 percent of the total GDP.

By August 2026, pension fund assets reached approximately E55.8 billion, representing about 57 percent of the nation’s GDP. Finance Minister Neal Rijkenberg noted 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.” Simultaneously, the government plans to raise an additional E1.5 billion to manage fiscal pressures. Minister for Economic Planning and Development Dr. Thambo Gina warned that growth may not improve living standards due to high wealth inequality.

In September 2026, gross official reserves reached E10.8 billion, a 2.6 percent increase from August, improving import cover to 2.5 months. However, the Central Bank increased its discount rate by 25 basis points to 7.0%, bringing the prime lending rate to 10.50%. Capital market assets grew by 6.65% in the second quarter of 2026 to E49.68 billion, driven primarily by retirement funds which accounted for 72.06% of total funding.

In the second quarter of 2026, Eswatini experienced a widening trade deficit of E818.5 million as imports outpaced exports. Meanwhile, the construction sector saw a registered project value surge of approximately 294% to E11.24 billion during the 2025/26 financial year, heavily driven by public-sector investment, which accounted for 80.2% of the total value.

Entities

Eswatini · Neal Rijkenberg · Eswatini Revenue Service · Eswatini Stock Exchange · Karsten Mecklenburg

Timeline

  1. [BUSINESS] 5 sources
    Eswatini reports trade deficit and construction sector surge

    Eswatini recorded a trade deficit of E818.5 million in Q2 2026, while the construction sector saw a 294% surge in project value driven by public investment.

  2. [BUSINESS] 2 sources
    Eswatini financial reserves and capital markets show growth

    Eswatini’s foreign reserves rose to E10.8 billion and capital market assets reached E49.68 billion in mid-2026, driven largely by retirement fund investments despite rising interest rates.

  3. [BUSINESS] 6 sources
    Eswatini Revenue Service expands high-net-worth tax definition

    Eswatini has expanded its High-Net-Worth Individual tax criteria to include those with E3 million in assets and set a domestic revenue collection target of E19.48 billion for the 2026/27 financial year.

  4. [BUSINESS] 3 sources
    Eswatini launches new trade and investment intelligence tools

    Eswatini has launched two new digital trade and investment intelligence tools, supported by the EU and ITC, to provide businesses and policymakers with data-driven market insights.

  5. [BUSINESS] 2 sources
    Eswatini reports trade surplus and stable stock market value

    Eswatini recorded an E194.09 million trade surplus in August 2026 driven by sugar and concentrate exports, while the Eswatini Stock Exchange market capitalisation remained flat at E7.053 billion.

  6. [BUSINESS] 2 sources
    Eswatini economy shows growth as regional trade supports South Africa surplus

    Eswatini’s GDP grew by 4.8 per cent to E96.6 billion in 2025, driven by the tertiary sector, while remaining a vital regional trade partner contributing to South Africa’s trade surplus.

  7. [BUSINESS] 3 sources
    Eswatini pension assets reach 57% of GDP amid debt concerns

    Eswatini’s pension assets have reached E55.8 billion, or 57% of GDP, as the government seeks E1.5 billion in new funding amid concerns that economic growth is not reaching ordinary citizens due to high wealth's

Sources

360mozambique.com · eswatinipositivenews.online · freightnews.co.za · gggi.org · independentnews.co.sz · insidebiz.co.sz · swazi24.com · swazidailynews.com · time.news · times.co.sz · vbr.vu

This summary has been updated 5 times: see revision history