National Debt (% of GDP): Eswatini

Analysis# Eswatini National Debt (% of GDP) Eswatini's national debt reached 43.5% of GDP in 2026, matching its all-time peak. The country has experienced dramatic debt accumulation since 1993, when the ratio stood at 10.6%—representing a 190% increase over three decades. The 2009 low of 10.6% marks a stark contrast to current levels, illustrating a sustained upward trajectory across the past 15 years. A sharp inflection point occurred between 2017 and 2020, when debt surged from 21.7% to 37.8% of GDP—a jump of over 16 percentage points in just three years. Since 2020, the ratio has continued climbing, rising from 37.5% in 2021 to 43.5% in 2026, with acceleration evident in 2025–2026. The recent trend suggests Eswatini's debt burden remains on an upward trajectory with no indication of reversal in the near term.