National Savings: Eswatini

Analysis# Eswatini National Savings Eswatini's national savings stood at 13.438% of GDP in 2026, reflecting a significant contraction from its 2004 peak of 35.121% of GDP. The country has experienced a 61.7% decline over this 22-year period, though current levels remain above the 2009 financial crisis low of 8.127%. The downward trajectory accelerated sharply after 2020, when savings hovered near 21%, dropping to 12.099% by 2022. A dramatic reversal began in 2004–2008, when savings rates exceeded 30% of GDP, driven by strong commodity exports and fiscal discipline. The 2009 global financial crisis triggered the first major dip, but recovery proved temporary and incomplete. Since 2022, savings have stabilized around 13–18% of GDP without regaining earlier momentum. Current projections suggest this stabilization will persist through 2026, indicating structural shifts in Eswatini's domestic capital formation and external economic conditions.