eSwatini
Landlocked eSwatini is ruled by Africa’s last absolute monarch and most of its people are dependent on subsistence agriculture. Large amounts of unwarranted state spending blemish the country’s reputation along with its foreign investment appeal. While disruptive political change at some point seems certain, it does not look imminent.
The economy expanded by 0.9% q-o-q during the first quarter of 2019. On an annual basis, real GDP growth rose to 4.2% and was largely supported by the primary and secondary sectors. Moreover, a moderate recovery in South Africa’s real GDP growth in Q2 has prompted us to revise eSwatini’s economic growth forecast upwards to 0.2% in 2019 (previously -0.1%). Nonetheless, eSwatini’s prospects remain depressed, amid weak regional demand and a moderating global economy that weighs on the economies of key trading partners, such as South Africa. The Swazi economy is caught in a low growth trap and is left with limited options to rekindle economic growth. (Source: Swaziland (eSwatini) Quarterly Update, published in September 2019)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-10.2 |
|
Consumer Price Index (% change y-o-y, avg) |
4.8 |
|
Current Account Balance (as a % of GDP) |
5.9 |
|
Real GDP (annual % change) |
0.6 |
|
GDP per Capita, US$ |
4,137.4 |
|
Import Cover (months) |
2.4 |
|
Population, million |
1.1 |
| Total External Debt (as a % of GDP) |
16.5 |