Country Snapshot

Population (2019, millions)¹1.14
Population Projections (2030, millions)¹1.29
Economically active population in agriculture (as % of Economically active population)12, 201933
CapitalMbabane
Surface Area (km²)²17,360
Weather¹¹In Mbabane: Hottest months, January and February, 15-25°C; coldest month, June, 5-19°C; driest month, June, 18 mm average rainfall; wettest month, January, 252 mm average rainfall
Languages³Official: English and siSwati 
Main Religions³Main:  Zionist (blend of Christianity and indigenous ancestral worship) and Roman Catholic - Others: Muslim, Anglican, Baha'i, Methodist, Mormon and Jewish
Time⁴South Africa Standard Time (SAST) +0200 UTC
Driving Orientation⁵Left Side
Internet Country Code⁶.sz
Country Calling Code+268
Plug, Socket and Voltage⁷ Type M - 230V/50Hz
CurrencyLilangeni (SZL) - 1/100 = Cent and South African Rand (ZAR) = 1/100 = Cent
Exchange Rate (As of 12 February 2019, per USD)⁸13.87 (SZL = ZAR)
GDP at Market Prices (2018, current, billions of USD)⁹4.7
GDP Growth (2018, annual %)⁹0.62
Average GDP Growth (2014-2018, annual %)⁹1.6
GDP per Capita, PPP (2017, current international $)⁹10,721
Inflation, Consumer Prices (2018, annual %)⁹4.81
Average Inflation, Consumer Prices (2014-2018, annual %)⁹5.9
Total Reserves in Months of Imports (2017)⁹3.14

Sources:
¹United Nations Population Division, Department of Economic and Social Affairs.
²COMESA Statistics, COMESTAT Data Hub.
³CIA World Factbook.
⁴Time and Date Portal.
⁵Chartsbin Portal, "Worldwide Driving Orientation by Country".
⁶Wikipedia, "List of Internet top-level domains"; and, Internet Assigned Numbers Authority, Root Zone Database.
⁷International Electrotechnical Commission, World Plugs.
⁸Central Bank of Eswatini.
⁹World Bank, World Development Indicators 2018.
¹¹Economist Intelligence Unit.
12AFDB Socio Economic Database

Reasons to Invest in Eswatini

Source: Eswatini Investment Promotion Agency – EIPA. 

Population

Population Projections (millions)

Population (2015)1.14
Population Projections (2030)1.29

Source: United Nations Population Division, Department of Economic and Social Affairs.

Population Residing in Urban Areas (%)

Population Projections (2019)23.9
Percentage of Population Residing in Urban Areas (2030)26.5

Source: United Nations Population Division, Department of Economic and Social Affairs.

Youth Literacy Rates (2017, %)

Youth Literacy Rate, Population 15-24 Years, Both Sexes 95.46
Youth Literacy Rate, Population 15-24 Years, Female 96.69
Youth Literacy Rate, Population 15-24 Years, Male 94.29

Source: United Nations Educational, Scientific and Cultural Organization, UNESCO Institute of Statistics.

Labour

Unemployment (2018, % of Total Labour Force, Modeled ILO Estimate)

Unemployment, Total 
Unemployment, Female 
Unemployment, Male 

Source: World Bank, World Development Indicators 2019.

Labour Force (2017, % of Ages 15+, Modeled ILO Estimate)

Labour Force Participation Rate, Total 52.99
Labour Force Participation Rate, Female 41.37
Labour Force Participation Rate, Male65.91
Labour Force, Total (number)372,633

Source: World Bank, World Development Indicators 2019.

Economy - Overview

GDP

 20142015201620172018
GDP at Market Prices (current, billions of USD)4.374.023.814.434.7
GDP Growth (annual %)1.930.393.221.870.62

Source: World Bank, World Development Indicators 2019.

Value Added by Sector (% of GDP)

Indicator20182019
Agriculture11.8311.58
Manufacturing  38.8739.09
Industry 44.6644.50
Services  62.5162.93
Construction  3.743.73
Electricity, gas and water1.361.28
Mining and quarrying  0.690.39
Education7.527.59
Finance, real estate and business services  18.9018.98
Public administration and Defense  8.839.01
Health and Social Work  2.903.02
Other services 1.001.01
Transport, storage and communication  6.296.31
Wholesale and retail trade, hotels and restaurants18.8418.81

Source: AFDB Socio Economic Database.

Trade Profile

Import Partners (Imported Value, thousands, USD)

 
World
South Africa
China
India
Japan
Mozambique

Source: International Trade Center COMTRADE Statistics.

Export Partners (Exported Value, thousands, USD)

 20142015201620172018
World1,964,8391,788,2251,508,2991,800,3641,851,271
South Africa1,191,2081,187,051986,2791,241,5221,249,359
Kenya65,68371,70058,717106,02094,368
Nigeria94,46885,35073,07084,04979,648
Mozambique75,99872,82452,64857,55459,913
Tanzania34,08035,83733,77935,36435,004

Source: International Trade Center COMTRADE Statistics.

Eswatini’s Top Import Products (USD ‘000)

ChapterDescription20142015201620172018
 All products       1,697,845        1,473,274        1,246,647        1,617,108        1,823,401 
27Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes          273,518           178,657           136,867           182,394           222,428 
84Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof            91,569             92,990             74,372           109,369           133,396 
87Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof          161,712           111,551             96,002           117,877           126,839 
85Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles            85,044             85,004             69,715             86,207             91,026 
10Cereals            49,238             44,150             61,606             55,575             83,970 

Source: COMSTAT database

Eswatini’s Top Export Products (USD ‘000)

ChapterDescription20142015201620172018
 All products    1,964,839     1,788,225     1,508,299     1,800,364     1,851,271 
33Essential oils and resinoids; perfumery, cosmetic or toilet preparations        576,324         523,992         489,562         637,594         628,454 
17Sugars and sugar confectionery        399,933         362,019         330,602         354,668         374,695 
38Miscellaneous chemical products        341,367         300,192         220,351         242,642         233,131 
62Articles of apparel and clothing accessories, not knitted or crocheted        110,877           96,650           99,639         133,423         151,416 
44Wood and articles of wood; wood charcoal          76,146           78,386           85,402           99,182         105,300 

Source: COMSTAT database

Investment Profile

FDI Inflows (millions of USD)

Year20142015201620172018
FDI Inflows 26 41 21 (56)25 

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outflows (millions of USD)

Year20142015201620172018
FDI Outflows 0.5 (0.9)(5.4)65.4 (11.5)

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inward Stock (millions of USD)

Year20142015201620172018
FDI Inward Stock 616 521 868 923 802 

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outward Stock (millions of USD)

Year20142015201620172018
FDI Outward Stock25 18 144 122 125 

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inflows Main Source Countries (in terms of number of projects)

South Africa, UK, United States, Egypt, Taiwan, Malaysia, Mauritius, Nigeria, Portugal, and Tanzania.

Source: Financial Times, fDi Markets, 2018

FDI Inflows Main Sectors (in terms of number of projects)

Financial Services, Business Services, Building and Construction Materials, Communications, Food and Tobacco, Pharmaceuticals, Textiles, Coal, Oil and Natural Gas, Consumer Products, and Healthcare. 

Source: Financial Times, fDi Markets, 2018

FDI Inflows Main Companies (in terms of number of projects)

Vantage Health, Reyada Construction Industries, Nedbank Swaziland, Techno Brain, Galp Swaziland, Limkokwing University of Creative Technology, Don't Waste Services, MTN Swaziland, Nan-Woei Industrial, and Massmart. 

Source: Financial Times, fDi Markets, 2018

Doing Business

Overall Doing Business Ranking

2020121/190
2019117/190

Source: World Bank, Doing Business, 2020

Starting a Business

2020 Rank155/190
Procedures (number)12
Time (days)21.5
Cost (% of income per capita*)10.7
Paid-in Minimum Capital (% of income per capita*)0.2

*GNI per capita used: USD 3,850
Source: World Bank, Doing Business, 2020

Paying Taxes

Paying Taxes

2020 Rank73/190
Payments (number per year)33
Time (hours per year)122
Total Tax Rate (% of profit)35.8
Profit Tax (% of profit) 25.2
Labor Tax and Contributions (% of profit)6.4
Other Taxes (% of profit)4.1

Source: World Bank, Doing Business, 2020

Trading Across Borders

2020 Rank35/190
Time to Export: Border Compliance (hours)2
Cost to Export: Border Compliance (USD)134
Time to Export: Documentary Compliance (hours) 2
Cost to Export: Documentary Compliance (USD)76
Time to Import: Border Compliance (hours) 3
Cost to Import: Border Compliance (USD) 134
Time to Import: Documentary Compliance (hours) 4
Cost to Import: Documentary Compliance (USD) 76

Assumptions:
* It is assumed that shipment travels from a warehouse in the largest business city of the exporting economy to a warehouse in the largest business city of the importing economy.
* It is assumed that each economy imports a standardized shipment of 15 metric tons of containerized auto parts (HS 8708) from its natural import partner—the economy from which it imports the largest value (price times quantity) of auto parts. It is assumed that each economy exports the product of its comparative advantage (defined by the largest export value) to its natural export partner—the economy that is the largest purchaser of this product.
* A shipment is a unit of trade. Export shipments do not necessarily need to be containerized, while import shipments of auto parts are assumed to be containerized.
* Shipping cost based on weight is assumed to be greater than shipping cost based on volume.
* If government fees are determined by the value of the shipment, the value is assumed to be $50,000.
* The mode of transport is the one most widely used for the chosen export or import product and the trading partner, as is the seaport, airport or land border crossing.
* Time is measured in hours, and 1 day is 24 hours.
* Costs do not include tariffs.
Source: World Bank, Doing Business, 2020

Investment Regime

Legal Framework

Investment Code - the Eswatini Investment Promotion Act 1998

Key guarantees in terms of investment protection include:

Source: United Nations Conference on Trade and Development, Eswatini Investment Guide.

Investment Incentives

Tax Incentives

Source: Deloitte, Guide to Fiscal Information, Key Economies in Africa 2018