Country Snapshot

Population (2019, millions)¹ 1.14
Population Projections (2030, millions)¹ 1.29
Economically active population in agriculture (as % of Economically active population)12, 2019 33
Capital Mbabane
Surface Area (km²)² 17,360
Weather¹¹ In 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
Languages³ Official: English and siSwati
Main Religions³ Main:  Zionist (blend of Christianity and indigenous ancestral worship) and Roman Catholic – Others: Muslim, Anglican, Baha’i, Methodist, Mormon and Jewish
Time⁴ South Africa Standard Time (SAST) +0200 UTC
Driving Orientation⁵ Left Side
Internet Country Code⁶ .sz
Country Calling Code +268
Plug, Socket and Voltage⁷ Type M – 230V/50Hz
Currency Lilangeni (SZL) – 1/100 = Cent and South African Rand (ZAR) = 1/100 = Cent
Exchange Rate (As of 12 February 2019, per USD)⁸ 13.87 (SZL = ZAR)
GDP at Market Prices (2018, current, billions of USD)⁹ 4.7
GDP Growth (2018, annual %)⁹ 0.62
Average GDP Growth (2014-2018, annual %)⁹ 1.6
GDP per Capita, PPP (2017, current international $)⁹ 10,721
Inflation, Consumer Prices (2018, annual %)⁹ 4.81
Average Inflation, Consumer Prices (2014-2018, annual %)⁹ 5.9
Total Reserves in Months of Imports (2017)⁹ 3.14

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, Male 65.91
Labour Force, Total (number) 372,633

Source: World Bank, World Development Indicators 2019.

Economy Overview

GDP

2014 2015 2016 2017 2018
GDP at Market Prices (current, billions of USD) 4.37 4.02 3.81 4.43 4.7
GDP Growth (annual %) 1.93 0.39 3.22 1.87 0.62

Source: World Bank, World Development Indicators 2019.

Value Added by Sector (% of GDP)

Indicator 2018 2019
Agriculture 11.83 11.58
Manufacturing 38.87 39.09
Industry 44.66 44.50
Services 62.51 62.93
Construction 3.74 3.73
Electricity, gas and water 1.36 1.28
Mining and quarrying 0.69 0.39
Education 7.52 7.59
Finance, real estate and business services 18.90 18.98
Public administration and Defense 8.83 9.01
Health and Social Work 2.90 3.02
Other services 1.00 1.01
Transport, storage and communication 6.29 6.31
Wholesale and retail trade, hotels and restaurants 18.84 18.81

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)

  2014 2015 2016 2017 2018
World 1,964,839 1,788,225 1,508,299 1,800,364 1,851,271
South Africa 1,191,208 1,187,051 986,279 1,241,522 1,249,359
Kenya 65,683 71,700 58,717 106,020 94,368
Nigeria 94,468 85,350 73,070 84,049 79,648
Mozambique 75,998 72,824 52,648 57,554 59,913
Tanzania 34,080 35,837 33,779 35,364 35,004

Source: International Trade Center COMTRADE Statistics.

Eswatini’s Top Import Products (USD ‘000)

Chapter Description 2014 2015 2016 2017 2018
All products 1,697,845 1,473,274 1,246,647 1,617,108 1,823,401
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 273,518 178,657 136,867 182,394 222,428
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 91,569 92,990 74,372 109,369 133,396
87 Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof 161,712 111,551 96,002 117,877 126,839
85 Electrical 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
10 Cereals 49,238 44,150 61,606 55,575 83,970

Source: COMSTAT database

Eswatini’s Top Export Products (USD ‘000)

Chapter Description 2014 2015 2016 2017 2018
All products 1,964,839 1,788,225 1,508,299 1,800,364 1,851,271
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 576,324 523,992 489,562 637,594 628,454
17 Sugars and sugar confectionery 399,933 362,019 330,602 354,668 374,695
38 Miscellaneous chemical products 341,367 300,192 220,351 242,642 233,131
62 Articles of apparel and clothing accessories, not knitted or crocheted 110,877 96,650 99,639 133,423 151,416
44 Wood 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)

Year 2014 2015 2016 2017 2018
FDI Inflows 26 41 21 (56) 25

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

FDI Outflows (millions of USD)

Year 2014 2015 2016 2017 2018
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)

Year 2014 2015 2016 2017 2018
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)

Year 2014 2015 2016 2017 2018
FDI Outward Stock 25 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

2020 121/190
2019 117/190

Source: World Bank, Doing Business, 2020

Starting a Business

2020 Rank 155/190
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 Rank 73/190
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 Rank 35/190
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

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

Country Snapshot

Population (2019, millions)¹ 1.14
Population Projections (2030, millions)¹ 1.29
Economically active population in agriculture (as % of Economically active population)12, 2019 33
Capital Mbabane
Surface Area (km²)² 17,360
Weather¹¹ In 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
Languages³ Official: English and siSwati
Main Religions³ Main:  Zionist (blend of Christianity and indigenous ancestral worship) and Roman Catholic – Others: Muslim, Anglican, Baha’i, Methodist, Mormon and Jewish
Time⁴ South Africa Standard Time (SAST) +0200 UTC
Driving Orientation⁵ Left Side
Internet Country Code⁶ .sz
Country Calling Code +268
Plug, Socket and Voltage⁷ Type M – 230V/50Hz
Currency Lilangeni (SZL) – 1/100 = Cent and South African Rand (ZAR) = 1/100 = Cent
Exchange Rate (As of 12 February 2019, per USD)⁸ 13.87 (SZL = ZAR)
GDP at Market Prices (2018, current, billions of USD)⁹ 4.7
GDP Growth (2018, annual %)⁹ 0.62
Average GDP Growth (2014-2018, annual %)⁹ 1.6
GDP per Capita, PPP (2017, current international $)⁹ 10,721
Inflation, Consumer Prices (2018, annual %)⁹ 4.81
Average Inflation, Consumer Prices (2014-2018, annual %)⁹ 5.9
Total Reserves in Months of Imports (2017)⁹ 3.14

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, Male 65.91
Labour Force, Total (number) 372,633

Source: World Bank, World Development Indicators 2019.

Economy Overview

GDP

2014 2015 2016 2017 2018
GDP at Market Prices (current, billions of USD) 4.37 4.02 3.81 4.43 4.7
GDP Growth (annual %) 1.93 0.39 3.22 1.87 0.62

Source: World Bank, World Development Indicators 2019.

Value Added by Sector (% of GDP)

Indicator 2018 2019
Agriculture 11.83 11.58
Manufacturing 38.87 39.09
Industry 44.66 44.50
Services 62.51 62.93
Construction 3.74 3.73
Electricity, gas and water 1.36 1.28
Mining and quarrying 0.69 0.39
Education 7.52 7.59
Finance, real estate and business services 18.90 18.98
Public administration and Defense 8.83 9.01
Health and Social Work 2.90 3.02
Other services 1.00 1.01
Transport, storage and communication 6.29 6.31
Wholesale and retail trade, hotels and restaurants 18.84 18.81

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)

  2014 2015 2016 2017 2018
World 1,964,839 1,788,225 1,508,299 1,800,364 1,851,271
South Africa 1,191,208 1,187,051 986,279 1,241,522 1,249,359
Kenya 65,683 71,700 58,717 106,020 94,368
Nigeria 94,468 85,350 73,070 84,049 79,648
Mozambique 75,998 72,824 52,648 57,554 59,913
Tanzania 34,080 35,837 33,779 35,364 35,004

Source: International Trade Center COMTRADE Statistics.

Eswatini’s Top Import Products (USD ‘000)

Chapter Description 2014 2015 2016 2017 2018
All products 1,697,845 1,473,274 1,246,647 1,617,108 1,823,401
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 273,518 178,657 136,867 182,394 222,428
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 91,569 92,990 74,372 109,369 133,396
87 Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof 161,712 111,551 96,002 117,877 126,839
85 Electrical 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
10 Cereals 49,238 44,150 61,606 55,575 83,970

Source: COMSTAT database

Eswatini’s Top Export Products (USD ‘000)

Chapter Description 2014 2015 2016 2017 2018
All products 1,964,839 1,788,225 1,508,299 1,800,364 1,851,271
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 576,324 523,992 489,562 637,594 628,454
17 Sugars and sugar confectionery 399,933 362,019 330,602 354,668 374,695
38 Miscellaneous chemical products 341,367 300,192 220,351 242,642 233,131
62 Articles of apparel and clothing accessories, not knitted or crocheted 110,877 96,650 99,639 133,423 151,416
44 Wood 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)

Year 2014 2015 2016 2017 2018
FDI Inflows 26 41 21 (56) 25

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

FDI Outflows (millions of USD)

Year 2014 2015 2016 2017 2018
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)

Year 2014 2015 2016 2017 2018
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)

Year 2014 2015 2016 2017 2018
FDI Outward Stock 25 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

2020 121/190
2019 117/190

Source: World Bank, Doing Business, 2020

Starting a Business

2020 Rank 155/190
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 Rank 73/190
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 Rank 35/190
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

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