Partner risk indices

Country Risk Index

56.8

Political Risk Index

55.1

Short-Term Economic Risk Index

55.8

Long-Term Economic Risk Index

58.3

Operational Risk Index

58.3

Source: Partner Research Partner, as of 8 Nov 2026. 0-100, higher means higher risk.

Key indicators

Market overview

• Eswatini is in Southern Africa and is classified by the World Bank as Lower middle income. (World Bank)
• Population: 1.3 million (2025). (World Bank WDI)
• GDP: US$5.2bn in 2025 (estimate). (IMF WEO)

Economic conditions

• Real GDP growth: 4.9% in 2025 (estimate); the IMF projects 3.7% for 2026. (IMF WEO)
• Average consumer price inflation: 3.1% in 2025 (estimate); projected 2.9% for 2026. (IMF WEO)
• General government gross debt: 44.8% of GDP in 2025 (estimate). (IMF WEO)
• Current account balance: 2.4% of GDP in 2025 (estimate). (IMF WEO)
• Government net lending/borrowing: -7.8% of GDP in 2025 (estimate). (IMF WEO)
• Official exchange rate averaged 17.89 local currency units per US dollar in 2025, against 18.45 in 2023: 3.1% more units per dollar fewer (the currency strengthened against the dollar). (World Bank WDI)

Key risks

• Partner risk indices (0-100, higher = higher risk), as of 8 Nov 2026: Country Risk Index 56.8 (rank 23 of 53 in Africa, 1 = lowest risk); Political Risk Index 55.1 (rank 38 of 53 in Africa, 1 = lowest risk); Short-Term Economic Risk Index 55.8 (rank 28 of 53 in Africa, 1 = lowest risk); Long-Term Economic Risk Index 58.3 (rank 31 of 53 in Africa, 1 = lowest risk); Operational Risk Index 58.3 (rank 14 of 53 in Africa, 1 = lowest risk). (Partner Research Partner)
• Highest-scoring Partner risk component: trade and investment risk (63.6, operational). (Partner Research Partner)
• World Bank governance scores (2025, 0-100, higher is better): control of corruption 32; government effectiveness 35; political stability and absence of violence 56; rule of law 46; regulatory quality 44. (World Bank WGI)
• External debt stocks: 33.2% of GNI (2025). (World Bank WDI)
• Unemployment (modelled ILO estimate): 34.2% of labour force (2025). (World Bank WDI)

Investment considerations

• Foreign direct investment, net inflows: 1% of GDP (2025). (World Bank WDI)
• Domestic credit to the private sector: 23.1% of GDP (2025). (World Bank WDI)
• Bank lending interest rate: 10.9% (2024). (World Bank WDI)
• Trade (exports plus imports): 107.5% of GDP (2024). (World Bank WDI)
• The Meridian holds 113 published records tagged to Eswatini. (The Meridian)

Sector snapshot

• Energy and power: access to electricity 89.3% of population (2024); renewable share of final energy consumption 64.7% (2022). (World Bank WDI)
• Mining and minerals: mineral rents 0% of GDP (2021); ores and metals exports 0.6% of merchandise exports (2023). (World Bank WDI)
• Financial services: foreign direct investment, net inflows 1% of GDP (2025); bank lending interest rate 10.9% (2024). (World Bank WDI)
• Technology, media and telecoms: internet users 63.4% of population (2024); mobile subscriptions 139.8 per 100 people (2024). (World Bank WDI)
• Agriculture: agriculture, forestry and fishing, value added 6.4% of GDP (2025); employment in agriculture 14.5% of employment (2025). (World Bank WDI)
• Manufacturing and industry: manufacturing, value added 28.1% of GDP (2025); industry (including construction), value added 33.6% of GDP (2025). (World Bank WDI)
• Infrastructure and real estate: urban population 26.7% of population (2025); access to electricity 89.3% of population (2024). (World Bank WDI)

Data limitations and sources

• Older data, shown with its period and not described as current: Renewable share of final energy consumption (Latest published value is for 2022); Oil rents (Latest published value is for 2021); Fuel exports (Latest published value is for 2023); Mineral rents (Latest published value is for 2021); Ores and metals exports (Latest published value is for 2023).
• IMF figures for the most recent year are IMF estimates and later years are projections. World Bank series typically lag by one to two years. Headlines come from automated news monitoring and are not verified by The Meridian.
• Sources last checked 15 Nov 2026.

Meridian transactions

• Africa Finance Corporation US$2bn syndicated term loan (26 lenders): Nigerian counsel to the lenders
• Solar Industries India acquires Omnia Holdings for R21.8 billion
• Westbrooke invests in Talisman Hire’s operations in Southern Africa
• African Development Bank Group invests USD 15 million in Biologicals and Vaccines Institute’s (Biovac) operations in South Africa
• 27four acquires a stake in Peach Payments
• Barclays, Commerzbank, First Abu Dhabi Bank, FirstRand and partners invest USD 2 billion in Africa Finance Corporation