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Swaziland:
Economy

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Swaziland Page


Economy - overview
Definition
In this small, landlocked economy, subsistence agriculture occupies approximately 70% of the population. The manufacturing sector has diversified since the mid-1980s. Sugar and wood pulp remain important foreign exchange earners. In 2007, the sugar industry increased efficiency and diversification efforts, in response to a 17% decline in EU sugar prices. Mining has declined in importance in recent years with only coal and quarry stone mines remaining active. Surrounded by South Africa, except for a short border with Mozambique, Swaziland is heavily dependent on South Africa from which it receives more than nine-tenths of its imports and to which it sends 60% of its exports. Swaziland's currency is pegged to the South African rand, subsuming Swaziland's monetary policy to South Africa. Customs duties from the Southern African Customs Union, which may equal as much as 70% of government revenue this year, and worker remittances from South Africa substantially supplement domestically earned income. Swaziland is not poor enough to merit an IMF program; however, the country is struggling to reduce the size of the civil service and control costs at public enterprises. The government is trying to improve the atmosphere for foreign investment. With an estimated 40% unemployment rate, Swaziland's need to increase the number and size of small and medium enterprises and attract foreign direct investment is acute. Overgrazing, soil depletion, drought, and sometimes floods persist as problems for the future. More than one-fourth of the population needed emergency food aid in 2006-07 because of drought, and nearly two-fifths of the adult population has been infected by HIV/AIDS.
GDP (purchasing power parity)
Definition - World rank and map
$5.626 billion (2007 est.)
GDP (official exchange rate)
Definition
$2.936 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
2.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$4,800 (2007 est.)
GDP - composition by sector
Definition
agriculture: 11.8%
industry: 45.7%
services: 42.5% (2007 est.)
Labor force
Definition
300,000 (2006)
Labor force - by occupation
Definition
agriculture: NA%
industry: NA%
services: NA%
Unemployment rate
Definition - World rank and map
40% (2006 est.)
Population below poverty line
Definition
69% (2006)
Household income or consumption by percentage share
Definition
lowest 10%: 1.6%
highest 10%: 40.7% (2001)
Distribution of family income - Gini index
Definition - World rank and map
50.4 (2001)
Inflation rate (consumer prices)
Definition - World rank and map
8.2% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
18.7% of GDP (2007 est.)
Budget
Definition
revenues: $1.13 billion
expenditures: $1.143 billion (2007 est.)
Agriculture - products
Definition
sugarcane, cotton, corn, tobacco, rice, citrus, pineapples, sorghum, peanuts; cattle, goats, sheep
Industries
Definition
coal, wood pulp, sugar, soft drink concentrates, textiles and apparel
Industrial production growth rate
Definition - World rank and map
1.1% (2007 est.)
Electricity - production
Definition - World rank and map
460 million kWh (2007)
Electricity - consumption
Definition - World rank and map
1.2 billion kWh (2007)
Electricity - consumption per capita
Definition - World rank and map
1,063.1 kWh (2007)
Electricity - exports
Definition
0 kWh (2007)
Electricity - imports
Definition
872 million kWh; note - electricity supplied by South Africa (2007)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
3,500 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
3.1 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
3,530 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$36 million (2007 est.)
Exports
Definition - World rank and map
$1.926 billion f.o.b. (2007 est.)
Exports - commodities
Definition
soft drink concentrates, sugar, wood pulp, cotton yarn, refrigerators, citrus and canned fruit
Exports - partners
Definition
South Africa 59.7%, EU 8.8%, US 8.8%, Mozambique 6.2% (2006)
Imports
Definition - World rank and map
$1.929 billion f.o.b. (2007 est.)
Imports - commodities
Definition
motor vehicles, machinery, transport equipment, foodstuffs, petroleum products, chemicals
Imports - partners
Definition
South Africa 95.6%, EU 0.9%, Japan 0.9% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$762.7 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$524 million (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$196.8 million (2005)
Economic aid - recipient
Definition
$46.03 million (2005)
Currency (code)
Definition
lilangeni (SZL)
Exchange rates
Definition
lilangeni per US dollar - 7.4 (2007), 6.85 (2006), 6.3593 (2005), 6.4597 (2004), 7.5648 (2003)
Fiscal year
Definition
1 April - 31 March


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