Economy

Subsistence farming is practised by a large proportion of the population, probably somewhere around half. Until the late 1930’s, when Havelock Asbestos Mine went into production, exotic economy was limited to settler farming and small scale mining. After WW II the British thought of development in agricultural terms, creating large-scale sugar, cattle and forestry estates.

During apartheid the threat and reality of sanctions against South Africa caused many companies to re-locate or start new ventures in Swaziland which had access to overseas markets closed to South Africa. The sugar estates produce about 500 000 tons of sugar a year. This is mostly exported by rail to Mozambique and then to international markets by ship. At one time sugar was sold to the EU at high rates, now it is sold on the world markets, but it still remains the largest income earner within the country.

About one third of the 100 000 strong formal workforce are employed in agriculture and forestry. Revenue from the Southern African Customs Union accounts for a large part of Government income usually about 55% of the total annual government income. The second largest source of income for the Government is income tax at around 15%. In the last few years there has been an influx of textile maunfacturers, mainly from China, who manufacture for the American market where Swaziland exnjoys preferential customs agreements. Many people have small businesses which are not part of any official survey or statistics.