MBABANE - Credit extended to Eswatini’s private sector climbed to a record E23.2 billion in March 2026.
These underlines growing business confidence and rising economic activity, even as household borrowing showed signs of strain amid softer demand for housing loans. This is according to the latest Recent Economic Developments report released by the Central Bank of Eswatini, which highlighted a broad-based increase in business lending across key productive sectors of the economy.
The report revealed that private sector credit increased by 0.9 per cent month-on-month and 8.1 per cent year-on-year to settle at E23.2 billion at the end of March 2026.
The increase was largely driven by stronger lending to businesses, while credit to households and non-profit institutions serving households (NPISH) softened during the review period.
Business credit surged by 2.6 per cent month-on-month and 10.1 per cent year-on-year to a new peak of E12.7 billion, reflecting sustained demand for financing from companies operating across various sectors of the economy.
The Central Bank noted that the increase was mainly supported by growth in credit extended to manufacturing, construction, distribution and tourism, agriculture and forestry, as well as real estate activities.
Manufacturing sector credit recorded the strongest increase at 6.5 per cent during the review period, signalling continued expansion and investment in industrial production. Construction and distribution together with tourism each grew by 3.1 per cent, reflecting ongoing infrastructure projects and recovery in consumer-related industries. Agriculture and forestry lending rose by 1.3 per cent, while real estate credit edged up by 0.5 per cent. However, some sectors experienced a contraction in borrowing. Credit to mining and quarrying declined by 5.0 per cent, while community, social and personal services fell by 2.9 per cent. Lending to transport and communications also slipped by 0.4 per cent.
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Total public debt; April 2025 to April 2026.