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The considerable spending did not lead to more growth and did not benefit the poor. Much of the increased spending has gone to current expenditures related to wages, transfers, and subsidies. The wage bill today constitutes over 15% of GDP and 55% of total public spending; these are some of the highest levels on the African continent. The recent rapid growth in SACU revenues has, however, reversed the fiscal situation, and a sizeable surplus was recorded since 2006. SACU revenues today account for over 60% of total government revenues. On the positive side, the external debt burden has declined markedly over the last 20 years, and domestic debt is almost negligible; external debt as a percent of GDP was less than 20% in 2006.
Swaziland