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Rwanda Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Rwanda Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Rwanda is a rural, agrarian country with agriculture accounting for about 63% of export earnings, and with some mineral and agro-processing. Population density is high but, with the exception of the capital Kigali, is not concentrated in large cities – its 12 million people are spread out on a small amount of land (smaller than the state of Maryland). Tourism, minerals, coffee, and tea are Rwanda's main sources of foreign exchange. Despite Rwanda's fertile ecosystem, food production often does not keep pace with demand, requiring food imports. Energy shortages, instability in neighboring states, and lack of adequate transportation linkages to other countries continue to handicap private sector growth.

The 1994 genocide decimated Rwanda's fragile economic base, severely impoverished the population, particularly women, and temporarily stalled the country's ability to attract private and external investment. However, Rwanda has made substantial progress in stabilizing and rehabilitating its economy well beyond pre-1994 levels. GDP has rebounded with an average annual growth of 6%-8% since 2003 and inflation has been reduced to single digits. In 2015, 39% of the population lived below the poverty line, according to government statistics, compared to 57% in 2006.

The government has embraced an expansionary fiscal policy to reduce poverty by improving education, infrastructure, and foreign and domestic investment. Rwanda consistently ranks well for ease of doing business and transparency.

The Rwandan Government is seeking to become a regional leader in information and communication technologies and aims to reach middle-income status by 2020 by leveraging the service industry. In 2012, Rwanda completed the first modern Special Economic Zone (SEZ) in Kigali. The SEZ seeks to attract investment in all sectors, but specifically in agribusiness, information and communications, trade and logistics, mining, and construction. In 2016, the government launched an online system to give investors information about public land and its suitability for agricultural development.

GDP (purchasing power parity):
$24.68 billion (2017 est.)
$23.26 billion (2016 est.)
$21.94 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 142
[see also: GDP country ranks ]

GDP (official exchange rate):
$9.136 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.1% (2017 est.)
6% (2016 est.)
8.9% (2015 est.)
country comparison to the world: 33
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,100 (2017 est.)
$2,000 (2016 est.)
$1,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 208
[see also: GDP - per capita country ranks ]

Gross national saving:
12.5% of GDP (2017 est.)
6.1% of GDP (2016 est.)
7.5% of GDP (2015 est.)
country comparison to the world: 147
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 75.9% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.2% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.9% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 18.2% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -32.8% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 30.9% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 17.6% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51.5% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coffee, tea, pyrethrum (insecticide made from chrysanthemums), bananas, beans, sorghum, potatoes; livestock

Industries:
cement, agricultural products, small-scale beverages, soap, furniture, shoes, plastic goods, textiles, cigarettes

Industrial production growth rate:
4.2% (2017 est.)
country comparison to the world: 72
[see also: Industrial production growth rate country ranks ]

Labor force:
6.227 million (2017 est.)
country comparison to the world: 72
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 75.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 6.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 18% (2012 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2.7% (2014 est.)
country comparison to the world: 29
[see also: Unemployment rate country ranks ]

Population below poverty line:
39.1% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 43.2% (2011 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
50.4 (2013 est.)
51.3 (2010 est.)
country comparison to the world: 17
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 1.943 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 2.337 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
21.3% (of GDP) (2017 est.)
country comparison to the world: 142
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.3% (of GDP) (2017 est.)
country comparison to the world: 162
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
40.5% of GDP (2017 est.)
37.3% of GDP (2016 est.)
country comparison to the world: 125
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.8% (2017 est.)
5.7% (2016 est.)
country comparison to the world: 170
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7.75% (31 December 2010)
11.25% (31 December 2008)
country comparison to the world: 40
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
17.17% (31 December 2017 est.)
17.29% (31 December 2016 est.)
country comparison to the world: 26
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$963.9 million (31 December 2017 est.)
$895 million (31 December 2016 est.)
country comparison to the world: 159
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$963.9 million (31 December 2017 est.)
$895 million (31 December 2016 est.)
country comparison to the world: 164
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.861 billion (31 December 2017 est.)
$1.614 billion (31 December 2016 est.)
country comparison to the world: 154
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$622 million (2017 est.)
-$1.336 billion (2016 est.)
country comparison to the world: 124
[see also: Current account balance country ranks ]

Exports:
$1.05 billion (2017 est.)
$745 million (2016 est.)
country comparison to the world: 158
[see also: Exports country ranks ]

Exports - partners:
UAE 38.3%, Kenya 15.1%, Switzerland 9.9%, Democratic Republic of the Congo 9.5%, US 4.9%, Singapore 4.5% (2017)

Exports - commodities:
coffee, tea, hides, tin ore

Imports:
$1.922 billion (2017 est.)
$2.036 billion (2016 est.)
country comparison to the world: 167
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, machinery and equipment, steel, petroleum products, cement and construction material

Imports - partners:
China 20.4%, Uganda 11%, India 7.2%, Kenya 7.1%, Tanzania 5.3%, UAE 5.1% (2017)

Reserves of foreign exchange and gold:
$997.6 million (31 December 2017 est.)
$1.104 billion (31 December 2016 est.)
country comparison to the world: 132
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.258 billion (31 December 2017 est.)
$2.611 billion (31 December 2016 est.)
country comparison to the world: 141
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$2.378 billion (31 December 2017 est.)
$2.072 billion (31 December 2016 est.)
country comparison to the world: 117
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$113.2 million (31 December 2017 est.)
$26.8 million (31 December 2016 est.)
country comparison to the world: 111
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Rwandan francs (RWF) per US dollar -
839.1 (2017 est.)
787.25 (2016 est.)
787.25 (2015 est.)
720.54 (2014 est.)
680.95 (2013 est.)


NOTE: 1) The information regarding Rwanda on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Rwanda Economy 2019 information contained here. All suggestions for corrections of any errors about Rwanda Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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