Rwanda Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

fast-growing Sub-Saharan economy; major public investments; trade and tourism hit hard by COVID-19; increasing poverty after 2 decades of declines; Ugandan competition for regional influence; major coffee exporter; contested GDP figures

Real GDP (purchasing power parity)

$30.141 billion (2021 est.)

$27.182 billion (2020 est.)

$28.127 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

10.88% (2021 est.)

-3.36% (2020 est.)

9.46% (2019 est.)

Real GDP per capita

$2,200 (2021 est.)

$2,100 (2020 est.)

$2,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$9.136 billion (2017 est.)

Inflation rate (consumer prices)

-0.39% (2021 est.)

9.85% (2020 est.)

3.35% (2019 est.)

Credit ratings

Fitch rating: B+ (2014)

Moody's rating: B2 (2016)

Standard & Poors rating: B+ (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 30.9% (2017 est.)

industry: 17.6% (2017 est.)

services: 51.5% (2017 est.)

GDP - composition, by end use

household consumption: 75.9% (2017 est.)

government consumption: 15.2% (2017 est.)

investment in fixed capital: 22.9% (2017 est.)

investment in inventories: 0.5% (2017 est.)

exports of goods and services: 18.2% (2017 est.)

imports of goods and services: -32.8% (2017 est.)

Agricultural products

bananas, sweet potatoes, cassava, potatoes, plantains, beans, maize, gourds, milk, taro

Industries

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

Industrial production growth rate

13.4% (2021 est.)

Labor force

6.776 million (2021 est.)

Labor force - by occupation

agriculture: 75.3%

industry: 6.7%

services: 18% (2012 est.)

Unemployment rate

1.61% (2021 est.)

1.49% (2020 est.)

1.1% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 2.9%

male: 2.2%

female: 3.6% (2021 est.)

Population below poverty line

38.2% (2016 est.)

Gini Index coefficient - distribution of family income

43.7 (2016 est.)

Household income or consumption by percentage share

lowest 10%: 2.1%

highest 10%: 43.2% (2011 est.)

Budget

revenues: $2.393 billion (2019 est.)

expenditures: $2.919 billion (2019 est.)

Budget surplus (+) or deficit (-)

-4.3% (of GDP) (2017 est.)

Public debt

40.5% of GDP (2017 est.)

37.3% of GDP (2016 est.)

Taxes and other revenues

15.06% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$1.209 billion (2021 est.)

-$1.228 billion (2020 est.)

-$1.231 billion (2019 est.)

Exports

$2.11 billion (2021 est.) note: data are in current year dollars

$1.929 billion (2020 est.) note: data are in current year dollars

$2.255 billion (2019 est.)

Exports - partners

United Arab Emirates 35%, Democratic Republic of the Congo 28%, Uganda 5% (2019)

Exports - commodities

gold, refined petroleum, coffee, tea, tin (2019)

Imports

$3.856 billion (2021 est.) note: data are in current year dollars

$3.578 billion (2020 est.) note: data are in current year dollars

$3.737 billion (2019 est.)

Imports - partners

China 17%, Kenya 10%, Tanzania 9%, United Arab Emirates 9%, India 7%, Saudi Arabia 5% (2019)

Imports - commodities

refined petroleum, gold, raw sugar, packaged medicines, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$1.895 billion (31 December 2021 est.)

$1.806 billion (31 December 2020 est.)

$1.465 billion (31 December 2019 est.)

Debt - external

$3.258 billion (31 December 2017 est.)

$2.611 billion (31 December 2016 est.)

Exchange rates

Rwandan francs (RWF) per US dollar -

988.625 (2021 est.)

943.278 (2020 est.)

899.351 (2019 est.)

861.093 (2018 est.)

831.554 (2017 est.)

NOTE: The information regarding Rwanda on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Rwanda 2023 information contained here. All suggestions for corrections of any errors about Rwanda 2023 should be addressed to the CIA or the source cited on each page.