Rwanda Economy - 2024

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.)

Unemployment rate

1.61% (2021 est.)
1.49% (2020 est.)
1.1% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 2.9% (2021 est.)

male: 2.2%

female: 3.6%

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.)

Remittances

2.75% of GDP (2020 est.)
2.52% of GDP (2019 est.)
2.7% of GDP (2018 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 -

Exchange rates:
988.625 (2021 est.)
943.278 (2020 est.)
899.351 (2019 est.)
861.093 (2018 est.)
831.554 (2017 est.)