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):
$24.61 billion (2017 est.)
$23.18 billion (2016 est.)
$21.89 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 143
GDP (official exchange rate):
$8.918 billion (2017 est.)
GDP - real growth rate:
6.2% (2017 est.)
5.9% (2016 est.)
8.9% (2015 est.)
country comparison to the world: 21
GDP - per capita (PPP):
$2,100 (2017 est.)
$2,000 (2016 est.)
$1,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 204
Gross national saving:
10.8% of GDP (2017 est.)
7.6% of GDP (2016 est.)
8.7% of GDP (2015 est.)
country comparison to the world: 153
GDP - composition, by end use:
household consumption: 78%
government consumption: 14.7%
investment in fixed capital: 26.5%
investment in inventories: 0.6%
exports of goods and services: 15.4%
imports of goods and services: -35.3% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 30.9%
industry: 17.6%
services: 51.5% (2017 est.)
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:
4.8% (2017 est.)
country comparison to the world: 51
Labor force:
6.227 million (2017 est.)
country comparison to the world: 73
Labor force - by occupation:
agriculture: 75.3%
industry: 6.7%
services: 18% (2012 est.)
Unemployment rate:
2.7% (2014 est.)
country comparison to the world: 27
Population below poverty line:
39.1% (2015 est.)
Household income or consumption by percentage share:
lowest 10%: 2.1%
highest 10%: 43.2% (2011 est.)
Distribution of family income - Gini index:
46.8 (2013 est.)
28.9 (2010 est.)
country comparison to the world: 30
Budget:
revenues: $1.874 billion
expenditures: $2.255 billion (2017 est.)
Taxes and other revenues:
21% of GDP (2017 est.)
country comparison to the world: 144
Budget surplus (+) or deficit (-):
-4.3% of GDP (2017 est.)
country comparison to the world: 146
Public debt:
47.2% of GDP (2017 est.)
43.4% of GDP (2016 est.)
country comparison to the world: 109
Fiscal year:
calendar year
Inflation rate (consumer prices):
7.1% (2017 est.)
5.7% (2016 est.)
country comparison to the world: 193
Central bank discount rate:
7.75% (31 December 2010 est.)
11.25% (31 December 2008 est.)
country comparison to the world: 41
Commercial bank prime lending rate:
16.9% (31 December 2017 est.)
17.3% (31 December 2016 est.)
country comparison to the world: 28
Stock of narrow money:
$941 million (31 December 2017 est.)
$940.6 million (31 December 2016 est.)
country comparison to the world: 158
Stock of broad money:
$1.937 billion (31 December 2017 est.)
$1.903 billion (31 December 2016 est.)
country comparison to the world: 159
Stock of domestic credit:
$2.054 billion (31 December 2017 est.)
$1.959 billion (31 December 2016 est.)
country comparison to the world: 146
Market value of publicly traded shares:
$NA
Current account balance:
$-905 million (2017 est.)
$-1.211 billion (2016 est.)
country comparison to the world: 128
Exports:
$908.9 million (2017 est.)
$745 million (2016 est.)
country comparison to the world: 162
Exports - commodities:
coffee, tea, hides, tin ore
Exports - partners:
Democratic Republic of the Congo 31.3%, Kenya 15.7%, UAE 13.8%, Switzerland 8.7%, Burundi 5.7% (2016)
Imports:
$2.007 billion (2017 est.)
$2.045 billion (2016 est.)
country comparison to the world: 159
Imports - commodities:
foodstuffs, machinery and equipment, steel, petroleum products, cement and construction material
Imports - partners:
China 21.2%, Uganda 11.2%, Kenya 7.8%, India 7.4%, UAE 5.8%, Tanzania 5.3% (2016)
Reserves of foreign exchange and gold:
$1.026 billion (31 December 2017 est.)
$1.104 billion (31 December 2016 est.)
country comparison to the world: 123
Debt - external:
$2.966 billion (31 December 2017 est.)
$2.611 billion (31 December 2016 est.)
country comparison to the world: 143
Stock of direct foreign investment - at home:
$2.473 billion (31 December 2017 est.)
$2.072 billion (31 December 2016 est.)
country comparison to the world: 113
Stock of direct foreign investment - abroad:
$26.8 million (31 December 2017 est.)
$26.8 million (31 December 2016 est.)
country comparison to the world: 110
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.)