Rwanda - Economy
How is the economy of Rwanda? Based on the information we have, Rwanda has a 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. Key agricultural products in this country include: bananas, cassava, sweet potatoes, potatoes, plantains, maize, beans, pumpkins/squash, taro, sorghum (2022).
More about the economy of Rwanda
| Labor force | 5.283 million (2023 est.) |
|---|---|
| Industrial production growth rate | 10.25% (2023 est.) |
| Industries | cement, agricultural products, small-scale beverages, soap, furniture, shoes, plastic goods, textiles, cigarettes |
| Population below poverty line | 38.2% (2016 est.) |
| Taxes and other revenues | 15.07% (of GDP) (2020 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Rwandan francs (RWF) per US dollar - |
| Exchange rates 2023 | 1,160.099 (2023 est.) |
| Exchange rates 2022 | 1,030.308 (2022 est.) |
| Exchange rates 2021 | 988.625 (2021 est.) |
| Exchange rates 2020 | 943.278 (2020 est.) |
| Exchange rates 2019 | 899.351 (2019 est.) |
| Debt - external | |
| Debt - external 31 December 2017 | $3.258 billion (31 December 2017 est.) |
| Debt - external 31 December 2016 | $2.611 billion (31 December 2016 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $1.834 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $1.726 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $1.867 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$1.654 billion (2023 est.) |
| Current account balance 2022 | -$1.246 billion (2022 est.) |
| Current account balance 2021 | -$1.209 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 40.5% of GDP (2017 est.) |
| Budget | |
| Revenues | $2.393 billion (2019 est.) |
| Expenditures | $2.919 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 3.93% of GDP (2023 est.) |
| Remittances 2022 | 3.56% of GDP (2022 est.) |
| Remittances 2021 | 3.53% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.4% (2016 est.) |
| Highest 10% | 35.6% (2016 est.) |
| Imports | |
| Imports 2023 | $5.783 billion (2023 est.) |
| Imports 2022 | $4.978 billion (2022 est.) |
| Imports 2021 | $3.856 billion (2021 est.) |
| Imports (partners) | China 19%, Tanzania 11%, Kenya 10%, UAE 10%, India 7% (2022) |
| Comodities Imports force | refined petroleum, gold, palm oil, rice, raw sugar (2022) |
| Exports | |
| Imports 2023 | $5.783 billion (2023 est.) |
| Imports 2022 | $4.978 billion (2022 est.) |
| Imports 2021 | $3.856 billion (2021 est.) |
| Exports (partners) | UAE 32%, Democratic Republic of the Congo 25%, Thailand 5%, US 3%, Ethiopia 3% (2022) |
| Comodities Exports force | gold, tin ores, coffee, malt extract, rare earth ores (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $42.701 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $39.45 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $36.474 billion (2021 est.) |
| GDP (official exchange rate) | $14.098 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $3,000 (2023 est.) |
| Real GDP per capita 2022 | $2,900 (2022 est.) |
| Real GDP per capita 2021 | $2,700 (2021 est.) |
| 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.) |
| Unemployment rate | |
| Unemployment rate 2023 | 14.93% (2023 est.) |
| Unemployment rate 2022 | 15.09% (2022 est.) |
| Unemployment rate 2021 | 15.79% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 22% (2023 est.) |
| Male | 20.8% (2023 est.) |
| Female | 23.3% (2023 est.) |
All Important Facts about Rwanda
Want to know more about Rwanda? Check all different factbooks for Rwanda below.
