Economy of Rwanda

Economy of Rwanda
	Kigali, the financial centre of Rwanda
Currency	Rwandan franc (RWF, FRw)
Fiscal year	calendar year
Trade organisations	AU, AfCFTA, WTO, ECCAS, EAC, COMESA
Country group	Least Developed; Low-income economy;
Statistics
Population	12,374,397 (2019 proj.)
GDP	$13.150 billion (nominal; 2023 est.); $41.89 billion (PPP; 2023 est.);
GDP rank	139th (nominal, 2019); 129th (PPP, 2020);
GDP growth	8.6% (2018) 9.5% (2019e); -3.4% (2020e) 10.9% (2021e); 6.8% (2022e) 6.2% (2031e) ;
GDP per capita	$970 (nominal, 2023 est.); $3,099 (PPP, 2023.);
GDP per capita rank	167th (nominal, 2019); 165th (PPP, 2019);
GDP by sector	agriculture: 30.9%; industry: 17.6%; services: 51.5% (2017 est.);
Inflation (CPI)	6.9% (2020 est.)
Population below poverty line	39.1% (2015 est.); 55.5% on less than $1.90/day (2016);
Gini coefficient	43.7 medium (2016)
Human Development Index	0.534 low (2021) (165th); 0.402 low IHDI (2021);
Labour force	6,374,891 (2019); 48.3% employment rate (Q1, 2020);
Labour force by occupation	agriculture: 75.3%; industry: 6.7%; services: 18% (2012 est.);
Unemployment	13.1% (Q1, 2020)
Main industries	cement, agricultural products, small-scale beverages, soap, furniture, shoes, plastic goods, textiles, cigarettes
External
Exports	$1.05 billion (2017 est.)
Export goods	coffee, tea, hides, tin ore
Main export partners	UAE 38.3%; Kenya 15.1%; Switzerland 9.9%; Democratic Republic of the Congo 9.5%; US 4.9%; Singapore 4.5%; (2017);
Imports	$1.922 billion (2017 est.)
Import goods	foodstuffs, machinery and equipment, steel, petroleum products, cement and construction material
Main import partners	China 20.4%; Uganda 11%; India 7.2%; Kenya 7.1%; Tanzania 5.3%; UAE 5.1%; (2017);
FDI stock	$2.378 billion (31 December 2017 est.); Abroad: $113.2 million (31 December 2017 est.);
Current account	−$622 million (2017 est.)
Gross external debt	$3.258 billion (31 December 2017 est.)
Public finances
Government debt	40.5% of GDP (2017 est.)
Budget balance	−4.3% (of GDP) (2017 est.)
Revenues	1.943 billion (2017 est.)
Expenses	2.337 billion (2017 est.)
Economic aid	recipient: $285 Million (2015)
Foreign reserves	$997.6 million (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Rwanda has undergone rapid industrialisation due to a successful governmental policy. It has a mixed economy. Since the early-2000s, Rwanda has witnessed an economic boom, which improved the living standards of many Rwandans. The Government's progressive visions have been the catalyst for the fast transforming economy. The President of Rwanda, Paul Kagame, has noted his ambition to make Rwanda the "Singapore of Africa". The industrial sector is growing, contributing 16% of GDP in 2012.

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