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Rwanda Economy 2014
http://www.theodora.com/wfbcurrent/rwanda/rwanda_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

Economy - overview:
Rwanda is a poor rural country with about 90% of the population engaged in (mainly subsistence) agriculture and some mineral and agro-processing. Tourism, minerals, coffee and tea are Rwanda's main sources of foreign exchange. Minerals exports declined 40% in 2009-10 due to the global economic downturn. 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 to pre-1994 levels. GDP has rebounded with an average annual growth of 7%-8% since 2003 and inflation has been reduced to single digits. Nonetheless, a significant percent of the population still live below the official poverty line. Despite Rwanda's fertile ecosystem, food production often does not keep pace with demand, requiring food imports. Rwanda continues to receive substantial aid money and obtained IMF-World Bank Heavily Indebted Poor Country (HIPC) initiative debt relief in 2005-06. In recognition of Rwanda's successful management of its macro economy, in 2010, the IMF graduated Rwanda to a Policy Support Instrument (PSI). Rwanda also received a Millennium Challenge Threshold Program in 2008. Africa's most densely populated country is trying to overcome the limitations of its small, landlocked economy by leveraging regional trade. Rwanda joined the East African Community and is aligning its budget, trade, and immigration policies with its regional partners. The government has embraced an expansionary fiscal policy to reduce poverty by improving education, infrastructure, and foreign and domestic investment and pursuing market-oriented reforms. Energy shortages, instability in neighboring states, and lack of adequate transportation linkages to other countries continue to handicap private sector growth. The Rwandan Government is seeking to become regional leader in information and communication technologies. In 2010, Rwanda neared completion of 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 technologies, trade and logistics, mining, and construction. The global downturn hurt export demand and tourism, but economic growth has recovered, driven in large part by the services sector, but inflation has grown. On the back of this growth, government is gradually ending its fiscal stimulus policy while protecting aid to the poor.

GDP (purchasing power parity):
$15.02 billion (2012 est.)
country comparison to the world: 142

$13.91 billion (2011 est.)
$12.85 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$7.007 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
8% (2012 est.)
country comparison to the world: 20

8.2% (2011 est.)
7.2% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,400 (2012 est.)
country comparison to the world: 203

$1,400 (2011 est.)
$1,300 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
14.8% of GDP (2012 est.)
country comparison to the world: 104

14.1% of GDP (2011 est.)
13.5% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 88.6%
government consumption: 8.2%
investment in fixed capital: 22.8%
investment in inventories: 0%
exports of goods and services: 13.2%
imports of goods and services: -32.8%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 32.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 15%
services: 52.8% (2012 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:
7.2% (2012 est.)
country comparison to the world: 32
[see also: Industrial production growth rate country ranks ]

Labor force:
4.446 million (2007)
country comparison to the world: 85
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 90%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 10% (2000)

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
44.9% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 43.2% (2011 est.)

Distribution of family income - Gini index:
46.8 (2000)
country comparison to the world: 32

28.9 (1985)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.701 billion
[see also: Budget revenues country ranks ]
expenditures: $1.781 billion (2012 est.)

Taxes and other revenues:
24.3% of GDP (2012 est.)
country comparison to the world: 132
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.1% of GDP (2012 est.)
country comparison to the world: 67
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
21.7% of GDP (2012 est.)
country comparison to the world: 128

23.6% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6.3% (2012 est.)
country comparison to the world: 168

5.7% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7.75% (31 December 2010 est.)
country comparison to the world: 20

11.25% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
17.5% (31 December 2012 est.)
country comparison to the world: 31

16.9% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$671.2 million (31 December 2012 est.)
country comparison to the world: 155

$632.1 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.536 billion (31 December 2012 est.)
country comparison to the world: 157

$1.324 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$557 million (31 December 2012 est.)
country comparison to the world: 161

$520.2 million (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-569.2 million (2012 est.)
country comparison to the world: 106

$-467.7 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$512 million (2012 est.)
country comparison to the world: 172

$469 million (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
coffee, tea, hides, tin ore

Exports - partners:
Kenya 30.5%, Democratic Republic of the Congo 12.2%, China 12.1%, Malaysia 10.7%, US 5.8%, Swaziland 4.9% (2012)

Imports:
$1.871 billion (2012 est.)
country comparison to the world: 165

$1.565 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, machinery and equipment, steel, petroleum products, cement and construction material

Imports - partners:
Kenya 17.3%, Uganda 15.6%, UAE 8.9%, China 7.2%, India 5.6%, Tanzania 5%, Belgium 4.5%, Canada 4.1% (2012)

Reserves of foreign exchange and gold:
$847.8 million (31 December 2012 est.)
country comparison to the world: 138

$1.05 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.153 billion (31 December 2012 est.)
country comparison to the world: 157

$1.103 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$743.3 million (31 December 2012 est.)
country comparison to the world: 100

$583.3 million (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$12.9 million (31 December 2012 est.)
country comparison to the world: 96

$12.9 million (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Rwandan francs (RWF) per US dollar -

616.6 (2012 est.)
601.83 (2011 est.)
583.13 (2010 est.)
568.18 (2009)
550 (2008)


NOTE: The information regarding Rwanda on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Rwanda Economy 2014 information contained here. All suggestions for corrections of any errors about Rwanda Economy 2014 should be addressed to the CIA.



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