| Economy | Rwanda |
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Economy - overview:
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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 areRwanda'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 is recovering, driven in large part by the services sector, and inflation has been contained. On the back of this growth, government is gradually ending its fiscal stimulus policy while protecting aid to the poor. In 2011 rises in global food and fuel prices increased inflation in Rwanda from 1% in January to more than 7% in October. |
GDP (purchasing power parity):
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$13.46 billion (2011 est.)
$12.55 billion (2010 est.)
$11.73 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$1,300 (2011 est.)
$1,300 (2010 est.)
$1,200 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$6 billion (2011 est.) |
GDP - real growth rate:
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7% (2011 est.)
7.5% (2010 est.)
4.1% (2009 est.) |
GDP - composition by sector:
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agriculture: 33.6%
industry: 14.1%
services: 52.3% (2011 est.) |
Investment (gross fixed):
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22.3% of GDP (2011 est.) |
Population below poverty line:
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60% (2001 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.1%
highest 10%: 38.2% (2000) |
Distribution of family income - Gini index:
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46.8 (2000)
28.9 (1985) |
Inflation rate (consumer prices):
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5.5% (2011 est.)
2.3% (2010 est.) |
Central bank discount rate:
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7.75% (31 December 2010 est.)
11.25% (31 December 2008) |
Commercial bank prime lending rate:
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16% (31 December 2011 est.)
16% (31 December 2010 est.) |
Stock of money:
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$233.6 million (31 December 2005) |
Stock of money - per capita:
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21 USD per capita |
Stock of quasi money:
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$227.4 million (31 December 2005) |
Stock of quasi money - per capita:
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20 USD per capita |
Stock of domestic credit:
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$605.4 million (31 December 2011 est.)
$538.1 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
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54 USD per capita |
Stock of narrow money:
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$596.3 million (31 December 2011 est.)
$540.2 million (31 December 2010 est.) |
Stock of broad money:
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$1.254 billion (31 December 2011 est.)
$1.243 billion (31 December 2010 est.) |
Labor force:
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4.446 million (2007) |
Labor force participation rate:
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39.10 % of population |
Labor force - by occupation:
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agriculture: 90%
industry and services: 10% (2000) |
Unemployment rate:
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NA% |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $1.559 billion
expenditures: $1.695 billion (2011 est.) |
Budget revenues per capita:
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138 USD per capita |
Taxes and other revenues:
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26% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.3% of GDP (2011 est.) |
Public debt:
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void |
Industries:
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cement, agricultural products, small-scale beverages, soap, furniture, shoes, plastic goods, textiles, cigarettes |
Industrial production growth rate:
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7.5% (2010 est.) |
Electricity - production:
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160 million kWh (2008 est.) |
Electricity - production per capita:
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15 kWh per capita |
Electricity - consumption:
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236.8 million kWh (2008 est.) |
Electricity - consumption - per capita:
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21 kWh per capita |
Electricity - exports:
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2 million kWh (2008 est.) |
Electricity - imports:
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88 million kWh (2008 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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6,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.19 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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5,105 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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56.63 billion cu m (1 January 2011 est.) |
Agriculture - products:
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coffee, tea, pyrethrum (insecticide made from chrysanthemums), bananas, beans, sorghum, potatoes; livestock |
Current account balance:
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-$847.5 million (2011 est.)
-$634 million (2010 est.) |
Current account balance - per capita:
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-74 USD per capita |
Exports:
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$293 million (2011 est.)
$234.2 million (2010 est.) |
Exports per capita:
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26 USD per capita |
Exports - commodities:
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coffee, tea, hides, tin ore |
Exports - partners:
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Kenya 36.6%, Democratic Republic of the Congo 14.7%, China 9.1%, Swaziland 5.9%, US 5.3%, Pakistan 4.6% (2010) |
Imports:
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$1.307 billion (2011 est.)
$1.121 billion (2010 est.) |
Imports per capita:
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115 USD per capita |
Imports - commodities:
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foodstuffs, machinery and equipment, steel, petroleum products, cement and construction material |
Imports - partners:
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Kenya 19.6%, Uganda 17.7%, UAE 8.4%, Tanzania 5.7%, China 5.3% (2010) |
Reserves of foreign exchange and gold:
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$931.7 million (31 December 2011 est.)
$812.8 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
82 USD per capita |
Debt - external:
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$NA (31 December 2010 est.)
$747 million (31 December 2009 est.) |
Debt - external - per capita:
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void |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - at home - per capita:
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void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
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Rwandan franc (RWF) |
Exchange rates:
|
Rwandan francs (RWF) per US dollar -
607.2 (2011 est.)
583.11 (2010 est.)
568.18 (2009)
550 (2008)
585 (2007) |
Fiscal year:
|
calendar year |
|
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