In-Depth Analysis
Rwanda
Good governance has been key in Rwanda’s recent success, with accountable political institutions and inclusive economic institutions creating an environment conducive to the development of a vibrant private sector. The country boasts a strong GDP growth outlook, and the government is intent on developing Rwanda into a services-based economy over the medium to long term.
Rwanda’s economy recorded a remarkable 12.2% y-o-y real GDP growth rate during the second quarter of the year, equating to 10.3% y-o-y for H1 2019. This strong performance in Q2 was largely driven by the services sector, with the latter expanding by 11.6% y-o-y and contributing 5.7 ppts to the annual growth rate. The financial services and tourism sectors showed strong growth momentum, while the ICT sector continued to disappoint following an extended period of commendable growth. Rwanda’s economic growth is expected to rise to 8.3% this year (previously 7.1%), driven by strong aggregate demand. (Source: Rwanda Quarterly Update, published December 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-4.0 |
|
Consumer Price Index (% change y-o-y, avg) |
-0.3 |
|
Current Account Balance (as a % of GDP) |
-7.9 |
|
Real GDP (annual % change) |
8.7 |
|
GDP per Capita, US$ |
772.9 |
|
Import Cover (months) |
4.8 |
|
Population, million |
12.3 |
| Total External Debt (as a % of GDP) |
57.7 |