In-Depth Analysis
Rwanda
The small East African nation has emerged as one of the continent’s bright spots in recent years. The country boasts a strong GDP growth outlook and is among the fastest-growing economies in Africa, thanks to good governance and accountable political institutions. An attractive business environment means the country enjoys significant foreign investor interest.
In Q2 2021 real GDP growth shot up by 20.6% y-o-y following an expansion of 3.5% y-o-y recorded in the first quarter. This strong reading can be attributed to robust growth recorded in both the industrial and services sectors. The industrial sector reported a 29.7% y-o-y expansion in Q2 2021, while the services sector grew by 24.0% y-o-y over the same period. Due to the stronger-than-expected expansion in the second quarter, we revised our forecast for real GDP growth upwards to 8.0% this year. Nevertheless, we anticipate a slowdown yet again in Q3 due to a rise in Covid-19 infections and restrictions imposed over the period. (Source: Rwanda Quarterly Update, published October 2021.)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-12.5 |
|
Consumer Price Index (% change y-o-y, avg) |
9.9 |
|
Current Account Balance (as a % of GDP) |
-12.0 |
|
Real GDP (annual % change) |
-3.4 |
|
GDP per Capita, US$ |
797.7 |
|
Import Cover (months) |
6.06 |
|
Population, million |
13.0 |
| Total External Debt (as a % of GDP) |
86.5 |