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.
After posting a base-effects-driven 20.6% y-o-y expansion in Q2 of 2021, Rwanda logged yet another strong but cooler reading of 10.1% y-o-y in Q3. The industrial- and services sectors again kept the real GDP figure in double-digit territory as the sectors grew by 11.4% y-o-y and 11.8% y-o-y, respectively. Given this strong performance and another solid reading expected for the final quarter of 2021, we have revised our growth estimate upwards to 10.3% for 2021. For the year ahead the outlook remains positive as the country benefits from its rapid Covid-19 vaccination rates compared to its peers and its attractive business environment.. (Source: Rwanda Quarterly Update, published January 2022.)
Macroeconomic Data
(2021)
|
Fiscal Balance (as a % of GDP) |
-11.2 |
|
Consumer Price Index (% change y-o-y, avg) |
-0.4 |
|
Current Account Balance (as a % of GDP) |
-12.4 |
|
Real GDP (annual % change) |
10.3 |
|
GDP per Capita, US$ |
809.3 |
|
Import Cover (months) |
5.96 |
|
Population, million |
13.3 |
| Total External Debt (as a % of GDP) |
87.7 |