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.
The Rwandan economy continued to recover in Q1 2021 as real GDP growth expanded by 3.5% y-o-y. This follows last year’s economic contraction of 3.4% as the industrial and services sectors dragged economic output lower. Since then the industrial sector has recovered with a 9.6% y-o-y expansion in Q1 2021. In contrast, the services sector continues to struggle to recover from the pandemic-induced economic downturn. Our growth forecast has been revised lower to a still-robust 7.0% expansion this year as the services sectors struggles to gain traction, with the latest surge in Covid-19 infections diminishing the economic recovery. (Source: Rwanda Quarterly Update, published July 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 |