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.
Following a sharp plunge in real GDP in the second quarter of last year, the Rwandan economy continued to recover in the second half of 2020. The economy is estimated to have suffered a 3.4% contraction in 2020, as especially the services sector was hit hard. The agricultural sector remained resilient in the face of the pandemic, while the industrial sector recovered at the end of the year. We forecast that the economy will record a 7.5% expansion this year as vaccine rollouts and the easing of restrictions boost industrial activity and help the struggling services sector. (Source: Rwanda Annual Country Profile, published April 2021.)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-8.7 |
|
Consumer Price Index (% change y-o-y, avg) |
9.9 |
|
Current Account Balance (as a % of GDP) |
-14.5 |
|
Real GDP (annual % change) |
-3.4 |
|
GDP per Capita, US$ |
797.7 |
|
Import Cover (months) |
5.49 |
|
Population, million |
13.0 |
| Total External Debt (as a % of GDP) |
75.9 |