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The economy of Rwanda has undergone rapid industrialisation due to a successful governmental policy. It has a mixed economy. [13] Since the early-2000s, Rwanda has witnessed an economic boom, which improved the living standards of many Rwandans.
Rwanda’s economy continued to achieve strong growth in 2022 despite weakening external demand and restrictive monetary policies required to control inflation.
The latest edition of the Rwanda Economic Update (REU), launched today, highlights that despite the global economic slowdown, Rwanda has shown remarkable resilience, driven by strong consumer spending in key sectors such as services and industry.
Rwanda’s economy grew at 7.6% in the first three quarters of 2023 despite a challenging global environment and the recent floods that destroyed agricultural produce and infrastructure in April-May 2023.
Before the COVID-19 pandemic, Rwanda enjoyed strong economic growth, averaging over seven percent GDP growth annually over the last two decades. The Rwandan economy grew 8.2 percent in 2022 thanks to strong growth in industry, construction, services, and agriculture.
Rwanda has committed to achieving a debt-to-GDP ratio of 65% by 2031. The current account deficit is projected to rise slightly to 10.9% of GDP in 2024 before narrowing to 10.7% in 2025 as capital imports decline, conference tourism receipts recover, and remittances from the diaspora improve.
Rwanda’s economic growth remained robust, but macroeconomic imbalances have intensified. Policy space to advance developmental objectives has been constrained by diminished policy buffers and repeated droughts and the severe floods in May 2023. Headwinds from the war in Ukraine, tightening of global financial conditions, consecutive weak
Rwanda Economic Outlook Real GDP growth stabilized at 8.2% in 2022 and 2023, buoyed by expansion in industry and services on the supply side and public sector expenditures on the demand side. GDP per capita growth stabilized at 5.9% in 2022 and 2023.
GDP (current US$) - Rwanda. World Bank national accounts data, and OECD National Accounts data files. License: CC BY-4.0 ...
In 2022, Rwanda exported a total of $1.77B, making it the number 147 exporter in the world. During the last five reported years the exports of Rwanda have changed by $631M from $1.14B in 2017 to $1.77B in 2022.