Economy of Rwanda

  • Currency: Rwandan Franc (Frw)
  • Fiscal Year: From June each year to July the next year.
  • Trade Organisations:  The East African Community (EAC), World Trade Organisation (WTO), Economic Community of Central African States (ECCAS), and Common Market for Eastern and Southern Africa (COMESA).


Statistics:

  • GDP: Frw 5,389 billion (2014, approx. US$ 7.9 billion)
  • GDP Growth:  7.0 % (2014)
  • GDP per Capita:  US$ 718
  • GDP per sector: Agriculture: 33%, Industry: 14%, services: 47% (2014)E
  • External Debt (% of GDP): 22.3% (End 2014)
  • Inflation (CPI): 2.4% (2014)
  • Credit Rating: B+ (Positive); B+ (Stable)
  • Population: 11M (2014)
  • Population below poverty line:  Sustained economic growth has lifted more than 1 million people out of poverty (44.9 %, 2012)
  • Literacy rate: 71%
  • Life expectancy: from 51.2 years in 2002 to 64.5 years in 2012
  • Labour Force: 6.038 million (2014)U
  • Unemployment: 2%
  • Financial inclusion: from 48% in 2008 to 72% in 2012 (3rd best in Sub-Saharan Africa)
  • Mobile phones owners: from 6% in 2006 to 65% in 2014
  • Main industries: cement, agricultural products, small-scale beverages, soap, furniture, shoes, plastic goods, textiles, and cigarettes.
  • Corruption Perception Index (CPI): 4th in Africa (2015); 44th globally (2015)
  • Time to Start a Business: 6.5 days


Exports:

  • Exports: US$ 1,400 Million (2014)
  • Export goods: coffee, tea, hides, tinore
  • Value of exported goods and services: US$ 684 million (2010); US$ 1,315 million (2014)
  • Main export partners:  Kenya, Democratic Republic of Congo, China, Malaysia, United states Swaziland and Pakistan.


Imports:

Import goods: cement, refined and non-refined palm oil and other cooking oils, sugar cane, animals, chemical fertilizers and clothing.
Main import partners: Uganda, China, Kenya, and Europe  


1. Ministry of Finance and Economic Planning (MINECOFIN)

The Ministry of Finance and Economic Planning is responsible for sustainable growth, economic opportunities and living standards of all Rwandans. The ministry is also responsible for establishing and monitoring the highest standards of accountability and transparency in public finance management.

Website: www.minecofin.gov.rw

2. Central Bank of Rwanda (BNR)

The Central Bank of Rwanda, also known as the National Bank of Rwanda, is mandated to ensure and maintain price stability, to enhance and maintain a stable and competitive financial system without any exclusion, and support the Government’s general economic policies.

Website: www.bnr.rw

3. Rwanda Development Bank (BRD)

The Rwanda Development Bank, “BRD” a Public Company Limited by Shares, with a share capital of RWF 7,000,021,000, registered at the Officer of the Registrar General, whose company code n° 1000003547, its incorporation certificate issued on 7/7/2011 and a banking license n°003 issued by the National Bank of Rwanda on August 11, 2009. BRD was incorporated on August 5, 1967.

Website: www.brd.rw

4. National Agricultural Export Development Board (NAEB)

The National Agricultural Export Development Board (NAEB) is registered under the Ministry of Agriculture. It combines what was formerly known as Rwanda tea authority (OCIR The), Rwanda Coffee Authority (OCIR Café) and Rwanda Horticulture (RHODA).

NAEB was established to boost the country’s economy through an effective management of agricultural exports. This is why all the government agencies responsible for the entire agriculture export chain were brought together and merged into one institution.

Website: www.naeb.gov.rw