This page has economic forecasts for Rwanda including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Rwanda economy.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.10 2.8 1.4 1.5 1.4 1.4 percent
Unemployment Rate 16.00 16 15 15 15 16 percent
Inflation Rate -3.40 2 1.9 -5.6 -5.6 5 percent
Interest Rate 5.50 5.5 5 5 5 6 percent
Balance of Trade -122.60 -122 -122 -122 -122 -122 USD Million
Government Debt to GDP 40.20 35 38 38 38 40 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 888.28
 898 914 931 947 1016
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.10
percent		 2.8 1.4 1.5 1.4 1.4
GDP Annual Growth Rate 6.70
percent		 7.2 7.3 7.4 7.4 6.6
GDP 9.14
USD Billion		 9.4 8.9 8.9 9.62 10.2
Gross Fixed Capital Formation 552.00
RWF Billion 		577 598 593 555 661
GDP per capita 765.20
USD		 779 788 788 790 819
GDP per capita PPP 1854.20
USD		 1889 1892 1892 1914 1985
GDP Constant Prices 1752.00
RWF Billion 		1868 1879 1882 1905 2141
GDP From Agriculture 481.00
RWF Billion		 506 519 517 506 580
GDP From Construction 124.00
RWF Billion		 130 129 133 129 149
GDP From Manufacturing 111.00
RWF Billion		 108 111 119 112 124
GDP From Mining 40.00
RWF Billion 		62.18 37.56 42.96 64.16 71.25
GDP From Public Administration 81.00
RWF Billion		 78.26 91.21 86.99 104 89.68
GDP From Services 857.00
RWF Billion 		917 931 920 941 1050
GDP From Transport 74.00
RWF Billion		 77.18 82.62 79.48 81.86 88.45
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 16.00
percent		 16 15 15 15 16
Population 12.20
Million		 11.8 12.56 12.63 12.7 12.6
Living Wage Family 219000.00
RWF/Month		 219000 219000 219000 219000 219000
Wages High Skilled 538400.00
RWF/Month		 362500 362500 538400 538400 538400
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate -3.40
percent		 2 1.9 -5.6 -5.6 5
Core Inflation Rate 1.90
percent		 1.84 2.02 2.31 2.57 2.49
Food Inflation -14.20
percent		 2.52 2.2 3 2.9 2.5
Inflation Rate Mom -1.00
percent		 0.39 0.33 0.39 0.36 0.37
Producer Prices 122.77
Index Points		 128 129 129 135 143
Producer Prices Change -0.10
percent		 4 5 5.3 5.52 5.5
Consumer Price Index Cpi 120.30
Index Points		 121 123 115 115 129
Cpi Housing Utilities 120.90
Index Points		 121 121 121 121 121
CPI Transportation 117.30
Index Points		 110 111 109 110 118
GDP Deflator 114.00
Index Points		 117 118 119 120 129
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 5.50
percent		 5.5 5 5 5 6
Deposit Interest Rate 5.95
percent		 5.95 5.45 5.45 5.45 6.45
Lending Rate 17.23
percent		 17.08 17.11 17.11 17.11 17.11
Interbank Rate 5.48
percent		 5.58 5.66 5.72 5.76 5.85
Money Supply M1 883.70
RWF Billion		 875 876 876 876 876
Money Supply M2 1478.50
RWF Billion		 1482 1481 1481 1481 1481
Money Supply M3 1940.70
RWF Billion		 1801 1802 1802 1802 1802
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -122.60
USD Million		 -122 -122 -122 -122 -122
Exports 92.87
USD Million		 92.32 92.41 92.39 92.39 92.39
Imports 215.47
USD Million		 215 214 215 215 215
Current Account -621.56
USD Million		 -752 -721 -690 -660 -635
Current Account to GDP -14.10
percent		 -12.6 -11 -11 -11 -10.5
Capital Flows -365.90
USD Million		 -218 -252 -286 -320 -11.42
Terrorism Index 1.93
 1.93 1.93 1.93 1.93 1.93
External Debt 3010.00
USD Million		 3137 3156 3176 3195 3363
Foreign Direct Investment 254.50
USD Million		 135 160 184 209 236
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 40.20
percent		 35 38 38 38 40
Government Budget -4.80
percent of GDP		 -4.8 -4.8 -4.8 -4.8 -4.8
Government Spending 254.00
RWF Billion 		293 265 273 300 335
Military Expenditure 114.00
USD Million		 113 112 111 110 105
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Industrial Production 10.00
percent		 8.76 8.71 8.35 7.99 8.47
Manufacturing Production 12.00
percent		 5.64 6.37 6.93 7.62 7.71
Internet Speed 7689.31
KBps		 8545 9112 8535 8992 8794
IP Addresses 10599.00
IP		 11954 11750 11980 11757 12071
Ease of Doing Business 29.00
 50 32 23 14 7
Changes In Inventories 15.00
RWF Billion 		11.84 14.81 14.5 12.68 14.46
Competitiveness Index 50.94
Points		 51.44 51.44 51.44 51.44 53.94
Competitiveness Rank 108.00
 108 108 108 108 108
Corruption Index 55.00
Points		 55 55 55 55 55
Corruption Rank 48.00
 48 48 48 48 48
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Private Sector Credit 1496.50
RWF Billion		 1532 1557 1582 1606 1806
Consumer Spending 1322.00
RWF Billion 		1305 1454 1420 1461 1495
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 30.00
percent		 30 30 30 30 30
Personal Income Tax Rate 30.00
percent		 30 30 30 30 30
Sales Tax Rate 18.00
percent		 18 18 18 18 18
Social Security Rate 8.00
percent		 8 8 8 8 8
Social Security Rate For Companies 5.00
percent		 5 5 5 5 5
Social Security Rate For Employees 3.00
percent		 3 3 3 3 3
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature 21.08
celsius		 19.01 19.33 20.02 20.02 19.71



Rwanda - Economic Forecasts - 2018-2020 Outlook