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Rwanda
Rwanda
HistorySaid – pattern
Rwanda matched the Orthodox Tightening Cycle pattern in 2023. 5 pattern matches detected historically. View →
HistorySaid – ranking
Rwanda ranks 53rd globally by GDP ($14.3B in 2024). View →
HistorySaid – inflation
Inflation in Rwanda fell from 19.8% (2023) to 1.8% (2024) – a 18.0pp shift. View →
HistorySaid – population
Rwanda has a population of 14.3 million as of 2024 (growth: 2.16%). View →
Economy & Growth
GDP $14.3B
GDP per Capita $1,000
GDP Growth 8.89%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Value Added | 24.89% | 26.61% | 24.58% | 24.88% Trend | 24.72% Trend | 24.56% Trend | – | – | – |
| GDP | $13.3B | $14.3B | $14.3B | $14.8B IMF WEO Oct 2025 | $15.5B IMF WEO Oct 2025 | $16.3B IMF WEO Oct 2025 | $17.2B IMF WEO Oct 2025 | $18.4B IMF WEO Oct 2025 | $20.0B IMF WEO Oct 2025 |
| GDP Deflator | 15.81% | 11.95% | 3.76% | 9.17% Trend | 9.48% Trend | 9.79% Trend | – | – | – |
| GDP Growth | 8.16% | 8.25% | 8.89% | 7.11% IMF WEO Oct 2025 | 7.48% IMF WEO Oct 2025 | 7.40% IMF WEO Oct 2025 | 7.02% IMF WEO Oct 2025 | 6.96% IMF WEO Oct 2025 | 6.98% IMF WEO Oct 2025 |
| GDP PPP | $42.3B | $47.4B | $52.9B | $58.1B IMF WEO Oct 2025 | $63.5B IMF WEO Oct 2025 | $69.4B IMF WEO Oct 2025 | $75.5B IMF WEO Oct 2025 | $82.1B IMF WEO Oct 2025 | $89.5B IMF WEO Oct 2025 |
| GDP per Capita | $975 | $1,027 | $1,000 | $1,043 IMF WEO Oct 2025 | $1,069 IMF WEO Oct 2025 | $1,103 IMF WEO Oct 2025 | $1,145 IMF WEO Oct 2025 | $1,203 IMF WEO Oct 2025 | $1,278 IMF WEO Oct 2025 |
| GDP per Capita PPP | $3,099 | $3,399 | $3,711 | $4,101 IMF WEO Oct 2025 | $4,391 IMF WEO Oct 2025 | $4,693 IMF WEO Oct 2025 | $5,013 IMF WEO Oct 2025 | $5,360 IMF WEO Oct 2025 | $5,729 IMF WEO Oct 2025 |
| GNI | $13.0B | $14.1B | $13.9B | $15.7B Trend | $16.8B Trend | $17.9B Trend | – | – | – |
| GNI per Capita | $940 | $1,000 | $1,040 | $1,128 Trend | $1,198 Trend | $1,268 Trend | – | – | – |
| Gross Savings | 14.82% | 13.49% | 21.07% | 11.42% IMF WEO Oct 2025 | 14.10% IMF WEO Oct 2025 | 14.35% IMF WEO Oct 2025 | 14.70% IMF WEO Oct 2025 | 16.03% IMF WEO Oct 2025 | 15.87% IMF WEO Oct 2025 |
| Industry Value Added | 21.27% | 20.70% | 20.97% | 21.88% Trend | 22.37% Trend | 22.86% Trend | – | – | – |
| Services Value Added | 46.47% | 45.71% | 47.55% | 46.79% Trend | 46.80% Trend | 46.80% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Prices & Inflation
Inflation Rate 1.77%
Consumer Price Index 237.16
PPP Conversion Factor 355.09
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Consumer Price Index | 194.54 | 233.04 | 237.16 | 262.25 Trend | 283.26 Trend | 304.28 Trend | – | – | – |
| Inflation Rate | 17.69% | 19.79% | 1.77% | 7.00% IMF WEO Oct 2025 | 4.68% IMF WEO Oct 2025 | 5.00% IMF WEO Oct 2025 | 5.00% IMF WEO Oct 2025 | 5.00% IMF WEO Oct 2025 | 5.00% IMF WEO Oct 2025 |
| PPP Conversion Factor | 324.34 | 350.49 | 355.09 | 365.59 Trend | 377.36 Trend | 389.13 Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Population
Population 14.3M
Population Growth 2.14%
Population Density 565.6
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|
| Birth Rate | 28.3 | – | – | 27.1 Trend | 26.6 Trend | – | – |
| Death Rate | 5.9 | – | – | 5.9 Trend | 5.8 Trend | – | – |
| Dependency Ratio | 71.10 | 70.32 | – | 69.17 Trend | 68.17 Trend | 67.17 Trend | – |
| Fertility Rate | 3.70 | – | – | 3.56 Trend | 3.49 Trend | – | – |
| Life Expectancy | 67.8 | – | – | 68.3 Trend | 68.5 Trend | – | – |
| Net Migration | -9,001 | -15,582 | 6,282 | – | 4,931 Trend | 9,828 Trend | 14,725 Trend |
| Population | 14.0M | 14.3M | – | 14.6M Trend | 14.8M Trend | 15.1M Trend | – |
| Population Density | 565.6 | – | – | 589.3 Trend | 601.2 Trend | – | – |
| Population Growth | 2.20% | 2.14% | – | 2.13% Trend | 2.12% Trend | 2.10% Trend | – |
| Refugee Population | – | – | – | – | – | – | – |
| Urban Population | 28.86% | 29.88% | – | 31.48% Trend | 32.83% Trend | 34.18% Trend | – |
Italic values are IMF World Economic Outlook projections.
Employment
Unemployment Rate 11.36%
Youth Unemployment 16.41%
Labor Force Participation 63.68%
▾
| Indicator | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|
| Agriculture Employment | 51.87% | 36.50% | 35.05% | 28.66% Trend | 22.55% Trend | 16.44% Trend |
| Female Labor Participation | 58.04% | 57.10% | 57.30% | 59.50% Trend | 60.69% Trend | 61.87% Trend |
| Industry Employment | 14.23% | 18.12% | 18.41% | 19.43% Trend | 20.60% Trend | 21.77% Trend |
| Labor Force Participation | 63.66% | 63.52% | 63.68% | 66.14% Trend | 67.58% Trend | 69.01% Trend |
| Services Employment | 33.90% | 45.38% | 46.54% | 51.91% Trend | 56.85% Trend | 61.79% Trend |
| Unemployment Rate | 12.35% | 11.33% | 11.36% | – | – | – |
| Youth Unemployment | 18.17% | 16.56% | 16.41% | 13.49% Trend | 11.55% Trend | 9.60% Trend |
Italic values are IMF World Economic Outlook projections.
Government
Tax Revenue 13.51%
Government Spending 18.57%
Military Spending 1.25%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Budget Deficit | -5.74% | -5.04% | -6.57% | -6.29% IMF WEO Oct 2025 | -3.31% IMF WEO Oct 2025 | -3.16% IMF WEO Oct 2025 | -2.94% IMF WEO Oct 2025 | -2.74% IMF WEO Oct 2025 | -2.35% IMF WEO Oct 2025 |
| Education Spending | – | – | – | – | – | – | – | – | – |
| Government Debt to GDP | 60.90% | 63.42% | 67.24% | 73.20% IMF WEO Oct 2025 | 74.81% IMF WEO Oct 2025 | 75.18% IMF WEO Oct 2025 | 74.36% IMF WEO Oct 2025 | 72.96% IMF WEO Oct 2025 | 70.52% IMF WEO Oct 2025 |
| Government Revenue | 23.92% | 21.98% | 22.21% | 21.09% IMF WEO Oct 2025 | 21.85% IMF WEO Oct 2025 | 22.59% IMF WEO Oct 2025 | 22.96% IMF WEO Oct 2025 | 22.98% IMF WEO Oct 2025 | 22.76% IMF WEO Oct 2025 |
| Government Spending | 19.56% | 18.57% | – | 18.45% Trend | 18.09% Trend | – | – | – | – |
| Health Spending | 5.93% | 5.13% | – | 5.82% Trend | 5.88% Trend | – | – | – | – |
| Military Spending | 1.33% | 1.25% | 1.25% | 1.15% Trend | 1.08% Trend | 1.01% Trend | – | – | – |
| Tax Revenue | 13.68% | 13.51% | – | 12.83% Trend | 12.47% Trend | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Debt
External Debt $13.1B
External Debt to GNI 93.88%
Short-term Debt 3.84%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Debt Service | 11.49% | 15.32% | 7.97% | 7.58% Trend | 4.87% Trend | 2.17% Trend |
| Domestic Credit | 28.20% | 26.09% | 24.52% | 22.58% Trend | 20.74% Trend | 18.90% Trend |
| External Debt | $9.7B | $11.4B | $13.1B | $13.9B Trend | $15.0B Trend | $16.2B Trend |
| External Debt to GNI | 74.33% | 81.02% | 93.88% | 88.91% Trend | 90.72% Trend | 92.52% Trend |
| Interest Payments to Revenue | 6.21% | 7.68% | – | 8.90% Trend | 9.62% Trend | – |
| Short-term Debt | 3.88% | 3.89% | 3.84% | 3.50% Trend | 3.29% Trend | 3.08% Trend |
Italic values are IMF World Economic Outlook projections.
Money
Lending Rate 16.02%
Deposit Rate 10.33%
Real Interest Rate 11.81%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Credit to GDP | 22.85% | 22.35% | 22.61% | 21.28% Trend | 20.49% Trend | 19.71% Trend |
| Deposit Rate | 7.66% | 9.65% | 10.33% | 10.76% Trend | 11.46% Trend | 12.16% Trend |
| Lending Rate | 16.39% | 16.06% | 16.02% | 15.96% Trend | 15.89% Trend | 15.81% Trend |
| M2 Money Supply Growth | 22.91% | 24.76% | 18.76% | 21.58% Trend | 21.69% Trend | 21.81% Trend |
| Non-Performing Loans | 3.26% | – | – | 3.18% Trend | – | – |
| Real Interest Rate | 0.50% | 3.67% | 11.81% | 6.49% Trend | 6.12% Trend | 5.76% Trend |
Italic values are IMF World Economic Outlook projections.
Currency
Exchange Rate 1,318.13
Foreign Reserves $2.4B
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Exchange Rate | 1,030.31 | 1,160.10 | 1,318.13 | 1,364.44 Trend | 1,456.56 Trend | 1,548.67 Trend |
| Foreign Reserves | $1.7B | $1.8B | $2.4B | $2.3B Trend | $2.4B Trend | $2.6B Trend |
| Real Effective Exchange Rate | – | – | – | – | – | – |
| Reserves in Months of Imports | 3.9 | 3.6 | 4.2 | 3.2 Trend | 2.8 Trend | 2.3 Trend |
Italic values are IMF World Economic Outlook projections.
Trade
Exports $4.3B
Imports $6.5B
Trade Balance $-1.2B
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Current Account Balance | -9.37% | -11.49% | -12.68% | -13.80% IMF WEO Oct 2025 | -15.86% IMF WEO Oct 2025 | -13.40% IMF WEO Oct 2025 | -9.87% IMF WEO Oct 2025 | -8.80% IMF WEO Oct 2025 | -7.59% IMF WEO Oct 2025 |
| Exports | $3.0B | $3.5B | $4.3B | $4.8B Trend | $5.4B Trend | $6.0B Trend | – | – | – |
| FDI Inflows | 2.29% | 3.19% | 4.02% | 4.46% Trend | 5.07% Trend | 5.69% Trend | – | – | – |
| FDI Outflows | 0.00% | 0.09% | 0.09% | 0.12% Trend | 0.14% Trend | 0.17% Trend | – | – | – |
| Imports | $5.0B | $5.8B | $6.5B | $7.3B Trend | $8.1B Trend | $8.9B Trend | – | – | – |
| Remittances Received | $474.2M | $518.1M | $517.0M | $616.3M Trend | $676.4M Trend | $736.5M Trend | – | – | – |
| Tourism Receipts | – | – | – | – | – | – | – | – | – |
| Trade Balance | $-2.2B | $-2.1B | $-1.2B | $-1.6B Trend | $-1.5B Trend | $-1.5B Trend | – | – | – |
| Trade Openness | 61.15% | 64.91% | 69.95% | 73.14% Trend | 77.16% Trend | 81.17% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Financial Markets
Market Capitalization 19.33%
Stock Turnover Ratio 1.59%
Listed Companies 5
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Interest Rate Spread | 8.72% | 6.41% | 5.69% | 5.20% Trend | 4.43% Trend | 3.65% Trend |
| Listed Companies | 5 | 5 | 5 | 5 Trend | 5 Trend | 5 Trend |
| Market Capitalization | 25.87% | 20.46% | 19.33% | 13.91% Trend | 9.73% Trend | 5.55% Trend |
| Stock Turnover Ratio | 0.49% | 0.19% | 1.59% | 1.26% Trend | 1.49% Trend | 1.72% Trend |
Italic values are IMF World Economic Outlook projections.
Political Stability
Political Stability 0.11
Government Effectiveness 0.39
Regulatory Quality 0.12
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Control of Corruption | 0.57 | 0.56 | 0.67 | 0.70 Trend | 0.74 Trend |
| Government Effectiveness | 0.23 | 0.23 | 0.39 | 0.46 Trend | 0.52 Trend |
| Political Stability | 0.07 | 0.08 | 0.11 | 0.12 Trend | 0.14 Trend |
| Regulatory Quality | 0.06 | 0.16 | 0.12 | 0.24 Trend | 0.28 Trend |
| Rule of Law | 0.17 | 0.15 | 0.21 | 0.28 Trend | 0.31 Trend |
| Voice and Accountability | -0.96 | -0.94 | -0.90 | -0.78 Trend | -0.72 Trend |
Italic values are IMF World Economic Outlook projections.
Health
Health Expenditure per Capita $53
Infant Mortality Rate 30.5
Maternal Mortality Ratio 229.00
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Health Expenditure per Capita | $52 | $58 | $53 | $65 Trend | $69 Trend |
| Hospital Beds | 0.74 | 0.73 | 0.75 | 0.75 Trend | 0.75 Trend |
| Infant Mortality Rate | 31.1 | 30.8 | 30.5 | 29.8 Trend | 29.5 Trend |
| Maternal Mortality Ratio | 254.00 | 234.00 | 229.00 | 213.20 Trend | 205.00 Trend |
| Physicians | 0.12 | 0.09 | – | 0.08 Trend | – |
Italic values are IMF World Economic Outlook projections.
Education
Literacy Rate 78.76%
Tertiary Enrollment 9.41%
Education Spending 4.69%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Education Spending | 4.75% | 4.92% | 4.69% | 5.27% Trend | 5.47% Trend | 5.68% Trend |
| Literacy Rate | 78.76% | – | – | 83.18% Trend | – | – |
| Primary Enrollment | 148.75% | 151.89% | 149.57% | 155.16% Trend | 157.45% Trend | 159.73% Trend |
| Tertiary Enrollment | 7.41% | 8.89% | 9.41% | 9.79% Trend | 10.34% Trend | 10.89% Trend |
Italic values are IMF World Economic Outlook projections.
Energy
Renewable Energy 79.90%
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| CO2 Emissions | – | – | – | – | – |
| CO2 per Capita | – | – | – | – | – |
| Electricity Access | 48.70% | 50.60% | 63.90% | 67.00% Trend | 71.00% Trend |
| Energy Use per Capita | 366 | 373 | – | 383 Trend | – |
| Forest Area | 11.23% | 11.27% | 11.31% | 11.39% Trend | 11.43% Trend |
| Renewable Energy | 79.40% | 79.90% | – | 77.02% Trend | – |
Italic values are IMF World Economic Outlook projections.
Technology
Internet Users 34.20%
Mobile Subscriptions 91.46
R&D Spending 0.79%
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| High-tech Exports | 5.10% | 4.78% | – | 5.53% Trend | – |
| Internet Users | 24.44% | 31.23% | 34.20% | 40.25% Trend | 43.56% Trend |
| Mobile Subscriptions | 81.64 | 80.60 | 91.46 | 94.54 Trend | 97.65 Trend |
| Patent Applications | 14 | – | – | – | – |
| R&D Spending | – | – | 0.79% | 0.85% Trend | 0.87% Trend |
Italic values are IMF World Economic Outlook projections.
Inequality
Gini Index 39.4
Poverty Rate 38.60%
Income Share Top 10% 33.40%
▾
| Indicator | 2013 | 2016 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Gini Index | 45.1 | 43.7 | 39.4 | 37.6 Trend | 36.9 Trend |
| Income Share Bottom 10% | 2.40% | 2.40% | 3.10% | 3.21% Trend | 3.28% Trend |
| Income Share Top 10% | 37.90% | 35.60% | 33.40% | 31.33% Trend | 30.75% Trend |
| Poverty Rate | 65.20% | 63.80% | 38.60% | 39.89% Trend | 37.95% Trend |
Italic values are IMF World Economic Outlook projections.