Economy of Rwanda

The economy of Rwanda is a frontier developmental state based on services, agriculture and industry. It has been described as undergoing early industrialisation due to newer government policies. It has a mixed economy. Since the early-2000s, Rwanda has witnessed an economic boom, which improved the living standards of many Rwandans. The President of Rwanda, Paul Kagame, has noted his ambition to make Rwanda the "Singapore of Africa". The industrial sector is growing, contributing 16% of GDP in 2012.

History

Before the civil war and genocide

In the 1960s and 1970s, Rwanda's prudent financial policies, coupled with generous external aid and relatively favorable terms of trade, resulted in sustained growth in per capita income and low inflation rates. However, when world coffee prices fell sharply in the 1980s, growth became erratic.
Compared to an annual GDP growth rate of 6.5% from 1973 to 1980, growth slowed to an average of 2.9% a year from 1980 through 1985 and was stagnant from 1986 to 1990. The crisis peaked in 1990 when the first measures of an IMF structural adjustment programme were carried out. While the programme was not fully implemented before the war, key measures such as two large devaluations and the removal of official prices were enacted. The consequences on salaries and purchasing power were rapid and dramatic. This crisis particularly affected the educated elite, most of whom were employed in civil service or state-owned enterprises.
During the 5 years of civil war that culminated in the 1994 genocide, GDP declined in 3 out of 5 years, posting a rapid decline at more than 40% in 1994, the year of the genocide. The 9% increase in real GDP for 1995, the first postwar year, signalled the resurgence of economic activity.

After the genocide (1994–2005)

The 1994 genocide destroyed Rwanda's fragile economic base, severely impoverished the population, particularly women, and eroded the country's ability to attract private and external investment. However, Rwanda has made significant progress in stabilizing and rehabilitating its economy. In June 1998, Rwanda signed an Enhanced Structural Adjustment Facility with the International Monetary Fund. Rwanda has also embarked upon an ambitious privatization programme with the World Bank.
In the immediate postwar period—mid-1994 through 1995—emergency humanitarian assistance of more than $307.4 million was largely directed to relief efforts in Rwanda and in the refugee camps in neighbouring countries where Rwandans fled during the war. In 1996, humanitarian relief aid began to shift to reconstruction and development assistance.
The United States, Belgium, Germany, the Netherlands, France, the People's Republic of China, the World Bank, the UN Development Programme and the European Development Fund will continue to account for the substantial aid. Rehabilitation of government infrastructure, in particular the justice system, was an international priority, as well as the continued repair and expansion of infrastructure, health facilities, and schools.
After the Rwandan Genocide, the Tutsi-led government began a major programme to improve the country's economy and reduce its dependence on subsistence farming. The failing economy had been a major factor behind the genocide, as was overpopulation and the resulting competition for scarce farmland and other resources. The government focused primarily on building up its manufacturing and service industries and eliminating barriers to trade and development.
The Government of Rwanda posted a 13% GDP growth rate in 1996 through improved collection of tax revenues, accelerated privatization of state enterprises to stop the drain on government resources, and continued improvement in export crop and food production. Tea plantations and factories continue to be rehabilitated, and coffee, always a smallholder's crop, is being more seriously rehabilitated and tended as the farmers' sense of security returns.
Coffee production of 14,578,560 tonnes in 2000 compares to a pre-civil war variation between 35,000 and 40,000 tonnes. By 2002 tea became Rwanda's largest export, with export earnings from tea reaching US$18 million equating to 15,000 tonnes of dried tea. Rwanda's natural resources are limited. A small mineral industry provides about 5% of foreign exchange earnings. Concentrates exist of the heavy minerals cassiterite, and coltan.
By mid-1997, up to 75% of the factories functioning before the war had returned to production, at an average of 75% of their capacity. Investments in the industrial sector continue to mostly be limited to the repair of existing industrial plants. Retail trade, devastated by the war, has revived quickly, with many new small businesses established by Rwandan returnees from Uganda, Burundi, and the Democratic Republic of the Congo.
Industry received little external assistance from the end of the war through 1995. Beginning in 1996–97, the government became increasingly active in helping the industrial sector to restore production through technical and financial assistance, including loan guarantees, economic liberalization, and the privatization of state-owned enterprises. In early 1998, the government set up a one-stop investment promotion centre and implemented a new investment code that created an enabling environment for foreign and local investors. An autonomous revenue authority also has begun operation, improving collections and accountability.
Cassiterite production peaked at 1,000 tonnes in 1990, but was under 700 tonnes in 2000. Recorded coltan production has soared from 147 tonnes in 1999 to 1,300 tonnes in 2001, and coltan was the country's biggest single export earner in 2001. At least part of the increase in production is because of new mines opening up in Rwanda. However it is true, as has frequently been observed, that the increase is also because of the fraudulent re-export of Congolese coltan. In addition to the well-publicised involvement in this trade of the Rwandan Defence Force, another important factor in the coltan re-export is that international dealers are under pressure not to buy from the DRC, thus increasing the incentive for DRC coltan to be re-exported as Rwanda's. Rwanda is also alleged to be trading in fraudulently exported gold and diamonds from the DRC.

2006–present

The country entered a high period of economic growth in 2006, and the following year managed to register 8% economic growth, a record it has sustained since, turning it into one of the fastest-growing economies in Africa. This sustained economic growth has succeeded in reducing poverty and also reducing fertility rates, with growth between 2006 and 2011 reducing the percentage of the country's population living in poverty from 57% to 45%.The country's infrastructure has also grown rapidly, with connections to electricity going from 91,000 in 2006 to 215,000 in 2011. Rwanda wants to achieve Middle Income Country status by 2035 and High-Income Country status by 2050.
Existing foreign investment is concentrated in commercial establishments, mining, tea, coffee, and tourism. Minimum wage and social security regulations are in force, and the four prewar independent trade unions are back in operation. The largest union, CESTRAR, was created as an organ of the government but became fully independent with the political reforms introduced by the 1991 constitution.
In 2016, Rwanda was ranked 42nd and second best country in Africa to do business in the Mara Foundation-The Ashish J Thakkar Global Entrepreneurship Index report.
However, a recent research in the UK-based political science journal, Review of African Political Economy, indicates that economic growth may be slower than what official figures suggest. Researchers stated that average consumption per household closely followed growth in GDP per capita from 2000 to 2005, but diverged afterwards when average consumption per household stagnated despite huge improvements in GDP per capita from 2005 to 2013.

Agriculture and primary resources

Crops grown in the country include coffee, tea, pyrethrum, bananas, beans, sorghum and potatoes. Coffee and tea are the major cash crops for export, with the high altitudes, steep slopes and volcanic soils providing favourable conditions. Reliance on agricultural exports makes Rwanda vulnerable to shifts in their prices.
In 2019 agriculture accounted for 29% of the economy of Rwanda.
Rwanda produced in 2019: Bananas, pineapples, tea, coffee, and tobacco are high-value, export-oriented products.

2.6 million tonnes of banana;
1.2 million tonnes of sweet potato;
1.1 million tonnes of cassava;
973 thousand tonnes of potato;
484 thousand tonnes of beans;
421 thousand tonnes of maize;
256 thousand tonnes of pumpkin;
171 thousand tonnes of taro;
159 thousand tonnes of sorghum;
131 thousand tonnes of rice;
114 thousand tonnes of sugarcane;
105 thousand tonnes of tomato;
36 thousand tonnes of pineapple;
31 thousand tonnes of tea;
29 thousand tonnes of coffee;
5.4 thousand tonnes of tobacco;

Rwanda's economy suffered heavily during the 1994 Genocide, with widespread loss of life, failure to maintain the infrastructure, looting, and neglect of important cash crops. This caused a large drop in GDP and destroyed the country's ability to attract private and external investment. The economy has since strengthened, with per-capita GDP estimated at $2,225 in 2018, compared with $416 in 1994.
Major export markets include China, Germany, and the United States. The economy is managed by the central National Bank of Rwanda and the currency is the Rwandan franc; in June 2010, the exchange rate was 588 francs to the United States dollar. Rwanda joined the East African Community in 2007 and there were plans for a common East African shilling, which it had been hoped would be in place by 2015, but have not yet reached fruition.
Rwanda is a country of few natural resources, and the economy is based mostly on subsistence agriculture by local farmers using simple tools. An estimated 90% of the working population farms, and agriculture comprised an estimated 42.0% of GDP in 2010. Since the mid-1980s, farm sizes and food production have been decreasing, due in part to the resettlement of displaced people. Despite Rwanda's fertile ecosystem, food production often does not keep pace with population growth, and food imports are required.
Agricultural animals raised in Rwanda include cows, goats, sheep, pigs, chicken, and rabbits, with geographical variation in the numbers of each. Production systems are mostly traditional, although there are a few intensive dairy farms around Kigali. Shortages of land and water, insufficient and poor-quality feed, and regular disease epidemics with insufficient veterinary services are major constraints that restrict output. A "One Cow per Poor Family Programme", implemented in 2006, distributed 341,065 cows in 2018.
Fishing takes place on the country's lakes, but stocks are very depleted, and live fish are being imported in an attempt to revive the industry.

Mining

Rwanda's mining industry is an important contributor, generating US$93 million in 2008. Minerals mined include cassiterite, wolframite, sapphires, gold, and coltan, which is used in the manufacture of electronic and communication devices such as mobile phones.
Production of methane from Lake Kivu began in 1983, but to date has been used only by the Bralirwa Brewery.
In 2019, the country was the 7th largest world producer of tungsten and the 12th largest world producer of tin.

Energy and electrification

Rwanda has made tremendous strides in improving electrification in the 21st century. A great number of new areas has become electrified through an expansion of infrastructure.
Depletion of the forests will eventually pressure Rwandans to turn to fuel sources other than charcoal for cooking and heating. Given the abundance of mountain streams and lakes, the potential for hydroelectric power is substantial. Rwanda is exploiting these natural resources through joint hydroelectric projects with Burundi and the Democratic Republic of the Congo.

Manufacturing

Rwanda's manufacturing sector is dominated by the production of import substitutes for internal consumption. The larger enterprises produce beer, soft drinks, cigarettes, hoes, wheelbarrows, soap, mattresses, plastic pipe, roofing materials, and bottled water. Other products manufactured include agricultural products, small-scale beverages, soap, furniture, shoes, cement, plastic goods, textiles and cigarettes.

Financial services

Rwanda is positioning itself as a regional hub for financial services through the Kigali International Financial Centre. The Rwanda Stock Exchange serves as the principal capital market, with a market capitalization of approximately FRW 4.6 trillion as of 2025.
The banking sector is regulated by the National Bank of Rwanda. The sector is dominated by a mix of local and regional commercial banks, namely Bank of Kigali, I&M Bank Rwanda, BPR Bank Rwanda, Equity Bank Rwanda, and Ecobank. The Bank of Kigali remains the largest bank in Rwanda by asset size and market share, controlling approximately 33% of the banking sector's total assets as of 2024.
Rwanda enjoys the presence of a number of high-profile accounting firms. Major international networks such as PwC, KPMG, and EY maintain active offices in Kigali and are responsible for auditing the majority of large financial institutions. As of 2025, other major networks operating in the country include BDO, Grant Thornton International, and PKF International, which are fully licensed by the Institute of Certified Public Accountants of Rwanda.

Tourism and services

Rwanda's service sector suffered during the late-2000s recession as banks reduced lending and foreign aid projects and investment were reduced. The sector rebounded in 2010, becoming the country's largest sector by economic output and contributing 43.6% of the country's GDP. Key tertiary contributors include banking and finance, wholesale and retail trade, hotels and restaurants, transport, storage, communication, insurance, real estate, business services and public administration including education and health.
Tourism is one of the fastest-growing economic resources and became the country's leading foreign exchange earner in 2011. In spite of the genocide's legacy, the country is increasingly perceived internationally as a safe destination; The Directorate of Immigration and Emigration recorded 405,801 people visiting the country between January and June 2011; 16% of these arrived from outside Africa. Revenue from tourism was US$115,600,000 between January and June 2011; holidaymakers contributed 43% of this revenue, despite being only 9% of the numbers.
Rwanda is one of only two countries in which mountain gorillas can be visited safely; gorilla tracking in the Volcanoes National Park attracts thousands of visitors per year, who are prepared to pay high prices for permits. Other attractions include: Nyungwe Forest, home to chimpanzees, Ruwenzori colobus and other primates, the resorts of Lake Kivu, and Akagera, a small savanna reserve in the east of the country.
Rwanda's tourism is centred on the attractions of Volcanoes National Park with its five volcanoes and the protected population of mountain gorillas made famous by Dian Fossey. Additionally, tourism is drawn to east-central Africa's largest protected wetland, Akagera National Park, with its populations of Big 5, hippopotami, Cape buffalo, zebras, elephants, and elands. Birdwatching is also a major draw, especially in Nyungwe National Park, one of the largest uncut forest reserves in Africa, home to over 300 bird species and a vast variety of wildlife.
Several memorial sites associated with the Rwandan genocide have begun to generate significant dark tourism. For example, the Gisozi Genocide Memorial Site in the Gasabo District of Kigali—the burial place of approximately 300,000 victims of the genocide—has a related genocide exhibition area and library and has plans to develop a teaching centre on the history of the genocide. Another major genocide-related memorial centre attracting tourists is the Murambi Genocide Memorial Site housed in the former Murambi Technical School where 45,000 people were murdered and 850 skeletons and mummified remains of the victims are on display.
Two other major memorial sites associated with the genocide are in Kicukiro District: Rebero Genocide Memorial Site where 14,400 victims are buried and the Nyanza-Kicukiro Genocide Memorial Site where 5,000 victims were killed after Belgian soldiers who serving in the United Nations peacekeeping forces abandoned them. In Kibungo Province, the site of the Nyarubuye Massacre is home to the Nyarubuye Genocide Memorial Site where an estimated 20,000 victims were killed after seeking refuge in the Roman Catholic church and homes of the nuns and priest there.

Historical statistics

GDP per capita (nominal)

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bar:1985 from:000 till: 364
bar:1986 from:000 till: 399
bar:1987 from:000 till: 428
bar:1988 from:000 till: 442
bar:1989 from:000 till: 447
bar:1990 from:000 till: 417
bar:1991 from:000 till: 298
bar:1992 from:000 till: 317
bar:1993 from:000 till: 325
bar:1994 from:000 till: 223
bar:1995 from:000 till: 245
bar:1996 from:000 till: 268
bar:1997 from:000 till: 345
bar:1998 from:000 till: 338
bar:1999 from:000 till: 284
bar:2000 from:000 till: 266
bar:2001 from:000 till: 248
bar:2002 from:000 till: 242
bar:2003 from:000 till: 257
bar:2004 from:000 till: 277
bar:2005 from:000 till: 334
bar:2006 from:000 till: 368
bar:2007 from:000 till: 442
bar:2008 from:000 till: 545
bar:2009 from:000 till: 585
bar:2010 from:000 till: 612
bar:2011 from:000 till: 674
bar:2012 from:000 till: 730
bar:2013 from:000 till: 728
bar:2014 from:000 till: 749
bar:2015 from:000 till: 758
bar:2016 from:000 till: 753
bar:2017 from:000 till: 783
bar:2018 from:000 till: 797
bar:2019 from:000 till: 836
bar:2020 from:000 till: 803
bar:2021 from:000 till: 854
bar:2022 from:000 till: 1005
bar:2023 from:000 till: 1061
bar:2024 from:000 till: 1028
bar:2025 from:000 till: 1042
bar:2026
bar:2027
bar:2028
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bar:1983 at:339 fontsize:S text:339 shift:
bar:1984 at:317 fontsize:S text:317 shift:
bar:1985 at:364 fontsize:S text:364 shift:
bar:1986 at:399 fontsize:S text:399 shift:
bar:1987 at:428 fontsize:S text:428 shift:
bar:1988 at:442 fontsize:S text:442 shift:
bar:1989 at:447 fontsize:S text:447 shift:
bar:1990 at:417 fontsize:S text:417 shift:
bar:1991 at:298 fontsize:S text:298 shift:
bar:1992 at:317 fontsize:S text:317 shift:
bar:1993 at:325 fontsize:S text:325 shift:
bar:1994 at:223 fontsize:S text:223 shift:
bar:1995 at:245 fontsize:S text:245 shift:
bar:1996 at:268 fontsize:S text:268 shift:
bar:1997 at:345 fontsize:S text:345 shift:
bar:1998 at:338 fontsize:S text:338 shift:
bar:1999 at:284 fontsize:S text:284 shift:
bar:2000 at:266 fontsize:S text:266 shift:
bar:2001 at:248 fontsize:S text:248 shift:
bar:2002 at:242 fontsize:S text:242 shift:
bar:2003 at:257 fontsize:S text:257 shift:
bar:2004 at:277 fontsize:S text:277 shift:
bar:2005 at:334 fontsize:S text:334 shift:
bar:2006 at:368 fontsize:S text:368 shift:
bar:2007 at:442 fontsize:S text:442 shift:
bar:2008 at:545 fontsize:S text:545 shift:
bar:2009 at:585 fontsize:S text:585 shift:
bar:2010 at:612 fontsize:S text:612 shift:
bar:2011 at:674 fontsize:S text:674 shift:
bar:2012 at:730 fontsize:S text:730 shift:
bar:2013 at:728 fontsize:S text:728 shift:
bar:2014 at:749 fontsize:S text:749 shift:
bar:2015 at:758 fontsize:S text:758 shift:
bar:2016 at:753 fontsize:S text:753 shift:
bar:2017 at:783 fontsize:S text:783 shift:
bar:2018 at:797 fontsize:S text:797 shift:
bar:2019 at:836 fontsize:S text:836 shift:
bar:2020 at:803 fontsize:S text:803 shift:
bar:2021 at:854 fontsize:S text:854 shift:
bar:2022 at:1005 fontsize:S text:1,005 shift:
bar:2023 at:1061 fontsize:S text:1,061 shift:
bar:2024 at:1028 fontsize:S text:1,028 shift:
bar:2025 at:1042 fontsize:S text:1,042 shift:
bar:2026
bar:2027
bar:2028
bar:2029
bar:2030

'''Source: International Monetary Fund '''

GDP per capita (PPP)

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bar:2019 text:2019
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bar:2024 text:2024
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bar:2027 text:2027
bar:2028 text:2028
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bar:2030 text:2030

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bar:1981 from:000 till: 454
bar:1982 from:000 till: 453
bar:1983 from:000 till: 481
bar:1984 from:000 till: 550
bar:1985 from:000 till: 572
bar:1986 from:000 till: 596
bar:1987 from:000 till: 588
bar:1988 from:000 till: 590
bar:1989 from:000 till: 559
bar:1990 from:000 till: 569
bar:1991 from:000 till: 546
bar:1992 from:000 till: 595
bar:1993 from:000 till: 582
bar:1994 from:000 till: 372
bar:1995 from:000 till: 501
bar:1996 from:000 till: 576
bar:1997 from:000 till: 643
bar:1998 from:000 till: 646
bar:1999 from:000 till: 611
bar:2000 from:000 till: 659
bar:2001 from:000 till: 713
bar:2002 from:000 till: 800
bar:2003 from:000 till: 813
bar:2004 from:000 till: 866
bar:2005 from:000 till: 955
bar:2006 from:000 till: 1051
bar:2007 from:000 till: 1137
bar:2008 from:000 till: 1247
bar:2009 from:000 till: 1306
bar:2010 from:000 till: 1376
bar:2011 from:000 till: 1487
bar:2012 from:000 till: 1601
bar:2013 from:000 till: 1665
bar:2014 from:000 till: 1756
bar:2015 from:000 till: 1884
bar:2016 from:000 till: 1968
bar:2017 from:000 till: 2033
bar:2018 from:000 till: 2195
bar:2019 from:000 till: 2412
bar:2020 from:000 till: 2357
bar:2021 from:000 till: 2815
bar:2022 from:000 till: 3190
bar:2023 from:000 till: 3510
bar:2024 from:000 till: 3814
bar:2025 from:000 till: 4103
bar:2026
bar:2027
bar:2028
bar:2029
bar:2030

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bar:1981 at:454 fontsize:S text:454 shift:
bar:1982 at:453 fontsize:S text:453 shift:
bar:1983 at:481 fontsize:S text:481 shift:
bar:1984 at:550 fontsize:S text:550 shift:
bar:1985 at:572 fontsize:S text:572 shift:
bar:1986 at:596 fontsize:S text:596 shift:
bar:1987 at:588 fontsize:S text:588 shift:
bar:1988 at:590 fontsize:S text:590 shift:
bar:1989 at:559 fontsize:S text:559 shift:
bar:1990 at:569 fontsize:S text:569 shift:
bar:1991 at:546 fontsize:S text:546 shift:
bar:1992 at:595 fontsize:S text:595 shift:
bar:1993 at:582 fontsize:S text:582 shift:
bar:1994 at:372 fontsize:S text:372 shift:
bar:1995 at:501 fontsize:S text:501 shift:
bar:1996 at:576 fontsize:S text:576 shift:
bar:1997 at:643 fontsize:S text:643 shift:
bar:1998 at:646 fontsize:S text:646 shift:
bar:1999 at:611 fontsize:S text:611 shift:
bar:2000 at:659 fontsize:S text:659 shift:
bar:2001 at:713 fontsize:S text:713 shift:
bar:2002 at:800 fontsize:S text:800 shift:
bar:2003 at:813 fontsize:S text:813 shift:
bar:2004 at:866 fontsize:S text:866 shift:
bar:2005 at:955 fontsize:S text:955 shift:
bar:2006 at:1051 fontsize:S text:1,051 shift:
bar:2007 at:1137 fontsize:S text:1,137 shift:
bar:2008 at:1247 fontsize:S text:1,247 shift:
bar:2009 at:1306 fontsize:S text:1,306 shift:
bar:2010 at:1376 fontsize:S text:1,376 shift:
bar:2011 at:1487 fontsize:S text:1,487 shift:
bar:2012 at:1601 fontsize:S text:1,601 shift:
bar:2013 at:1665 fontsize:S text:1,665 shift:
bar:2014 at:1756 fontsize:S text:1,756 shift:
bar:2015 at:1884 fontsize:S text:1,884 shift:
bar:2016 at:1968 fontsize:S text:1,968 shift:
bar:2017 at:2033 fontsize:S text:2,033 shift:
bar:2018 at:2195 fontsize:S text:2,195 shift:
bar:2019 at:2412 fontsize:S text:2,412 shift:
bar:2020 at:2357 fontsize:S text:2,357 shift:
bar:2021 at:2815 fontsize:S text:2,815 shift:
bar:2022 at:3190 fontsize:S text:3,190 shift:
bar:2023 at:3510 fontsize:S text:3,510 shift:
bar:2024 at:3814 fontsize:S text:3,814 shift:
bar:2025 at:4103 fontsize:S text:4,103 shift:
bar:2026
bar:2027
bar:2028
bar:2029
bar:2030

Source: International Monetary Fund
The following table shows the main economic indicators in 1980–2023.

Year	GDP	GDP per capita	GDP	GDP growth	Inflation	Government debt
1980	2.11	453	1.49	−3.6 %	7.2%	...
1985	3.66	643	2.20	5.5%	−1.1 %	...
1990	3.96	614	2.95	0.4%	4.2%	...
1995	2.96	541	1.47	24.5%	56.0%	120%
2000	5.00	667	2.05	8.4%	3.9%	103%
2005	8.28	938	2.94	9.4%	9.1%	67%
2006	9.32	1,036	3.32	9.2%	8.8%	24%
2007	10.30	1,120	4.07	7.6%	9.1%	24%
2008	11.68	1,229	5.18	11.2%	15.4%	19%
2009	12.50	1,289	5.68	6.3%	10.3%	20%
2010	13.58	1,356	6.12	7.3%	2.3%	20%
2011	14.94	1,465	6.89	8.0%	5.7%	20%
2012	15.71	1,499	7.65	8.6%	6.3%	20%
2013	16.70	1,555	7.82	4.7%	4.2%	27%
2014	18.93	1,721	8.24	6.2%	1.8%	29%
2015	20.53	1,823	8.55	8.9%	2.5%	33%
2016	21.98	1,905	8.70	6.0%	5.7%	37%
2017	23.67	2,004	9.25	3.9%	4.8%	41%
2018	26.30	2,176	9.64	8.5%	1.4%	45%
2019	29.31	2,369	10.35	9.5%	2.4%	50%
2020	28.69	2,265	10.17	−3.4 %	7.7%	66%
2021	33.24	2,566	11.05	10.9%	0.8%	67%
2022	38.47	2,904	13.31	8.2%	13.9%	61%
2023	42.34	3,137	13.93	6.2%	14.5%	63%