With an average GDP growth rate of 5.8% per year between 2001 and 2015, and a declining poverty rate, Rwanda has made impressive development since the collapse of the nation’s economy in the infamous 1994 Genocide. The growth rate of the economy is predicted to continue expanding by an average of 7.5% each year through 2020. Rwanda was ranked 32nd in the world and 2nd in Africa in 2013 for ease of doing business, and the country continues to focus on reform in the commercial sector.
Challenges in the business climate include insecurity and instability in neighboring countries, a shortage of skilled labor and high levels of unemployment. As a landlocked country, the costs Rwanda faces for the import and export of goods are among the highest in the world. In addition, the economy of Rwanda is heavily dependent on agriculture, with about 90% of its 12 million residents engaged in agriculture. Another important industry is mining, and key minerals include casseterite (tin), coltan, and gold. Rwanda’s tourism industry accounts for most of its foreign exchange earnings, and it continues to expand as a result of the nation’s developing road and aviation infrastructure.
For more details on Doing Business in Rwanda, read the Rwanda Country Commercial Guide, at this link: Country Commercial Guide.
Population: 11.7 million
GDP: $7.5 billion
GDP: $1,700 (2014 est.)
U.S. exports to Rwanda (2013): USD 25.2 million
Rwanda exports to U.S. (2013): USD 24.4 million
Mike D. Lurie
Economic & Commercial Officer
U.S. Embassy Kigali
Office: +252 596-400, Ext: 2538
Mobile +250 (0) 788-304-334