Economy of Rwanda

Currency:                    Rwandan Franc (RWF)

Fiscal Year:                From July 1 to June 30

Trade Organisations:  The East African Community (EAC), Common Market for Eastern and  Southern Africa (COMESA), African Continental Free Trade Area, Everything but Arms agreement, AGOA free trade agreement, and World Trade Organisation (WTO)


Statistics:

GDP Growth:              USD 9.1B

GDP per Capita:         USD 787 (2018)

GDP per sector:         Agriculture: 29%, Industry: 16%, services: 48% (2018)

Credit Rating:            B+ (S&P),  B+ (Fitch)

Population:                12.6M 

Literacy rate:              68%

Life expectancy:        From 64.5 years in 2012 to 67 years in 2018

Unemployment:         14.5%

Main industries:        ICT, agricultural products, energy, mining

Time to register a business: 6 hours

Exports:                      US$ 702 Million (2018)

Export goods:            coffee, tea, hides, tin, ore

Main export partners: Switzerland, Democratic Republic of Congo, China, and Uganda

Imports:                      US$ 2,970 Million (2018)

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 EU

Sources: NISR, BNR,  World Bank, Fitch, S&P (As of March, 2019)


1. National Institute of Statistics of Rwanda (NISR)

The National Institute of Statistics of Rwanda (NISR) was created in October 2005 as an independent institution out of the former Department of Statistics in the Ministry of Finance and Economic Planning (MINECOFIN) and the National Service of Census.

Website: http://www.statistics.gov.rw/

2. 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: http://www.minecofin.gov.rw/index.php?id=2

3. 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: https://www.bnr.rw/home/

4. 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

 5. 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