Country Snapshot

Population (2019, millions)¹12.62
Population Projections (2030, millions)¹16.23
CapitalKigali
Surface Area (km²)²26,340
Weather¹¹In Kigali: Average annual temperature, 19°C; average monthly rainfall, 85 mm
Languages³Official: Kinyarwanda, French and English - Others: Swahili and others
Main Religions³Main:  Protestant, Roman Catholic, - Others: Muslim, others and none
Time⁴Central Africa Time (CAT) +0200 UTC
Driving Orientation⁵Right Side
Internet Country Code⁶.rw
Country Calling Code+250
Plug, Socket and Voltage⁷ Type C and J - 230V/50Hz
CurrencyRwandan Franc (RWF) - 1/100 = Centime
Exchange Rate (As of 4 February 2019 , per USD)⁸885.00 (buy rate)
GDP at Market Prices (2018, current, billions of USD)⁹9.5
GDP Growth (2018, annual %)⁹8.67
Average GDP Growth (2014-2018, annual %)⁹7.44
GDP per Capita, PPP (2018, current international $)⁹2,253
Inflation, Consumer Prices (2018, annual %)⁹(0.31)
Average Inflation, Consumer Prices (2014-2018, annual %)⁹4
Total Reserves in Months of Imports (2018)⁹3.15

Sources:

¹United Nations Population Division, Department of Economic and Social Affairs.
²COMESA Statistics, COMESTAT Data Hub.
³CIA World Factbook.
⁴Time and Date Portal.
⁵Chartsbin Portal, "Worldwide Driving Orientation by Country".
⁶Wikipedia, "List of Internet top-level domains"; and, Internet Assigned Numbers Authority, Root Zone Database.
⁷International Electrotechnical Commission, World Plugs.
⁸The National Bank of Rwanda.
⁹World Bank, World Development Indicators 2019.
¹¹Economist Intelligence Unit.

Reasons to Invest in Rwanda

Source: Rwanda Development Board - RDB. 

Population

Population Projections (millions)

Population (2019)12.62
Population Projections (2030)16.23

Source: United Nations Population Division, Department of Economic and Social Affairs.

Population Residing in Urban Areas (%)

Population Projections (2019)17.31
Percentage of Population Residing in Urban Areas (2030)19.61

Source: United Nations Population Division, Department of Economic and Social Affairs.

Youth Literacy Rates (2017, %)

Youth Literacy Rate, Population 15-24 Years, Both Sexes 86.49
Youth Literacy Rate, Population 15-24 Years, Female 88.5
Youth Literacy Rate, Population 15-24 Years, Male 84.32

Source: United Nations Educational, Scientific and Cultural Organization, UNESCO Institute of Statistics.

Labour

Unemployment (2018, % of Total Labour Force)

Unemployment, Total 0.97
Unemployment, Female 0.99
Unemployment, Male 0.94

Source: World Bank, World Development Indicators 2019.

Labour Force (2017, % of Ages 15+)

Labour Force Participation Rate, Total 83.88
Labour Force Participation Rate, Female 84.17
Labour Force Participation Rate, Male83.57
Labour Force, Total (number)6,193,988

Source: World Bank, World Development Indicators 2019.

Economy - Overview

GDP

20142015201620172018
GDP at Market Prices (current, billions of USD)8.018.278.479.139.5
GDP Growth (annual %)7.628.865.986.058.67

Source: World Bank, World Development Indicators 2019.

Value Added by Sector (% of GDP)

20182019
Agriculture37.2837.40
Manufacturing 7.527.52
Industry 21.3321.23
Services  60.4060.36
Construction 8.788.69
Electricity, gas and water 2.002.03
Mining and quarrying 3.022.99
Education 3.323.26
Finance, real estate and business services  25.3725.40
Public administration and Defense  6.116.11
Health and Social Work  2.862.83
Other services  6.256.39
Transport, storage and communication  6.746.68
Wholesale and retail trade, hotels and restaurants9.759.68

Source: AFDB Socio Economic Database.

Trade Profile

Import Partners (USD ‘000)

 20142015201620172018
World1,750,4821,729,4531,533,2322,616,1902,626,389
China352,221334,440328,679488,068510,534
United Arab Emirates112,52888,49480,836274,943256,771
India159,056163,035117,326244,781245,283
Uganda233,822204,594170,041184,504212,796
Kenya163,739131,479121,320141,221143,853

Source: COMTRADE Statistics.

Export Partners (USD ‘000)

 20142015201620172018
World651,775591,362620,150968,2381,085,419
Congo DR131,622132,087157,110222,927272,712
United Arab Emirates11,05534,03985,975252,100237,946
Kenya67,72694,63885,654104,063102,790
Congo DR60,23860,34343,95262,67064,793
Switzerland75,98852,85054,14665,30260,742

Source: COMTRADE Statistics.

Rwanda’s Top Import Products (USD ‘000)

ChapterDescription20142015201620172018
 All products       1,750,482        1,729,453        1,533,232        2,616,190        2,626,389 
27Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes            75,291             30,392             21,261           362,861           428,515 
85Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles          248,160           252,556           252,130           298,947           284,253 
84Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof          152,535           214,892           146,472           239,052           249,894 
87Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof            96,461           112,955           124,814           209,852           167,997 
10Cereals            84,708             65,778             72,747           156,341           151,599 

Source: COMTRADE Statistics.

Rwanda’s Top Export Products (USD ‘000)

ChapterDescription20142015201620172018
 All products        651,775         591,362         620,150         968,238     1,085,419 
71Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewelry; coin            7,847           30,176           80,034         241,619         284,739 
09Coffee, tea, mate and spices        118,278         131,542         133,507         154,777         166,974 
27Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes        103,232           89,815         109,294         157,705         162,964 
26Ores, slag and ash        202,033         118,361           86,736         123,504         143,468 
15Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes          12,548           20,637           26,114           28,678           41,226 

Source: COMTRADE Statistics.

Investment Profile

FDI Inflows (millions of USD)

Year20142015201620172018
FDI Inflows 459  380 342 356 398 

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inward Stock (millions of USD)

Year20142015201620172018
FDI Inward Stock 1,152 1,402 1,680 1,959 2,265 

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outward Stock (millions of USD)

Year20142015201620172018
FDI Outward Stock28 28 28 44 61 

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inflows Main Source Countries (in terms of number of projects)

Kenya, Uganda, United States, India, South Africa, Tanzania, UAE, China, Nigeria, and Luxembourg.

Source: Financial Times, fDi Markets, 2018

FDI Inflows Main Sectors (in terms of number of projects)

Financial Services, Communications, Business Services, Food & Tobacco, Hotels & Tourism, Coal, Oil and Natural Gas, Healthcare, Software & IT services, Metals, and Real Estate.

Source: Financial Times, fDi Markets, 2018

FDI Inflows Main Companies (in terms of number of projects)

Kenya Commercial Bank (KCB), Access Bank Rwanda, Equity Bank Rwanda, Car and General, STEG International Services, Techno Brain, MTN Rwanda, Uchumi Supermarkets, Hakkan Mining and Generation Industry and Trade, and Fina Bank.

Source: Financial Times, fDi Markets, 2018

Doing Business

Overall Doing Business Ranking

202038/190
201929/190

Source: World Bank, Doing Business, 2020

Starting a Business

2020 Rank35/190
Procedures (number)5
Time (days)4
Cost (% of income per capita*)0.0
Paid-in Minimum Capital (% of income per capita*)0.0

*GNI per capita used: USD 780
Source: World Bank, Doing Business, 2020

Paying Taxes

Paying Taxes

2020 Rank38/190
Payments (number per year)9
Time (hours per year)91
Total Tax Rate (% of profit)33.2
       Profit Tax (% of profit) 25.7
       Labor Tax and Contributions (% of profit)6.0
       Other Taxes (% of profit)1.5

Source: World Bank, Doing Business, 2020

Trading Across Borders

2020 Rank88/190
Time to Export: Border Compliance (hours)83
Cost to Export: Border Compliance (USD)183
Time to Export: Documentary Compliance (hours) 30
Cost to Export: Documentary Compliance (USD)110
Time to Import: Border Compliance (hours) 74
Cost to Import: Border Compliance (USD) 282
Time to Import: Documentary Compliance (hours) 48
Cost to Import: Documentary Compliance (USD) 121

Assumptions:
* It is assumed that shipment travels from a warehouse in the largest business city of the exporting economy to a warehouse in the largest business city of the importing economy.
* It is assumed that each economy imports a standardized shipment of 15 metric tons of containerized auto parts (HS 8708) from its natural import partner—the economy from which it imports the largest value (price times quantity) of auto parts. It is assumed that each economy exports the product of its comparative advantage (defined by the largest export value) to its natural export partner—the economy that is the largest purchaser of this product.
* A shipment is a unit of trade. Export shipments do not necessarily need to be containerized, while import shipments of auto parts are assumed to be containerized.
* Shipping cost based on weight is assumed to be greater than shipping cost based on volume.
* If government fees are determined by the value of the shipment, the value is assumed to be $50,000.
* The mode of transport is the one most widely used for the chosen export or import product and the trading partner, as is the seaport, airport or land border crossing.
* Time is measured in hours, and 1 day is 24 hours.
* Costs do not include tariffs.
Source: World Bank, Doing Business, 2020

Investment Regime

Legal Framework

Investment Code - Investment Law, 2005.
Law Relating to Investment Promotion And Facilitation N(06/2015)

Key guarantees in terms of investment protection include:

Source: United Nations Conference on Trade and Development, iGuide Rwanda.

Investment Incentives

Tax Incentives

Other Incentives

Source: Deloitte, Guide to Fiscal Information, Key Economies in Africa 2018 and KPMG, Rwanda Fiscal Guide 2017/18.