Country Snapshot

Population (2019, millions)¹ 12.62
Population Projections (2030, millions)¹ 16.23
Capital Kigali
Surface Area (km²)² 26,340
Weather¹¹ In Kigali: Average annual temperature, 19°C; average monthly rainfall, 85 mm
Languages³ Official: Kinyarwanda, French and English – Others: Swahili and others
Main Religions³ Main:  Protestant, Roman Catholic, – Others: Muslim, others and none
Time⁴ Central Africa Time (CAT) +0200 UTC
Driving Orientation⁵ Right Side
Internet Country Code⁶ .rw
Country Calling Code +250
Plug, Socket and Voltage⁷ Type C and J – 230V/50Hz
Currency Rwandan Franc (RWF) – 1/100 = Centime
Exchange Rate (As of 4 February 2019 , per USD)⁸ 885.00 (buy rate)
GDP at Market Prices (2018, current, billions of USD)⁹ 9.5
GDP Growth (2018, annual %)⁹ 8.67
Average GDP Growth (2014-2018, annual %)⁹ 7.44
GDP per Capita, PPP (2018, current international $)⁹ 2,253
Inflation, Consumer Prices (2018, annual %)⁹ (0.31)
Average Inflation, Consumer Prices (2014-2018, annual %)⁹ 4
Total Reserves in Months of Imports (2018)⁹ 3.15

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, Male 83.57
Labour Force, Total (number) 6,193,988

Source: World Bank, World Development Indicators 2019.

Economy Overview

GDP

2014 2015 2016 2017 2018
GDP at Market Prices (current, billions of USD) 8.01 8.27 8.47 9.13 9.5
GDP Growth (annual %) 7.62 8.86 5.98 6.05 8.67

Source: World Bank, World Development Indicators 2019.

Value Added by Sector (% of GDP)

2018 2019
Agriculture 37.28 37.40
Manufacturing 7.52 7.52
Industry 21.33 21.23
Services 60.40 60.36
Construction 8.78 8.69
Electricity, gas and water 2.00 2.03
Mining and quarrying 3.02 2.99
Education 3.32 3.26
Finance, real estate and business services 25.37 25.40
Public administration and Defense 6.11 6.11
Health and Social Work 2.86 2.83
Other services 6.25 6.39
Transport, storage and communication 6.74 6.68
Wholesale and retail trade, hotels and restaurants 9.75 9.68

Source: AFDB Socio Economic Database.

Trade Profile

Import Partners (USD ‘000)

2014 2015 2016 2017 2018
World 1,750,482 1,729,453 1,533,232 2,616,190 2,626,389
China 352,221 334,440 328,679 488,068 510,534
United Arab Emirates 112,528 88,494 80,836 274,943 256,771
India 159,056 163,035 117,326 244,781 245,283
Uganda 233,822 204,594 170,041 184,504 212,796
Kenya 163,739 131,479 121,320 141,221 143,853

Source: COMTRADE Statistics.

Export Partners (USD ‘000)

2014 2015 2016 2017 2018
World 651,775 591,362 620,150 968,238 1,085,419
Congo DR 131,622 132,087 157,110 222,927 272,712
United Arab Emirates 11,055 34,039 85,975 252,100 237,946
Kenya 67,726 94,638 85,654 104,063 102,790
Congo DR 60,238 60,343 43,952 62,670 64,793
Switzerland 75,988 52,850 54,146 65,302 60,742

Source: COMTRADE Statistics.

Rwanda’s Top Import Products (USD ‘000)

Chapter Description 2014 2015 2016 2017 2018
All products 1,750,482  1,729,453  1,533,232  2,616,190  2,626,389
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 75,291 30,392 21,261 362,861 428,515
85 Electrical 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
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 152,535 214,892 146,472 239,052 49,894
87 Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof 96,461 112,955 124,814 209,852 167,997
10 Cereals 84,708 65,778 72,747 156,341 151,599

Source: COMTRADE Statistics.

Rwanda’s Top Export Products (USD ‘000)

Chapter Description 2014 2015 2016 2017 2018
All products 651,775 591,362 620,150 968,238 1,085,419
71 Natural 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
09 Coffee, tea, mate and spices 118,278 131,542 133,507 154,777 166,974
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 103,232 89,815 109,294 157,705 162,964
26 Ores, slag and ash 202,033 118,361 86,736 123,504 143,468
15 Animal 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)

Year 2014 2015 2016 2017 2018
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)

Year 2014 2015 2016 2017 2018
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)

Year 2014 2015 2016 2017 2018
FDI Outward Stock 28 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

2020 38/190
2019 29/190

Source: World Bank, Doing Business, 2020

Starting a Business

2020 Rank 35/190
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 Rank 38/190
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 Rank 88/190
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

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.

Country Snapshot

Population (2019, millions)¹ 12.62
Population Projections (2030, millions)¹ 16.23
Capital Kigali
Surface Area (km²)² 26,340
Weather¹¹ In Kigali: Average annual temperature, 19°C; average monthly rainfall, 85 mm
Languages³ Official: Kinyarwanda, French and English – Others: Swahili and others
Main Religions³ Main:  Protestant, Roman Catholic, – Others: Muslim, others and none
Time⁴ Central Africa Time (CAT) +0200 UTC
Driving Orientation⁵ Right Side
Internet Country Code⁶ .rw
Country Calling Code +250
Plug, Socket and Voltage⁷ Type C and J – 230V/50Hz
Currency Rwandan Franc (RWF) – 1/100 = Centime
Exchange Rate (As of 4 February 2019 , per USD)⁸ 885.00 (buy rate)
GDP at Market Prices (2018, current, billions of USD)⁹ 9.5
GDP Growth (2018, annual %)⁹ 8.67
Average GDP Growth (2014-2018, annual %)⁹ 7.44
GDP per Capita, PPP (2018, current international $)⁹ 2,253
Inflation, Consumer Prices (2018, annual %)⁹ (0.31)
Average Inflation, Consumer Prices (2014-2018, annual %)⁹ 4
Total Reserves in Months of Imports (2018)⁹ 3.15

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, Male 83.57
Labour Force, Total (number) 6,193,988

Source: World Bank, World Development Indicators 2019.

Economy Overview

GDP

2014 2015 2016 2017 2018
GDP at Market Prices (current, billions of USD) 8.01 8.27 8.47 9.13 9.5
GDP Growth (annual %) 7.62 8.86 5.98 6.05 8.67

Source: World Bank, World Development Indicators 2019.

Value Added by Sector (% of GDP)

2018 2019
Agriculture 37.28 37.40
Manufacturing 7.52 7.52
Industry 21.33 21.23
Services 60.40 60.36
Construction 8.78 8.69
Electricity, gas and water 2.00 2.03
Mining and quarrying 3.02 2.99
Education 3.32 3.26
Finance, real estate and business services 25.37 25.40
Public administration and Defense 6.11 6.11
Health and Social Work 2.86 2.83
Other services 6.25 6.39
Transport, storage and communication 6.74 6.68
Wholesale and retail trade, hotels and restaurants 9.75 9.68

Source: AFDB Socio Economic Database.

Trade Profile

Import Partners (USD ‘000)

2014 2015 2016 2017 2018
World 1,750,482 1,729,453 1,533,232 2,616,190 2,626,389
China 352,221 334,440 328,679 488,068 510,534
United Arab Emirates 112,528 88,494 80,836 274,943 256,771
India 159,056 163,035 117,326 244,781 245,283
Uganda 233,822 204,594 170,041 184,504 212,796
Kenya 163,739 131,479 121,320 141,221 143,853

Source: COMTRADE Statistics.

Export Partners (USD ‘000)

2014 2015 2016 2017 2018
World 651,775 591,362 620,150 968,238 1,085,419
Congo DR 131,622 132,087 157,110 222,927 272,712
United Arab Emirates 11,055 34,039 85,975 252,100 237,946
Kenya 67,726 94,638 85,654 104,063 102,790
Congo DR 60,238 60,343 43,952 62,670 64,793
Switzerland 75,988 52,850 54,146 65,302 60,742

Source: COMTRADE Statistics.

Rwanda’s Top Import Products (USD ‘000)

Chapter Description 2014 2015 2016 2017 2018
All products 1,750,482  1,729,453  1,533,232  2,616,190  2,626,389
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 75,291 30,392 21,261 362,861 428,515
85 Electrical 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
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 152,535 214,892 146,472 239,052 49,894
87 Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof 96,461 112,955 124,814 209,852 167,997
10 Cereals 84,708 65,778 72,747 156,341 151,599

Source: COMTRADE Statistics.

Rwanda’s Top Export Products (USD ‘000)

Chapter Description 2014 2015 2016 2017 2018
All products 651,775 591,362 620,150 968,238 1,085,419
71 Natural 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
09 Coffee, tea, mate and spices 118,278 131,542 133,507 154,777 166,974
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 103,232 89,815 109,294 157,705 162,964
26 Ores, slag and ash 202,033 118,361 86,736 123,504 143,468
15 Animal 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)

Year 2014 2015 2016 2017 2018
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)

Year 2014 2015 2016 2017 2018
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)

Year 2014 2015 2016 2017 2018
FDI Outward Stock 28 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

2020 38/190
2019 29/190

Source: World Bank, Doing Business, 2020

Starting a Business

2020 Rank 35/190
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 Rank 38/190
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 Rank 88/190
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

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.