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Republic of Rwanda Repubulika y'u Rwanda

Economic Growth & Jobs

ECONOMY OF RWANDA

  • Currency: Rwandan Franc (Frw)
  • Fiscal Year: From June each year to July the next year. 
  • Trade Organisations:  The East African Community (EAC), World Trade Organisation (WTO), Economic Community of Central African States (ECCAS), and Common Market for Eastern and Southern Africa (COMESA).

STATISTICS 

  • GDP: Frw 7,597 billion (2017, approx. US $8.9 million)
  • GDP Growth: 6.1% (2017)
  • GDP per Capita: US $774 (2017) 
  • GDP per sector: Agriculture: 31%, Industry: 16%, services: 46% (2017)
  • External Debt (% of GDP): 22.3% (End 2014)
  • Inflation (CPI): 2.2% (2017)
  • Credit Rating: B+ (Positive); B+ (Stable)
  • Population: 11.8M (2017)
  • Population below poverty line:  Sustained economic growth has lifted more than 1 million people out of poverty (39.1 %, 2014)
  • Literacy rate: 71%
  • Life expectancy: from 51.2 years in 2002 to 66.6 years in 2017
  • Labour Force: 6.9 million (2018)
  • Unemployment: from 16.7% in 2016 to 16% in 2018
  • Financial inclusion: from 48% in 2008 to 72% in 2012 (3rd best in Sub-Saharan Africa)
  • Mobile phones owners: from 6% in 2006 to 65% in 2014
  • Main industries: cement, agricultural products, small-scale beverages, soap, furniture, shoes, plastic goods, textiles, and cigarettes.
  • Corruption Perception Index (CPI): 4th in Africa (2015); 44th globally (2015)
  • Time to Start a Business: 6.5 days

EXPORTS 

  • Exports: US$ 1,400 Million (2014)
  • Export goods: coffee, tea, hides, tin ore
  • Value of exported goods and services: US$ 684 million (2010); US$ 1,315 million (2014)
  • Main export partners:  Kenya, Democratic Republic of Congo, China, Malaysia, United states Swaziland and Pakistan.

IMPORTS

  • 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 Europe 

1. 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: www.minecofin.gov.rw

2. 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: www.bnr.rw

3. 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

4. Ministry of Public Service and Labour (MIFOTRA)

The Ministry of Public Service and Labour was established to Strengthen Institutional and Legal framework to improve conditions of employment in Public and Private sector and enhance effectiveness and efficiency in public institutions to deliver quality service as well as develop skills and competences of public servants and leaders for effectiveness.

Website: www.mifotra.gov.rw

5. Ministry of Youth & ICT (MYICT)

The Ministry of Youth and ICT develops, coordinates, monitors, evaluates and supports the implementation of policies and strategies that promote youth development aimed at economic and social transformation and a productive and patriotic generation. The ministry is also charged with integrating and disseminating ICT through policy, strategy and action to empower both public and private sectors, in order to accelerate the transformation of Rwanda into a middle-income economy and information society by 2020.

Website: www.myict.gov.rw 

6. Public Service Commission (PSC)

The Public Service Commission is mandated to provide independent oversight on public service recruitment and appeals over grievances, to ensure public servants are selected and supported to act on the highest principles of equity, transparency, good governance and integrity. This will be achieved through identifying and promoting internal procedures based on the above-mentioned principles within all public service institutions.

Website: www.psc.gov.rw

7. 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


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