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Economy of Kuwait vs Rwanda compared: GDP & Debt

Updated on by Georank team

Kuwait has a GDP of $160B compared to $14.3B for Rwanda, ranking 59/197 and 144/197 by economy size, respectively.

Kuwait has $4.68B in government debt (2.92% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Kuwait vs Rwanda GDP by year

Kuwait
Rwanda
1x
Year GDP, current $
Kuwait Rwanda
2024 $160,227,273,053 $14,251,642,235
2023 $165,384,407,116 $14,331,722,703
2022 $183,502,046,694 $13,316,161,002
2021 $148,350,671,489 $11,078,787,090
2020 $111,045,470,606 $10,174,386,857
2019 $140,856,394,861 $10,349,300,277
2018 $138,646,316,351 $9,637,904,521
2017 $120,687,539,806 $9,252,833,891
2016 $109,406,674,125 $8,695,272,058
2015 $114,585,555,689 $8,543,760,200
2014 $162,650,450,685 $8,238,966,124
2013 $174,168,116,535 $7,819,964,030
2012 $174,047,662,680 $7,654,761,050
2011 $154,039,231,246 $6,884,913,658
2010 $115,416,245,242 $6,124,756,654
2009 $105,968,691,905 $5,674,476,969
2008 $147,379,737,230 $5,179,854,065
2007 $114,634,043,362 $4,070,507,895
2006 $101,557,330,723 $3,319,784,539
2005 $80,798,630,137 $2,933,819,766
2004 $59,439,090,601 $2,376,496,067
2003 $47,874,582,232 $2,138,237,279
2002 $38,135,788,414 $1,966,003,468
2001 $34,889,559,870 $1,966,600,715
2000 $37,718,743,480 $2,068,836,754
1999 $30,122,365,849 $2,157,108,263
1998 $25,943,705,784 $1,989,343,546
1997 $30,350,190,704 $1,851,558,197
1996 $31,492,373,309 $1,382,334,879
1995 $27,186,980,647 $1,293,535,193
1994 $24,848,483,838 $753,636,370
1993 $23,941,391,391 $1,971,525,712
1992 $19,858,555,215 $2,029,026,962
1991 $11,009,993,703 $1,911,600,237
1990 $18,427,777,778 $2,550,185,679
1989 $24,313,855,653 $2,405,022,593
1988 $20,690,322,153 $2,395,492,687
1987 $22,368,704,134 $2,157,432,668
1986 $17,903,989,745 $1,944,710,684
1985 $21,445,970,614 $1,715,626,331
1984 $21,700,082,753 $1,587,413,084
1983 $20,871,081,080 $1,479,687,587
1982 $21,577,153,356 $1,407,243,139
1981 $25,058,020,338 $1,407,062,527
1980 $28,638,868,356 $1,254,765,642
1979 $24,749,063,922 $1,109,346,131
1978 $15,503,557,496 $905,709,076
1977 $14,137,406,741 $746,650,613
1976 $13,132,252,802 $637,753,853
1975 $12,022,811,621 $571,863,500
1974 $13,006,948,296 $308,458,423
1973 $5,408,804,607 $290,746,157
1972 $4,450,537,925 $246,457,838
1971 $3,880,392,195 $222,952,504
1970 $2,873,638,851 $219,900,006
1969 $2,769,198,892 $188,700,037
1968 $2,662,798,935 $172,200,018
1967 $2,441,599,023 $159,560,018
1966 $2,391,199,044 $124,525,703
1965 $2,097,199,161 $148,799,980
1964 $2,071,668,533 $129,999,994
1963 $1,900,895,857 $128,000,000
1962 $1,828,107,503 $125,000,008
1961 - $122,000,016
1960 - $119,000,024

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/kuwait/rwanda | CC BY

GDP per capita in Kuwait vs Rwanda by year

Kuwait
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Kuwait Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $32,718 $52,444 $1,000 $3,711
2023 $34,076 $53,025 $1,027 $3,399
2022 $39,982 $55,043 $975 $3,099
2021 $34,019 $50,652 $830 $2,733
2020 $25,236 $41,462 $779 $2,285
2019 $31,708 $50,703 $810 $2,336
2018 $32,068 $51,371 $772 $2,125
2017 $29,048 $46,566 $758 $1,968
2016 $27,324 $41,862 $730 $1,866
2015 $29,882 $45,267 $734 $1,781
2014 $44,369 $68,337 $725 $1,678
2013 $49,651 $76,813 $705 $1,512
2012 $52,155 $82,090 $707 $1,455
2011 $49,170 $79,037 $651 $1,413
2010 $39,212 $75,184 $594 $1,314
2009 $37,907 $80,110 $564 $1,241
2008 $55,585 $90,337 $528 $1,191
2007 $45,709 $91,435 $426 $1,079
2006 $42,947 $89,075 $357 $1,002
2005 $36,123 $84,968 $324 $914
2004 $27,552 $77,227 $269.5 $832
2003 $22,691 $69,752 $249 $775
2002 $18,513 $59,713 $234 $760
2001 $17,374 $58,553 $237.3 $670
2000 $19,296 $58,703 $251.9 $609
1999 $15,854 $56,406 $264.7 $554
1998 $14,067 $58,344 $246.2 $528
1997 $16,977 $57,420 $238.7 $500
1996 $18,201 $56,913 $206 $499
1995 $16,168 $57,163 $228 $514
1994 $14,930 $53,946 $111 $311
1993 $14,318 $48,482 $247 $521
1992 $12,146 $36,149 $264.1 $575
1991 $8,147 $23,390 $254 $542
1990 $10,938 $30,763 $346 $549
1989 $10,965 - $335 -
1988 $9,692 - $344 -
1987 $10,896 - $320 -
1986 $9,077 - $297.7 -
1985 $11,322 - $271.6 -
1984 $11,919 - $259.9 -
1983 $11,965 - $250.6 -
1982 $12,979 - $246.4 -
1981 $15,825 - $254.6 -
1980 $19,032 - $234.4 -
1979 $17,386 - $213.8 -
1978 $11,567 - $179.9 -
1977 $11,238 - $152.7 -
1976 $11,141 - $134.4 -
1975 $10,882 - $124.1 -
1974 $12,527 - $68.9 -
1973 $5,532 - $66.9 -
1972 $4,836 - $58.4 -
1971 $4,486 - $54.4 -
1970 $3,552 - $55.2 -
1969 $3,695 - $48.9 -
1968 $3,872 - $46 -
1967 $3,887 - $44 -
1966 $4,176 - $35.4 -
1965 $4,024 - $43.5 -
1964 $4,379 - $39 -
1963 $4,445 - $39.3 -
1962 $4,748 - $39.2 -
1961 - - $39.3 -
1960 - - $39.4 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/kuwait/rwanda | CC BY

Kuwait's GDP per capita is $32,718, ranking 37/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Kuwait ranks 40th at $52,444, while Rwanda ranks 168th at $3,711.

Economic indicators

Kuwait Rwanda
Gross domestic product
$160B
2024
$14.3B
2024
GDP rank
59/197
2024
144/197
2024
GDP growth
-2.56%
2023-2024
8.89%
2023-2024
GDP per capita
$32,718
2024
$1,000
2024
GDP per capita rank
37/197
2024
178/197
2024
GDP per capita, PPP
$52,444
2024
$3,711
2024
GDP per capita PPP rank
40/197
2024
168/197
2024
Government debt
$4.68B
2024
$9.58B
2024
Debt-to-GDP ratio
2.92%
2024
67.2%
2024
Government debt per person
$956
2024
$672
2024
Government debt per person rank
143/185
2024
157/185
2024
Average annual personal income after taxes
$23,828
2026
$2,194
2026
Market capitalization of domestic companies
$141B
2024
$2.75B
2024
Income share by richest 10% n/a
33.4%
2023
Income share by poorest 10% n/a
3.1%
2023
Government expenditure, % of GDP
50.4%
2024
28.8%
2024
Consumer prices inflation
2.9%
2023-2024
1.77%
2023-2024
Central bank interest rate
3.5%
2025
6.75%
2025
Unemployment rate
2.16%
2016
11.3%
2024
Population
5100145
14975051

Spending and national debt comparison by year

Kuwait
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Kuwait Rwanda
Government spending Government debt Government spending Government debt
2024 50.4% 2.92% 28.8% 67.2%
2023 48.3% 3.13% 27% 63.4%
2022 39.6% 2.95% 29.7% 60.9%
2021 48.3% 7.2% 31.6% 67.3%
2020 62.9% 10.2% 33.5% 68.7%
2019 50.3% 10.5% 28.2% 53.6%
2018 51.1% 14.3% 26.4% 49.2%
2017 51.9% 19.6% 25.1% 45.6%
2016 54.1% 9.88% 25.1% 41.1%
2015 55.4% 4.6% 26.6% 33.1%
2014 45% 3.43% 27.5% 29.1%
2013 38.4% 3.09% 26.2% 26.7%
2012 38.2% 3.6% 24.6% 19.1%
2011 39.7% 4.64% 24.7% 18.7%
2010 45.5% 6.16% 23.8% 18.8%
2009 42.9% 6.65% 22.3% 18.5%
2008 40.9% 5.38% 22.5% 18.3%
2007 30.4% 7.05% 22.4% 22.1%
2006 32.3% 7.79% 20.6% 22.5%
2005 28.8% 10.2% 19.9% 58.9%
2004 35.3% 13.9% 17.9% 80.9%
2003 38.2% 17.2% 18.5% 79.5%
2002 42.8% 21.3% 20.5% 92%
2001 41.4% 23% 19.1% 84%
2000 29.9% 21.4% 18.2% 86%
1999 44.5% 25.5% 22.4% 78.4%
1998 51.7% 25.6% 16.4% 70.1%
1997 43.8% 24.3% 17% 72.2%
1996 42.8% 26.5% 19.5% 83.4%
1995 52% 34.9% 18% 100.8%
1994 57.8% 37.7% 13.3% -
1993 58.2% 28.8% 20.3% -
1992 77.6% 27.9% 21.5% -
1991 208.9% 45.3% - -
1990 122.9% - - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/kuwait/rwanda | CC BY

In 2024, Kuwait's government spending was $80.8B, accounting for 50.4% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 2.92% in Kuwait and 67.2% in Rwanda, ranking 184/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Kuwait

Rwanda
1x
Year Deficit/surplus, % of GDP
Kuwait Rwanda
2024 23.8% -6.57%
2023 28.2% -5.04%
2022 30% -5.74%
2021 9.98% -7%
2020 0.14% -9.54%
2019 13% -5.08%
2018 17.5% -2.57%
2017 15.3% -2.52%
2016 13.1% -2.27%
2015 16.6% -2.68%
2014 30% -3.92%
2013 40.6% -1.27%
2012 40.7% -2.38%
2011 38.8% -0.86%
2010 31.9% -0.64%
2009 31.3% 0.26%
2008 21.3% 0.83%
2007 37.1% -1.56%
2006 28% -0.03%
2005 38.9% 1.12%
2004 32.5% 2.27%
2003 27.2% -1.23%
2002 31% -2.03%
2001 45.2% -1.8%
2000 52.5% -0.22%
1999 28.2% -4.41%
1998 19.5% -2.59%
1997 29.5% -2.22%
1996 24.3% -5.01%
1995 11.7% -2.04%
1994 1.76% -9.54%
1993 -3.12% -6.6%
1992 -28.1% -7.21%
1991 -145% -
1990 -50% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/kuwait/rwanda | CC BY

In 2024, Kuwait's government surplus, the difference between spending and revenue, was $38.1B, equivalent to 23.8% of GDP. This compares to Rwanda's deficit of $936M, or 6.57% of GDP.

Over the past 33 years, Kuwait recorded a fiscal deficit in 2 of those years, while Rwanda ran a deficit in 29 years. On average, Kuwait posted an annual surplus equal to 23.6% of GDP, compared to deficit of 3.03% of GDP for Rwanda.

Inflation comparison by year

Inflation
Kuwait

Rwanda
1x
Year Consumer prices inflation
Kuwait Rwanda
2024 2.9% 1.77%
2023 3.64% 19.8%
2022 3.98% 17.7%
2021 3.42% -0.39%
2020 2.1% 9.85%
2019 1.09% 3.35%
2018 0.54% -0.31%
2017 2.17% 8.28%
2016 3.2% 7.17%
2015 3.27% 2.53%
2014 2.91% 2.35%
2013 2.68% 5.92%
2012 3.26% 10.3%
2011 4.84% 3.08%
2010 4.5% -0.25%
2009 4.61% 12.9%
2008 10.6% 15.4%
2007 5.48% 9.08%
2006 3.06% 8.88%
2005 4.14% 9.01%
2004 1.25% 12.3%
2003 0.96% 7.45%
2002 0.89% 1.99%
2001 1.3% 3.34%
2000 1.81% 3.9%
1999 2.99% -2.41%
1998 0.13% 6.21%
1997 0.68% 12%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/kuwait/rwanda | CC BY

Over the past 28 years, Kuwait has recorded an average annual inflation rate of 2.94%, compared with 6.83% in Rwanda. In 2024, inflation was 2.9% in Kuwait and 1.77% in Rwanda.

Top exports between countries

Kuwait
Export category Export value
Machinery & equipment $79K
Miscellaneous $4K
Textiles & consumer goods $2K
Rwanda
Export category Export value
Raw agricultural goods $82K
Machinery & equipment $39K
Textiles & consumer goods $9K
Wood & paper products $4K
Precious metals & jewellery $2K
Miscellaneous $1K

Balance of trade

Kuwait Rwanda
Current account balance
$46.7B
2024
-$1.81B
2024
Current account balance ranking
15/190
2024
140/190
2024
Current account balance, % of GDP
+29.1%
2024
-12.7%
2024
Goods imports
$33.4B
2024
$5.55B
2024
Goods exports
$77.5B
2024
$3.2B
2024
Service imports
$28.1B
2024
$991M
2024
Service exports
$12.2B
2024
$1.08B
2024
Imports of goods and services, % of GDP
38.3%
2023
39.1%
2024
Exports of goods and services, % of GDP
57.7%
2023
30.8%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Kuwait Rwanda
Economic freedom 59.9 56.5
Economic freedom ranking 100/197 121/197
Property rights 42 60.3
Government integrity 47.9 53.9
Judicial effectiveness 43.4 27.5
Tax burden 97.7 80.6
Government spending 36.2 75.7
Fiscal health 99.9 37.5
Business freedom 57.4 60.1
Labor freedom 49.2 49.1
Monetary freedom 68.7 72.3
Trade freedom 75.8 61.8
Investment freedom 50 60
Financial freedom 50 40

Economic freedom comparison by year

Kuwait
Rwanda
1x
Year Economic freedom index
Kuwait Rwanda
2026 59.9 56.5
2025 59.9 54.8
2024 58.5 51.6
2023 56.7 52.2
2022 58.3 57.1
2021 64.1 68.3
2020 63.2 70.9
2019 60.8 71.1
2018 62.2 69.1
2017 65.1 67.6
2016 62.7 63.1
2015 62.5 64.8
2014 62.3 64.7
2013 63.1 64.1
2012 62.5 64.9
2011 64.9 62.7
2010 67.7 59.1
2009 65.6 54.2
2008 68.1 54.2
2007 66.4 52.4
2006 66.5 52.8
2005 64.6 51.7
2004 63.6 53.3
2003 66.7 47.8
2002 65.4 50.4
2001 68.2 45.4
2000 69.7 42.3
1999 69.5 39.8
1998 66.3 39.1
1997 64.8 38.3
1996 66.1 -

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

GeoRank.org/economy/kuwait/rwanda | CC BY

The Economic Freedom Index for Kuwait is 59.9, ranking 100/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Kuwait Rwanda
Services, % of GDP
55.9%
2024
47.6%
2024
Industry, % of GDP
57.1%
2024
21%
2024
Agriculture, forestry, and fishing, % of GDP
0.49%
2024
24.6%
2024
GNI, Atlas method
$200B
2024
$14.8B
2024
GNI per capita, PPP
$63,270
2024
$3,620
2024
Total reserves including gold
$50.7B
2024
$2.41B
2024
Total reserves ranking
41/177
2024
123/177
2024
Net foreign direct investment
$9.71B
2024
-$560M
2024
Net inflows of foreign direct investment
$615M
2024
$573M
2024
Net outflows of foreign direct investment
$10.3B
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI n/a
3.09%
2024
Poverty at national poverty lines n/a
27.4%
2023
Gross capital formation, % of GDP
17.7%
2023
25.9%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/kuwait/rwanda | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2020–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.