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Economy of Rwanda vs Seychelles compared: GDP & Debt

Updated on by Georank team

Rwanda has a GDP of $14.3B compared to $2.17B for the Seychelles, ranking 144/197 and 178/197 by economy size, respectively.

Rwanda has $9.58B in government debt (67.2% of GDP), compared to $1.25B (57.6% of GDP) in the Seychelles.

Rwanda vs Seychelles GDP by year

Rwanda
Seychelles
1x
Year GDP, current $
Rwanda Seychelles
2024 $14,251,642,235 $2,167,239,562
2023 $14,331,722,703 $2,187,379,755
2022 $13,316,161,002 $2,018,346,589
2021 $11,078,787,090 $1,487,173,795
2020 $10,174,386,857 $1,382,551,752
2019 $10,349,300,277 $1,868,690,097
2018 $9,637,904,521 $1,784,313,927
2017 $9,252,833,891 $1,675,370,641
2016 $8,695,272,058 $1,568,513,348
2015 $8,543,760,200 $1,432,403,352
2014 $8,238,966,124 $1,387,577,870
2013 $7,819,964,030 $1,333,160,407
2012 $7,654,761,050 $1,089,407,839
2011 $6,884,913,658 $1,058,918,707
2010 $6,124,756,654 $981,616,542
2009 $5,674,476,969 $850,901,620
2008 $5,179,854,065 $979,597,394
2007 $4,070,507,895 $1,077,308,814
2006 $3,319,784,539 $1,081,441,283
2005 $2,933,819,766 $977,899,382
2004 $2,376,496,067 $893,012,218
2003 $2,138,237,279 $750,847,230
2002 $1,966,003,468 $742,134,838
2001 $1,966,600,715 $662,064,156
2000 $2,068,836,754 $654,212,394
1999 $2,157,108,263 $662,838,615
1998 $1,989,343,546 $647,287,376
1997 $1,851,558,197 $598,966,982
1996 $1,382,334,879 $535,250,347
1995 $1,293,535,193 $540,733,048
1994 $753,636,370 $517,570,058
1993 $1,971,525,712 $504,230,621
1992 $2,029,026,962 $461,409,399
1991 $1,911,600,237 $398,307,170
1990 $2,550,185,679 $392,163,561
1989 $2,405,022,593 $324,333,367
1988 $2,395,492,687 $301,985,618
1987 $2,157,432,668 $265,212,957
1986 $1,944,710,684 $221,147,061
1985 $1,715,626,331 $179,691,483
1984 $1,587,413,084 $160,992,921
1983 $1,479,687,587 $156,098,237
1982 $1,407,243,139 $157,211,790
1981 $1,407,062,527 $163,750,728
1980 $1,254,765,642 $156,783,830
1979 $1,109,346,131 $127,261,099
1978 $905,709,076 $85,552,366
1977 $746,650,613 $64,526,401
1976 $637,753,853 $49,278,982
1975 $571,863,500 $47,803,146
1974 $308,458,423 $43,134,496
1973 $290,746,157 $36,896,280
1972 $246,457,838 $30,645,123
1971 $222,952,504 $21,965,951
1970 $219,900,006 $18,432,032
1969 $188,700,037 $16,452,028
1968 $172,200,018 $16,074,028
1967 $159,560,018 $16,632,032
1966 $124,525,703 $16,443,034
1965 $148,799,980 $15,603,032
1964 $129,999,994 $15,393,032
1963 $128,000,000 $13,923,029
1962 $125,000,008 $12,642,026
1961 $122,000,016 $11,592,024
1960 $119,000,024 $12,012,025

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

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

GDP per capita in Rwanda vs Seychelles by year

Rwanda
GDP per capita

GDP per capita, PPP
Seychelles
GDP per capita

GDP per capita, PPP
1x
Year Current $
Rwanda Seychelles
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,000 $3,711 $17,859 $33,239
2023 $1,027 $3,399 $18,263 $31,781
2022 $975 $3,099 $16,837 $29,973
2021 $830 $2,733 $14,983 $29,980
2020 $779 $2,285 $14,041 $31,056
2019 $810 $2,336 $19,142 $34,219
2018 $772 $2,125 $18,440 $32,091
2017 $758 $1,968 $17,480 $30,675
2016 $730 $1,866 $16,567 $28,811
2015 $734 $1,781 $15,333 $25,435
2014 $725 $1,678 $15,188 $24,985
2013 $705 $1,512 $14,821 $22,487
2012 $707 $1,455 $12,337 $22,264
2011 $651 $1,413 $12,110 $21,781
2010 $594 $1,314 $10,935 $18,982
2009 $564 $1,241 $9,747 $18,453
2008 $528 $1,191 $11,265 $18,881
2007 $426 $1,079 $12,669 $19,473
2006 $357 $1,002 $12,783 $17,503
2005 $324 $914 $11,802 $15,846
2004 $269.5 $832 $10,828 $14,160
2003 $249 $775 $9,070 $14,142
2002 $234 $760 $8,864 $14,570
2001 $237.3 $670 $8,153 $14,615
2000 $251.9 $609 $8,064 $14,638
1999 $264.7 $554 $8,243 $13,853
1998 $246.2 $528 $8,210 $13,675
1997 $238.7 $500 $7,747 $13,458
1996 $206 $499 $7,004 $11,931
1995 $228 $514 $7,181 $10,809
1994 $111 $311 $6,975 $10,692
1993 $247 $521 $6,979 $11,020
1992 $264.1 $575 $6,520 $10,243
1991 $254 $542 $5,655 $9,387
1990 $346 $549 $5,642 $8,955
1989 $335 - $4,689 -
1988 $344 - $4,392 -
1987 $320 - $3,872 -
1986 $297.7 - $3,368 -
1985 $271.6 - $2,754 -
1984 $259.9 - $2,488 -
1983 $250.6 - $2,426 -
1982 $246.4 - $2,441 -
1981 $254.6 - $2,557 -
1980 $234.4 - $2,478 -
1979 $213.8 - $2,030 -
1978 $179.9 - $1,377 -
1977 $152.7 - $1,044 -
1976 $134.4 - $814 -
1975 $124.1 - $806 -
1974 $68.9 - $745 -
1973 $66.9 - $649 -
1972 $58.4 - $547 -
1971 $54.4 - $402 -
1970 $55.2 - $344 -
1969 $48.9 - $314 -
1968 $46 - $314 -
1967 $44 - $333 -
1966 $35.4 - $338 -
1965 $43.5 - $328 -
1964 $39 - $332 -
1963 $39.3 - $308 -
1962 $39.2 - $287 -
1961 $39.3 - $270.3 -
1960 $39.4 - $288.1 -

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

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

Rwanda's GDP per capita is $1,000, ranking 178/197, compared to $17,859 in the Seychelles, ranking 63/197. Adjusted for purchasing power (GDP per capita PPP), Rwanda ranks 168th at $3,711, while the Seychelles ranks 67th at $33,239.

Economic indicators

Rwanda Seychelles
Gross domestic product
$14.3B
2024
$2.17B
2024
GDP rank
144/197
2024
178/197
2024
GDP growth
8.89%
2023-2024
3.47%
2023-2024
GDP per capita
$1,000
2024
$17,859
2024
GDP per capita rank
178/197
2024
63/197
2024
GDP per capita, PPP
$3,711
2024
$33,239
2024
GDP per capita PPP rank
168/197
2024
67/197
2024
Government debt
$9.58B
2024
$1.25B
2024
Debt-to-GDP ratio
67.2%
2024
57.6%
2024
Government debt per person
$672
2024
$10,288
2024
Government debt per person rank
157/185
2024
57/185
2024
Average annual personal income after taxes
$2,194
2026
$10,944
2026
Market capitalization of domestic companies
$2.75B
2024
$811M
2024
Income share by richest 10%
33.4%
2023
23.9%
2018
Income share by poorest 10%
3.1%
2023
2.6%
2018
Government expenditure, % of GDP
28.8%
2024
33.8%
2024
Consumer prices inflation
1.77%
2023-2024
0.31%
2023-2024
Central bank interest rate
6.75%
2025
1.75%
2024
Unemployment rate
11.3%
2024
2.59%
2024
Population
14975051
126311

Spending and national debt comparison by year

Rwanda
Spending

Debt
Seychelles
Spending

Debt
1x
Year % of GDP
Rwanda Seychelles
Government spending Government debt Government spending Government debt
2024 28.8% 67.2% 33.8% 57.6%
2023 27% 63.4% 32.9% 55.3%
2022 29.7% 60.9% 31.3% 60%
2021 31.6% 67.3% 38.8% 71%
2020 33.5% 68.7% 46.7% 77.4%
2019 28.2% 53.6% 31.7% 48.9%
2018 26.4% 49.2% 33% 51.3%
2017 25.1% 45.6% 34.3% 56.7%
2016 25.1% 41.1% 34.5% 62.8%
2015 26.6% 33.1% 31.5% 64.7%
2014 27.5% 29.1% 33.4% 70.4%
2013 26.2% 26.7% 37.8% 68.2%
2012 24.6% 19.1% 38.6% 80.1%
2011 24.7% 18.7% 36.4% 82.5%
2010 23.8% 18.8% 34.6% 82.2%
2009 22.3% 18.5% 32.1% 106.1%
2008 22.5% 18.3% 27% 192.1%
2007 22.4% 22.1% 41.9% 144%
2006 20.6% 22.5% 43.6% 135.1%
2005 19.9% 58.9% 39% 144.1%
2004 17.9% 80.9% 39.9% 163.2%
2003 18.5% 79.5% 44.6% 177%
2002 20.5% 92% 56.3% 195.9%
2001 19.1% 84% 46.8% 199.8%
2000 18.2% 86% 55.4% 177.8%
1999 22.4% 78.4% 56.1% 159.8%
1998 16.4% 70.1% 60.7% 161.2%
1997 17% 72.2% 54.7% 143%
1996 19.5% 83.4% 59.1% 146.7%
1995 18% 100.8% 53.1% 133.5%
1994 13.3% - 63.6% 123.5%
1993 20.3% - 60.4% 82.2%
1992 21.5% - 50.7% 79.9%
1991 - - 52.1% 89.2%
1990 - - 46.1% 80.4%
1989 - - 51.7% 39.9%
1988 - - 46.7% 41.3%
1987 - - 49.7% 37%
1986 - - 58% 31.5%
1985 - - 53% 26.5%
1984 - - 50.5% 15.3%
1983 - - 47.9% 12.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-02-20).

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

In 2024, Rwanda's government spending was $4.1B, accounting for 28.8% of its GDP, while the Seychelles spent $732M, or 33.8% of GDP.

Debt-to-GDP ratio is 67.2% in Rwanda and 57.6% in the Seychelles, ranking 65/185 and 85/185, respectively.

Government deficit by year

Deficit/surplus
Rwanda

Seychelles
1x
Year Deficit/surplus, % of GDP
Rwanda Seychelles
2024 -6.57% -0.69%
2023 -5.04% -1.14%
2022 -5.74% -0.76%
2021 -7% -5.76%
2020 -9.54% -15.7%
2019 -5.08% 0.42%
2018 -2.57% -0.8%
2017 -2.52% -1.67%
2016 -2.27% 0.02%
2015 -2.68% 1.39%
2014 -3.92% 2.87%
2013 -1.27% 0.33%
2012 -2.38% 2.93%
2011 -0.86% 3.36%
2010 -0.64% 0.52%
2009 0.26% 4.84%
2008 0.83% 7.88%
2007 -1.56% -9.93%
2006 -0.03% -2.54%
2005 1.12% 0.42%
2004 2.27% 0.44%
2003 -1.23% 3.4%
2002 -2.03% -16.3%
2001 -1.8% -8.93%
2000 -0.22% -14.7%
1999 -4.41% -10.3%
1998 -2.59% -16.7%
1997 -2.22% -5.91%
1996 -5.01% -9.69%
1995 -2.04% -2.58%
1994 -9.54% -6.95%
1993 -6.6% -3.62%
1992 -7.21% 6.44%
1991 - 3.15%
1990 - 11.9%
1989 - 8.26%
1988 - 11.8%
1987 - 2.77%
1986 - -10.1%
1985 - -4.86%
1984 - -6.09%
1983 - -3.13%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-02-20).

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

In 2024, Rwanda's government deficit, the difference between spending and revenue, was $936M, equivalent to 6.57% of GDP. This compares to the Seychelles' deficit of $15M, or 0.69% of GDP.

Over the past 33 years, Rwanda recorded a fiscal deficit in 29 of those years, while the Seychelles ran a deficit in 19 years. On average, Rwanda posted an annual deficit equal to 3.03% of GDP, compared to deficit of 3.01% of GDP for the Seychelles.

Inflation comparison by year

Inflation
Rwanda

Seychelles
1x
Year Consumer prices inflation
Rwanda Seychelles
2024 1.77% 0.31%
2023 19.8% -1.04%
2022 17.7% 2.63%
2021 -0.39% 9.77%
2020 9.85% 1.2%
2019 3.35% 1.81%
2018 -0.31% 3.7%
2017 8.28% 2.86%
2016 7.17% -1.02%
2015 2.53% 4.04%
2014 2.35% 1.39%
2013 5.92% 4.34%
2012 10.3% 7.11%
2011 3.08% 2.56%
2010 -0.25% -2.4%
2009 12.9% 31.8%
2008 15.4% 37%
2007 9.08% 5.32%
2006 8.88% -0.35%
2005 9.01% 0.91%
2004 12.3% 3.86%
2003 7.45% 3.3%
2002 1.99% 0.18%
2001 3.34% 5.97%
2000 3.9% 6.27%
1999 -2.41% 6.35%
1998 6.21% 2.58%
1997 12% 0.62%

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

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

Over the past 28 years, Rwanda has recorded an average annual inflation rate of 6.83%, compared with 5.03% in the Seychelles. In 2024, inflation was 1.77% in Rwanda and 0.31% in the Seychelles.

Balance of trade

Rwanda Seychelles
Current account balance
-$1.81B
2024
-$176M
2024
Current account balance ranking
140/190
2024
97/190
2024
Current account balance, % of GDP
-12.7%
2024
-8.11%
2024
Goods imports
$5.55B
2024
$1.39B
2024
Goods exports
$3.2B
2024
$595M
2024
Service imports
$991M
2024
$1B
2024
Service exports
$1.08B
2024
$1.71B
2024
Imports of goods and services, % of GDP
39.1%
2024
103.2%
2024
Exports of goods and services, % of GDP
30.8%
2024
85.2%
2024

Economic freedom indices

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

Rwanda Seychelles
Economic freedom 56.5 66.5
Economic freedom ranking 121/197 60/197
Property rights 60.3 82.6
Government integrity 53.9 71.7
Judicial effectiveness 27.5 61.7
Tax burden 80.6 77.3
Government spending 75.7 68
Fiscal health 37.5 92.2
Business freedom 60.1 71.3
Labor freedom 49.1 52
Monetary freedom 72.3 79.8
Trade freedom 61.8 81.2
Investment freedom 60 30
Financial freedom 40 30

Economic freedom comparison by year

Rwanda
Seychelles
1x
Year Economic freedom index
Rwanda Seychelles
2026 56.5 66.5
2025 54.8 66.4
2024 51.6 60.4
2023 52.2 59.5
2022 57.1 61.1
2021 68.3 66.3
2020 70.9 64.3
2019 71.1 61.4
2018 69.1 61.6
2017 67.6 61.8
2016 63.1 62.2
2015 64.8 57.5
2014 64.7 56.2
2013 64.1 54.9
2012 64.9 53
2011 62.7 51.2
2010 59.1 47.9
2009 54.2 47.8
2008 54.2 -
2007 52.4 -
2006 52.8 -
2005 51.7 -
2004 53.3 -
2003 47.8 -
2002 50.4 -
2001 45.4 -
2000 42.3 -
1999 39.8 -
1998 39.1 -
1997 38.3 -

Data sources: The Heritage Foundation | Economic Freedom Index (1997–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Rwanda is 56.5, ranking 121/197, compared to 66.5 for the Seychelles, ranking 60/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Rwanda Seychelles
Services, % of GDP
47.6%
2024
65.8%
2024
Industry, % of GDP
21%
2024
12.3%
2024
Agriculture, forestry, and fishing, % of GDP
24.6%
2024
2.45%
2024
GNI, Atlas method
$14.8B
2024
$2.12B
2024
GNI per capita, PPP
$3,620
2024
$32,180
2024
Total reserves including gold
$2.41B
2024
$774M
2024
Total reserves ranking
123/177
2024
145/177
2024
Net foreign direct investment
-$560M
2024
-$262M
2024
Net inflows of foreign direct investment
$573M
2024
$226M
2024
Net outflows of foreign direct investment
$13.2M
2024
-$35.4M
2024
Servicing debt to the IMF, % of GNI
3.09%
2024
n/a
Poverty at national poverty lines
27.4%
2023
25.3%
2018
Gross capital formation, % of GDP
25.9%
2024
17.2%
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/rwanda/seychelles | 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 (1997–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-02-20)
  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.