Rwanda has a GDP of $14.3B compared to $400B for South Africa, ranking 144/197 and 41/197 by economy size, respectively.
Rwanda has $9.58B in government debt (77.6% of GDP), compared to $306B (79.6% of GDP) in South Africa.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Rwanda
|
South Africa
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $119,000,024 | $1,013,800,020 | $8,748,596,501 | $65,652,787,806 |
| 1961 | $122,000,016 | $970,231,700 | $9,225,996,310 | $68,176,962,954 |
| 1962 | $125,000,008 | $1,080,195,804 | $9,813,996,074 | $72,388,888,581 |
| 1963 | $128,000,000 | $974,115,776 | $10,854,195,658 | $77,726,634,753 |
| 1964 | $129,999,994 | $852,692,316 | $11,955,995,218 | $83,897,825,365 |
| 1965 | $148,799,980 | $912,462,033 | $13,068,994,772 | $89,034,719,820 |
| 1966 | $124,525,703 | $976,415,683 | $14,211,394,315 | $92,986,424,439 |
| 1967 | $159,560,018 | $1,043,944,763 | $15,821,393,671 | $99,678,213,921 |
| 1968 | $172,200,018 | $1,117,164,761 | $17,124,793,150 | $103,818,221,928 |
| 1969 | $188,700,037 | $1,240,135,222 | $19,256,992,297 | $108,714,188,432 |
| 1970 | $219,900,006 | $1,314,561,010 | $21,218,391,513 | $114,420,228,111 |
| 1971 | $222,952,504 | $1,330,423,038 | $23,411,076,638 | $119,316,194,616 |
| 1972 | $246,457,838 | $1,333,922,959 | $24,515,919,217 | $121,290,674,451 |
| 1973 | $290,746,157 | $1,379,784,406 | $33,262,772,008 | $126,836,017,070 |
| 1974 | $308,458,423 | $1,399,236,932 | $41,389,186,095 | $134,587,120,945 |
| 1975 | $571,863,500 | $1,369,659,506 | $42,906,905,672 | $136,868,956,456 |
| 1976 | $637,753,853 | $1,636,805,801 | $41,150,460,288 | $139,948,316,810 |
| 1977 | $746,650,613 | $1,669,445,501 | $45,328,411,332 | $139,816,794,619 |
| 1978 | $905,709,076 | $1,822,213,801 | $51,607,412,902 | $144,031,543,620 |
| 1979 | $1,109,346,131 | $2,038,508,904 | $63,038,658,089 | $149,491,087,028 |
| 1980 | $1,254,765,642 | $2,220,988,318 | $89,411,864,402 | $159,388,269,161 |
| 1981 | $1,407,062,527 | $2,341,725,674 | $93,141,472,164 | $167,932,741,244 |
| 1982 | $1,407,243,139 | $2,384,130,730 | $85,904,057,409 | $167,288,855,025 |
| 1983 | $1,479,687,587 | $2,526,710,090 | $96,204,110,942 | $164,199,769,714 |
| 1984 | $1,587,413,084 | $2,419,558,044 | $84,870,163,366 | $172,572,564,948 |
| 1985 | $1,715,626,331 | $2,526,085,095 | $64,459,376,087 | $170,481,777,772 |
| 1986 | $1,944,710,684 | $2,664,315,945 | $73,354,771,399 | $170,512,207,474 |
| 1987 | $2,157,432,668 | $2,663,675,547 | $96,535,763,418 | $174,094,206,900 |
| 1988 | $2,395,492,687 | $2,783,509,648 | $103,976,831,871 | $181,406,354,481 |
| 1989 | $2,405,022,593 | $2,782,492,713 | $108,055,624,082 | $185,750,664,997 |
| 1990 | $2,550,185,679 | $2,715,732,613 | $126,048,140,142 | $185,160,422,892 |
| 1991 | $1,911,600,237 | $2,647,448,785 | $135,203,698,238 | $183,275,036,204 |
| 1992 | $2,029,026,962 | $2,802,926,178 | $146,956,150,987 | $179,358,388,483 |
| 1993 | $1,971,525,712 | $2,575,645,531 | $147,194,747,566 | $181,570,878,123 |
| 1994 | $753,636,370 | $1,281,433,436 | $153,512,712,382 | $187,381,146,228 |
| 1995 | $1,293,535,193 | $1,732,806,553 | $171,735,933,897 | $193,189,961,763 |
| 1996 | $1,382,334,879 | $1,953,664,804 | $163,234,925,381 | $201,497,130,113 |
| 1997 | $1,851,558,197 | $2,224,242,544 | $168,978,057,328 | $206,736,055,499 |
| 1998 | $1,989,343,546 | $2,421,280,840 | $152,982,984,557 | $207,769,735,777 |
| 1999 | $2,157,108,263 | $2,526,652,278 | $151,516,957,079 | $212,756,209,431 |
| 2000 | $2,068,836,754 | $2,738,155,711 | $151,752,757,215 | $221,691,970,228 |
| 2001 | $1,966,600,715 | $2,970,476,184 | $135,429,905,923 | $227,677,653,425 |
| 2002 | $1,966,003,468 | $3,362,343,590 | $129,087,556,612 | $236,102,579,036 |
| 2003 | $2,138,237,279 | $3,436,395,425 | $197,018,965,309 | $243,065,422,272 |
| 2004 | $2,376,496,067 | $3,692,326,726 | $255,806,908,595 | $254,135,982,543 |
| 2005 | $2,933,819,766 | $4,038,589,403 | $288,867,217,197 | $267,546,870,424 |
| 2006 | $3,319,784,539 | $4,411,233,107 | $303,858,675,364 | $282,539,679,230 |
| 2007 | $4,070,507,895 | $4,747,955,684 | $333,077,117,254 | $297,685,145,427 |
| 2008 | $5,179,854,065 | $5,277,886,761 | $316,131,258,616 | $307,184,409,061 |
| 2009 | $5,674,476,969 | $5,607,662,717 | $329,754,060,647 | $302,459,639,040 |
| 2010 | $6,124,756,654 | $6,018,965,512 | $417,363,822,802 | $311,653,604,140 |
| 2011 | $6,884,913,658 | $6,497,978,183 | $458,199,494,831 | $321,528,523,982 |
| 2012 | $7,654,761,045 | $7,059,501,498 | $434,400,545,086 | $329,233,094,599 |
| 2013 | $7,819,964,024 | $7,392,699,278 | $400,886,013,596 | $337,416,077,838 |
| 2014 | $8,238,966,120 | $7,848,619,326 | $381,198,869,776 | $342,186,555,601 |
| 2015 | $8,543,760,206 | $8,543,760,206 | $346,709,790,459 | $346,709,790,459 |
| 2016 | $8,695,272,061 | $9,053,886,363 | $323,585,509,674 | $349,013,858,373 |
| 2017 | $9,252,833,894 | $9,408,633,107 | $381,448,814,653 | $353,055,253,707 |
| 2018 | $9,637,904,519 | $10,209,916,262 | $405,260,723,893 | $358,551,560,869 |
| 2019 | $10,349,300,277 | $11,174,486,378 | $389,330,032,224 | $359,483,563,937 |
| 2020 | $10,174,386,855 | $10,797,494,132 | $337,974,655,408 | $337,307,318,680 |
| 2021 | $11,078,787,095 | $11,969,932,692 | $420,886,877,629 | $354,021,006,264 |
| 2022 | $13,316,161,006 | $12,946,823,702 | $406,920,004,594 | $360,788,046,854 |
| 2023 | $14,331,722,700 | $14,014,924,102 | $380,699,271,816 | $363,308,097,942 |
| 2024 | $14,251,642,231 | $15,260,942,693 | $400,260,724,226 | $365,414,753,362 |
Economic indicators
|
Rwanda
|
South Africa
|
|
|---|---|---|
| Gross domestic product |
$14.3B
2024 |
$400B
2024 |
| GDP rank |
144/197
2024 |
41/197
2024 |
| GDP growth |
-0.56%
2023-2024 |
5.14%
2023-2024 |
| GDP per capita |
$1,000
2024 |
$6,253
2024 |
| GDP per capita rank |
177/197
2024 |
112/197
2024 |
| GDP per capita, PPP |
$3,711
2024 |
$15,457
2024 |
| Government debt |
$9.58B
2024 |
$306B
2024 |
| Debt-to-GDP ratio |
77.6%
2025 |
79.6%
2025 |
| Government debt per person |
$672
2024 |
$4,775
2024 |
| Government debt per person rank |
156/185
2024 |
83/185
2024 |
| Average annual personal income after taxes |
$2,587
2025 |
$13,449
2025 |
| Market capitalization of domestic companies |
$2.75B
2024 |
$986B
2024 |
| Number of millionaires | n/a |
90,595
2024 |
| Number of billionaires | n/a |
7
2025 |
| Income share by richest 10% |
33.4%
2023 |
50.5%
2014 |
| Income share by poorest 10% |
3.1%
2023 |
0.9%
2014 |
| Government expenditure, % of GDP |
27.4%
2025 |
34%
2025 |
| Consumer prices inflation |
1.77%
2023-2024 |
4.36%
2023-2024 |
| Central bank interest rate |
6.75%
2025 |
7%
2025 |
| Unemployment rate |
11.3%
2024 |
32.3%
2024 |
| Population |
14826674
|
65314246
|
GDP per capita in Rwanda vs South Africa
Rwanda's GDP per capita is $1,000, ranking 177/197, compared to $6,253 in South Africa, ranking 112/197. Adjusted for purchasing power (GDP per capita PPP), Rwanda ranks 168th at $3,711, while South Africa ranks 113th at $15,457.
| Year | Current $ | |||
|---|---|---|---|---|
|
Rwanda
|
South Africa
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $39.4 | - | $532 | - |
| 1961 | $39.3 | - | $546 | - |
| 1962 | $39.2 | - | $563 | - |
| 1963 | $39.3 | - | $605 | - |
| 1964 | $39 | - | $646 | - |
| 1965 | $43.5 | - | $685 | - |
| 1966 | $35.4 | - | $722 | - |
| 1967 | $44 | - | $779 | - |
| 1968 | $46 | - | $817 | - |
| 1969 | $48.9 | - | $891 | - |
| 1970 | $55.2 | - | $952 | - |
| 1971 | $54.4 | - | $1,020 | - |
| 1972 | $58.4 | - | $1,038 | - |
| 1973 | $66.9 | - | $1,369 | - |
| 1974 | $68.9 | - | $1,656 | - |
| 1975 | $124.1 | - | $1,670 | - |
| 1976 | $134.4 | - | $1,559 | - |
| 1977 | $152.7 | - | $1,671 | - |
| 1978 | $179.9 | - | $1,852 | - |
| 1979 | $213.8 | - | $2,202 | - |
| 1980 | $234.4 | - | $3,029 | - |
| 1981 | $254.6 | - | $3,050 | - |
| 1982 | $246.4 | - | $2,717 | - |
| 1983 | $250.6 | - | $2,938 | - |
| 1984 | $259.9 | - | $2,504 | - |
| 1985 | $271.6 | - | $1,839 | - |
| 1986 | $297.7 | - | $2,027 | - |
| 1987 | $320 | - | $2,586 | - |
| 1988 | $344 | - | $2,702 | - |
| 1989 | $335 | - | $2,727 | - |
| 1990 | $346 | $549 | $3,093 | $6,382 |
| 1991 | $254 | $542 | $3,243 | $6,383 |
| 1992 | $264.1 | $575 | $3,462 | $6,275 |
| 1993 | $247 | $521 | $3,400 | $6,375 |
| 1994 | $111 | $311 | $3,489 | $6,611 |
| 1995 | $228 | $514 | $3,856 | $6,875 |
| 1996 | $206 | $499 | $3,618 | $7,208 |
| 1997 | $238.7 | $500 | $3,700 | $7,433 |
| 1998 | $246.2 | $528 | $3,310 | $7,463 |
| 1999 | $264.7 | $554 | $3,242 | $7,667 |
| 2000 | $251.9 | $609 | $3,218 | $8,095 |
| 2001 | $237.3 | $670 | $2,847 | $8,428 |
| 2002 | $234 | $760 | $2,688 | $8,792 |
| 2003 | $249 | $775 | $4,062 | $9,139 |
| 2004 | $269.5 | $832 | $5,221 | $9,714 |
| 2005 | $324 | $914 | $5,837 | $10,441 |
| 2006 | $357 | $1,002 | $6,077 | $11,250 |
| 2007 | $426 | $1,079 | $6,592 | $12,047 |
| 2008 | $528 | $1,191 | $6,185 | $12,525 |
| 2009 | $564 | $1,241 | $6,375 | $12,261 |
| 2010 | $594 | $1,314 | $7,973 | $12,637 |
| 2011 | $651 | $1,413 | $8,646 | $13,143 |
| 2012 | $707 | $1,455 | $8,077 | $12,987 |
| 2013 | $705 | $1,512 | $7,332 | $13,369 |
| 2014 | $725 | $1,678 | $6,857 | $13,359 |
| 2015 | $734 | $1,781 | $6,112 | $13,398 |
| 2016 | $730 | $1,866 | $5,651 | $13,519 |
| 2017 | $758 | $1,968 | $6,618 | $13,738 |
| 2018 | $772 | $2,125 | $6,914 | $13,347 |
| 2019 | $810 | $2,336 | $6,534 | $13,361 |
| 2020 | $779 | $2,285 | $5,581 | $12,671 |
| 2021 | $830 | $2,733 | $6,843 | $13,711 |
| 2022 | $975 | $3,099 | $6,523 | $14,759 |
| 2023 | $1,027 | $3,399 | $6,023 | $15,194 |
| 2024 | $1,000 | $3,711 | $6,253 | $15,457 |
Spending and national debt comparison
In 2024, Rwanda's government spending was $4.1B, accounting for 27.4% of its GDP, while South Africa's spent $133B, or 34% of GDP.
Debt-to-GDP ratio is 77.6% in Rwanda and 79.6% in South Africa, ranking 46/185 and 42/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Rwanda
|
South Africa
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | - | - | 16.7% | 52.9% |
| 1961 | - | - | 15.7% | 52.8% |
| 1962 | - | - | 15.9% | 45.7% |
| 1963 | - | - | 15.9% | 43.4% |
| 1964 | - | - | 11.3% | 30% |
| 1965 | - | - | 18.2% | 42.7% |
| 1966 | - | - | 18.3% | 41.4% |
| 1967 | - | - | 18.8% | 41.1% |
| 1968 | - | - | 19.4% | 42.7% |
| 1969 | - | - | 18.8% | 44.4% |
| 1970 | - | - | 20% | 43.3% |
| 1971 | - | - | 19.9% | 41.1% |
| 1972 | - | - | 22.9% | 41.1% |
| 1973 | - | - | 21% | 38.2% |
| 1974 | - | - | 19.1% | 33.7% |
| 1975 | - | - | 21.2% | 32.8% |
| 1976 | - | - | 23% | 35% |
| 1977 | - | - | 27.3% | 45.3% |
| 1978 | - | - | 26.8% | 44.7% |
| 1979 | - | - | 26.5% | 41.9% |
| 1980 | - | - | 21.8% | 33.3% |
| 1981 | - | - | 23.3% | 27.4% |
| 1982 | - | - | 23.8% | 31.3% |
| 1983 | - | - | 25.1% | 28.7% |
| 1984 | - | - | 25.2% | 23.2% |
| 1985 | - | - | 26.8% | 26.3% |
| 1986 | - | - | 27.8% | 32.5% |
| 1987 | - | - | 28% | 33.5% |
| 1988 | - | - | 23.9% | 30.6% |
| 1989 | - | - | 29.6% | 33.3% |
| 1990 | - | - | 28.7% | 31.8% |
| 1991 | - | - | 27.8% | 34.7% |
| 1992 | 21.5% | - | 29.8% | 34.8% |
| 1993 | 20.3% | - | 29.1% | 39.8% |
| 1994 | 13.3% | - | 31.3% | 46.4% |
| 1995 | 18% | 100.8% | 27.2% | 47% |
| 1996 | 19.5% | 83.4% | 28.5% | 44.3% |
| 1997 | 17% | 72.2% | 27.9% | 45.8% |
| 1998 | 16.4% | 70.1% | 27.1% | 45.8% |
| 1999 | 22.4% | 78.4% | 26.7% | 45.9% |
| 2000 | 18.2% | 86% | 22.6% | 37.9% |
| 2001 | 19.1% | 84% | 22.6% | 38% |
| 2002 | 20.5% | 92% | 22.2% | 31.8% |
| 2003 | 18.5% | 79.5% | 22.6% | 31.5% |
| 2004 | 17.9% | 80.9% | 22.7% | 30.7% |
| 2005 | 19.9% | 58.9% | 25.1% | 29.6% |
| 2006 | 20.6% | 22.5% | 24.7% | 28% |
| 2007 | 22.4% | 22.1% | 24.4% | 24.3% |
| 2008 | 22.5% | 18.3% | 26% | 24% |
| 2009 | 22.3% | 18.5% | 28.5% | 27% |
| 2010 | 23.8% | 18.8% | 28.3% | 31.2% |
| 2011 | 24.7% | 18.7% | 28.1% | 34.7% |
| 2012 | 24.6% | 19.1% | 28.6% | 37.4% |
| 2013 | 26.2% | 26.7% | 28.9% | 40.4% |
| 2014 | 27.5% | 29.1% | 29.3% | 43.3% |
| 2015 | 26.6% | 33.1% | 30.2% | 45.2% |
| 2016 | 25.1% | 41.1% | 29.9% | 47.1% |
| 2017 | 25.1% | 45.6% | 29.9% | 48.6% |
| 2018 | 26.4% | 49.2% | 30.2% | 51.5% |
| 2019 | 28.2% | 53.6% | 31.4% | 56.1% |
| 2020 | 33.5% | 68.7% | 34.6% | 68.9% |
| 2021 | 31.6% | 67.3% | 32.5% | 68.7% |
| 2022 | 29.7% | 60.9% | 31.9% | 70.8% |
| 2023 | 27% | 63.4% | 32.5% | 73.4% |
| 2024 | 28.8% | 67.2% | 33.2% | 76.4% |
| 2025 | 27.4% | 77.6% | 34% | 79.6% |
Government deficit by year
In 2024, Rwanda's government deficit, the difference between spending and revenue, was -$936M, equivalent to -6.57% of GDP. This compares to South Africa's deficit of -$24.2B, or -6.05% of GDP.
Over the past 33 years, Rwanda recorded a fiscal deficit in 29 of those years, while South Africa ran a deficit in 31 years. On average, Rwanda posted an annual deficit equal to -3.03% of GDP, compared to deficit of -3.72% of GDP for South Africa.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Rwanda
|
South Africa
|
|
| 1913 | - | -4.15% |
| 1914 | - | -11.6% |
| 1915 | - | -10.7% |
| 1916 | - | -2.57% |
| 1917 | - | -3.52% |
| 1918 | - | -3.7% |
| 1919 | - | -2.6% |
| 1920 | - | -5.52% |
| 1921 | - | -5.38% |
| 1922 | - | -4.51% |
| 1923 | - | -5.53% |
| 1924 | - | -4.72% |
| 1925 | - | -4.92% |
| 1926 | - | -4.76% |
| 1927 | - | -3.79% |
| 1928 | - | -3.29% |
| 1929 | - | -4.41% |
| 1930 | - | -5.19% |
| 1931 | - | -5.31% |
| 1932 | - | -4.72% |
| 1933 | - | -3.31% |
| 1934 | - | -3.29% |
| 1935 | - | -3.2% |
| 1936 | - | -2.58% |
| 1937 | - | -2.16% |
| 1938 | - | -3.91% |
| 1939 | - | -2.96% |
| 1940 | - | -10.9% |
| 1941 | - | -7.3% |
| 1942 | - | -9.08% |
| 1943 | - | -8.49% |
| 1944 | - | -8.94% |
| 1945 | - | -7.41% |
| 1946 | - | -4.03% |
| 1947 | - | -1.82% |
| 1948 | - | -6.03% |
| 1949 | - | -6.87% |
| 1950 | - | -2.33% |
| 1951 | - | -0.4% |
| 1952 | - | -4.14% |
| 1953 | - | -3.72% |
| 1954 | - | -2.53% |
| 1955 | - | -2.9% |
| 1956 | - | -2.12% |
| 1957 | - | -2.8% |
| 1958 | - | -3.5% |
| 1959 | - | -4.4% |
| 1960 | - | -2.36% |
| 1961 | - | -3.25% |
| 1962 | - | -1.4% |
| 1963 | - | -2.26% |
| 1964 | - | -1.19% |
| 1965 | - | -3.15% |
| 1966 | - | -3.04% |
| 1967 | - | -3.8% |
| 1968 | - | -3.38% |
| 1969 | - | -3.94% |
| 1970 | - | -3.19% |
| 1971 | - | -1.96% |
| 1972 | - | -5.39% |
| 1973 | - | -4.54% |
| 1974 | - | -1.5% |
| 1975 | - | -2.62% |
| 1976 | - | -4.19% |
| 1977 | - | -5.52% |
| 1978 | - | -5.42% |
| 1979 | - | -4.65% |
| 1980 | - | -1.91% |
| 1981 | - | -3.72% |
| 1982 | - | -3.88% |
| 1983 | - | -5.3% |
| 1984 | - | -5.24% |
| 1985 | - | -4.86% |
| 1986 | - | -5.69% |
| 1987 | - | -6.36% |
| 1988 | - | -3.29% |
| 1989 | - | -8.3% |
| 1990 | - | -3.82% |
| 1991 | - | -4.85% |
| 1992 | -7.21% | -7.09% |
| 1993 | -6.6% | -8.54% |
| 1994 | -9.54% | -8.09% |
| 1995 | -2.04% | -4.38% |
| 1996 | -5.01% | -4.53% |
| 1997 | -2.22% | -4.08% |
| 1998 | -2.59% | -2.56% |
| 1999 | -4.41% | -2.21% |
| 2000 | -0.22% | -1.38% |
| 2001 | -1.8% | -1.02% |
| 2002 | -2.03% | -0.96% |
| 2003 | -1.23% | -1.59% |
| 2004 | 2.27% | -1.04% |
| 2005 | 1.12% | -0.1% |
| 2006 | -0.03% | 0.81% |
| 2007 | -1.56% | 1.22% |
| 2008 | 0.83% | -0.49% |
| 2009 | 0.26% | -4.67% |
| 2010 | -0.64% | -4.51% |
| 2011 | -0.86% | -3.7% |
| 2012 | -2.38% | -4.04% |
| 2013 | -1.27% | -3.9% |
| 2014 | -3.92% | -3.93% |
| 2015 | -2.68% | -4.37% |
| 2016 | -2.27% | -3.72% |
| 2017 | -2.52% | -4.02% |
| 2018 | -2.57% | -3.73% |
| 2019 | -5.08% | -5.07% |
| 2020 | -9.54% | -9.62% |
| 2021 | -7% | -5.52% |
| 2022 | -5.74% | -4.26% |
| 2023 | -5.04% | -5.45% |
| 2024 | -6.57% | -6.05% |
| 2025 | -6.29% | -6.55% |
Inflation comparison by year
Over the past 29 years, Rwanda has recorded an average annual inflation rate of 6.85%, compared with 5.49% in South Africa. In 2024, inflation was 1.77% in Rwanda and 4.36% in South Africa.
| Year | Inflation | ||
|---|---|---|---|
|
Rwanda
|
South Africa
|
Rwanda
|
South Africa
|
| 1996 | 7.41% | 7.35% | |
| 1997 | 12% | 8.6% | |
| 1998 | 6.21% | 6.88% | |
| 1999 | -2.41% | 5.18% | |
| 2000 | 3.9% | 5.34% | |
| 2001 | 3.34% | 5.7% | |
| 2002 | 1.99% | 9.49% | |
| 2003 | 7.45% | 5.68% | |
| 2004 | 12.3% | -0.69% | |
| 2005 | 9.01% | 2.06% | |
| 2006 | 8.88% | 3.24% | |
| 2007 | 9.08% | 6.18% | |
| 2008 | 15.4% | 9.91% | |
| 2009 | 12.9% | 7.24% | |
| 2010 | -0.25% | 4.07% | |
| 2011 | 3.08% | 5% | |
| 2012 | 10.3% | 5.74% | |
| 2013 | 5.92% | 5.78% | |
| 2014 | 2.35% | 6.13% | |
| 2015 | 2.53% | 4.52% | |
| 2016 | 7.17% | 6.6% | |
| 2017 | 8.28% | 5.19% | |
| 2018 | -0.31% | 4.51% | |
| 2019 | 3.35% | 4.1% | |
| 2020 | 9.85% | 3.23% | |
| 2021 | -0.39% | 4.62% | |
| 2022 | 17.7% | 7.04% | |
| 2023 | 19.8% | 6.08% | |
| 2024 | 1.77% | 4.36% | |
Top exports between countries
|
Rwanda
|
|
|---|---|
| Export category | Export value |
| Raw agricultural goods | $1.85M |
| Chemicals & pharma | $247K |
| Metals | $205K |
| Miscellaneous | $155K |
| Textiles & consumer goods | $50K |
| Machinery & equipment | $28K |
| Animal & marine products | $21K |
| Raw materials & minerals | $20K |
| Wood & paper products | $4K |
| Precious metals & jewellery | $3K |
|
South Africa
|
|
|---|---|
| Export category | Export value |
| Chemicals & pharma | $18.9M |
| Machinery & equipment | $13M |
| Processed food, beverages & tobacco | $6.01M |
| Textiles & consumer goods | $3.43M |
| Raw agricultural goods | $1.43M |
| Wood & paper products | $1.43M |
| Metals | $1.3M |
| Raw materials & minerals | $314K |
| Animal & marine products | $183K |
| Miscellaneous | $30K |
Balance of trade
|
Rwanda
|
South Africa
|
|
|---|---|---|
Current account balance
|
-$1.65B
2023 |
-$2.58B
2024 |
| Current account balance ranking |
136/189
2023 |
149/189
2024 |
| Current account balance, % of GDP |
-11.5%
2023 |
-0.64%
2024 |
| Goods imports |
$4.83B
2023 |
$99.8B
2024 |
| Goods exports |
$2.47B
2023 |
$112B
2024 |
| Service imports |
$948M
2023 |
$20B
2024 |
| Service exports |
$1.04B
2023 |
$16.1B
2024 |
| Imports of goods and services, % of GDP |
39.1%
2024 |
29.9%
2024 |
| Exports of goods and services, % of GDP |
30.8%
2024 |
31.8%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Rwanda
|
South Africa
|
|
|---|---|---|
| Economic freedom | 54.8 | 57.3 |
| Economic freedom ranking | 133/197 | 114/197 |
| Property rights | 62 | 44.3 |
| Government integrity | 50.5 | 45.1 |
| Judicial effectiveness | 27.1 | 57.7 |
| Tax burden | 81.3 | 67.9 |
| Government spending | 73.8 | 68.6 |
| Fiscal health | 35 | 45.8 |
| Business freedom | 56.8 | 64 |
| Labor freedom | 48.7 | 71 |
| Monetary freedom | 67.3 | 74.5 |
| Trade freedom | 55.2 | 68.4 |
| Investment freedom | 60 | 40 |
| Financial freedom | 40 | 40 |
Economic freedom by year comparison
The Economic Freedom Index for Rwanda is 54.8, ranking 133/197, compared to 57.3 for South Africa, ranking 114/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Rwanda
|
South Africa
|
|
| 1995 | - | 60.7 |
| 1996 | - | 62.5 |
| 1997 | 38.3 | 63.2 |
| 1998 | 39.1 | 64.3 |
| 1999 | 39.8 | 63.3 |
| 2000 | 42.3 | 63.7 |
| 2001 | 45.4 | 63.8 |
| 2002 | 50.4 | 64 |
| 2003 | 47.8 | 67.1 |
| 2004 | 53.3 | 66.3 |
| 2005 | 51.7 | 62.9 |
| 2006 | 52.8 | 63.7 |
| 2007 | 52.4 | 63.5 |
| 2008 | 54.2 | 63.4 |
| 2009 | 54.2 | 63.8 |
| 2010 | 59.1 | 62.8 |
| 2011 | 62.7 | 62.7 |
| 2012 | 64.9 | 62.7 |
| 2013 | 64.1 | 61.8 |
| 2014 | 64.7 | 62.5 |
| 2015 | 64.8 | 62.6 |
| 2016 | 63.1 | 61.9 |
| 2017 | 67.6 | 62.3 |
| 2018 | 69.1 | 63 |
| 2019 | 71.1 | 58.3 |
| 2020 | 70.9 | 58.8 |
| 2021 | 68.3 | 59.7 |
| 2022 | 57.1 | 56.2 |
| 2023 | 52.2 | 55.7 |
| 2024 | 51.6 | 55.3 |
| 2025 | 54.8 | 57.3 |
More economic indicators
|
Rwanda
|
South Africa
|
|
|---|---|---|
| Services, % of GDP |
47.6%
2024 |
62.7%
2024 |
| Industry, % of GDP |
21%
2024 |
24.4%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
24.6%
2024 |
2.92%
2024 |
|
GNI, Atlas method
|
$14.8B
2024 |
$390B
2024 |
| GNI per capita, PPP |
$3,620
2024 |
$15,150
2024 |
| Total reserves including gold |
$2.41B
2024 |
$65.4B
2024 |
| Total reserves ranking |
123/177
2024 |
36/177
2024 |
|
Net foreign direct investment
|
-$459M
2023 |
-$3.59B
2024 |
|
Net inflows of foreign direct investment
|
$819M
2024 |
$2.33B
2024 |
|
Net outflows of foreign direct investment
|
$9.86M
2024 |
-$1.26B
2024 |
|
Servicing debt to the IMF, % of GNI
|
3.88%
2023 |
6.1%
2023 |
| Poverty at national poverty lines |
27.4%
2023 |
55.5%
2014 |
|
Gross capital formation, % of GDP
|
25.9%
2024 |
13.9%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
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.