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Economy of Rwanda vs Ukraine compared: GDP & Debt

Updated on by Georank team

Rwanda has a GDP of $14.3B compared to $191B for Ukraine, ranking 144/197 and 57/197 by economy size, respectively.

Rwanda has $9.58B in government debt (67.2% of GDP), compared to $171B (89.7% of GDP) in Ukraine.

Rwanda vs Ukraine GDP by year

Rwanda
Ukraine
1x
Year GDP, current $
Rwanda Ukraine
2024 $14,251,642,235 $190,741,262,415
2023 $14,331,722,703 $181,221,517,869
2022 $13,316,161,002 $161,989,520,721
2021 $11,078,787,090 $199,765,859,571
2020 $10,174,386,857 $156,617,722,013
2019 $10,349,300,277 $153,883,047,510
2018 $9,637,904,521 $130,891,088,294
2017 $9,252,833,891 $112,090,505,082
2016 $8,695,272,058 $93,355,869,404
2015 $8,543,760,200 $91,030,967,789
2014 $8,238,966,124 $133,503,871,862
2013 $7,819,964,030 $190,498,811,460
2012 $7,654,761,050 $182,591,753,828
2011 $6,884,913,658 $169,333,835,202
2010 $6,124,756,654 $141,209,170,427
2009 $5,674,476,969 $121,552,153,444
2008 $5,179,854,065 $188,110,390,660
2007 $4,070,507,895 $148,733,861,386
2006 $3,319,784,539 $111,884,752,475
2005 $2,933,819,766 $89,238,865,119
2004 $2,376,496,067 $67,220,154,164
2003 $2,138,237,279 $52,010,355,753
2002 $1,966,003,468 $43,956,163,612
2001 $1,966,600,715 $39,309,580,983
2000 $2,068,836,754 $32,375,083,935
1999 $2,157,108,263 $31,580,639,554
1998 $1,989,343,546 $41,882,523,345
1997 $1,851,558,197 $50,151,531,592
1996 $1,382,334,879 $44,558,831,005
1995 $1,293,535,193 $48,213,856,469
1994 $753,636,370 $52,549,580,265
1993 $1,971,525,712 $65,648,559,903
1992 $2,029,026,962 $73,945,908,384
1991 $1,911,600,237 $77,350,733,982
1990 $2,550,185,679 $81,393,558,423
1989 $2,405,022,593 $82,709,161,099
1988 $2,395,492,687 $74,703,517,903
1987 $2,157,432,668 $64,087,694,038
1986 $1,944,710,684 -
1985 $1,715,626,331 -
1984 $1,587,413,084 -
1983 $1,479,687,587 -
1982 $1,407,243,139 -
1981 $1,407,062,527 -
1980 $1,254,765,642 -
1979 $1,109,346,131 -
1978 $905,709,076 -
1977 $746,650,613 -
1976 $637,753,853 -
1975 $571,863,500 -
1974 $308,458,423 -
1973 $290,746,157 -
1972 $246,457,838 -
1971 $222,952,504 -
1970 $219,900,006 -
1969 $188,700,037 -
1968 $172,200,018 -
1967 $159,560,018 -
1966 $124,525,703 -
1965 $148,799,980 -
1964 $129,999,994 -
1963 $128,000,000 -
1962 $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/rwanda/ukraine | CC BY

GDP per capita in Rwanda vs Ukraine by year

Rwanda
GDP per capita

GDP per capita, PPP
Ukraine
GDP per capita

GDP per capita, PPP
1x
Year Current $
Rwanda Ukraine
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,000 $3,711 $5,038 $18,550
2023 $1,027 $3,399 $4,803 $17,665
2022 $975 $3,099 $3,946 $14,770
2021 $830 $2,733 $4,510 $17,846
2020 $779 $2,285 $3,505 $15,541
2019 $810 $2,336 $3,423 $14,217
2018 $772 $2,125 $2,895 $12,555
2017 $758 $1,968 $2,467 $11,536
2016 $730 $1,866 $2,047 $10,865
2015 $734 $1,781 $1,988 $9,922
2014 $725 $1,678 $2,904 $10,494
2013 $705 $1,512 $4,130 $10,904
2012 $707 $1,455 $3,951 $9,552
2011 $651 $1,413 $3,657 $9,127
2010 $594 $1,314 $3,040 $8,453
2009 $564 $1,241 $2,607 $7,995
2008 $528 $1,191 $4,018 $9,324
2007 $426 $1,079 $3,160 $8,900
2006 $357 $1,002 $2,366 $7,971
2005 $324 $914 $1,875 $7,142
2004 $269.5 $832 $1,401 $6,663
2003 $249 $775 $1,076 $5,764
2002 $234 $760 $903 $5,123
2001 $237.3 $670 $800 $4,747
2000 $251.9 $609 $653 $4,228
1999 $264.7 $554 $632 $3,871
1998 $246.2 $528 $831 $3,794
1997 $238.7 $500 $987 $3,794
1996 $206 $499 $870 $3,812
1995 $228 $514 $933 $4,124
1994 $111 $311 $1,009 $4,565
1993 $247 $521 $1,254 $5,766
1992 $264.1 $575 $1,413 $6,568
1991 $254 $542 $1,483 $7,148
1990 $346 $549 $1,564 $7,591
1989 $335 - $1,593 -
1988 $344 - $1,444 -
1987 $320 - $1,244 -
1986 $297.7 - - -
1985 $271.6 - - -
1984 $259.9 - - -
1983 $250.6 - - -
1982 $246.4 - - -
1981 $254.6 - - -
1980 $234.4 - - -
1979 $213.8 - - -
1978 $179.9 - - -
1977 $152.7 - - -
1976 $134.4 - - -
1975 $124.1 - - -
1974 $68.9 - - -
1973 $66.9 - - -
1972 $58.4 - - -
1971 $54.4 - - -
1970 $55.2 - - -
1969 $48.9 - - -
1968 $46 - - -
1967 $44 - - -
1966 $35.4 - - -
1965 $43.5 - - -
1964 $39 - - -
1963 $39.3 - - -
1962 $39.2 - - -
1961 $39.3 - - -
1960 $39.4 - - -

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

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

Rwanda's GDP per capita is $1,000, ranking 178/197, compared to $5,038 in Ukraine, ranking 120/197. Adjusted for purchasing power (GDP per capita PPP), Rwanda ranks 168th at $3,711, while Ukraine ranks 101st at $18,550.

Economic indicators

Rwanda Ukraine
Gross domestic product
$14.3B
2024
$191B
2024
GDP rank
144/197
2024
57/197
2024
GDP growth
8.89%
2023-2024
2.91%
2023-2024
GDP per capita
$1,000
2024
$5,038
2024
GDP per capita rank
178/197
2024
120/197
2024
GDP per capita, PPP
$3,711
2024
$18,550
2024
GDP per capita PPP rank
168/197
2024
101/197
2024
Government debt
$9.58B
2024
$171B
2024
Debt-to-GDP ratio
67.2%
2024
89.7%
2024
Government debt per person
$672
2024
$4,520
2024
Government debt per person rank
157/185
2024
86/185
2024
Average annual personal income after taxes
$2,194
2026
$5,370
2026
Market capitalization of domestic companies
$2.75B
2024
$4.42B
2018
Number of billionaires n/a
7
2025
Income share by richest 10%
33.4%
2023
21.7%
2020
Income share by poorest 10%
3.1%
2023
4.3%
2020
Government expenditure, % of GDP
28.8%
2024
71.3%
2024
Consumer prices inflation
1.77%
2023-2024
6.5%
2023-2024
Central bank interest rate
6.75%
2025
15.5%
2025
Unemployment rate
11.3%
2024
9.83%
2021
Population
14975051
40125599

Spending and national debt comparison by year

Rwanda
Spending

Debt
Ukraine
Spending

Debt
1x
Year % of GDP
Rwanda Ukraine
Government spending Government debt Government spending Government debt
2024 28.8% 67.2% 71.3% 89.7%
2023 27% 63.4% 73.4% 81.2%
2022 29.7% 60.9% 65.4% 77.7%
2021 31.6% 67.3% 40.5% 48.9%
2020 33.5% 68.7% 45.6% 60.5%
2019 28.2% 53.6% 41.5% 50.5%
2018 26.4% 49.2% 41.9% 60.4%
2017 25.1% 45.6% 41.7% 71.6%
2016 25.1% 41.1% 40.8% 79.5%
2015 26.6% 33.1% 43% 79.3%
2014 27.5% 29.1% 44.8% 70.3%
2013 26.2% 26.7% 48.1% 40.5%
2012 24.6% 19.1% 49% 37.5%
2011 24.7% 18.7% 45.7% 36.9%
2010 23.8% 18.8% 49.2% 40.6%
2009 22.3% 18.5% 48.6% 35.4%
2008 22.5% 18.3% 47.1% 20.4%
2007 22.4% 22.1% 43.7% 12.3%
2006 20.6% 22.5% 44.6% 14.8%
2005 19.9% 58.9% 44.2% 17.7%
2004 17.9% 80.9% 41.6% 24.8%
2003 18.5% 79.5% 38.9% 29.4%
2002 20.5% 92% 37.9% 33.6%
2001 19.1% 84% 36.7% 36.7%
2000 18.2% 86% 35.5% 43.8%
1999 22.4% 78.4% 25.8% 59%
1998 16.4% 70.1% 37.1% 46.5%
1997 17% 72.2% 40.8% 28.9%
1996 19.5% 83.4% 36.9% 24.4%
1995 18% 100.8% 41.3% 30.2%
1994 13.3% - - -
1993 20.3% - - -
1992 21.5% - - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1996, retrieved 2026-02-20).

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

In 2024, Rwanda's government spending was $4.1B, accounting for 28.8% of its GDP, while Ukraine spent $136B, or 71.3% of GDP.

Debt-to-GDP ratio is 67.2% in Rwanda and 89.7% in Ukraine, ranking 65/185 and 33/185, respectively.

Government deficit by year

Deficit/surplus
Rwanda

Ukraine
1x
Year Deficit/surplus, % of GDP
Rwanda Ukraine
2024 -6.57% -17.2%
2023 -5.04% -19.3%
2022 -5.74% -15.6%
2021 -7% -3.97%
2020 -9.54% -5.92%
2019 -5.08% -2.08%
2018 -2.57% -2.12%
2017 -2.52% -2.36%
2016 -2.27% -2.46%
2015 -2.68% -1.16%
2014 -3.92% -4.46%
2013 -1.27% -4.78%
2012 -2.38% -4.31%
2011 -0.86% -2.76%
2010 -0.64% -5.77%
2009 0.26% -6.27%
2008 0.83% -3.14%
2007 -1.56% -1.97%
2006 -0.03% -1.36%
2005 1.12% -2.28%
2004 2.27% -4.41%
2003 -1.23% -0.89%
2002 -2.03% -1.84%
2001 -1.8% -3.03%
2000 -0.22% -3.19%
1999 -4.41% 4.95%
1998 -2.59% -2.69%
1997 -2.22% -5.37%
1996 -5.01% -3.09%
1995 -2.04% -4.72%
1994 -9.54% -
1993 -6.6% -
1992 -7.21% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20).

GeoRank.org/economy/rwanda/ukraine | 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 Ukraine's deficit of $32.8B, or 17.2% of GDP.

Over the past 30 years, Rwanda recorded a fiscal deficit in 26 of those years, while Ukraine ran a deficit in 29 years. On average, Rwanda posted an annual deficit equal to 2.56% of GDP, compared to deficit of 4.45% of GDP for Ukraine.

Inflation comparison by year

Inflation
Rwanda

Ukraine
1x
Year Consumer prices inflation
Rwanda Ukraine
2024 1.77% 6.5%
2023 19.8% 12.9%
2022 17.7% 20.2%
2021 -0.39% 9.4%
2020 9.85% 2.7%
2019 3.35% 7.9%
2018 -0.31% 10.9%
2017 8.28% 14.4%
2016 7.17% 13.9%
2015 2.53% 48.7%
2014 2.35% 12.1%
2013 5.92% -0.3%
2012 10.3% 0.6%
2011 3.08% 8%
2010 -0.25% 9.4%
2009 12.9% 15.9%
2008 15.4% 25.2%
2007 9.08% 12.8%
2006 8.88% 9.1%
2005 9.01% 13.5%
2004 12.3% 9%
2003 7.45% 5.2%
2002 1.99% 0.8%
2001 3.34% 12%
2000 3.9% 28.2%
1999 -2.41% 22.7%
1998 6.21% 10.6%
1997 12% 15.9%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Rwanda has recorded an average annual inflation rate of 6.83%, compared with 12.8% in Ukraine. In 2024, inflation was 1.77% in Rwanda and 6.5% in Ukraine.

Top exports between countries

Rwanda
Export category Export value
Raw agricultural goods $202K
Ukraine
Export category Export value
Processed food, beverages & tobacco $1.14M
Metals $533K
Raw materials & minerals $192K
Raw agricultural goods $111K
Animal & marine products $31K
Machinery & equipment $19K
Textiles & consumer goods $6K

Balance of trade

Rwanda Ukraine
Current account balance
-$1.81B
2024
-$15.1B
2024
Current account balance ranking
140/190
2024
179/190
2024
Current account balance, % of GDP
-12.7%
2024
-7.94%
2024
Goods imports
$5.55B
2024
$72.3B
2024
Goods exports
$3.2B
2024
$39.3B
2024
Service imports
$991M
2024
$22.9B
2024
Service exports
$1.08B
2024
$17.3B
2024
Imports of goods and services, % of GDP
39.1%
2024
48.3%
2024
Exports of goods and services, % of GDP
30.8%
2024
29.4%
2024

Economic freedom indices

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

Rwanda Ukraine
Economic freedom 56.5 54.1
Economic freedom ranking 121/197 135/197
Property rights 60.3 21.6
Government integrity 53.9 35
Judicial effectiveness 27.5 28.2
Tax burden 80.6 83.7
Government spending 75.7 0
Fiscal health 37.5 3.9
Business freedom 60.1 57.4
Labor freedom 49.1 46.9
Monetary freedom 72.3 65.7
Trade freedom 61.8 73
Investment freedom 60 35
Financial freedom 40 30

Economic freedom comparison by year

Rwanda
Ukraine
1x
Year Economic freedom index
Rwanda Ukraine
2026 56.5 -
2025 54.8 -
2024 51.6 -
2023 52.2 -
2022 57.1 54.1
2021 68.3 56.2
2020 70.9 54.9
2019 71.1 52.3
2018 69.1 51.9
2017 67.6 48.1
2016 63.1 46.8
2015 64.8 46.9
2014 64.7 49.3
2013 64.1 46.3
2012 64.9 46.1
2011 62.7 45.8
2010 59.1 46.4
2009 54.2 48.8
2008 54.2 51
2007 52.4 51.5
2006 52.8 54.4
2005 51.7 55.8
2004 53.3 53.7
2003 47.8 51.1
2002 50.4 48.2
2001 45.4 48.5
2000 42.3 47.8
1999 39.8 43.7
1998 39.1 40.4
1997 38.3 43.5
1996 - 40.6
1995 - 39.9

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Rwanda is 56.5, ranking 121/197, compared to 54.1 for Ukraine, ranking 135/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Rwanda Ukraine
Services, % of GDP
47.6%
2024
60.6%
2024
Industry, % of GDP
21%
2024
19%
2024
Agriculture, forestry, and fishing, % of GDP
24.6%
2024
7.11%
2024
GNI, Atlas method
$14.8B
2024
$184B
2024
GNI per capita, PPP
$3,620
2024
$18,560
2024
Total reserves including gold
$2.41B
2024
$43.8B
2024
Total reserves ranking
123/177
2024
46/177
2024
Net foreign direct investment
-$560M
2024
-$3.71B
2024
Net inflows of foreign direct investment
$573M
2024
$4.02B
2024
Net outflows of foreign direct investment
$13.2M
2024
$305M
2024
Servicing debt to the IMF, % of GNI
3.09%
2024
5.42%
2024
Poverty at national poverty lines
27.4%
2023
23.2%
2020
Gross capital formation, % of GDP
25.9%
2024
18.6%
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/ukraine | 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 (1992–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2020–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1995–1996, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.