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Rwanda Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
12,187,400 (July 2018 est.)GDP (PPP)
$24.68 billion (2017 est.)Rwanda is a rural, agrarian country with agriculture accounting for about 63% of export earnings, and with some mineral and agro-processing.
GDP growth rate
6.1% (2017 est.)In 2012, Rwanda completed the first modern Special Economic Zone (SEZ) in Kigali. The SEZ seeks to attract investment in all sectors, but specifically in agribusiness, information and communications, trade and logistics, mining, and construction. In 2016, the government launched an online system to give investors information about public land and its suitability for agricultural development.
GDP (PPP) per capita
$2,100 (2017 est.)In 2015, 39% of the population lived below the poverty line, according to government statistics, compared to 57% in 2006.
Local currency
Rwandan franc (RWF)The government expansionary fiscal policy to reduce poverty has negatively impacted the currency, though the depreaction was not dramatic as these polcies should lift growth over time.
Financial stability (Public debt)
40.5% of GDP (2017 est.)The 1994 genocide decimated Rwanda's fragile economic base, severely impoverished the population, particularly women, and temporarily stalled the country's ability to attract private and external investment. However, Rwanda has made substantial progress in stabilizing and rehabilitating its economy well beyond pre-1994 levels. GDP has rebounded with an average annual growth of 6%-8% since 2003 and inflation has been reduced to single digits.
Inflation
4.8% (2017 est.)Tourism, minerals, coffee, and tea are Rwanda's main sources of foreign exchange. Despite Rwanda's fertile ecosystem, food production often does not keep pace with demand, requiring food imports. Energy shortages, instability in neighboring states, and lack of adequate transportation linkages to other countries continue to handicap private sector growth.
Language
Kinyarwanda (official, universal Bantu vernacular) 93.2%, French (official) <.1, English (official) <.1English official language.
Corruption perception index (Source: Transparency International)
48/180Medium but one of the lowest in Africa.
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
18%Supplies of certain basic goods are exempt
Corporate Tax
30%Micro and small businesses my be subject to a lump sum tax at the rate of 3% of turnover instead of the standard rate. There are special CIT rates for certain industries or sectors of the economy.
Duties
0% to 25%Rwanda is a member of the East African Community, which uses the East African Community Customs Act (EACMA) for levying import duty. The EACMA prescribes Common External Tariffs (CET) for goods originating outside the Customs Union.
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