Analysis News from Rwanda

Rwanda’s real gross domestic product (GDP) grew by 9.4% in 2025, reaching RWF 23,387 billion at current prices. These figures measure different things: real growth tracks changes in output volume, while current-price GDP also reflects price movements. Services accounted for 52% of GDP in 2025, industry 22% and agriculture 20%. In 2026 Q2, GDP grew 9.4% year on year; industry contributed 3.9 percentage points and services 3.7 points to the growth rate.

Inflation, borrowing conditions and employment add context. NISR reported year-on-year consumer price inflation of 19.5% in October 2026. In August 2026, the National Bank of Rwanda raised its Central Bank Rate to 8.75%; this policy rate is distinct from commercial banks’ lending rates. NISR’s 2025 Labour Force Survey recorded unemployment of 12.4%, measured as a share of the labour force rather than the whole working-age population.

Trade and investment figures also depend on their definitions and periods. In 2026 Q2, formal goods trade recorded domestic exports of US$548.98 million, imports of US$1,606.39 million and re-exports of US$179.59 million; NISR reported a trade deficit of US$877.81 million. RDB registered US$2.62 billion in investment across 799 projects in 2025. These registrations are a pipeline measure, not the same as capital already invested or annual foreign direct investment inflows.

NISR publishes national accounts, CPI, labour-force and formal trade data; the National Bank of Rwanda sets monetary policy and publishes financial indicators; RDB reports investment registrations. For business decisions, check each figure’s release date, reference period and price basis, and distinguish targets and forecasts from survey estimates and recorded results. Compare like with like, and consult the relevant institution’s release when using a figure.