Economic Profile of Rwanda

Topics: Inflation, Gross domestic product, Rwanda Pages: 5 (1393 words) Published: April 7, 2014
Economic Profile of a Country
Social Sciences
Rwanda is a country in Central Africa, south of the Equator. Its capital is Kigali. Rwanda is consisted of mountains in the west and savanna in the east. It is a subtropical region with two rainy seasons and two dry seasons. In 2012 Rwanda’s population was 11,457,801 (Rwanda Wikipedia). The official languages of Rwanda are French and Kkinyarwanda. Sixty five percent of Rwandan’s are Christian, nine percent are Protestant, seventeen percent follow native tribal beliefs, and nine percent are Muslim. Rwanda is known for the 1994 Genocide, which was when more than one million Tutsis and Hutis were murdered, causing more than two million people to flee from Rwanda. General Paul Kagame put an end to the murders and quickly won leadership over the country the same year. Gross Domestic Product is the market value of all officially recognized final goods and services produced within a country in a year. Rwanda’s GDP is 7.103 billion USD as of 2012. The GDP of 2009 was 4.1 percent and grew to 7.6 percent in 2012. The GDP per capita, which is often considered an indicator of a country’s standard of living, is $1,431 international dollars. The GDP by composition of agriculture is 33.6 percent, for industry is 14.1 percent, and for services is 52.3 percent (Rwanda GDP Data & Country Report). Consumer Price Index is a measure of changes in prices of goods and services within the household basket. The Consumer Price Index was 122.9 in February of 2014 which is an increase of 1.19 percent from January of 2014 which was 121.4 (Consumer Price Index). Inflation rate is the rate of change of prices calculated on a monthly or annual basis. In February of 2014, Rwanda’s inflation rate was 3.45 percent (Rwanda Inflation Rate). Rwanda’s average annual income is around 460 Francs (Rwanda). Unemployment rate is the number of people actively looking for a job divided by the labor force. The unemployment rate of Rwanda was at thirty percent in December of 2008 (Rwanda Unemployment Rate). “It’s now a standard that if someone is actively looking for work but is unable to find any, then they are unemployed” (Trevor). Because of this, in February of 2013, Rwanda reported a one percent unemployment rate, which is “a dream statistic for most economies” (Trevor).

Rwanda is a presidential republic in which the president is also the head of state and the head of government. The government consists of three powers: the executive power, the legislative power, and the judicial power. The executive power is exercised in the government. The legislative power consists of the government and two chambers of parliament, the senate and the Chamber of Deputies. The Chamber of Deputies has eighty members while the Senate has twenty six. The highest judicial power is the Supreme Court. After General Paul Kagame won over Rwanda, he set up a coalition government called The Broad Based Government of National Unity, but it was banned until 2003. The government faced problems of reintegration of the two million refugees that left because of the 1994 massacre and prison population, which grew to over one hundred thousand after the war. The government prohibits all types of discrimination (Politics of Rwanda).

The average percentage of Rwandans above eighteen that have a savings account has risen from nine percent in 2005 to twenty one percent in 2011. The population of women over the age of eighteen is greater than the population of men over eighteen, but only thirteen percent of women have a savings account compared to the twenty eight percent of men with a savings account. The growth rate of Rwandans having savings accounts is greater in urban areas rather than in rural areas (Tremendous Growth in Savings).

Rwanda’s interest rate was last recorded at seven percent in 2009. This interest rate refers to the Central Bank benchmark which is the overnight rate in which central banks make loans to the commercial banks under...

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