Ethiopia vs Rwanda

Ethiopia vs Rwanda: Government debt

Government debt: 33.5% of GDP in Ethiopia in 2024 and 64.7% of GDP in Rwanda in 2025, by IMF estimates. In 2024 the value was higher in Rwanda, by 30 percentage points, or 1.89 times that in Ethiopia.

% of GDP · IMF

Ethiopia vs Rwanda: Government debtGovernment debt: 33.5% of GDP in Ethiopia in 2024 and 64.7% of GDP in Rwanda in 2025, by IMF estimates. In 2024 the value was higher in Rwanda, by 30 percentage points, or 1.89 times that in Ethiopia.
EthiopiaRwandaIMF projection (World Economic Outlook, October 2026)

What the numbers say

  • Rwanda has been higher since 2020, when it overtook Ethiopia.
  • The IMF projection (World Economic Outlook, October 2026) puts Ethiopia at 27.5% of GDP and Rwanda at 59.9% of GDP in 2031.

Every year

% of GDP · IMF

YearEthiopiaRwanda
202543.364.7
202433.563.4
202338.761.6
20224759
202153.866.2
202053.366.7
201954.752.8
201858.549.2
201755.346.1
201651.841.5
201550.733.5
201444.229.5
201344.127
201239.419.3
201144.618.9
201039.419
20093018.7
200856.118.5
200755.722.4
200679.622.8
200578.258.9
2004103.180.9
2003103.779.5
2002107.492
200197.384
200093.686
199997.878.4
199889.370.1
199780.372.2
1996132.883.5
1995146.6100.8
1994155.2–
1993141–
199287.9–
  • 12.3Projected
IMF projection (World Economic Outlook, October 2026) · 2026–2031
YearEthiopiaRwanda
202640.763.4
20273763.4
202834.263.4
202931.862
203029.761
203127.559.9

Each country on its own

Good to know

  • What the government owes, as a share of the economy’s yearly output.
  • Source: IMF, World Economic Outlook, October 2026.
  • The dashed line is the IMF projection (World Economic Outlook, October 2026), a scenario rather than a forecast.
  • Ranks count the 149 countries with a value in 2025, highest first.

How the layers work, where their data comes from and what they can’t tell you: Countries through time

Ethiopia vs Rwanda

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