Rwanda’s economy grew by 8.6% in 2018 - report

Rwanda’s economy grew by 8.6 per cent in 2018, exceeding the previously projected target of 7.2 per cent, the National Institute of Statistics of Rwanda (NISR) latest report has indicated. The gross domestic product at current market prices was estimated at Rwf 8,189 billion up from Rwf7,600 billion in 2017. The 2018 annual growth of 8.6 per cent is a build-up of 10.4 per cent registered in the first quarter, 6.8 per cent for second quarter and 7.7 per cent for third quarter while Quarter 4 growth was at 9.6 per cent. According to the NISR director-general, Yusuf Murangwa, the increased economic growth is largely due the good performance of key sectors like agriculture which performed well in previous quarters owing to impressive harvest and livestock products. The agriculture sector grew by 6 per cent, industry by 10 per cent and services grew by 9 per cent. Growth in agriculture was due to an increase of 3 per cent in the harvest of food crops during season B and C of 2018 and livestock and livestock products increased by 14 per cent. Export crops however decreased by 4 per cent. 12 per cent growth of the industry sector in the fourth quarter of 2018 was mainly boosted by the construction activities which increased by 20 per cent and manufacturing grew by 13 per cent. Within the manufacturing sector, food processing increased by 10 per cent, locally made products such as textiles, clothes and leather products increased by 26 per cent buoyed by Made in Rwanda strategy, manufacturing of metal products increased by 38 per cent while nonmetallic products increased by 15 per cent. On the other hand, in the service sector, transport grew by 16 per cent boosted by air transport which increased by 36 per cent. Wholesale and retail trade increased by 14 per cent, hotel and restaurant grew by 11 per cent, financial services by 12 per cent, ICT by 14 per cent while public administration services grew by 27 per cent. Growth in hotel and restaurant is in part due to the developments in conference tourism. editor@newtimesrwanda.com

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Rwanda’s economy grew by 8.6% in 2018 - report