Rwanda’s national Domestic Growth Product (GDP) increased to Rwf 7,597 billion in 2017 up from Rwf 6,672 billion in 2016.
The economy grew by 6.1% in 2017 while it was estimated to grow by 5.2%, according to statistics released by the National Institute of Statistics of Rwanda (NISR) on Tuesday afternoon, March 13, 2018.
In the 4th quarter of the year 2017, GDP growth was 10.5%.
Growth progressively increased from its lowest point of 1.7% in the first quarter, 4% in the second quarter and 8% in the third quarter.
Yussuf Murangwa, the Director General of the National Institute of Statistics of Rwanda, told the media, that “In the fourth quarter of 2017, the GDP at current market prices was estimated to be Frw1,985 billion, up from Frw1,751 billion in Quarter 4, 2016.”
According to Murangwa, “In the 4th quarter of 2017, services sector contributed 46 percent of GDP while agriculture sector contributed 31 percent of the GDP. “Industry sector contributed 16 percent of the GDP and 7 percent was attributed to adjustment for taxes and subsidies on products.”
In 2017, estimates calculated in 2014 prices shows that GDP was 6.1 percent higher in real terms compared to 2016.
Agriculture grew by 7%, industry 4% while services growth was 8% in 2017.
In the 4th quarter, agriculture production grew by 10%, the industry sector by 10% while the services production saw a 11% growth.
Agriculture growth was due to the good harvest of food crops in season B and C, which increased by 11% while season B, and C of 2016 it had grown by 1% rate.
The produce in the industry sector grew higher due to the growth of the production in the mining and quarrying sector. For instance, coltan and cassiterite’s production grew by 94% and 21% respectively.
The production from food processing industries grew by 16%, which was mainly due to the increase in production of cereals processing industries.
Garments factories’ production grew by 19% while the production the plastic and caoutchouc industries rose by 14% while the production by beverages and tobacco industries reduced by 8% whereas the construction sector production saw a 1% reduction.
In services, the National Institute of Statistics of Rwanda indicates that the wholesale and retail trade grew on a 19% rate while transport services production grew by 16%.