Connect with us

Taarifa Rwanda

Rwanda GDP Has Grown By 10.6% In First Quarter

Business

Rwanda GDP Has Grown By 10.6% In First Quarter

Rwanda,s Industrial sector has recorded a 7% growth, figures from the (NISR) National institute of Statistics indicate.

The communiqué says the industrial sector has expanded owing to an increase in construction which has also grown by 8%.

“The construction sub-sector is recovering following a very low growth experienced in 2017”, the communiqué reads in part.

During the First quarter, Agriculture sector grew by 8%, Industrial sector also grew by 7% while the services sector recorded the highest growth of 12%.

Meanwhile, the communiqué shows that food processing increased by 9% owing to processing of cereals, Tea and Sugar.

Made in Rwanda products also experienced a higher growth; “textiles, leather products and clothes increased by 24%.

According to NISR, the high demand for soaps and paints pushed the growth of Chemicals, rubber and plastics by 8%.

Low performance was recorded in production of Beverages and tobacco products which have decreased by 2%.

Focusing on the services sector which realized larger growth, it was noticed that retail and wholesale trade increased by 26% due to a significant increase in tradable Agriculture and manufactured products.

Rwanda is also experiencing a consistent rise in demand for transport and in the First Quarter alone, the transport activities increased by 28% boosted by air transport that also rose by 32%.

On the other hand, financial services increased by 12% whereas public administration grew by 15% . In comparison, the Human Health and social work activities rose by 7%.

With major investment in Technology and telecommunication, the country realized a major growth in Information and communication services by 24%.

In general, Rwanda GDP in the first quarter of 2018 grew to Rwf1, 985billion from Rwf1, 816billion of same period in the previous year.

Overall, the country has achieved a 10.6% GDP growth in this first quarter (Q1) of 2018.

Continue Reading
Advertisement
Click to comment

Comment

More in Business

To Top