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Rwanda’s GDP Grows By 6.7 % In Second Quarter Of 2018

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Rwanda’s GDP Grows By 6.7 % In Second Quarter Of 2018

In the second quarter of 2018, Gross Domestic Product (GDP) at current market prices was estimated to be Frw2trillion, up from Frw1.869 trillion in Quarter 2 of 2017.

In 2018 Quarter 2, estimates calculated in 2014 prices show that GDP was 6.7% higher compared to the second quarter of 2017, the National Institute of Statistics of Rwanda (NISR) announced on Tuesday.

NISR attributed the 6.7% GDP growth to agriculture which grew by 6%, the indutry sector which grew by 10% and the services that sector that registered a 5% growth.

According to the Deputy Director General (DDG), at the National Institute of Statistics of Rwanda, Mr. Ivan Murenzi, the growth in agriculture sector was mainly attributed to growth in food crops and export crops which grew by 6% each.

The food crops registered a 6% growth in the agriculture season A and the increase in export growth was mainly attributed to increased coffee and tea production.

Growth in the Industry sector was due to manufacturing and construction activities which grew by 12% and 11% respectively.

Under manufacturing, food processing rose by 19% supported by 32% increase in cereal processing and 6% from processed tea, coffee and sugar.

Furthermore, textile, shoes and leather goods production increased by 13% while production of construction materials and metallic products rose by 37%.

Growth in the service sector was attributed to the 11% increase in wholesale and retail activities, transport increased by 13% boosted by air transport that grew by 17%, ICT by 18% , financial services by 8% while public administration increased by 4%.

“We have noticed that construction is gaining momentum with the 11% growth in second quarter following 8% observed in the first quarter,” Ivan Murenzi, the deputy Director General of the National institute of Statistics of Rwanda said.

“There is positive growth across all sectors. Manufacturing has performed well compared to the same period last year which is supported by Made in Rwanda initiatives which are having a positive impact on growth,” Dr. Uzziel Ndagijimana, the Minister of Finance and Economic Planning said.

On whether, Government planned to revise the 7.2% growth forecast for 2018, Minister Ndagijimana assured that current growth indicated that the economy was on track to achieve the projected growth. “We are maintaining the 2018 growth projections. We still have six months to monitor the performance of the economy,” Minister Ndagijimana added.

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