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Rwanda’s Economy Grew By 8.6% In 2018

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Rwanda’s Economy Grew By 8.6% In 2018

Rwanda’s Growth Domestic Product (GDP) at current market prices was estimated to be Frw 8,189 billion in 2018, up from Frw 7,600 billion in 2017, meaning a 8.6 percent growth in real terms compared to 2017, the National Institute of Statistics (NISR) announced on Friday.

Services sector contributed 48 percent of GDP, Agriculture sector contributed 29 percent of the GDP, Industry sector contributed 16 percent of GDP while 7 percent was attributed to adjustment for taxes less subsidies on products.

In this year, Agriculture sector increased by 6 percent and contributed 1.6 percentage points to the overall GDP growth.

Activities in the Industry sector increased by 10 percent and contributed 1.8 percentage points to the GDP growth.

The Service sector increased by 9 percent and contributed 4.3 percentage points to the GDP growth.

In 2018, private final consumption expenditure was 78 percent of the GDP while government final consumption expenditure was 15 percent.

Gross capital formation was estimated at 24 percent of GDP.

In this year, imports of goods and services increased by 9 percent at constant 2014 prices; exports of goods and services increased by 1 percent.

In the year 2018, GDP per Head in current US Dollars was estimated at 787 up from 774 in the previous year of 2017.

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