New statistics indicate that Rwanda’s Gross Domestic Product grew by 11.9% in the third Quarter – according to the National Instutute of Statistics (NISR).
GDP at current market prices was estimated to be Frw 2,358 billion, up from Frw 2,065 billion in Q3 2018.
In this quarter, services sector contributed 49% of GDP, agriculture sector contributed 27% of the GDP, Industry sector contributed 17% of the GDP and 7% was attributed to adjustment for taxes and subsidies on products.
Yusuf Murangwa, the Director General of National Instutute of Statistics, released the latest figures and said that the economy was experiencing some good results.
Agriculture growth was 8% and contributed 2% points to overall GDP growth.
Within agriculture, food crops production increased by 5% compared to 3% in the same quarter of 2018. Export crops increased by 22% mainly due to the increase of 22% in the production of Coffee and 29% in the production of Tea.
Industry growth was 14% and contributed 2.5% points to GDP growth. The main contributors in the industry sector were Construction activities which grew by 29% and Manufacturing activity which grew by 13%. Mining and Quarrying activities however decreased by 16%.
The service sector grew by 13% and contributed 6.2% points to overall GDP growth. The growth in Services sector is due to an increase of 25% in wholesale and retails trade activities of locally made and imported products, 18% in transport services, 9% in financial services, 15% in Hotel and restaurant services, 15% in Public Administration, 10% in Professional, scientific and technical activities, 6% in Administrative and support service activities, while telecommunication services decreased by 5%.
In Q3 of 2019, total final consumption expenditure increased by 17%. Government final expenditures increasing by 1% and Household final consumption increased by 21%. Exports increased by 8% and imports by 31% while Gross capital formation increased by 22%.