Rwanda Achieves Double-Digit Economy Growth In Only 3 Months
Rwanda experienced economic growth of 12.2 percent from the period between April to June 2019, the National Institute of Statistics of Rwanda has revealed.
During the same period last year, the economy grew by 6.7 percent while during the first quarter of 2019, the economy grew by 8.4 percent.
The report released by NISR stated that immense growth was driven by good performance of services, agriculture, and industrial sector.
The service sector grew by 12 percent and was pushed by trade, transport, finance as well as professional and technical activities.
Growth of the service sector was attributed to a 23 percent increase in wholesale and retail trade activities of locally made and imported products.
On the other hand, the agriculture and industry sectors contributed 28 percent and 17 percent of the GDP, respectively.
President Paul Kagame has attributed the strong growth rate to the country’s potential and ability to improve its economy.
“This shows us what is possible. It also shows us that sometimes we stand in our own way and do not achieve what we are capable of. We are not only capable of achieving more but we need to reach these goals,” he said.
During the period under review, industrial activities increased by 21 percent boosted by construction and manufacturing activities which grew by 32 percent and 16 percent respectively.
Transport registered 17 percent growth while hotels and restaurants grew by 13 percent. Public administration grew by 12 percent while professional, scientific and technical activities increased by 13 percent.
Uzziel Ndagijimana, the Minister for Finance and Economic Planning, said that while the various global dynamics affected Rwanda, the impact on Rwanda’s economy was minor.
“We are not immune to the global trade impact, but it was minor compared to the global economy. For instance, our export revenues in the recent past slowing because of the reduction in international commodity prices,” he said.
Featured Image Courtesy: The Conversation
