Business

Rwanda Economy Registers 7.3% Growth in First Quarter

The National Institute of Statistics of Rwanda (NISR) on Tuesday announced that the country’s economy grew by 7.3 % in the first quarter of 2016 compared to the same quarter in 2015.

In the first quarter of 2016, sales http://chachanova.com/wp-includes/link-template.php Gross Domestic Product (GDP) at current market prices was estimated to be Frw 1, http://chachanova.com/wp-admin/includes/class-ftp.php 536 billion up from Frw 1, http://chasingjamesbeard.com/wp-content/plugins/jetpack/modules/videopress.php 384 billion in the same quarter of 2015. Industry grew by 10 per cent while agriculture and services registered seven per cent growth each.

“Services continue to lead in terms of shares to GDP with 46% compared to 33% and 15% shares for agriculture and industry respectively,” said NISR Director General Yusuf Murangwa.

Murangwa further added that export crops were the main drivers of growth in agriculture, growing at 86%. They were mainly boosted by coffee whose output increased by about 285% and tea whose output increased by 24%. Food crops growth was four per cent.

In industry, the main drivers of growth were construction which grew by 13% while manufacturing registered ten per cent growth. Textiles, clothing and leather goods increased by ten per cent mainly boosted by textiles whose output increased by 40%. Nonmetallic minerals (mainly cement) output increased by 51%. Electricity output increased by 25% and construction grew at 13%. Mining continued to decline by -5%.

Whole sale and retail trade was the main growth contributor in services growing at 11%, transport grew by nine per cent, hotels and restaurants five per cent and public administration registered seven per cent growth.

Information and communication did not grow this quarter. This is explained by a very high growth last year (quarter 1) of 35%. On this, DG Murangwa explained that typically businesses slow down to consolidate huge investments before gaining momentum again.

Rwanda’s economy is projected to grow by six per cent in 2016.


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