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MINISTRY OF FINANCE AND ECONOMIC PLANNING

REPUBLIC OF RWANDA

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Economy registers double digit growth in the 3rd Quarter

Posted on 12.12.2019

December 12, 2019 Rwanda’s economy grew by 11.9 % in the third quarter compared to the same quarter in 2018, according to figures release by the National Institute of Statistics of Rwanda (NISR).

Announcing the economic performance for the second quarter Yusuf Murangwa, the NISR Director General noted that in the third quarter, agriculture grew by 8%, industry 13% while services grew 14%.
According to the statement released by NISR, services continue to lead in terms of shares to GDP with 49% compared to 27% and 17% shares for agriculture and industry respectively.

In agriculture, food crop growth was 5% in 2019 season B and C. Season B and C combined contribute to the second half of the year. Export crops growth was 22% due to growth in tea that increased by 29% and Coffee that also increased by 22%.

Industry growth was boosted by construction and manufacturing that increased by 29% and 13% respectively. In manufacturing, food processing increased by 15%, textiles, clothing and leather increased by 27%, construction materials non-metallic minerals (cement) increased by 14% while chemicals that include paints and soaps increased by 31%.

However, mining and quarrying activities, decreased by 16% due to drops of 25%, 34% and 42% in exports of Cassiterite, Wolfram and Coltan respectively.

The 13% growth in services was due to good performance in wholesale and retail trade 35%, hotels and restaurants 15% and transport 18% among others. Air transport increased by 18%.

Reacting to whether growth projections are likely to be revised given strong growth in three quarters of 2019, the Minister of Finance and Economic Planning Dr Uzziel Ndagijimana said that 8.5% growth projection will be kept despite signs that the economy may perform even better.



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