September 15, 2019: Rwanda’s economy grew by 12.2% in the second quarter 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 second quarter, GDP at market prices was estimated at Frw 2,255 billion up Frw 2,001 billion in the second quarter of 2018.
According to the statement released by NISR, the agriculture sector grew by 5% where food crop registered 4% growth. Export crops increase by 6% mainly due to a 21% increase in coffee production while tea output decreased by 3%.
The industry sector grew by 21% boosted by construction sector that that registered 32% growth mainly from quarrying activities that grew by 36% while manufacturing registered 16% growth.
The service sector grew by 12% as a result 23% increase in whole sale and retail trade activities, 17% increase in transport services, 13% rise in financial services as well as 13% in the hospitality services. Public administration services grew by 12% while professional, scientific and technical activities increase by 13%.
Reacting to whether growth projections are likely to be revised given strong growth in the first two quarters of 2019, the Minister of Finance and Economic Planning Dr Uzziel Ndagijimana said that while growth was impressive, there are no intention to revise the 7.8 % growth forecast.
“GDP growth of 12.2% is impressive and above second quarter projections but we have no plans to revise our projections as there are two more quarters to monitor,” Minister Ndagijimana said.