Rwanda records 6.7% GDP growth in Q2 2018

Rwanda’s economy grew by 6.7 percent in the second quarter of 2018 (Q2), figures released by the National Institute of Statistics of Rwanda and the Ministry of Finance and Economic Planning, have shown.

The growth, which improved on last year’s Q2 GDP growth of 4 percent, was due to improvement in all the three key sectors of the economy — agriculture, which grew by 6 percent, industry (10 percent) and services (5 percent).

“It’s good growth; we see good performance in all the three sectors of the economy,” Minister for Finance and Economic Planning, Dr Uzziel Ndagijimana told the media at the ministry’s head office in Kigali yesterday.


source: tradingeconomics.com

According to him, the 6.7 percent growth shows that the country is on course to achieve the 7.2 percent economic growth rate targeted for 2018.

Ndagijimana also described growth in the industrial sector as the result of the country’s Made-in-Rwanda campaign, which has sought to promote domestic production. The Ministry of Trade and Industry launched the campaign in 2014 to market Rwandan-made products in an effort to boost local production and reduce the country’s trade deficit.

Growth in the services sector was, among other things, fueled by transport activities that increased by 13 percent boosted by air transport which increased by 17 percent. Other contributors to the growth of the services sector include information and communication activities, which increased by 18 percent, financial services, which grew by by 7 percent, and public administration activities, which recorded a 4 percent increase.