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Rwanda GDP Growth Slows to 3.6% in Q1 2020

Rwanda GDP Growth Slows to 3.6% in Q1 2020

Rwanda’s economic growth slowed to 3.6% year-on-year in the first quarter of 2020, compared to 6.1% in same period last year, and 8.4% in the last quarter of 2019. That was the slowest pace of growth since the second quarter of 2017, occasioned by effects of the global COVID-19 pandemic.

Reuters reports that among the sectors whose performance deteriorated during the period include agriculture, industry, and service.

The sectors’ growths were as follows:

SECTOR Q1 2020 Q4 2019
Services 6% 8%
Transportation No growth 12%
Hotels & restaurants 3% 12%
Financial services -5% 13%
Professional, scientific & technical activities -1% 9%
Cultural, domestic & other services -1% 5%
Industry 2% 14%
Mining & quarrying -26% -12%
Manufacturing 6% 9%
Construction 5% 33%
Agricultural activity -1% 5%
Production of export crops -16% -4%
Food crops -2% 4%
Sectors Contributing to Rwanda GDP

On a quarterly basis, the Rwanda GDP contracted 4.2%, following an upwardly revised 1.1% growth in the previous quarter.

At the beginning of this year, the International Monetary Fund (IMF) projected trade and private investment to boost Rwanda’s GDP by 8%.

In the past, Rwanda has recorded impressive economic growth. Improved performance in construction, manufacturing, and its service industry saw Rwanda’s GDP grow by 11.9% in 2018 Q3. The government and IMF estimated its 2019 growth at 8.5%. Reuters notes that the country recorded a double-digit growth of 12.2% in 2019 Q2.

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