The decline emanates from the impact of global economic crisis including hiked trade logistics occasioned by the increase in prices of petroleum products and the war in Ukraine.
The International Monetary Fund (IMF) recently announced that Rwanda’s economy is projected to grow by 6.4% in this year.
As he officiated the launch of the second phase of the economic recovery fund with an injection of Rwf250 billion, Premier Ngirente said that Rwanda’s economy continues to grow.
“Regarding the national economy, it is apparent that economic recovery programs have yielded good results. In the year 2021, our economy grew by 10.9%, it is apparent that it is recovering gradually,” he said.
“In 2022, our economy is projected to grow by 6%. The growth is also expected in the years ahead,” added Dr. Ngirente.
The economic growth was registered in all sectors of the economy where the manufacturing sector grew by 13.4% while the service and agriculture sectors respectively grew by 12% and 6.4%.
Premier Ngirente mainly attributed the growth to collaboration in the fight against COVID-19 pandemic and economic recovery. As of today, 65% of the population has received two doses of COVID-19 vaccine.
These efforts helped to ease restrictions for different economic activities across the country.