Rwanda’s GDP grew by 8.6% in 2018

By Alcade Ndemeye
On 15 March 2019 at 07:30

Rwanda’s Growth Domestic Product (GDP) grew by 8.6 percent compared to the previous year with Rwf 8,189 billion in 2018 up from Rwf 7,600 billion in 2017, the National Institute of Statistics (NISR) has announced.

Services sector contributed 48 percent of GDP, the Agriculture sector contributed 29 percent of the GDP, the Industry sector contributed 16 percent of GDP while 7 percent was attributed to adjustment for taxes fewer subsidies on products.

Yusuf Murangwa the Director General of the National Institute of Statistics of Rwanda (NISR) attributed the 8.6% growth to progressive growth of different sectors.

GDP grew by 10.4% in the first, 6.8% in the second, 7.7% in the and grew by 9.6% in the fourth quarter.

Agriculture sector increased by 6 percent and contributed 1.6 percentage points to the overall GDP growth. Activities in the Industry sector increased by 10 percent and contributed 1.8 percentage points to the GDP growth. The Service sector increased by 9 percent and contributed 4.3 percentage points to the GDP growth.

In 2018, private final consumption expenditure was 78 percent of the GDP while the government final consumption expenditure was 15 percent. Gross capital formation was estimated at 24 percent of GDP. In this year, imports of goods and services increased by 9 percent at constant 2014 prices; exports of goods and services increased by 1 percent.