Casablanca, Morocco (ADV) – Rwanda’s economy expands by 6.7 per cent in the second quarter of 2018, the Ministry of Finance and Economic Planning said yesterday.
The performance represents rebound from the 4 per cent growth rate registered in the same period last year.
In the second quarter of 2018, Gross Domestic Product (GDP) at current market prices was estimated at Rwf 2,000 billion, up from Rwf1, 869 billion in the second quarter of 2017.
According to the National Institute of Statistics of Rwanda, which jointly released the GDP figures with the Ministry of Finance, the positive growth was a result of growth in all the three key sectors of the economy.
The three sectors are agriculture, which grew by 6 per cent, industry that grew by 10 per cent, and services that grew by 5 per cent.
The Minister for Finance and Economic Planning, Dr Uzziel Ndagijimana, said that the economic growth posted reflects hope that the country will achieve the 7.2 per cent economic growth rate targeted for this year.
“It’s good growth; we see good performance in all the three sectors of the economy,” he said at a media briefing at the release of the GDP figures at the ministry’s head office in Kigali.
The growth in agriculture sector was mainly attributed to growth in food crops and export crops, with food crops growing by 6 per cent in season A, while export crops grew by 6 per cent mainly due to tea and coffee production.
The growth in industry was driven by manufacturing and construction activities which expanded by 12 per cent and 11 per cent, respectively.
Food processing, which was characterised by increased processing of cereals, tea, coffee and sugar were the main drivers of growth in the manufacturing sector.
The statistics body also said that the production of textiles, clothes and leather goods increased by 13 per cent, while production of construction materials, such as metallic products increased by 37 per cent.
It said that construction is picking up its momentum with an increase of 11 per cent in the second quarter of 2018 following an increase of 8 per cent observed in the first quarter of 2018.
Minister Ndagijimana described growth in the industrial sector as an expected result from the Made-in-Rwanda campaign, which has sought to promote domestic production.
© Bur-csa – Oumaima Mourtada – African Daily Voice (ADV)