Business News
Rwanda GDP Growth Slows to 3.6% in Q1 2020
[ad_1]
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% |
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.
See Also:
Rwanda’s Economy to Grow by 8% – IMF
Kenya’s GDP to Grow at 6% in 2020, AfDB Report
[ad_2]
Source link
Comments
Infinix Ignite Kenya Varsity Showdown With $1,000 Prize as PUBG Mobile Targets Campus Gamers
SportyBet Powers Vurugu 2 — Nairobi’s Biggest Celebrity Fight Night Lands at Sarit Expo Center on 20 June 2026
Allan Chesang Goons Brutally Attack Standard and K24 Journalists in Cherengany as Corruption Cover-Up Claims Deepen
How the DCI and Kisumu County Officials Shield the Medprime Training College Syndicate While Students Buy Worthless Certificates
How Interior PS Raymond Omollo and Senator Allan Chesang Ran a Sh60 Million Fake Tender Scam
The NSSF Audit Dossier on Mismanaged Billions and Stalled Housing Projects
The Absa Kenya Dossier on Extortion Cartels, Boardroom Purges, and the Million-Dollar Client Hunt
“Enough is Enough”: DP Kindiki Issues Stern Warning to Ruto Critics
