Rwanda's economy advanced 12.2% year-on-year in the second quarter of 2019, quickening from a 8.4% growth in the previous period. It was the fastest expansion since the first quarter of 2009. The services sector grew 12%, faster than 8% in Q1, mainly boosted by wholesale & retail trade (23% vs 7%); transport (17% vs 11%); hotels & restaurants (13% vs 7%) and public administration (12% vs -3%). Also, the industrial sector continued to rise solidly (21% vs 18%), namely due to manufacturing (16% vs 8%); mining (13% vs 12%) and construction (32% vs 30%). Meantime, agriculture grew 5%, above 4% in the prior period, driven by livestock & livestock products (14%, the same pace as in Q1); export crops (6% vs -9%); food crops (4%, the same pace as in Q1) and forestry (5%, the same pace as in Q1). On a quarterly basis, the GDP expanded 3.5 percent, following a 0.5 percent contraction in the first quarter. GDP Annual Growth Rate in Rwanda averaged 7.69 percent from 2000 until 2019, reaching an all time high of 13.40 percent in the first quarter of 2007 and a record low of 1.90 percent in the first quarter of 2017.
GDP Annual Growth Rate in Rwanda is expected to be 7.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Rwanda to stand at 7.70 in 12 months time. In the long-term, the Rwanda GDP Annual Growth Rate is projected to trend around 7.60 percent in 2020, according to our econometric models.