Rwanda's economy advanced by 3.5% year-on-year in the first quarter of 2021, after three consecutive quarters of contraction, in a sign the country is recovering from last year’s pandemic-induced recession. Main positive contributions to growth came from the industrial sector (10% vs 2% in Q4), in particular construction (14% vs -2%), manufacturing (8% vs 10%) and mining (3% vs -19%); as well as from agriculture (7% vs 3%), namely food crops (7% vs 3%) and livestock & livestock products (9%, the same pace as in Q4). Meanwhile, the services sector stalled, after declining 3% in the previous period. Strong growth recorded in maintenance & repair of motor vehicles (29% vs 15%); information & communication (18% vs 12%); financial services (10% vs 6%) and professional, scientific & technical activities (10% vs 1%) was offser by a sharp decline in hotels & restaurants (-34% vs -44%). On a quarterly basis, the GDP shrank 0.1%, following a 4.2% expansion in the previous quarter. source: National Institute of Statistics of Rwanda
GDP Annual Growth Rate in Rwanda averaged 6.84 percent from 2000 until 2021, reaching an all time high of 13.40 percent in the first quarter of 2007 and a record low of -12.40 percent in the second quarter of 2020. This page provides the latest reported value for - Rwanda GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Rwanda GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2021.
GDP Annual Growth Rate in Rwanda is expected to be 11.00 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 4.60 in 12 months time. In the long-term, the Rwanda GDP Annual Growth Rate is projected to trend around 6.30 percent in 2022 and 7.50 percent in 2023, according to our econometric models.