15 January 2014

Rwanda Economy Tops U.S. $10 Billion With 23 Percent Growth

Rwanda's total production grew by more than 23pct in third quarter of last year compared to quarter 1 - adding more than Rwf 1.2trillion to the country's GDP in three months, according to figures from the National Institute of Statistics.

By end of Q1 of 2013, Rwanda's GDP had reached Rwf 5.4trillion ($8.7bn), but by end of the Q3, the economy was Rwf 6.7trillion. At current rate of the dollar rate, the new GDP figures translate to more than US$10billion.

The data is published in the Quarterly Gross Domestic Product bulletin released on Tuesday. It shows that in Q3 alone, the economy added Rwf1.25trillion worth of production.

The service sector remains the biggest contributor to economic growth. It contributed 43 percent of GDP compared to 33 percent by the Agriculture sector. The remainder or 16 percent was attributable to the Industry sector and 6 percent as adjustment, the data shows.

In the year 2000, Rwanda's GDP was at Rwf 1.066trillion. Nine years later, it had grown to Rwf 2.99 trillion. In the 2010-11 period, according to figures from the National Institute of Statistics, the country's production capacity reached Rwf 3.9 trillion (approx. US$5.5billion).

GDP is the total value of the goods and services produced by all sectors of the economy; agriculture, manufacturing, energy, construction, the service sector and government. This means that when you compared Rwanda's economy 13 years ago to today, it has expended more than 600 percent.

Copyright © 2014 News of Rwanda. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.