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Rwanda’s GDP grew by over 10% YoY in Q3 2021

Monday, 20 December 2021 17:45
Rwanda’s GDP grew by over 10% YoY in Q3 2021

(Ecofin Agency) - Rwanda's nominal GDP level increased from RWF2,453 billion in September 2020 to RWF2,746 billion in September 2021. This makes an increase by 10.1% year-on-year according to a recent report by the national stats agency.

In general, the Rwandan economy is mainly driven by services, with almost half of the GDP shares (48%). Agriculture accounts for 23% of GDP and industry 21% while taxes and subsidies account for the remaining 7%. However, over the period under review, the industry sector grew the most (+12%), contributing 2.2 percentage points to GDP growth. This performance was motivated by non-metal manufacturing (+32%), mining and quarrying (+30%), chemicals, rubber, and plastics production (+17%), construction activities (+15%), manufacturing (+7%), and processed food production (+6%). Manufacturing of metal products, machinery, and equipment fell by 11% after increasing by 31% in Q3 2020.

Service activities came second with an increase of 11%, making GDP jump by 5.3 percentage points in Q3 2021. This sector is driven mainly by wholesale and retail trade (+4%), transport (+19%), information and communication (+14%), and education, which increased by 140% thanks in particular to the reopening of schools and universities closed due to covid-19.

Agriculture boosted GDP by 1.6 percentage points thanks to a 6% increase over the period. Food products increased by 6% while exports improved by 2%. As a reminder, Rwanda has been breaking records in terms of economic growth for years. Data from the Ministry of Economy showed that the country's economic growth between 2000 and 2018 averaged 8%. Although the pandemic has reduced growth from 9.5% in 2019 to -3.4%, according to the IMF, a robust recovery to 5.1% is expected this year and then to 7% next year.

Overall consumer spending grew by 4% year-on-year in Q3 2021. Growth in government final consumption was 28%, while household consumption decreased by 1%. "Gross capital formation increased by 54% while imports and exports decreased by 8% and 24% respectively," the stats report reads.                                                 

Jean-Marc Gogbeu (intern)

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