Growth Domestic Product-GDP expands 8.4 percent in the first quarter of 2019
Written by: Dias Nyesiga
Thursday, August 15th, 2019, 7:01
Rwanda’s GDP was 8.4 percent higher in the first quarter of 2018 compared to the same period in 2018 and estimated to be Rwf 2,144 billion, which is an increase from Rwf 1,987 billion in the same quarter in 2018.
Ivan Patrick Kayitare, National Accounts Research Statistician Team Leader says that services sector was the main contributor standing at 48 percent of GDP with agriculture contributing 28 percent of the Grow5th Domestic Product-GDP.
Whilst, the industry sector contributed 17 percent 7 percent was attributed to adjustment for taxes and subsidies on products.
On growth side statistics show that agriculture grew by 4 percent driven by Livestock 14 percent and food crops 4 percent while industry sector grew by 18 percent driven construction 30 percent and manufacturing 7 percent and the services grew Growth 8 percent supported by trade Transport Construction 30 percent, Manufacturing 8 percent, Professional & Tech Activities 25 percent, financial services 14 percent.
“In 2019 Q1, Final consumption expenditure of Household and Government contributed respectively 77 percent and 16 percent of total GDP,” Kayitare said adding that, “Gross capital formation contributed 25 percent to the total GDP and grew by 12 percent in real terms.
On balance of trade, the country’s trade deficit continues to widen with imports growing by 18.2 percent against exports growth recorded 7.5 percent growth in the first quarter of 2019.
The slow growth in exports, Central bank says was due to low intentional commodity prices while the growth in imports is as a result of intermediate goods and capital goods reflecting the ongoing investment projects.
The Growth in imports was mainly contributed to capital and intermediate goods
According to Central Bank, the country’s economic growth continues to paint a positive outlook despite shocks and is expected to grow between 7.8 to 8 percent in 2019 with the growth in quarter 2, 2019 already showing consistency with the projected growth.