Kagame commends Rwanda’s GDP increase

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Kagame commends Rwanda’s GDP increase

Rwanda President, Paul Kagame has commended Rwanda’s dramatic expansion of the GDP.

“Many of our accomplishments seemed impossible to achieve. But today, Rwanda’s economy is 7.8 larger than 1 year ago,” said Kagame.

The president made the remarks at the just launched, annual National Dialogue, to discuss the country’s development.

Rwanda’s Minister for Finance and Economic planning announced on Wednesday that in the 3rd quarter of 2014, GDP rose to Rwf 2,393 trillion {$2b} from the initial Rwf 1,233 trillion {$1.8} in the same quarter in 2013.

Rwanda’s GDP is estimated to be $7.5b, following an increase of 7.5% and 6.1% in the first and second quarters of 2014 respectively.

Yusuf Murangwa, Director General of National Institute of Statistics (NISR) said the services sector contributed 47% of the total GDP after it grew 10% hence outperforming other key sectors in the third quarter of 2014.

The service sector’s performance key driver is information and communication technology, especially revenues from telecoms, which registered 25% growth. Transport, government spending and trade activities played key role too.

Agriculture contributed 34% after registering a 6% record growth, mainly resulting from increase in food crop production, such as vegetables. Livestock and fishing had a significant contribution.

Murangwa says individual farmers’ productivity increased and created an expanded aggregated productivity of the sector. This, he said, “reduced food prices at the market.”

Kagame commended farmers for their role in contributing to the GDP and impacting on Rwanda’s development.

“Rwanda farmers not only feed the nation, but also export to neighboring countries.I thank them for their hardwork,” he said.

Manufacturing contributed 14 % to the GDP, but experienced a 5% overall sector performance decline. Leeward adjustments in taxes and less subsidies on products helped government save approximately $100m; 5% of GDP.

 

About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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