Connect with us

NEWS

Rwanda’s economy grew by 3.5 percent in first quarter of 2021

 41 total views,  3 views today

Rwanda’s economy registered 3.5% growth in the first quarter of 2021 compared to the same quarter of 2020, according to figures released yesterday by the National Institute of Statistics of Rwanda (NISR).

In the first quarter, the service sector was the main contributor with 46% of GDP followed by agriculture sector (27%) and industry (20%) while and 8 percent was attributed to adjustment for taxes and subsidies on products.

In the first quarter of 2021, GDP at current market prices was estimated at Rwf 2,579 billion up from Rwf 2,410 billion of the same quarter in 2020.

Agricultural activities grew by 7 percent and contributed 1.7 percentage points to overall GDP growth. Within agriculture, the production of food crops increased by 7 percent while the production of export crops increased by 7 percent too.

Industrial activities grew by 10 percent and contributed 1.7 percentage points to GDP growth. The main contributors in the industry sector were construction activities which grew by 14 percent and manufacturing activities which grew by 8 percent. Mining and quarrying activities also increased by 3 percent.

The growth in manufacturing activities is attributed to an increase of 7 percent in food processing, 17 percent in Wood & paper; printing, 29 percent in metal products, machinery & equipment and 20 percent in production of Chemicals and plastic products. However, textiles, clothing & leather goods and non-metallic mineral products declined by 2 percent and 3 percent respectively.

Service sector remains at the same level of quarter one of 2020, thus 0 percent growth. Within services sector, information & communication services increased by 18 percent, professional, scientific & technical activities increased by 10 percent, real estate activities increased by 3 percent while education increased by 5 percent.

However, human health & social work activities decreased by 12 percent, hotel and restaurant services by 34 percent, administrative and support services by 4 percent and public administration and defense; compulsory social security by 2 percent.

NISR has revealed that total final consumption expenditure decreased by 2 percent in the first quarter of 2021, with household final consumption declining by 2 percent while Government final consumption remained constant at 0% growth. Exports decreased by 19 percent, imports decreased by 22 percent while Gross Capital Formation increased by 3 percent.

mwamba.rw

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Mwamba.rw

Mwamba.rw is website that provides you with the latest Celebrity news, Politics, showbiz especially from  all nation of  E.A.C and all World in General.

More in NEWS