Rwanda's economy shrank 0.6% year-on-year in the fourth quarter of 2020, following a 3.6% contraction in the previous period. It was the third consecutive quarter of declines in economic activity but at the softest pace in the current sequence. The services sector shrank 3%, less than 7% in Q3, namely transportation (-19% vs -33% in Q3) and hotels & restaurants (-44% vs -55%). On a brighter note, the industrial production rebounded (2% vs -1%), mainly supported by manufacturing (10% vs 6%). At the same time, agricultural activity grew faster (3% vs 2%), boosted by food crops (3%, the same pace as in Q3) and livestock & livestock products (9% vs 8%). On a quarterly basis, the GDP increased 4.8%, slowing from a 10.8% expansion in the previous quarter. In 2020, the economy shrank 3.4%. source: National Institute of Statistics of Rwanda
GDP Annual Growth Rate in Rwanda averaged 6.89 percent from 2000 until 2020, reaching an all time high of 13.40 percent in the first quarter of 2007 and a record low of -12.40 percent in the second quarter of 2020. This page provides the latest reported value for - Rwanda GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Rwanda GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.
GDP Annual Growth Rate in Rwanda is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Rwanda to stand at 5.00 in 12 months time. In the long-term, the Rwanda GDP Annual Growth Rate is projected to trend around 7.00 percent in 2022, according to our econometric models.