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.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
Rwanda GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.60 -3.60 13.40 -12.40 2000 - 2020 percent Quarterly
Constant 2017 prices


Calendar GMT Actual Previous Consensus TEForecast
2020-06-24 03:00 PM Q1 3.6% 8.4% 6%
2020-09-18 04:30 PM Q2 -12.4% 3.6% -5%
2020-12-15 02:30 PM Q3 -3.6% -12.4% 6%
2021-03-18 11:15 AM Q4 -0.6% -3.6% -1.3%
2021-06-24 03:00 PM Q1 -0.6%
2021-09-17 04:30 PM Q2
2021-12-21 11:00 AM Q3


News Stream
Rwanda Recession Softens in Q4
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%.
2021-03-18
Rwanda GDP Contracts Less in Q3
Rwanda's economy shrank 3.6% year-on-year in the third quarter of 2020, following a record 12.4% contraction in the previous period, as activity gradually recovers from the pandemic shock. The services sector shrank 7%, softer than 16% in Q2, in particular trade & transport (-12% vs -29%); hotels & restaurants (-55% vs -62%) and financial services (-3% vs -8%). In addition, information & communication continued to grow solidly (43% vs 33%). The industrial production also declined less (-1% vs -19%), as output rebounded for manufacturing (6% vs -13%) and it fell slower in mining & quarrying (-24% vs -53%) and construction (-6% vs -20%). At the same time, agricultural activity bounced back (2% vs -2%), driven by food crops (3% vs -2%); livestock & livestock products (8%, the same pace as in Q2). On a quarterly basis, the GDP grew 10.8%, the most since December of 2002, recovering sharply from a 10.2% plunge in the previous period.
2020-12-15
Rwanda GDP Plunges at Record Pace in Q2
Rwanda's economy shrank 12.4% year-on-year in the second quarter of 2020 compared to a 3.6% growth in the previous period. It was the first economic contraction since comparable data began in 2007, amid the full impact of the Covid-19 lockdown. The services sector was hit hard by the pandemic (-16% vs 6% in Q1), in particular hotels & restaurants (-62% vs 3%); wholesale & retail trade (-22% vs 11%); transportation services (-41% vs no growth); financial services (-8% vs -5%) and administrative & support services (-8% vs 1%). The industrial production also declined sharply (-19% vs 2%), led by mining & quarrying (-53% vs -26%); construction (-20% vs 5%) and manufacturing (-13% vs 6%). In addition, agricultural activity weakened (-2% vs -1%), amid lower production of export crops (-19% vs -16%), namely coffee (-32%). On a quarterly basis, the GDP contracted 10.2%, following a 4.2% decline in the previous quarter.
2020-09-18
Rwanda GDP Growth Rate Weakest since 2017
Rwanda's annual economic growth slowed to 3.6% in the first quarter of 2020 from an 8.4% expansion in the previous period. That was the slowest pace of growth since the second quarter of 2017, amid domestic disruptions related to the Covid-19 pandemic. The services sector advanced 6%, below 8% in Q4, amid weaker performance in transportation (no growth vs 12% in Q4); hotels & restaurants (3% vs 12%); financial services (-5% vs 13%); professional, scientific & technical activities (-1% vs 9%) and cultural, domestic & other services (-1% vs 5%). Also, industry grew much less (2% vs 14%), hampered by mining & quarrying (-26% vs -12%); manufacturing (6% vs 9%) and construction (5% vs 33%). In addition, agricultural activity shrank (-1% vs 5%), due to a sharp decline in production of export crops (-16% vs -4%) and food crops (-2% vs 4%). On a quarterly basis, the economy contracted 4.2%, following an upwardly revised 1.1% growth in the previous quarter.
2020-06-24

Rwanda GDP Annual Growth Rate
Services is the largest sector of the Rwanda's economy and accounts for 53 percent of total GDP. Within services, the most important sub-sectors are: real estate activities (8 percent), wholesale and retail trade (8 percent), cultural, domestic & other services (6 percent), administrative and support service activities and public administration and defence; and compulsory social security (5 percent each). Agriculture, forestry and fishing account for 29 percent of GDP, with food crops contributing 17 percent. The industrial sector constitutes 18 percent of the GDP, with construction (7 percent) and manufacturing (6 percent) accounting for the largest shares. On the expenditure side, household consumption is the main component of GDP and accounts for 76 percent of its total use, followed by gross fixed capital formation (28 percent) and government expenditure (16 percent). Exports of goods and services account for 19 percent of GDP while imports account for 39 percent, subtracting 20 percent of total GDP. The major source of foreign trade is coffee, tea, tin cassiterite, wolframite and pyrethrum.