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.
GDP Annual Growth Rate in Rwanda averaged 7.51 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 0.30 percent in the first quarter of 2017. 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 August of 2020.
GDP Annual Growth Rate in Rwanda is expected to be 2.00 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 4.20 in 12 months time. In the long-term, the Rwanda GDP Annual Growth Rate is projected to trend around 6.30 percent in 2021 and 8.00 percent in 2022, according to our econometric models.