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.
GDP Annual Growth Rate in Rwanda averaged 7.18 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 October of 2020.
GDP Annual Growth Rate in Rwanda is expected to be 0.80 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 4.00 in 12 months time. In the long-term, the Rwanda GDP Annual Growth Rate is projected to trend around 5.00 percent in 2021 and 7.00 percent in 2022, according to our econometric models.