Rwanda's economy advanced 11.9% year-on-year in the third quarter of 2019, slowing slightly from a 12.2% growth in the previous period. The industrial sector expanded 14%, weaker than 21% in Q2, hampered by mining (-16% vs 13%); manufacturing (13% vs 16%) and electricity (7% vs 9%). Also, the construction sector rose slightly less despite performing solidly overall (29% vs 32%). On the other hand, services continued to grow (13% vs 12%), mainly boosted by wholesale & retail trade (25% vs 23%); transport (18% vs 17%); hotels & restaurants (15% vs 13%) and public administration (15% vs 12%). Agricultural activity also advanced faster (8% vs 5%), driven by export crops (22% vs 6%), namely tea (29%) and coffee (22%); livestock & livestock products (14%.the same as in Q2); food crops (5% vs 4%) and forestry (5%, the same as in Q2). On a quarterly basis, the GDP expanded 5.6 percent, the most since the third quarter of 2018, following a 3.5 percent increase in the second quarter. GDP Annual Growth Rate in Rwanda averaged 7.76 percent from 2000 until 2019, reaching an all time high of 13.40 percent in the first quarter of 2007 and a record low of 1.90 percent in the first quarter of 2017.
GDP Annual Growth Rate in Rwanda is expected to be 8.50 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 9.50 in 12 months time. In the long-term, the Rwanda GDP Annual Growth Rate is projected to trend around 8.00 percent in 2020, according to our econometric models.