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. source: National Institute of Statistics of Rwanda
GDP Annual Growth Rate in Rwanda averaged 7.01 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 February of 2021.
GDP Annual Growth Rate in Rwanda is expected to be 1.30 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.