Rwanda’s GDP is expected to grow 7.2 percent in 2018 and 7.5 percent in 2019, said a World Bank report released on Thursday.
Although the GDP growth of Rwanda remains below its historical average for the second year in a row, net exports contributed to the growth, suggesting that the recent growth has become more balanced, said Aghassi Mkrtchyan, World Bank senior economist, at the launch of the report on Rwanda’s economic update in Kigali, capital city of Rwanda.
The annual growth reached 6.1 percent in the second half of 2017, thanks to improved export performance, revitalized agriculture and the resumption of growth in private consumption, said the report.
According to the report, favorable weather experienced in 2017 brought a substantial pick-up in agriculture, and accelerated the growth in services to 8 percent. However, the industrial growth slowed mainly because construction continued to contract, said the report.
Rwanda’s economy grew at 6.1 percent in 2017, exceeding previous projection of 5.2 percent, figures of the National Institute of Statistics of Rwanda showed.
The GDP of Rwanda was estimated at 7,597 billion Rwanda francs (about 9 billion U.S. dollars) in 2017, up from 6,672 billion francs (about 7.8 billion dollars) in 2016, the figures showed.