Economy grows by 7.7% in Q1

Rwanda’s economy expanded by 7.7 per cent in the first quarter of this year, boosted by the strong performance of the service sector, according to the National Institute of Statistics of Rwanda (NISR).Of the growth recorded, the service sector contributed 47 per cent while the primary sector, which comprises of agriculture, fishing and extraction such as mining contributed 31 per cent with manufacturing contributing just 16 per cent.While export crops slipped by 24 per cent in the first quarter of this year compared to the same period last year, overall, agriculture grew by 3 per cent aided by strong food production.“The industry sector grew by 1 per cent in the first quarter of 2012 compare to 15 per cent realised in 2011-quarter 1---within the sector, mineral products grew by 0 per cent, manufacturing grew by 4 per cent, gas and water by 21 percent while construction fell by 1 percent in this year’s first quarter compare to 24 percent realised in the same period last year,” NISR said in statement.The stament adds that; “Investment levels (gross capital formation) are estimated at 23 percent of GDP in first three months of this year, reflecting high levels of Capital Goods Imports. In 2012-first quarter, imports are provisionally estimated to have increased by 11 percent at constant prices. These figures imply an increase of 5 percent in private final consumption expenditure,” the NISR reported.Exports grew by 30 percent following an increase of 58 per cent in the same quarter 2011.

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Economy grows by 7.7% in Q1