Economy grew by 6% in first quarter – NISR

The economy grew by close to 6 per cent during the first quarter of this year, which was a slowdown compared to 7 per cent recorded over the same period last year, a report by the National Institute of Statistics (NISR) has indicated.These indicative figures are calculated using 2006 prices as baseline.However, the report showed that Gross Domestic Product (GDP) at current prices went up to Rwf1,122b up from Rwf998b in the first quarter of 2012.The agricultural sector grew by 5 per cent, contributing 32 per cent of the GDP growth, it showed.Activities in the industrial sector grew by 14 per cent and contributed 17 per cent of the GDP, while the service sector also grew by 4 per cent, representing 45 per cent of GDP growth. The total final consumption expenditure was 91 per cent of the GDP while the government final consumption expenditure was 16 per cent.According to the report published on NISR website, the level of investment (gross capital formation) was estimated at 24 per cent, reflecting high levels of construction output.Imports were estimated to have increased by 3 per cent at constant prices while exports grew by 39 per cent following an increase of 35 per cent in last year’s first quarter, according to the report.By category, consumer goods which accounted for 28.5 per cent of the total imports bill increased by 11.3 per cent and 10.3 per cent in volume and value respectively, driven by foodstuffs which increased by 13.9 per cent in volume and 0.2 per cent in value. Health care products increased by 87.3 per cent in value and 8 per cent in volume.“Our economy continued to perform well in terms of the numbers we see, but slightly below where we were at the beginning of last year,” said John Rwangombwa, the central bank governor.Rwangombwa was speaking during the quarterly press briefing of the Monetary Policy Committee and Financial Stability Committee at the central bank last week.He added that the economy continued being resilient amidst a challenging global environment. He noted that at the end of the day the performance of the economy would be propelled by the good performance of the financial sector.Economic growth this year is expected at 7.5 per cent from 8 per cent in 2012 driven by the agricultural sector which is expected to grow by 6.7 per cent, services by 7 per cent and industry 9.1 per cent.

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Economy grew by 6% in first quarter – NISR