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How services sector grew Rwanda’s GDP by 9.4% in 2019
Rwanda’s GDP increased by 9.4 per cent in 2019 to RWF9105 billion. The bulk of this came from the services sector which contributed 49 per cent. Jean Claude Mwizerwa, Director of Economic Statistics Department at the National Institute of Statistics of Rwanda (NISR) joins CNBC Africa for more.
Tue, 24 Mar 2020 10:51:40 GMT
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AI Generated Summary
- The GDP of Rwanda grew by 9.4% in 2019, surpassing initial forecasts and highlighting the nation's economic resilience and potential.
- The services sector, particularly construction and manufacturing, played a significant role in driving economic growth, with construction experiencing a remarkable 33% increase.
- Government investments in accommodation services, conferences, and improvements in the transport industry, including air transport, further fueled Rwanda's economic expansion.
Rwanda has seen a significant economic growth in 2019 with the Gross Domestic Product (GDP) surpassing initial forecasts by 9.4%. This growth can be attributed to the robust performance of the services sector, which contributed significantly to the nation's economic progress. Jean Claude Mwizerwa, Director of the Economic Statistics Department at the National Institute of Statistics of Rwanda (NISR), provided insights into the key drivers behind this remarkable achievement. The services sector, which includes industries such as construction, manufacturing, and accommodation services, played a pivotal role in propelling Rwanda's economy forward. The construction industry, in particular, saw remarkable growth of 33%, driving the demand for materials and boosting related sectors. Manufacturing also experienced a surge, with notable increases in textiles and food production. Additionally, investments in accommodation services and conferences by the government contributed to the overall growth. The transport industry, especially air transport, also witnessed positive developments, further enhancing Rwanda's economic landscape. With a strategic focus on diverse sectors, Rwanda has positioned itself as a promising hub for economic growth and development.
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