Rwanda growth surpasses China

Rwanda growth surpasses China
June 27, 2013 Dave Fullerton

Rwanda’s total production or gross domestic product (GDP) has hit an all time high – topping more than $8.7 billion as of the first quarter of 2013, from just $5.5 billion in 2010, according latest data from the Institute of Statistics.

GDP expanded to Rwf 5.4 trillion ($8.7bn) in Q1 by adding some Rwf 1.2 trillion worthy of production to the 2012 full annual level. In Q1 of 2012, the country produced goods and services worth about Rwf 998billion, but the production level reached Rwf 1.2 trillion in Q1 of this year – which is 12.4% increase.

The Services sector contributed by 45 percent of GDP compared to 32 percent by the Agriculture sector, said the Institute in its latest estimates released Friday (June 21). The remainder or 17 percent was attributable to the Industry sector and 6 percent as adjustment.

“In 13 years, Rwanda’s economy has expanded 600%”

The expansion of the country’s economy to more than $3 billion in just two years speaks volumes about how fast Rwanda is growing – as the country moves away from its years of darkness in the 1990s. In 2000, when President Kagame took over the leadership of the nation, Rwanda’s GDP was at Rwf 1.066 trillion. Nine years later, it had grown to Rwf 2.99 trillion. In 2010-11, according to figures from the National Institute of Statistics, the country’s production capacity reached Rwf 3.9 trillion (approx. US$5.5 billion).

GDP is the total value of the goods and services produced by all sectors of the economy; agriculture, manufacturing, energy, construction, the service sector and government. This means that when you compare Rwanda’s economy 13 years ago to today, it has expanded more than 600 percent.

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