Quarterly Gross Domestic Product reported
The National Institute of Statistics of Rwanda, NISR, leased a 2014 GDP first quarter this Tuesday 23rd during a press conference in Ministry of Finance and Economic Planning.In the first quarter of 2014, Growth Domestic Product (GDP) at current market prices was estimated to be Rwf 1,302 billion. Estimates calculated in 2011 prices shows that GDP was 7.4 percent higher in real terms compared to the same quarter of 2013.
GDP per capita, purchasing power per person, improved to $693 (about Rwf483,714) compared to $681 (about Rwf475,338) during 2013. During the first quarter, the main drive of growth was the services sector, which contributed 48 per cent of the total GDP. Agriculture sector, the main pillar of the economy, added 32 per cent of the GDP, while the industry contribution of 5 per cent was registered from the adjustments of taxes and subsidies on products.
In 2014 first quarter, the agriculture sector grew by 5 per cent and contributed 1.7 percentage points to the overall GDP growth. Activities in the Industry sector grew by 9 percent and contributed 1.4 percent points to the GDP growth. Service sector increased by 8 percent and contributed 4percent points to the GDP growth.
“We are optimistic going by the statistics and the improvement in household income levels. This gives us a reason to believe that more and more Rwandans are getting out of poverty,” Said Murangwa Yusuf the National Institute of Statistics Rwanda director-general.
The government hopes to deliver the country to a middle income economy ($1240 GDP per capita) by 2020. Ambassador Claver Gatete, the minister for finance and economic planning said that the latest growth figures show us that we are slowly moving toward our set goals.
We will continue to build our macro-economic fundamental, improve the business environment and work with stakeholders to achieve our objectives. The government and development partners project the economy to grow by 6 per cent this year and 6.7 per cent in 2015. (Credit: Photo The New Times)
By: Jean Paul TUGIRIMANA
Communication Officer /NISR