In 2020, GDP at current market prices was estimated to be Frw 9.746 billion, up from Frw 9.315 billion in 2019,estimates calculated in 2017 prices show that GDP decreased 3.4 percent compared to 2019. This reflects the ongoing public health catastrophe of covid19.
In 2019, GDP at current market prices was estimated to be Frw 9.313 billion, up from Frw 8.298 billion in 2018. Services sector contributed 49 percent of GDP, Agriculture sector contributed 24 percent of the GDP, Industry sector contributed 19 percent of GDP while 8 percent was attributed to adjustment for taxes less subsidies on products.
In 2020, COVID-19 had a profound impact on Rwandan economy. In addition to the public health challenge, COVOD-19 had also severely affected many economies following measures that were and are still being implemented to contain the spread of the virus.
Apart from the 1st Quarter that was not hit hard by the pandemic, the remaining 3 Quarters recorded negative growths:
In 2019, estimates calculated using the 2017 benchmark show that annual GDP increased by 9.4%. The level of GDP is now at Frw 9,105 billion.
Agriculture sector contributed 24%, Industry contributed 18%, Services contributed 49% while the remainder 9% was attributed to net tax on products.
Sectors grew as follows:
- Agriculture: 5%
- Industry: 16%
- Services: 8%
In agriculture, food crop growth was 4%. Export crops growth was 5% mainly due to growth in coffee and tea that increased by 7% and 3% respectively.