According to a new report by the National Institute of Statistics of Rwanda (NISR), released yesterday, Rwanda’s economy grew by 7.3 per cent in the first quarter of 2016 with the country’s Gross Domestic Product (GDP) increasing to Rwf1.5 trillion, up from Rwf1.3 trillion.
This however is a drop from the 7.6 per cent recorded same period last year.
Despite registering a 6.9 per cent economic growth rate in 2015, both the World Bank Group and the International Monetary fund (IMF) have already revised downwards the country’s growth prospects on account of the slowdown of the Chinese and European economies, and decline in international commodity prices, particularly oil and minerals.
The current performance, according to the experts, is a manifestation of government’s efforts to ensure economic sustainability amidst global financial meltdown.
According to the World Bank, Rwanda’s economy is projected to grow by 6.8 per cent this year and 7.2 per cent in 2017.
The IMF also predicts that the economy will slow down from 6.9 per cent growth registered last year to 6 per cent for two years as a result of shocks in 2016/17, before picking up in 2018.
However, with the first quarter figures looking promising, experts are confident the country could perform better than expected by the end of the year.