Rwanda’s real Gross Domestic Product (GDP) grew by 4.4 percent in 2020-21 fiscal year compared to 2.3 percent recorded in the previous fiscal year, the country’s central bank said in an annual report released on Monday.
According to the report by the National Bank of Rwanda (BNR), Rwanda’s economic recovery was mainly driven by the good performance of agriculture and industry sectors.
Agriculture grew at 4.9 percent, mainly supported by food production which represented 62.3 percent of agriculture value added in 2020-21. Industry grew at 8.9 percent driven by manufacturing and construction industries.
The services sector grew at 2.2 percent driven by information and communication, financial services, and trade, real estate as well as professional, scientific, and technical services.
According to the central bank, tourism-related services such as transport, hotels, and restaurants, as well as travel agents and tour operators continued to suffer from the lasting impact of COVID-19.
The education sector was heavily affected by schools closure between March and October 2020, said the report.
Rwanda’s economy has been recovering from adverse effects of COVID-19 pandemic during the fiscal year, supported by government economic recovery plan, easing monetary policy, and a gradual lifting of containment measures, according to the central bank.
Total export volume increased by 30.2 percent, while total export receipts increased by 16.43 percent to 1,487.4 million U.S. dollars in 2020-21, up from 1,277.4 million U.S. dollars recorded in 2019-20, said the report.
As the recovery of domestic economic activities accelerates, total imports increased by 9.8 percent amounting to 3,488 million U.S. dollars in 2020-21, up from 3,204.5 million U.S. dollars recorded in the previous year largely driven by imports of consumer goods, capital goods, and intermediary goods, said the report.
The bank has maintained the benchmark lending rate at 4.5 percent to continue supporting the economic recovery process. Enditem