KIGALI REPORT

RWANDA’S ECONOMY FELL 3.6% IN THE THIRD QUARTER OF 2020

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on pocket
Pocket
Share on whatsapp
WhatsApp

The National Institute of Statistics of Rwanda(NISR), has announced that, in the third quarter of 2020, Rwanda’s gross domestic product (GDP) has reached 2482 billion from the current 2359 billion Frw in the same period in 2019.

The third quarter seems to give hope that the economy will recover compared to the second quarter as it was down 12.4% compared to the same period in 2019 at the same time.

The NISR said that “apart from the impact on human health, the pandemic has affected the economy as a whole due to measures taken to prevent it.”

The economic sectors that have been hit hardest by the COVID-19 Pandemic include transportation, trade, education, construction, exports, hotels and restaurants and agriculture.

The official Announcement signed to day ,on December 15, 2020  by the Director General of NISR, Yusuf MURANGWA , clearly shows hope that the economic impact of COVID-19 would be milder than it had been in the second quarter.  State that :”Preventive measures have been simplified since May, but not all activities have been able to perform as before before Coronavirus.”

In the third quarter of 2020, gross domestic product fell 3.6% while it was down 12.4% in the second quarter. Service production accounted for 48% of global production, agriculture accounted for 26% and industry accounted for 19%.

Agricultural production increased by 2%, while it had decreased by 2% in the Second Quarter. Industrial production fell 1% while it was down 19% in the Second Quarter of the year.

In terms of services, productivity fell 7% while it was down 16% in the Second Quarter.

Education services are still at the top of COVID-19 disruption as it fell 57%, hotels and restaurants by 55% while transportation fell by 33%.

Business productivity returned to pre-COVID-19 levels of 0% while it had declined 22% in the second quarter while construction jobs fell 6%.

The NISR says there is hope that in the Fourth Quarter, the economy will recover.

Among the jobs that are still performing well is that of the telecommunications sector that has gone up by 43% while that of the medical sector has gone up by 6%.

Statistics from the Ministry of Finance and Planning from the recent data collection show that the economy is growing, from the last period of quarantine, although there is still a long way to go.

Minister of Finance & Economic Planning, Dr Uzziel NDAGIJIMANA recently told Parliament, “It gives us a sense that from quarantine period to where we are now, you see that we are going up, we are going up but we are still below zero, but at least it is clear that the general direction we are leaving is a good sign of a break.”

The quarterly monitoring figures show that in the second month before Coronavirus arrived in Rwanda there were 3,568,934 jobs and in May when the outbreak was reduced to 31,9914,  means a decrease of 10%.

August figures show that the number of jobs has increased to 3,667,611, more than before the outbreak in Rwanda. Overall, jobs rose from 3% in February to August. This is a general statistic regardless of  every  level of employment.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on pocket
Pocket
Share on whatsapp
WhatsApp

Never miss any important news. Subscribe to our newsletter.

Leave a Reply

Your email address will not be published.