Rwanda’s GDP was estimated to have fallen by around 3.6 percent in the third quarter of 2020 compared with the same quarter in the previous year, the national institute of statistics revealed Tuesday.Data show that in the third quarter of 2020, GDP at current market prices was estimated at Frw 2,482 billion from Frw 2,359 billion in Q3 of 2019 ($ 1 USD = 970 Frw)
The statistical agency also reported that services continue to lead in terms of shares to GDP with 48% compared to 26% and 19% shares for agriculture and industry respectively. The remainder 8% is attributed to net taxes on products.
The Agriculture sector increased by 2% and contributed 0.5 percentage points to overall economic growth while Industry dropped by 1% and contributed -0.3 percentage points to the GDP drop, the institute said.
Overall services sector decreased by 7%. Within services, Transport activities decreased by 33%, Hotel and restaurants decreased by 55%, financial services decreased by 3%, Administrative and support activities decreased by 9%. Education decreased by 57% as schools remained closed between July and September
However, Health services increased by 6%, Public Administration increased by 1% while information and communication activities increased by 43% mainly boosted by telecommunication activities, it said.