💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-Rwanda's economy grew 11.2 pct in 2008

Published 02/25/2009, 01:03 AM
Updated 02/25/2009, 01:08 AM

(Adds details)

KIGALI, Feb 25 (Reuters) - Rwanda's economy grew 11.2 percent in 2008, up from 7.9 percent the previous year, thanks to a strong performance in the agriculture sector, the central bank said on Wednesday.

That was the highest growth for the landlocked east African nation in five years, local media said.

The bank said good weather and improved farming practices helped the agriculture sector grow 15 percent last year, up from 0.7 percent in 2007.

Rwanda's economy, still recovering from the devastation of a genocide in 1994, is overwhelmingly based on agriculture.

Construction activities were estimated to have grown 25.9 percent, though manufacturing contracted 4.0 percent.

Real estate and business grew 14.2 percent, while finance and insurance grew 12 percent and transport, storage and communication 11.4 percent.

Francois Kanimba, governor of the National Bank of Rwanda, told local media Rwanda should maintain double-digit GDP growth this year while attempting to curb inflation.

"We are in a growth cycle where we have to agree or accept some trade-off between growth and inflation," Kanimba was quoted as saying in local New Times newspaper. (Reporting by Hereward Holland; Editing by Kim Coghill)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.