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Rwanda: Q3 economic growth slows 5.2%

Rwanda: Q3 economic growth slows 5.2%

Economic growth

Rwanda’s economy grew by 5.2 percent in the third quarter of last year, down from 5.4 percent in the second quarter and 5.9 percent in the same period in 2015, according to data published by the statistics office.

The central African nation has posted soaring growth rates in recent years mostly fuelled by business-friendly policies, and strong inflows of foreign investment.

In the second quarter of 2016, Rwanda’s Gross domestic product (GDP) at current market prices was estimated to be Rwf 1,549 billion, up from Rwf 1,428 billion in the same quarter of 2015.

Rwanda is one of the fastest growing economies in Central Africa, and whose economy is driven by construction, services, agriculture and manufacturing.

President Paul Kagame’s government aims to transform Rwanda from a low-income agriculture-based economy to a knowledge-based, service-oriented economy with a middle-income status by 2020.