Rwanda's Economy Grows 7 Pct in 2014 as Agriculture Expands

Reuters
March 12, 2015

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(Reuters) - Rwanda's economy grew by 7 percent in 2014 from 4.6 percent in the previous year, thanks to robust expansion in farming, services and industrial sectors, Finance Minister Claver Gatete said on Tuesday.

The east African nation's 2013 growth suffered from cuts in budgetary support by donors, after United Nations monitors accused it of backing rebels in the neighbouring Democratic Republic of Congo.

Rwanda's central bank said last March it expected its economy to grow by 6 percent in 2014 and 6.7 percent in 2015 after the loss of foreign aid disrupted growth.

The services sector, including banking, grew 9 percent while the industry sector grew by 6 percent, Gatete said in a statement issued before he was due to hold a news conference on the economic growth figures at the finance ministry.

Agriculture expanded by 5 percent, the minister added in the statement.

The growth rate averaged 8.2 percent from 2006 to 2012 in the landlocked state that has become a favourite with international investors two decades after the 1994 genocide.