{"id":38103,"date":"2018-08-30T16:30:00","date_gmt":"2018-08-30T16:30:00","guid":{"rendered":"https:\/\/new.igihe.com\/rwanda-gdp-grows-by-10-6-in-2018-quarter-one\/"},"modified":"2018-08-31T14:44:28","modified_gmt":"2018-08-31T14:44:28","slug":"rwanda-gdp-grows-by-10-6-in-2018-quarter-one","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/rwanda-gdp-grows-by-10-6-in-2018-quarter-one\/","title":{"rendered":"Rwanda GDP grows by 10.6% in 2018 quarter one"},"content":{"rendered":"

Presenting the Monetary Policy and Financial Stability Statement (MPFSS) of the first half of 2018 on Thursday, Central Bank Governor John Rwangombwa said the performance was driven by the 12.0% growth in the service sector, 8.0% in agriculture and industry\u2019s 7.0% growth.<\/p>\n

The Composite Index of Economic Activity increased by 15.4% from 7.8% registered in the same period of 2017.<\/p>\n

The country\u2019s formal trade deficit reduced by 2.0% in the first half of 2018 compared to the corresponding period of 2017.<\/p>\n

Formal exports increased by 23.2% in the first half of 2018. In the same period, non-traditional exports increased by 19.1%. <\/p>\n

Governor Rwangombwa said that Rwanda\u2019s financial system remains safe and sound, pointing at the profits increase among banks, micro-finance institutions (MFIs) and insurance companies in the first half of 2018 compared to the first half of 2017.<\/p>\n

As of June 2018, the Capital Adequacy Ratio (CAR) stood at 21.4% for banks and 32.5% for MFIs compared to the 15% prudential benchmark. <\/p>\n

Banking sector Liquidity Coverage Ratio stood at 299.5% in June 2018, compared to the 100% prudential requirement. The liquidity ratio of MFIs stood at 103% in June 2018, compared to the 30 percent prudential limit.<\/p>\n

The solvency position of private insurers increased to 149% in June 2018 compared to 61% registered in June 2017.<\/p>\n

Non Performing Loan ratio in banks dropped to 6.9% from 8.2% in June 2017. The ration in MFIs reduced from 12.3% to 8%.<\/p>\n

Financial sector profits, combining banks, MFIs and insurance, increased from Rwf40.2 billion in June 2017 to Rwf50.6 billion in June 2018. <\/p>\n

The banking sector profits increased from Rwf21.5 billion to Rwf22.9 billion.<\/p>\n

The MFI sector rebounded from a loss of Rwf118 million in the first half of 2017 to a profit of Rwf3.3 billion in the first half of 2018.<\/p>\n

The insurance sector profits increased from Rwf18.6 billion in the first half of 2017 to Rwf24.5 billion in the first half of 2018.<\/p>\n

Rwangombwa said exchange rate pressures remain moderate. By end of June 2018, Rwandan franc depreciated by 1.7% against the US dollar. The depreciation is predicted at 4.0% maximum by end of December while the inflation is projected not to exceed the medium term objective of 5%. <\/p>\n

Central Bank Governor presents Monetary Policy and Financial Stability Statement twice a year to highlight updates on economic and financial developments and future prospects thereof. <\/p>\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

Rwanda\u2019s economy recorded high performance in the first quarter of 2018 with real GDP standing at 10.6%, by far higher compared to 1.7% in the first quarter of 2017.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[69],"byline":[195],"hashtag":[],"class_list":["post-38103","post","type-post","status-publish","format-standard","hentry","category-news","tag-homehighlights","byline-jean-damour-mugabo"],"bylines":[{"id":195,"name":"Jean d'Amour Mugabo","slug":"jean-damour-mugabo","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":21}],"contributors":[{"id":195,"name":"Jean d'Amour Mugabo","slug":"jean-damour-mugabo","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":21}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/38103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=38103"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/38103\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=38103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=38103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=38103"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=38103"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=38103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}