Rwanda has been named among the six countries that have been performing well and will be the top performing economies on the African continent since 2012 and through 2017, according to a report from Ventures Africa, the pan-African magazine.
Using the Ernst & Young’s 2013 Competitive Survey, Ventures Africa says Malawi, Mozambique, Angola, Rwanda, Ethiopia and Zambia are the economies that will outperform others during the period.
The list is topped by Malawi with an expected GDP growth during this period of 7 percent and followed closely by Mozambique at 6.8 percent economic growth. In the third place is Angola with the projected GDP growth of 6.5 percent in the next six years. Ethiopia’s GDP growth is expected to be 6.3 percent while Zambia is expected to grow its GDP by 6.2 percent.
Rwanda is among the first four best performers both on the past and in the coming years.
This year’s statistics showed that the country has grown in the past year at a 6.6 percentage growth performing better than most African countries and globally; and President Paul Kagame said, during the 2013 state of the nation address that it will even grow more.
Between January and October, exports grew by 27 percent making $489 million in incomes; especially from local agricultural and livestock products.
Kagame said that with the establishment of the East Africa Commodity exchange, the country will see more growth with more farmers accessing regional markets.
The mining sector also developed with Rwandan minerals making an income of Rwf30 billions in only six months this year, compared to Rwf39 billion made in the whole of 2012.
Meanwhile investments made a steady progress amounting to $456 million and tourism attracting over 714.000 foreign visitors with $217.7 million as income in nine months.
Banking activities and access to loans also made a significant transformation between September 2013-septemebr 2013 with an increase of 19.8 percent in financial activity and 13 percent access to loans. This also saw the insurance services increase by 22 percent with Rwf224 billion compared to Rwf184 billion last year.
The report, published this December 27 also says Despite the negative impact of global economic crises, the size of the African economy has more than tripled since 2000, according to Ernst & Young.
The continent also holds bright prospects, with many countries in Africa set to continue recording high economic growth levels in the future.