Today, June 19, the National Institute of Statistics of Rwanda has released the Gross Domestic Product (GDP) figures for the first quarter of 2024, revealing a remarkable 9.7% growth compared to the same period in the previous year.
This impressive performance underscores the resilience and dynamism of Rwanda’s economy, driven by significant contributions from the service, industrial, and agricultural sectors.
According to the Press release signed by Ivan Murezi, the Director General of the National Institute of Statistics of Rwanda, the GDP at current market prices was estimated at Rwf 4,486 billion, up from Rwf 3,904 billion in Q1 of 2023.
As per Murenzi, “The first quarter of 2024 has shown strong economic resilience and growth, particularly in the service and industrial sectors. The agricultural sector’s recovery has also been pivotal. These results underscore the effectiveness of our economic strategies and the potential for continued growth throughout the year.”
Service, Agriculture, Industry and Net Direct Taxes contributed a lot to this growth as follows: Services contributed 46% to GDP, Agriculture with25%, Industry contributed 23% while Net Direct Taxes accounted for 7%.
Sector Performance
Agriculture
- Growth: 7%
- Notable increases in food crops production (8%), driven by a bountiful harvest in Season A of 2024.
- Significant increases in maize (30%) and beans (18%).
- Stagnation in export crops, with coffee production declining by 13% and tea harvests rising by 21%.
Industry:
- Growth: 10%
- Mining and quarrying surged by 22%.
- Construction activities saw a 16% rise.
- Manufacturing activities grew by 4%, supported by:
- 12% increase in manufacturing of metal products, machinery, and equipment.
- 25% increase in manufacturing of wood and paper printing.
- 9% increase in manufacturing of non-metallic minerals.
- A modest 1% increase in food processing, following a substantial 22% growth in Q1 of 2023.
Services:
- Growth: 11%
- Wholesale and retail trade increased by 21%.
- Transport activities grew by 13%, with air transport soaring by 29% and land transport by 11%.
- Hotel and restaurant services increased by 13%.
- Financial services experienced a 6% growth.
- Telecommunication services surged by 28%.
- Public administration services increased by 4%.
- Education services rose by 13%, while health services grew by 14%.
Rwanda’s economy is on track to maintain its upward trajectory, with a projected growth of 6.6% for 2024. This follows an impressive 8.2% growth realized in 2023, indicating sustained economic vigor driven by robust performances across key sectors.