June 19, 2024

Rwanda's economy witnessed a notable growth of 9.7% in the first quarter of 2024. This surge can be attributed to the robust performance of the industry and services sectors. Notably, the agriculture sector demonstrated significant improvement during season A of 2024 compared to the same period in 2023, particularly in the production of food crops, which experienced substantial growth.

As per data released by the Institute of Statistics of Rwanda, the GDP at current market prices was estimated at Frw 4,486 billion, a notable increase from Frw 3,904 billion recorded in the first quarter of 2023. Contributions to the GDP were as follows: services sector at 46%, agriculture sector at 25%, industry sector at 23%, and net direct taxes at 7%.

Agriculture sector exhibited a growth of 7%, with food crop production witnessing an 8% increase due to a successful harvest in season A of 2024. Maize production notably surged by 30%, followed by an 18% increase in beans production.

The industry sector experienced a growth of 10%, driven by a substantial increase in mining and quarrying by 22%, construction activities by 16%, and manufacturing activities by 4%.

The services sector recorded an overall growth of 11%, with wholesale and retail trade increasing by 21%, transport activities by 13%, air transport by 29%, and land transport by 11%. Additionally, hotel and restaurants services grew by 13%, financial services by 6%, and telecommunication services by 28%.

For more detailed information, please visit: https://www.statistics.gov.rw/publication/gdp-national-accounts-first-quarter-2024