Rwanda’s economy grew by 9.7% in the first quarter of 2024, driven by the impressive performance of the industry and services sectors. Notably, the agriculture sector also showed remarkable improvements during season A of 2024.
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%.