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Rwanda’s GDP increased by 8.2% in 2023

In 2023, the monetary value of products produced in Rwanda, Gross Domestic Product (GDP), increased by 8.2%, rising from 13,720 billion in 2022 to 16,355 billion in 2023.

This was announced by the Rwanda National Institute of Statistics, NISR, along with the Ministry of Finance and Economic Planning in a press conference on March 11, 2023.

NISR revealed that in 2023, the services sector accounted for 44% of the GDP, the agriculture sector contributed 27%, and the industry sector contributed 22%, while net indirect taxes accounted for 7%.

Throughout the year, the economy continued to grow, with GDP growth rates of 9.2% in the first quarter, 6.3% in the second quarter, 7.5% in the third quarter, and 10% in the fourth quarter. This led to an annual average growth of 8.2%.

The overall performance of agriculture showed a 2% growth rate. Within agriculture, food crops production remained stable with 0% growth, mainly due to a low agriculture production season in 2023. Export crops decreased by 4% due to lower production in tea and coffee.

NISR stated that the overall growth of the industry was 10%. This growth was attributed to the good performance of manufacturing and construction activities, which grew by 11% and 12%, respectively.

The growth in manufacturing was boosted by a 14% increase in food processing activities, a 20% increase in textiles, clothing, and leather goods, a 21% increase in chemicals, rubber, and plastic products, and a 19% increase in wood, paper, and printing.

In the service sector, there was an 11% increase as wholesale and retail trade activities increased by 9%, hotels and restaurants increased by 18%, transport activities increased by 13%, and information and communication increased by 35%. On the other hand, public administration services increased by 11%, education services increased by 18%, while human health activities decreased by 1%.

The National Institute of Statistics revealed that in 2023, private final consumption expenditure was 75% of the GDP, government final consumption expenditure was 17%, while gross capital formation was estimated at 23% of the GDP.

Total final consumption expenditure increased by 7%, with household final consumption expenditure increasing by 8%, while government final consumption expenditure increased by 1%. Exports of goods and services increased by 26%, imports of goods and services increased by 14%, while gross capital formation decreased by 6% as indicated by NISR findings.

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