Rwanda’s economy grew by 8.9% in 2024, following impressive quarterly performances of 9.7% in Q1, 9.8% in Q2, 8.1% in Q3, and 8% in Q4.
According to data released by the National Institute of Statistics of Rwanda (NISR), the GDP at current market prices was estimated at Frw 18,785 billion, up from Frw 16,626 billion in 2023. The services sector contributed 48% to the GDP, agriculture accounted for 25%, and industry made up 21%.
During the announcement of the GDP figures, Minister of Finance and Economic Planning Yusuf Murangwa highlighted the strong growth in 2024 and expressed confidence in Rwanda’s medium-term economic outlook. “We are very confident that our economic outlook is positive, despite short-term fluctuations,” Minister Murangwa stated.
The overall growth in 2024 was primarily driven by the service sector, which recorded a 10% increase. The industrial sector also grew by 10%, while agriculture grew moderately by 5%.
In agriculture, food crop production rose by 5% due to good harvests in both agricultural seasons. Season A saw an increase of 8%, while Season B grew by 2%. However, production of export crops decreased by 1%, as a moderate rise of 2% in coffee production and 1% in tea production was offset by an 8% decline in other cash crops, including pyrethrum and sugarcane.
In the industrial sector, mining and quarrying decreased by 12%, while construction activities increased by 12%. Manufacturing activities saw a growth of 7%, fueled by a 20% increase in the production of metal products, machinery, and equipment; a 15% rise in non-metallic mineral products; a 15% boost in chemicals, rubber, and plastic products; a 10% increase in textiles, clothing, and leather; and a 2% growth in food processing.
Within the services sector, wholesale and retail trade surged by 18%. Transport activities increased by 9%, with air transport growing by 18% and land transport by 10%. Other notable growth areas included hotels and restaurants at 11%, information and communication services at 25%, financial services at 7%, public administration services at 10%, and education services at 5%. (End)