Kigali (ICK News) – The National Institute of Statistics of Rwanda (NISR) has released the latest report on Rwanda’s economic performance for the third quarter of 2024 (Q3), highlighting significant growth across key sectors of the economy.
Rwanda’s Gross Domestic Product (GDP) at current market prices reached 4,806 billion Rwandan Francs (Frw), up from 4,246 billion Frw recorded in Q3 of 2023.
This represents a growth rate of 8.1%, a continuation of the strong momentum observed in the first two quarters of the year, which registered growth rates of 9.7% and 9.8%, respectively.
The services sector emerged as the backbone of the economy, contributing 49% to the GDP in Q3. Services grew by 10%, driven by notable performances in wholesale and retail trade, which increased by 19%, and hotels and restaurants, which expanded by 17%. Financial services also performed exceptionally well, recording a growth rate of 15%, while telecommunication services grew by 19%, reflecting increased investment and demand in these areas.
The agriculture sector, which remains a crucial pillar of Rwanda’s economy, contributed 24% to GDP and grew by 4% overall. A key driver of this growth was the impressive performance of export crops, which increased by 16%, fueled mainly by coffee production, which grew by an outstanding 22%. Food crops showed moderate growth of 2%, reflecting the sector’s steady but restrained expansion compared to export-oriented farming.
The industry sector demonstrated solid resilience, contributing 20% to the GDP and expanding by 8% in Q3 2024. Mining and quarrying activities were a standout performer, growing by 26%. Electricity production also saw a notable increase of 20%, reflecting improved infrastructure and rising energy demand. Manufacturing activities grew by 5%, with strong gains in the production of chemicals, rubber, and plastics, which increased by 20%, and metal products and machinery, which recorded a growth of 14%. However, the food processing sub-sector registered a slight decline of 1%, a reversal from the strong growth of 16% observed in the same quarter of the previous year.
From the perspective of GDP expenditure, private consumption remained dominant, accounting for 75% of GDP, reflecting the growing role of household spending in Rwanda’s economy. Government consumption contributed 15%, while gross capital formation accounted for 19%. Notably, Rwanda’s external trade showed significant improvements during Q3.
Exports of goods and services surged by 30%, reflecting increasing global demand for Rwandan products, particularly coffee and minerals. Meanwhile, imports of goods and services grew by 8%, signaling increased economic activity and rising domestic demand for foreign products.
The Q3 performance reflects Rwanda’s continued economic resilience, supported by structural reforms, diversification of key sectors, and strategic investments. The strong performance of services, combined with gains in agriculture and industrial activities, has positioned the economy to maintain its upward trajectory. The government’s focus on trade, innovation, and infrastructure development has played a critical role in driving this growth.
For more information and detailed statistics, the full report is available on the National Institute of Statistics of Rwanda (NISR) website: www.statistics.gov.rw.
