Rwanda’s economy continued its strong growth trajectory in 2024, with the Gross Domestic Product (GDP) reaching Rwf 18,785 billion, up from Rwf 16,626 billion in 2023.
This represents an impressive 8.9% growth, underscoring the nation’s resilience and economic dynamism.
The structure of Rwanda’s GDP in 2024 was driven primarily by the services sector, which accounted for 48% of total output.
Agriculture and industry followed with contributions of 25% and 21%, respectively, while taxes less subsidies on products made up the remaining 7%.
The agricultural sector grew by 5%, supported by strong food crop production, which increased by the same percentage.
Season A witnessed an 8% growth in harvest, while Season B experienced a more modest 2% increase. However, export crop production declined slightly by 1%.
Industrial activities expanded by 10%, with mining and quarrying leading the way with a 12% increase. Construction also experienced a 12% growth, while manufacturing grew by 7%.
The manufacturing sector saw notable gains in the production of metal products, machinery, and equipment (20%), non-metallic mineral products (15%), and chemicals, rubber, and plastic products (15%). Textiles, clothing, and leather manufacturing grew by 10%, while food processing saw a modest 2% increase.
The services sector also recorded a 10% growth, with wholesale and retail trade increasing by 18% and transport services growing by 9%.
Information and communication services registered the highest growth at 25%, followed by health services (15%), public administration (10%), and hospitality (11%).
Financial services expanded by 7%, while education services grew by 5%.
In terms of expenditure, private final consumption accounted for 70% of GDP, while government final consumption stood at 17%. Gross capital formation contributed 21%.
Household final consumption increased by 4%, and government consumption rose significantly by 15%. Meanwhile, exports of goods and services surged by 16%, and imports increased by 11%. Gross capital formation, however, declined by 16%.
Rwanda’s GDP per capita in 2024 was estimated at USD 1,029, slightly down from USD 1,054 in 2023, reflecting demographic shifts and economic adjustments
