Rwanda’s economy continued its robust upward trajectory in Q2 of 2024, with GDP at current market prices reaching Rwf4,515 billion, a significant rise from Rwf3,972 billion in the same period last year. The country’s GDP growth hit 9.8 percent in the second quarter, slightly up from the 9.7 percent recorded in Q1, reinforcing the nation’s economic resilience, according to the statistic’s agency.
“Services led the charge, contributing 47 percent to GDP, followed by agriculture at 25 percent, and industry at 21 percent. A sharp 15 percent increase in industrial activity, driven by a boom in construction and manufacturing, alongside a 10 percent expansion in services, underpinned the robust growth. Agriculture also saw a notable recovery, growing by 7 percent, bolstered by strong food crop production,” the Director General of the National Institute of Statistics of Rwanda, Ivan Murenzi told reporter.
According to the Minister of Finance and Economic Planning, Yusufu Murangwa, Rwanda’s economy is projected to maintain its growth momentum, with a 6.6% expansion forecast for 2024. This follows an impressive 8.2% growth in 2023, driven by the continued strength of the service and industrial sectors, as well as a steady recovery in agriculture.”
Private final consumption remained a key driver, accounting for 65 percent of GDP, while government consumption and gross capital formation stood at 19 percent and 30 percent, respectively. Although exports increased by 14 percent, a 49 percent surge in imports reflects the country’s growing appetite for goods and services as it continues on its growth path.
Rwanda’s economic outlook remains promising, supported by diversified sectoral performance and rising investments, positioning it as a key player in the region’s growth narrative.
