Rwanda’s economy expanded by 8.1 percent in the third quarter of 2024, driven by robust performances in services, industry, and agriculture. GDP at current market prices rose to Rwf4.806 trillion, up from Rwf4.246 trillion a year earlier, statistics agency said in a statement on the website.
Services, which accounted for 49 percent of GDP, expanded 10 percent, led by wholesale and retail trade, which surged 19 percent. Hotels and restaurants grew 17 percent, financial services rose 15 percent, and telecommunications climbed 19 percent.
Industry grew 8 percent, fueled by a 26 percent increase in mining and quarrying and a 20% rise in electricity production. Construction and manufacturing each grew 5 percent, though food processing dipped 1 percent after a sharp rise a year earlier. Within manufacturing, chemicals, rubber, and plastic products rose 20 percent, while metal products and machinery climbed 14 percent.
Agriculture expanded 4 percent, driven by a 16 percent jump in export crops, led by coffee production, which grew 22 percent. Food crop production increased by 2 percent.
Private final consumption expenditures accounted for 75 percent of GDP, while government spending made up 15 percent, and gross capital formation contributed 19 percent. Total consumption increased 5 percent year-on-year. Exports of goods and services jumped 30 percent, outpacing an 8 percent rise in imports.
Rwanda’s economy has maintained strong momentum, despite global headwinds, with services and industrial growth positioning the country for continued resilience.
