Rwanda's economic growth slightly up in Q2
Rwanda's economy grew by 9.8% in the second quarter of 2024, up from 9.7% recorded in the first quarter, according to data released by the National Institute of Statistics of Rwanda (NISR) Monday.
The growth was driven by strong performances in both the industry and service sectors.
The services sector contributed 47% to the gross domestic product (GDP), followed by agriculture at 25% and industry at 21%, according to the data.
According to the NISR data, the overall performance of agriculture was 7%. Within agriculture, the production of food crops rose by 8%, attributable to agriculture production in the first season of this year.
Industrial growth overall was 15%, driven by an 18% rise in construction activities and a 17% increase in manufacturing, the data showed.
The growth in manufacturing was boosted by an 18% increase in food processing, and a 29% increase in manufacturing of metal products, machinery and equipment.
The overall growth of the service sector was 10%.
In the second quarter of 2024, GDP at current market prices was estimated at 4,515 billion Rwandan francs (about $3.33 billion), up from 3,972 billion Rwandan francs in the second quarter of 2023.
NISR said Rwanda's economy is projected to continue its upward trend, with a projection of 6.6% growth in 2024. This growth is expected to be driven by a strong performance in the service and industrial sectors, alongside the recovery of the agriculture sector.
Rwanda's economy grew 8.2% in 2023.
Yusuf Murangwa, Rwandan minister of Finance, said that a relatively low economic growth projection compared to last year is due to the uncertainty of global shocks.
