According to the latest GDP figures announced on Monday, September 16, by the National Institute of Statistics (NISR) and the Ministry of Finance and Economic Planning, the GDP is expected to grow by 6.6%, driven by the services and industrial sectors, as well as recovery in agricultural output.
Overall, in the second quarter, GDP increased by 9.8%, following a 9.7% growth in the first quarter of the year. By sector, agriculture grew by 7%, industry by 15%, and services by 10%.
In agriculture, subsistence crops increased by 8%, thanks to good performance in the first planting season of 2024. However, export crops decreased by 6% compared to the second quarter of 2023. NISR explains that one reason for the decline in agricultural exports is the reduced coffee output, as many coffee trees have aged, and there are now efforts to plant new ones.
In industry, construction contributed 18% to the growth, while manufacturing output rose by 17%. However, mining output dropped by 2% compared to the second quarter of 2023.
In the services sector, wholesale and retail trade grew by 10%, transportation increased by 9%, largely due to a 25% rise in air transport, hotel and restaurant services grew by 20%, ICT services increased by 33%, and insurance services grew by 10%
IGIHE
Source : https://en.igihe.com/news/article/rwanda-economy-grows-by-9-8-percent-in-second-quarter-of-2024
