NISR Director General Ivan Murenzi announced the statistics during a joint press conference with the Minister of Finance and Economic Planning, Yusuf Murangwa, on Tuesday, December 17, 2024.
The growth was primarily driven by strong performances in the services and industry sectors, signalling continued economic resilience.
DG Murenzi highlighted that the country's GDP at current market prices is estimated at Frw 4.806 trillion, a notable increase from Frw 4.246 trillion in Q3 of 2023. The services sector maintained its dominance, contributing 49% to GDP, while agriculture and industry accounted for 24% and 20% respectively.
Rwanda's Q3 performance builds on earlier successes in Q1 (9.7%) and Q2 (9.8%), bringing the average growth for the first nine months of 2024 to 9.2%.
The services sector emerged as the top performer in Q3, recording a 10% growth. Significant growth within the sector was observed in wholesale and retail trade (19%), hotels and restaurants (17%), financial services (15%), and information and communication services (19%). Additionally, public administration activities increased by 10%, further contributing to the sector's overall performance.
The industry sector experienced notable growth of 8%, primarily fueled by a significant 26% increase in mining and quarrying activities. Within this segment, exports of key minerals recorded substantial gains, with Coltan exports rising by 42%, Cassiterite exports growing by 27%, and Wolfram exports increasing by 15%.
Manufacturing also showed positive results, particularly in the production of chemicals, rubber, and plastic products, which increased by 20%, while metal products and machinery grew by 14%. However, food processing experienced a slight decline of 1% compared to its strong growth of 16% in Q3 of 2023.
The agriculture sector reported a 4% growth, driven by a 16% increase in export crop production, particularly coffee exports, which surged by 22%. On the other hand, tea production faced a decline of 10% during the period.
Wycliffe Nyamasege
Source : https://en.igihe.com/economy/article/rwanda-records-8-1-economic-growth-in-q3-of-2024
