In a joint press address, the Ministry of Finance and Economic Planning and the National Institute of Statistics of Rwanda (NISR) reported that Rwanda’s GDP stood at RWF 4.486 trillion in Q1 of 2024, up from RWF 3.904 trillion in Q1 of 2023.

NISR Director General Ivan Murenzi said the services industry contributed 46 percent to GDP, agriculture contributed 25 percent, and industry contributed 23 percent. Net direct taxes accounted for 7 percent.

NISR Director General Ivan Murenzi addresses members of the press.

The overall performance of agriculture was 8 percent, attributed to growth in food crops production. The export crops production saw no growth, remaining stagnant at 0 percent. “Within export crops, the production of coffee decreased by 13 percent, while tea harvests increased by 21 percent,” Murenzi stated.

The overall growth of industry was 10 percent. The two institutions attributed the growth to the good performance of mining and quarrying, which increased by 22 percent; construction activities, which increased by 16 percent; and manufacturing activities, which increased by 4 percent.

“The growth in manufacturing was boosted by a 12 percent increase in the manufacturing of metal products, machinery, and equipment; a 25 percent increase in the manufacturing of wood and paper printing; and a 9 percent increase in the manufacturing of non-metallic minerals. Food processing increased by 1 percent after the growth of 22 percent in Q1 of 2023,” Murenzi stated.

Members of the press and other stakeholders during the briefing on Wednesday, June 19, 2024.

In the services industry, which recorded 11 per cent growth in Q1 of 2024, wholesale and retail trade increased by 21 percent; transport activities increased by 13 percent; hotels and restaurants increased by 13 percent; financial services increased by 6 percent; and telecommunication services increased by 28 percent.

In Q1 2024, private final consumption, which is the total value of all goods and services consumed by households and non-profit institutions serving households, was 73 percent of GDP, government consumption was 15 percent, and gross capital formation, which represents investments in new buildings, machinery, and equipment was 36 percent. Total final consumption expenditure increased by 23 percent, exports increased by 50 percent, imports increased by 123 percent, and gross capital formation increased by 77 percent.

Newly appointed Finance Minister Yusuf Murangwa said the economy is projected to continue its upward trend, with a projection of 6.6 percent growth in 2024.

The former NISR boss affirmed that the growth is expected to be driven by strong performance in the service and industrial sectors, alongside the recovery of the agriculture sector.

The minister noted that although climate change remains a significant risk worldwide, “We don’t see anything at the moment that is out of hand.”

Newly appointed Finance Minister Yusuf Murangwa said the economy is projected to continue its upward trend, with a projection of 6.6 percent growth in 2024.