Rwanda’s economy expanded by 8.1% in the third quarter of 2024, reaching a market value of Rwf4,806 billion, up from Rwf4,246 billion during the same period in 2023.
This growth follows robust performances of 9.7% in the first quarter and 9.8% in the second quarter of 2024. Despite these promising trends, Minister of Finance Yusuf Murangwa emphasised cautious optimism, maintaining a conservative annual growth projection of 6.6% for 2024. The International Monetary Fund (IMF), however, forecasts Rwanda’s economy to grow by 7%, leading the regional economic outlook.
The service sector emerged as the primary driver of growth, expanding by 10% and contributing 49% to the GDP. Key areas such as wholesale and retail trade grew by 19%, while hotels and restaurants increased by 17%, and financial services rose by 15%. The industry sector grew by 8%, fuelled by a 26% increase in mining and quarrying activities. Notably, export quantities of cassiterite, coltan, and wolfram surged by 27%, 42%, and 15%, respectively. Meanwhile, agriculture recorded a 4% rise, attributed to a 2% increase in food crop production and a 22% growth in coffee production, despite tea production falling by 10% due to heavy rains.
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The manufacturing sub-sector saw mixed results. The production of chemicals, rubber, and plastic products increased by 20%, while metal products and machinery rose by 14%, and textiles, clothing, and leather goods grew by 11%. However, food processing declined by 1%, contrasting with a significant 16% growth in Q3 of 2023. Additionally, construction activities registered a moderate 5% growthduring the period.
Minister Murangwa highlighted that momentum had been building since late 2023, and the economic outlook for 2025 remains positive. Director General of the National Institute of Statistics Rwanda (NISR), Ivan Murenzi, reiterated the importance of services, agriculture, and industry in sustaining Rwanda’s economic trajectory.
Future projections will become clearer with the release of fourth-quarter figures early next year, though no significant changes are currently anticipated.
