Rwanda’s Economy Grows by Over RWF 2 Trillion in 2023/24

Rwanda’s economy has achieved remarkable growth, as highlighted by the latest report from the National Institute of Statistics of Rwanda (NISR). The country’s Gross Domestic Product (GDP) surged to RWF 17.6 trillion in the 2023/24 fiscal year, up from RWF 15.2 trillion in 2022/23. This impressive increase of more than RWF 2 trillion underscores Rwanda’s dynamic economic expansion.

Key Sectors Fueling Rwanda’s Economic Growth

The growth in Rwanda’s economy is driven by strong performance across several key sectors:

• Services: Leading the way, the service sector contributed 46% to the national GDP. Growth in tourism, trade, and financial services played a significant role in this expansion.
• Agriculture: As one of Rwanda’s essential sectors, agriculture accounted for 26% of the GDP. Despite global challenges, the sector grew by 5%, driven by efforts to modernize farming practices and increase productivity.
• Industry: The industrial sector, including manufacturing, construction, and mining, grew significantly, contributing 21% to the GDP. Industrial growth surged by an impressive 13% during the fiscal year.

Rwanda’s Impressive 9.3% GDP Growth Rate

Overall, Rwanda’s economy grew by 9.3% in 2023/24, marking a strong recovery and continued expansion. This growth rate reflects the country’s resilience in the face of global economic challenges and its commitment to long-term development.

Sectoral Growth Highlights:

• Agriculture: +5% growth
• Industry: +13% growth
• Services: +11% growth

These results highlight Rwanda’s ongoing efforts to diversify its economy, improve infrastructure, and invest in innovation, all of which are key to sustaining future growth.

Rwanda’s Future Economic Outlook

Rwanda’s economic progress demonstrates the country’s determination to create a sustainable and inclusive economy. As the government continues to invest in infrastructure, industrialization, and technology, Rwanda is poised for even greater achievements in the coming years.

To maintain this growth momentum, Rwanda is focused on further diversifying its economy, promoting sustainable agriculture, boosting the industrial sector, and enhancing the business environment to attract more foreign investments.

For more information and detailed statistics, visit the National Institute of Statistics of Rwanda’s.