{"id":49526,"date":"2023-12-16T07:01:25","date_gmt":"2023-12-16T07:01:25","guid":{"rendered":"https:\/\/new.igihe.com\/rwanda-s-gdp-grows-by-7-5-in-third-quarter-of-2023\/"},"modified":"2023-12-19T08:07:50","modified_gmt":"2023-12-19T08:07:50","slug":"rwanda-s-gdp-grows-by-7-5-in-third-quarter-of-2023","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/rwanda-s-gdp-grows-by-7-5-in-third-quarter-of-2023\/","title":{"rendered":"Rwanda\u2019s GDP grows by 7.5% in third quarter of 2023"},"content":{"rendered":"

According to data released by the National Institute of Statistics of Rwanda (NISR), the services sector played a significant role, contributing 46% to the GDP, followed by the agriculture sector at 25%, the industry sector at 21%, and net direct taxes accounting for 7%.<\/p>\n

Estimates recalculated at 2017 prices revealed that the GDP for this quarter was 7.5% higher compared to the same period in 2022.<\/p>\n

Breaking down the sectoral contributions, the agricultural sector experienced a growth of 3%, contributing 0.7 percentage points to the overall GDP growth. While food crops production increased by 3%, there was a notable decline of 15% in the production of export crops.<\/p>\n

The industrial sector showed robust growth, expanding by 14% and contributing 2.3 percentage points to the overall GDP growth. This growth was driven by a 14% increase in mining and quarrying, an 8% rise in manufacturing activities, and an impressive 24% surge in construction activities. Notably, manufacturing saw notable increases in food processing (16%), textiles, clothing, and leather goods (14%), wood and paper manufacturing (17%), and chemicals, rubber, and plastic products (10%).<\/p>\n

The service sector emerged as a powerhouse, growing by 19% and contributing 4.4 percentage points to the overall GDP growth. Key contributors within services included an 8% increase in wholesale and retail trade, a 16% rise in transport services, a 5% growth in hotels and restaurants, and a substantial 20% increase in telecommunication services. While public administration services increased by 2%, education services surged by 16%. However, health services experienced a 2% decrease, following a 13% growth in the same quarter of 2022.<\/p>\n

In terms of consumption and trade, total final consumption expenditure increased by 3% in the third quarter of 2023. Household final consumption expenditure saw a noteworthy 8% increase, contrasting with a 15% decrease in government final consumption expenditure. Exports of goods and services increased by 11%, while imports increased by 9%. Additionally, gross capital formation displayed an impressive surge of 26%.<\/p>\n

This robust economic performance showcases Rwanda’s resilience and dynamism, setting the stage for continued growth and prosperity in the quarters to come.<\/p>\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

{In the third quarter of 2023, Rwanda’s economic landscape witnessed remarkable growth, with the Gross Domestic Product (GDP) reaching Rwf 4,249 billion, marking a substantial increase from Rwf 3,584 billion in the same quarter of 2022\u2014an impressive surge of 7.5%.}<\/p>\n","protected":false},"author":62,"featured_media":2000062123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[75],"byline":[170],"hashtag":[],"class_list":["post-49526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-homenews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":{"id":2000062123,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/ihg.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/ihg.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/ihg.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/ihg.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/ihg.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/ihg.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/49526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=49526"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/49526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000062123"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=49526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=49526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=49526"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=49526"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=49526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}