{"id":52304,"date":"2024-12-17T13:32:34","date_gmt":"2024-12-17T13:32:34","guid":{"rendered":"https:\/\/new.igihe.com\/rwanda-records-8-1-economic-growth-in-q3-of-2024\/"},"modified":"2024-12-19T06:17:17","modified_gmt":"2024-12-19T06:17:17","slug":"rwanda-records-8-1-economic-growth-in-q3-of-2024","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/rwanda-records-8-1-economic-growth-in-q3-of-2024\/","title":{"rendered":"Rwanda records 8.1% economic growth in Q3 of 2024"},"content":{"rendered":"

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.<\/p>\n

The growth was primarily driven by strong performances in the services and industry sectors, signalling continued economic resilience.<\/p>\n

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.<\/p>\n

Rwanda\u2019s 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%.<\/p>\n

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\u2019s overall performance.<\/p>\n

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%.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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

Rwanda\u2019s economy grew by 8.1% in the third quarter of 2024, according to the latest report from the National Institute of Statistics of Rwanda (NISR).<\/p>\n","protected":false},"author":131,"featured_media":2000078935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[75],"byline":[192],"hashtag":[],"class_list":["post-52304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-homenews","byline-wycliffe-nyamasege"],"bylines":[{"id":192,"name":"Wycliffe Nyamasege","slug":"wycliffe-nyamasege","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":131}],"contributors":[{"id":192,"name":"Wycliffe Nyamasege","slug":"wycliffe-nyamasege","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":131}],"featured_image":{"id":2000078935,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/csm_gdp_qi_2024_8518c44ebf.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/csm_gdp_qi_2024_8518c44ebf.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/csm_gdp_qi_2024_8518c44ebf.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/csm_gdp_qi_2024_8518c44ebf.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/csm_gdp_qi_2024_8518c44ebf.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/csm_gdp_qi_2024_8518c44ebf.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/52304","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\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=52304"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/52304\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000078935"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=52304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=52304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=52304"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=52304"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=52304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}