KIGALI, Sept. 17 (Xinhua) -- Rwanda's economy grew by 9.8 percent in the second quarter of 2024, up from 9.7 percent recorded in the first quarter, according to data released by the National Institute of Statistics of Rwanda (NISR) Monday.

The growth was driven by strong performances in both the industry and service sectors.

The services sector contributed 47 percent to the gross domestic product (GDP), followed by agriculture at 25 percent and industry at 21 percent, according to the data.

According to the NISR data, the overall performance of agriculture was 7 percent. Within agriculture, the production of food crops rose by 8 percent, attributable to agriculture production in the first season of this year.

Industrial growth overall was 15 percent, driven by an 18 percent rise in construction activities and a 17 percent increase in manufacturing, the data showed.

The growth in manufacturing was boosted by an 18 percent increase in food processing, and a 29 percent increase in manufacturing of metal products, machinery and equipment.

The overall growth of the service sector was 10 percent.

In the second quarter of 2024, GDP at current market prices was estimated at 4,515 billion Rwandan francs (about 3.33 billion U.S. dollars), up from 3,972 billion Rwandan francs in the second quarter of 2023.

NISR said Rwanda's economy is projected to continue its upward trend, with a projection of 6.6 percent growth in 2024. This growth is expected to be driven by a strong performance in the service and industrial sectors, alongside the recovery of the agriculture sector.

Rwanda's economy grew 8.2 percent in 2023.

Yusuf Murangwa, Rwandan minister of Finance, said that a relatively low economic growth projection compared to last year is due to the uncertainty of global shocks. Enditem

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