KIGALI, March 19 (Xinhua) -- Rwanda's economy recorded an 8.9 percent growth in 2024, supported by strong performances in the services, industry, and agriculture sectors, according to data released Wednesday by the National Institute of Statistics of Rwanda (NISR).

The growth was marked by quarterly gross domestic product (GDP) expansions of 9.7 percent in the first quarter, 9.8 percent in the second quarter, 8.1 percent in the third quarter, and 8 percent in the fourth quarter, according to the data.

At current market prices, the country's GDP was estimated at 18.9 trillion Rwandan francs (about 13.2 billion U.S. dollars), up from 11.7 billion dollars in 2023, according to NISR data.

Services remained the dominant contributor to the GDP, accounting for 48 percent, followed by agriculture at 25 percent and industry at 21 percent.

In terms of sectoral growth, agriculture expanded by 5 percent, while industry and services grew by 10 percent each.

The 2024 GDP composition showed that private final consumption expenditure accounted for 70 percent, government final consumption expenditure for 17 percent, and gross capital formation for 21 percent.

Total final consumption expenditure increased by 6 percent, with household final consumption expenditure rising by 4 percent and government final consumption expenditure by 15 percent.

Rwanda's economy is projected to maintain strong growth, with forecasts indicating a 7 percent expansion in both 2025 and 2026, according to the latest data from the National Bank of Rwanda. Enditem

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