In the fourth quarter of 2024, GDP grew by 8%, following the growth rate of 9.7% in the first quarter, 9.8% in the second quarter and 8.1% in the third quarter. This resulted to an overall growth of 9.8% for the year 2024.
GDP at current market prices was estimated at Frw 4,972 billion in quarter four of 2024, up from Frw 4,500 billion in the same quarter of 2023. In this quarter, services contributed 49% to GDP, agriculture contributed 24% while industry contributed 20%. The remainder 7% was attributed to taxes less subsidies on products.
TABLE: Rwanda's GDP Expenditure at constant market prices (in billion Frw)
2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | |
| Gross Domestic Product | 3,031 | 3,007 | 3,052 | 3,146 | 3,274 |
| Total final consumption expenditure | 2,703 | 2,374 | 2,865 | 2,832 | 2,796 |
| Government | 407 | 460 | 564 | 484 | 615 |
| Households and NGOs | 2,295 | 1,914 | 2,300 | 2,348 | 2,182 |
| Gross capital formation | 610 | 985 | 459 | 631 | 699 |
| Gross fixed capital formation | 780 | 784 | 775 | 884 | 854 |
| Construction | 482 | 523 | 494 | 479 | 526 |
| Other | 300 | 260 | 282 | 412 | 331 |
| Change in inventories | -165 | 198 | -309 | -247 | -151 |
| Resource balance | -281 | -352 | -271 | -316 | -222 |
| Exports of goods & services | 953 | 791 | 865 | 981 | 1,033 |
| Goods (fob) | 709 | 599 | 652 | 687 | 795 |
| Services | 243 | 191 | 213 | 294 | 238 |
| Imports of goods & services | 1,234 | 1,143 | 1,136 | 1,296 | 1,255 |
| Goods (fob) | 1,021 | 938 | 937 | 1,054 | 1,038 |
| Services | 213 | 205 | 199 | 242 | 216 |
Agriculture
The overall performance of agriculture sector was 3% and contributed 0.5 percentage points to the overall GDP growth rate. Within agriculture, food crops production increased by 2%. The export crops production decreased by 15%.
Industry
The overall growth of industry was 7% and contributed 1.2 percentage points to the overall GDP growth rate. Within industry, mining and quarrying increased by 5%, construction activities increased by 9%, while manufacturing activities increased by 3%.
Services
The overall growth of the services sector was 11% and contributed 5.4 percentage points to the overall GDP growth rate. Within services, wholesale and retail trade increased by 23%, transport activities increased by 8%, while information & communication services increased by 20%. In addition, public administration services increased by 22%, education services increased by 2 percent, and health services increased by 42%.