In Q3 of 2024, GDP at current market prices was estimated at Frw 4,806 billion, up from Frw 4,246 billion in Q3 of 2023. Services contributed 49 percent to GDP, agriculture contributed 24 percent while industry contributed 20 percent. Net direct taxes accounted for 7 percent.
Services contributed 49 percent to GDP, agriculture contributed 24 percent, and industry contributed 20 percent
In Q3 of 2024, GDP growth was 8.1 percent following 9.8 percent in Q2 and 9.7 percent in Q1. Sector performed as follows:
- Agriculture increased by 4 percent.
- Industry increased by 8 percent.
- Services increased by 10 percent.
Agriculture
The overall performance of agriculture was 4 percent. Within agriculture, export crops production increased by 16 percent, mainly due to coffee production which grew 22 percent. Food crops grew 2 percent.
Industry
The overall growth of industry was 8 percent. This growth is attributed to mining and quarrying activities which grew by 26 percent; manufacturing activities which grew by 5 percent; electricity, which grew by 20 percent and Construction activities which by 5 percent. Within manufacturing, the production of Chemicals, rubber & plastic products increased by 20 percent, Metal products, machinery & equipment grew by 14 percent, while food processing decreased by 1 percent following the growth of 16 percent in quarter 3 of 2023.
Services
The overall growth in service sector was 10 percent. Wholesale and retail trade increased by 19 percent; transport activities increased by 8 percent, hotel and restaurants increased by 17 percent, financial services increased by 15 percent, telecommunication services increased by 19 percent.