Rwanda recorded 6.3% GDP growth in the second quarter of 2023

Rwanda recorded 6.3% GDP growth in the second quarter of 2023 following 9.2% growth in the first quarter, according to figures released by Rwanda National Institute of Statistics  earlier today. 

In 2023 Q2, GDP at current market prices was estimated at Frw 3,970 billion, up from Frw 3,282 billion in 2022 Q2. Services contributed 45% of GDP, Agriculture contributed 27% of GDP, Industry contributed 20% of GDP while Net direct taxes accounted for 7%.

In the second quarter of 2023, estimates calculated in 2017 prices show that GDP grew by 6.3 percent when compared to the same quarter of 2022.

Agriculture sector did not record any growth when compared to quarter two 2022. Within agriculture, export crops increased by 2 percent boosted by 14 percent increase in the production of tea even though Coffee production decreased by 11 percent. The production of food crops decreased by 3 percent due to a decrease in the harvest of season A of 2023 when compared to season A of 2022. 

Industry sector grew by 6 percent and contributed 1.1 percentage points to overall GDP growth. Within industry, mining and quarrying activities increased by 7 percent, manufacturing activities grew by 8 percent while construction activities increased by 4 percent. 

The growth in manufacturing is mainly due to an increase of 9 percent increase in food processing; 6 percent increase in manufacturing of metal products, machinery & equipment; 14 percent increase in manufacturing of chemicals rubber & plastic products; 32 percent increase in manufacturing of wood & paper printing and 9 percent increase in manufacturing of non-metallic minerals manufacturing. However, manufacturing of beverages decreased by 2 percent. 

Service sector increased by 10 percent and contributed 4.8 percentage points to overall GDP growth. Within services, wholesale & retail trade increased by 6 percent while transport services increased by 8 percent.

Among other services, hotel & restaurant services increased by 7 percent, information & communication services increased by 37 percent, financial services increased by 5 percent, professional, scientific & technical activities increased by 1 percent, real estate activities increased by 2 percent while education services increased by 28 percent, Public administration increased by 21 percent and Health services increased by 7 percent. 

Expenditure GDP In the second quarter of 2023, total final consumption expenditure increased by 3 percent, with Household final consumption decreasing by 4 percent while Government final consumption increased by 31 percent. 

Exports of goods and services increased by 23 percent while imports of goods and services decreased by 4 percent. Gross Capital Formation decreased by 9 percent. (End)