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Rwanda’s Economic Expansion Moderates in Q1 2024
Rwanda’s economic growth experienced a slowdown in the initial quarter of this year, primarily attributed to diminished productivity across agriculture, industry, and service sectors. The national statistics agency released this information on Friday, detailing the key factors influencing the nation’s economic performance.
The statistics bureau noted that the economic expansion reached 7.8% year-on-year during the first quarter, a decrease from the 9.7% recorded during the corresponding period last year. This deceleration underscores the evolving dynamics within Rwanda’s economic sectors.
Sectoral Performance Analysis
The report highlighted variations in the individual sector contributions:
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- Agriculture: Experienced a 2% increase in the first quarter, contrasting with the 7% growth observed in the same quarter of 2023.
- Industry: Expanded by 9%, a reduction from the 11% growth rate previously achieved.
- Services: Also grew by 9%, mirroring the industrial sector’s decline from the previous 11%.
Key Drivers of Rwanda’s Economy
Rwanda’s economic engine relies heavily on agriculture, tourism, and manufacturing industries, all of which play crucial roles in contributing to the nation’s overall economic stability and sustainable growth.
Revised Economic Growth Forecast
The finance ministry has projected a growth rate of 7.1% for the current year, a slight adjustment from the 8.9% growth recorded in the preceding year. This forecast reflects the government’s expectations for economic trends and its strategic planning for economic development.