In a press conference held today, March 11th, the National Institute of Statistics of Rwanda (NISR) unveiled the Gross Domestic Product (GDP) figures for the fourth quarter and the annual report for 2023. The conference, presided over by Dr. Uzziel NDAGIJIMANA, Minister of Finance and Economic Planning, shed light on Rwanda's economic performance and growth trajectory.
Key Highlights:
GDP Surge: In 2023, Rwanda's GDP at current market prices soared to Frw 16,355 billion, marking a significant increase from Frw 13,720 billion in 2022. This growth reflects the resilience and dynamism of the Rwandan economy despite global challenges.
Sector Contributions: Services emerged as the largest contributor to GDP, accounting for 44%, followed by Agriculture at 27%, and Industry at 22%. Net indirect taxes constituted 7% of the GDP.
Steady Growth: The GDP growth rate demonstrated consistency throughout the year, with quarterly growth rates standing at 9.2%, 6.3%, 7.5%, and 10% for the first, second, third, and fourth quarters respectively. This resulted in an impressive average growth rate of 8.2% for the year.
Sectoral Breakdown:
Agriculture: Despite challenges, agriculture witnessed a modest growth of 2%, fueled by a notable increase of 7% in livestock and livestock products. However, export crops production faced a setback, decreasing by 4% primarily due to lower tea and coffee production.
Industry: The industrial sector displayed robust growth of 10%, buoyed by manufacturing and construction activities. Manufacturing saw a commendable surge of 11%, driven by significant increases across various sub-sectors.
Services: The service sector exhibited remarkable growth of 11%, with notable contributions from wholesale and retail trade, hotels and restaurants, information and communication, and transport activities. However, certain segments like human health activities witnessed a slight decline.
The NISR press conference underscored Rwanda's resilience and economic vibrancy, evident in the impressive GDP growth and sectoral performances recorded in 2023. The collaborative efforts between government initiatives and private sector engagements have propelled Rwanda's economy forward, positioning it as a key player in the region's economic landscape.
As Rwanda continues its journey towards sustainable development and economic prosperity, the insights shared during the press conference serve as a testament to the nation's commitment to fostering inclusive growth and resilience in the face of evolving global dynamics.
This press conference marks yet another milestone in Rwanda's economic journey, reflecting the collective determination to build a prosperous and resilient nation for all its citizens.
TUGIRIMANA Jean Paul
Communications Officer
NISR