Rwanda’s Economy Expands 8.9% in 2024, Driven by Strong Agricultural and Industrial Sectors

Rwanda’s economy experienced significant growth in 2024, expanding by 8.9%, surpassing the previous year’s 8.2% increase. This robust performance was fueled by strong agricultural harvests and impressive growth in the industrial and service sectors, according to the National Institute of Statistics of Rwanda (NISR). Ivan Murenzi, the NISR director general, highlighted that the economy grew by 8% in the final quarter of the year alone.

Agriculture saw a 5% growth in 2024, contributing significantly to the overall economic expansion. Meanwhile, both the industrial and service sectors each posted growth rates of 10%, indicating a well-rounded and diversified economic performance. These sectors helped cushion the economy and ensured that growth remained strong across various industries.

Despite a recent uptick in inflation, Rwanda’s central bank maintained its key interest rate at 6.5% in February. This decision reflects the central bank’s confidence that inflation will remain within its target range, allowing for continued economic stability. The central bank’s cautious monetary policy aims to balance growth with inflation control.

Overall, Rwanda’s economic performance in 2024 underscores the country’s ongoing resilience and development across key sectors. The continued strength in agriculture, industry, and services points to a well-managed economy with the potential for sustained growth in the years ahead.

source: cnbc