Rwanda’s GDP grew by 10% in 3rd Quarter of 2022 following a 7.5% growth in the second quarter and a 7.9% growth in the first quarter.
In the third quarter of 2022, estimates calculated in 2017 prices show that GDP was 10% higher when compared to the same quarter of 2021.
Finance Minister, Dr. Uziel Ngamijemana said this growth indicates that Rwanda ‘s economy continues to recover despite persistent global economic shocks.
In the third quarter of 2022, the country’s GDP at current market prices was estimated at Rwf3.583 trillion, up from Rwf2.758 trillion in same quarter of 2021.
In this quarter, services contributed 47% of GDP, Agriculture contributed 24% of GDP, Industry contributed 21% of GDP and 8% was attributed to adjustment for taxes and subsidies on products.
In agriculture, the overall growth was 1% and contributed 0.3% points to overall GDP growth.
Within agriculture, the production of food crops decreased by 1% and the production of export crops decreased by 1%.
Industry In industry, the overall production decreased by 1% and contributed negative 0.2% points to overall GDP growth.
The decrease of industrial activities is mainly due to a drop of 17% in construction activities.
Other activities in industry sector increased as follows: Manufacturing activities increased by 9%, Mining and Quarrying activities increased by 5% while electricity production increased by 13% and the production of water and waste management increased by 3%.
The growth in manufacturing activities is due to an increase of 11% in food processing, 9% increase in production of Beverages, 8% increase in production of Wood & paper; printing, 21% in production of Chemicals and plastic products and 24% in production of Textiles.
The Service sector increased by 17% and contributed 7.9% point to overall GDP growth.
Within Services sector, Wholesale and retail trade increased by 20% while Transport activities increased by 26%.
Among other services, Hotel and restaurants increased by 90%, Financial services increased by 8%, while Telecommunication services increased by 34%.
Public Administration increased by 21%; Health services increased by 13% while Education services increased by 26%.
In the third quarter of 2022, total final consumption expenditure increased by 17% with Household final consumption increasing by 17% while Government final consumption increased by 19%.
Exports increased by 36%; imports increased by 11% while Gross Capital Formation decreased by 31%.
