Rwanda GDP Growth Accelerates to Near 2-Year High

Rwanda’s GDP grew a remarkable 11.8% year-on-year in Q3 2025, the strongest expansion since Q4 2023, accelerating from 7.8% in the previous period. The services sector advanced 10% and contributed 5.5 percentage points to the overall GDP growth, driven by strong performance in wholesale and retail trade (+20%), transport (+9%), information and communication (+17%), and financial services (+10%). At the same time, the industrial sector expanded at a notable 17%, supported by mining and quarrying (+14%), construction (+20%) and manufacturing (+14%). The agricultural sector rose by 10%, driven largely by export crops climbing 35% and fishing up 34%. On a quarterly basis, the GDP contracted by 8.1% in Q3, after a 9.7% growth in the previous quarter.

The economy of Rwanda expanded by a notable 7.8% year-on-year in Q2 2025, the fastest pace since Q2 2024, after a revised 6.5% advance in the prior three-month period. The services sector was the key driver of growth, rising 9% (vs 8% in Q1) and contributing 4.3 percentage points to overall economic performance. Top performers within the services sector included public administration (+16%), wholesale and retail trade (+13%), information & communication services (+11%), and health services (+10%). Agriculture and industry also gained momentum, rising 8% (up from 4% in Q1) and 7% (up from 5%), respectively. On a quarterly basis, the GDP advanced by 9.7% in Q2, following a revised 8% decline in the previous period.

Rwanda's economy expanded by 7.8% year-on-year in the first quarter of 2025, easing from an 8.0% increase in the previous quarter and marking the slowest pace since Q3 2023. The deceleration was largely attributed to a notable slowdown in the services and agriculture sectors. The services sector expanded by 9% (vs. 11% in Q4), marking its weakest growth in six quarters, mainly due to sharp slowdowns in wholesale & retail trade (14% vs 23%) and transport (4% vs 8%). Meanwhile, agricultural output grew 2% (vs. 3%), the slowest since Q2 2023, mainly due to a decline in food crop production (-1% vs. 2%). In contrast, industrial activity accelerated to 9% (vs. 7%), marking its fastest growth in three quarters. This was supported by continued gains in manufacturing (7% vs. 3%) and construction (13% vs. 9%), while mining and quarrying output (-3% vs. 5%) contracted, reversing previous growth. On a quarterly basis, GDP shrank by 1.0%, compared with a 4.1% expansion in Q4 2024.