Rwanda’s economy expanded by 9.2% in the first quarter of this year compared to 7.9% in the same period in 2022.
According to data from the country’s Institute of Statistics, the improvement is due to a strong rebound in the service sector.
At over 9% growth in the first three months of this year, Rwanda’s economy got off to a flying start.
Meetings, incentives, conferences, and events otherwise known as MICE helped the Rwandan services sector recover to contribute 44% of the GDP.
Recent multi-million dollar investments in infrastructure to host conferences and events have helped boost the country’s prospects as a MICE destination.
At an average of over 7% growth every year over the last two decades, Rwanda enjoyed strong economic growth before the COVID-19 pandemic. Some of the key contributors to that growth have been energy, agriculture, trade, hospitality, and financial services.
While the latest government statistics show a strong economic recovery, the performance of the country’s economy this year could hit a few bumps.
During a recent national budget presentation, the finance ministry pointed out that drought or a dip in global commodity prices could affect Rwanda’s economy.
According to the government, the economy is expected to slow to 6.2% percent in 2023, compared to 8.2% last year. -Report by Isaac Lukando
