RWANDA: The economy grew by 6.3 percent y/y in 2Q23, relative to 7.5 percent in 2Q22. The agriculture sector was flat (-0.0 percent y/y) as the production of food crops decreased by 3 percent due to lower harvests.
Modest improvement in forestry and fishing countered the effects of the decline. Meanwhile, the industry sector grew by 6.1 percent y/y and contributed 1.1ppt to overall GDP growth. Within industry, mining and quarrying activities increased by 6.8 percent y/y, while manufacturing grew by 7.8 percent and construction increased by 4.3 percent.
The services sector posted growth of 9.9 percent y/y and contributed 4.8ppt to overall GDP growth. Within services, wholesale and retail trade increased by 6.4 percent y/y, while transport services increased by 8.0 percent. In terms of expenditure, total final consumption expenditure (government and household consumption expenditure) increased by 3 percent y/y on the back of strong government consumption. Meanwhile, gross fixed capital formation declined by 9.6 percent y/y as inventories declined. Meanwhile, exports of goods and services increased by 22.6 percent y/y, while imports of goods and services decreased by 3.7 percent.
