Rwanda's economy recorded a robust growth of 9.2 percent in the first quarter of 2023 compared to the same period in 2022, as revealed by a report from the National Institute of Statistics released in June.

The agriculture sector saw a 1 percent increase, while the industry and services sectors showed even stronger growth rates of 9 percent and 13 percent respectively.

Despite a 3 percent decrease in food crop production due to impacts of climate change, the production of coffee and tea increased by 54 percent and 7 percent respectively, contributing to a remarkable 25 percent growth in export crops.

Within the industry sector, construction activities increased by 1 percent, mining and quarrying by 15 percent, and manufacturing activities by 16 percent. The manufacturing sector's growth was driven by a 22 percent increase in food processing, a 26 percent increase in the manufacturing of metal products, machinery, and equipment, a 37 percent increase in the manufacturing of chemicals, rubber, and plastic products, an 18 percent increase in the manufacturing of wood and paper printing, and a 7 percent increase in the manufacturing of non-metallic minerals.

In the services sector, wholesale and retail trade recorded a growth of 17 percent, transport activities increased by 19 percent, hotel and restaurant services grew by 42 percent, financial services increased by 12 percent. Moreover, telecommunication services saw a remarkable growth of 43 percent, while education services grew by 13 percent.

In terms of shares to GDP, services continued to lead with 44 percent, followed by agriculture with 27 percent, industry with 22 percent, and 8 percent attributed to adjustment for taxes and subsidies on products. The gross domestic product (GDP) at current market prices was estimated at Rwf3,901 billion, up from Rwf3,021 billion in the first quarter of 2022.

Meanwhile, the National Institute of Statistics of Rwanda (NISR) reported a steady decrease in inflation since the beginning of the year, with inflation rates of 20.7 percent in January, 20.8 percent in February, and 19.3 percent in March.

According to the Central Bank, inflation is expected to continue decreasing and reach the target range of 2 percent to 8 percent by the end of 2023.