Rwanda's real GDP grew by 9.7% in the first quarter of 2024, exceeding the previous year's growth rate of 8.2%.
Kigali — Rwanda 's real GDP grew by 9.7% in the first quarter of 2024, exceeding the previous year's growth rate of 8.2%. The latest edition of the, launched today, highlights that despite the global economic slowdown, Rwanda has shown remarkable resilience, driven by strong consumer spending in key sectors such as services and industry.
Despite ongoing challenges, Rwanda's labor market experienced a strong recovery, with over half a million new jobs created in the fourth quarter of 2023, marking the most significant reduction in unemployment since the COVID pandemic.The labor market expansion in Rwanda was broad-based, with women benefiting slightly more than men. To leverage its youth demographic, Rwanda needs to expand labor force participation, as only 2.8 million out of 8.
inflation, which peaked at over 21% in 2023, has since moderated due to tighter monetary policies and lower food prices, reflecting improved supplies of fresh produce. By August 2024, headline inflation had slowed to 5.0% year-on-year, bringing it within the National Bank of Rwanda's target range.There was a problem processing your submission. Please try again later.
The REU emphasizes that skills development is crucial for private sector growth, noting that an inadequately educated workforce is a major obstacle for growth of firms in Rwanda. The report stresses that significant efforts are required to improve job matching, increase public investment in education, particularly in Technical and Vocational Education and Training and higher education, and ensure better alignment between education and the labor market.
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