Rwanda’s economy experienced an increase of 9.2% in the first quarter of 2023 compared with the previous year, data from the National Institute of Statistics has shown.
This growth has largely been driven by the development of the tertiary sector, it went on to argue. Owing to a strong rebound in MICE (meetings, incentives, conferences, and exhibitions/events), the services sector provided 44% of GDP.
Rwanda is currently organizing events including the Women Deliver Conference (WD2023) in July, which expects 6,000 participants in person and over 200,000 online, and the World Travel and Tourism Council Global Summit in November, according to local media. The latter will be hosted in Kigali.
Other economic figures from the Composite Index of Economic Activities (CIEA) - which outlines short-term dynamics of the economy - confirmed the uptick of Rwanda’s economy, demonstrating 14.4% growth in the first three months of 2023.
In addition, data provided by the National Bank of Rwanda illustrated the amelioration of economic activity over the same period.