Growth in 2015 has been stronger than expected. Growth was driven by strong activity in agriculture, construction, and services, with the projection for the year increased from 6.5 to 7.0 percent. Inflation remains well contained, although the monetary stance remains accommodative, with higher than expected credit growth. Fiscal policy has been broadly in line with expectations. Recent household survey results show good progress in poverty reduction. However, the outlook for 2016 is darker. An external shock is currently unfolding: mining exports have been almost halved in recent months, due to lower prices and demand in export markets. Combined with US dollar appreciation, this has put strong downward pressure on the Rwandan franc, and prompted a drawdown of international reserves by the banking system. Deterioration of the current account in 2015 is expected to continue in 2016, including due to public infrastructure imports for the Kigali convention center and expansion of RwandAir's fleet.
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|Size: ||5.4 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2016|
|ISBN: ||9781484392560 (DRM-EPUB)|
|Read Aloud: ||not allowed|