Rwanda
Good governance has been key in Rwanda’s recent success, with accountable political institutions and inclusive economic institutions creating an environment conducive to the development of a vibrant private sector. The country boasts a strong GDP growth outlook, and the government is intent on developing Rwanda into a services-based economy over the medium to long term.
The past quarter has seen a notable deterioration in Rwanda's fiscal and current account deficits. Spending pressures related to the National Strategy for Transformation (NST) have resulted in a notable widening in Rwanda’s fiscal deficits, while the recently approved IMF Policy Coordination Instrument (PCI) aims to support Rwanda’s NST by facilitating a slightly looser medium-term fiscal stance. In turn, robust capital goods imports related to public sector investment and facilitated by a more expansionary medium-term fiscal framework will put widening pressure on Rwanda’s current account deficit in coming years. GDP growth is expected to remain strong this year, but these considerable imbalances will continue to raise concern going forward. (Source: Rwanda Quarterly Update, published September 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-4.0 |
|
Consumer Price Index (% change y-o-y, avg) |
-0.3 |
|
Current Account Balance (as a % of GDP) |
-7.9 |
|
Real GDP (annual % change) |
8.7 |
|
GDP per Capita, US$ |
772.0 |
|
Import Cover (months) |
3.5 |
|
Population, million |
12.3 |
| Total External Debt (as a % of GDP) |
38.8 |