World Bank2014-01-102014-01-102013-05https://hdl.handle.net/10986/16564The Rwanda economic update reports and synthesizes recent economic developments and places them in a medium term and global context. It analyzes the implications of these developments and policies for the outlook of Rwanda's economy. In this way, these reports contribute to the implementation of the Bank's Africa strategy. The economic update reports cover in each edition a special feature on a selected topic. It is intended for a wide audience, including policy makers, business leaders and other market participants, and the community of analysts, engaged in Rwanda's economy. Rwanda's economy is estimated to have grown by a robust 8 percent in 2012, continuing a decade-long period of strong economic growth. The economic expansion was driven by buoyant private sector activity, particularly in the services sector, where growth exceeded expectations. This strong economic performance has allowed Rwanda to claim for the third year in a row, the title of the fastest growing economy in the East African Community. The domestic economy remained strong despite an estimated 20 percent reduction in Official Donor Assistance (ODA) in 2012, following the intensifying of the conflict in Eastern Congo. Providing jobs to the two million people who will enter the workforce in the decade to come will be crucial to sustaining Rwanda's achievements.en-USCC BY 3.0 IGOACCOUNTINGADVANCED ECONOMIESANNUAL GROWTHARREARSAUCTIONSBALANCE OF PAYMENTSBANK ACCOUNTBANK ASSETSBANK DEPOSITBANK PAYMENTBANK POLICYBANKING ASSETSBANKING SECTORBANKING SYSTEMBASIS POINTSBONDBOND ISSUANCESBORROWING COSTSBROAD MONEYBUDGET DEFICITBUFFERCAPITAL ACCOUNTCAPITAL ACCOUNTSCAPITAL FLOWSCAPITAL GRANTSCAPITAL INFLOWSCAPITAL MARKETSCAPITAL OUTFLOWSCAPITALIZATIONCENTRAL BANKCENTRAL BANKSCOMMODITY PRICESCOMPETITIVENESSCONSOLIDATIONCONSUMER GOODSCONSUMPTION GROWTHCREDIT COOPERATIVESCREDIT GROWTHCURRENCYCURRENCY INFLOWSCURRENT ACCOUNTCURRENT ACCOUNT DEFICITCURRENT ACCOUNT DEFICITSDEBTDEBT FORGIVENESSDEBT INSTRUMENTDEBT RELIEFDEPENDENCY RATIODEPENDENCY RATIOSDEPOSITDEPRECIATIONDESCRIPTIVE STATISTICSDEVELOPING COUNTRIESDEVELOPMENT BANKDIRECT INVESTMENTSDISBURSEMENTDISPOSABLE INCOMESDOMESTIC BANKINGDOMESTIC BORROWINGDOMESTIC CREDITDOMESTIC DEMANDDOMESTIC ECONOMYECONOMIC DEVELOPMENTECONOMIC DEVELOPMENTSECONOMIC ENVIRONMENTECONOMIC GROWTHECONOMIES OF SCALEELECTRONIC BANKINGEUROBONDEXCHANGE RATEEXPANSIONARY PHASEEXPENDITUREEXPENDITURESEXPORT PERFORMANCEEXPORT VOLUMESEXPORTERSEXTERNAL BORROWINGEXTERNAL POSITIONEXTERNAL SHOCKSFINANCIAL CRISISFINANCIAL FLOWSFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SECTOR DEVELOPMENTSFINANCIAL STABILITYFINANCIAL SYSTEMFISCAL POLICYFOOD PRICESFOREIGN CAPITALFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETFOREIGN EXCHANGE RESERVESFOREIGN FINANCINGFOREIGN FUNDFOREIGN INFLOWSFOREIGN INVESTMENTSFOREIGN INVESTORFOREIGN RESERVESGLOBAL ECONOMYGLOBAL MARKETSGOVERNMENT EXPENDITUREGOVERNMENT EXPENDITURESGOVERNMENT FINANCINGGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTGROWTH RATEHIGH-INCOME COUNTRIESHOUSEHOLD BUSINESSESHUMAN CAPITALIMBALANCEIMPORTIMPORT PRICESIMPORTSINCOME GROWTHINFLATIONINFLATION RATEINFLATIONARY PRESSURESINFORMATION SYSTEMINSURANCEINSURANCE COMPANYINSURANCE INDUSTRYINTEREST PAYMENTINTEREST PAYMENTSINTEREST RATEINTEREST RATESINTERNATIONAL BONDINTERNATIONAL BOND MARKETINTERNATIONAL RESERVESINVESTMENT FLOWSINVESTMENT OPPORTUNITIESINVESTMENT PROJECTSINVESTMENT SPENDINGINVESTOR CONFIDENCEISSUANCEISSUANCE OF T-BILLSLABOR FORCELENDERLIFE INSURANCELIQUIDITYLIQUIDITY MANAGEMENTLIVING STANDARDSLOANLOAN PORTFOLIOSLOCAL CURRENCYLOCAL MARKETSMACROECONOMIC MANAGEMENTMARKET CONDITIONSMARKET INFORMATIONMARKET INTEREST RATESMARKET PARTICIPANTSMARKET RISKMATURITIESMATURITYMICROFINANCEMICROFINANCE SECTORMOBILE PHONEMONETARY AUTHORITIESMONETARY CONDITIONSMONETARY POLICIESMONETARY POLICYMONEY MARKETNATIONAL BANKNON-PERFORMING LOANSNPLOIL PRICESPENSIONPOPULATION GROWTHPORTFOLIOPOSITIVE SPILLOVERSPOVERTY REDUCTIONPRICE INDEXESPRICE STABILITYPRIVATE INVESTMENTPRIVATE SECTOR INVESTMENTPUBLIC BUDGETPUBLIC EXPENDITUREPUBLIC EXPENDITURESPUBLIC INVESTMENTPUBLIC SECTOR BORROWINGPUBLIC SPENDINGPURCHASING POWERPURCHASING POWER PARITYRATE OF RETURNREAL EXCHANGE RATERECESSIONRECURRENT EXPENDITUREREGULATORY REFORMREMITTANCEREMITTANCESREPORESERVERESERVE REQUIREMENTRETURNSSHORTFALLSHORTFALLSSLACKSOLVENCYSOVEREIGN BONDSSOVEREIGN DEBTT-BILLSTAXTAX COLLECTIONTAX COLLECTIONSTELECOMMUNICATIONSTIME HORIZONTRADE BALANCETRADE DEFICITTRADINGTRADING PARTNERTRADING PARTNERSTRANSACTIONTRANSACTION COSTSTRANSMISSION MECHANISMSTREASURYTREASURY BILLTREASURY BILL RATESTREASURY BILLSUNCERTAINTYUPWARD PRESSUREWITHDRAWALWORKING CAPITALWorld Bank10.1596/16564