World Bank2014-02-102014-02-102013-12https://hdl.handle.net/10986/16990Rwanda's economic growth slowed in the first half of 2013. Weighed by a slowdown in domestic demand, the economy grew at a modest rate. Decelerating GDP growth mirrored the low growth of services and was the lowest half-year growth rate since 2010, when the domestic economy was hard hit by the combination of the global financial crisis and a domestic credit crunch. This edition of the Rwanda Economic Update examines three key issues: 1) the cause for the economic slowdown; 2) whether the economic slowdown is temporary, or the beginning of further deceleration, and the forecasted growth for 2014; and 3) policy options for the authorities.en-USCC BY 3.0 IGOACCOUNTINGAGRICULTUREANNUAL GROWTHARREARSASSETSBALANCE SHEETSBANK DEPOSITSBANK POLICYBANKING SECTORBANKING SYSTEMBASIS POINTSBOND ISSUANCEBROAD MONEYBUDGET DEFICITBUFFERSCAPACITY BUILDINGCAPITAL ACCUMULATIONCAPITAL ALLOCATIONSCAPITAL FORMATIONCAPITAL GOODSCAPITAL GOODS IMPORTSCAPITAL GRANTSCENTRAL BANKCOMMERCIAL BANKCOMMERCIAL BANKSCOMPETITIVENESSCONSOLIDATIONCONSUMER GOODSCONSUMER PRICE INDEXCONSUMPTION EXPENDITURESCOORDINATION FAILURECORE INFLATIONCREDIT EXPANSIONCREDIT GROWTHDEBTDEBT SUSTAINABILITYDECENTRALIZATIONDEMAND FOR MONEYDEPENDENCY RATIODEPENDENCY RATIOSDEPOSITDEPOSITORSDEPRECIATIONSDEVELOPMENT STRATEGYDISBURSEMENTDISBURSEMENTSDISPOSABLE INCOMEDOMESTIC BORROWINGDOMESTIC CAPITALDOMESTIC CREDITDOMESTIC DEBTDOMESTIC DEMANDDOMESTIC ECONOMYDOMESTIC MARKETSDOMESTIC SAVINGSDOUBLE TAXATIONDURABLEDURABLE GOODSECONOMIC CRISESECONOMIC DEVELOPMENTECONOMIC DEVELOPMENTSECONOMIC GROWTHECONOMIC OUTLOOKECONOMIC SLOWDOWNEUROBONDEXCESS LIQUIDITYEXCHANGE RATEEXCHANGE RATE POLICYEXCHANGE RATESEXPENDITUREEXPENDITURESEXPORT EARNINGSEXPORT GROWTHEXPORT PERFORMANCEEXPORTERSEXPORTSEXTERNAL BORROWINGEXTERNAL COMPETITIVENESSEXTERNAL DEMANDEXTERNAL TRADEFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETFINANCIAL SECTORFISCAL BURDENFISCAL DEFICITFISCAL POLICYFLOW OF CREDITFOOD PRICEFOOD PRICESFOREIGN ASSETSFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETFOREIGN EXCHANGE MARKETSFOREIGN FINANCINGFOREIGN INVESTMENTFOREIGN INVESTORSFOREIGN LOANSFOREIGN RESERVESGDPGDP PER CAPITAGOVERNMENT BORROWINGGOVERNMENT SECURITIESGROSS CAPITAL FORMATIONGROSS DOMESTIC PRODUCTGROWTH PERFORMANCEGROWTH PROJECTIONSGROWTH RATEGROWTH RATESHOUSEHOLD WEALTHHUMAN CAPITALIMPORTIMPORT DEMANDIMPORT GROWTHIMPORT PRICEIMPORT PRICESIMPORTSINCOME LEVELSINFLATIONINFLATION RATEINFLATION RATESINFLATIONARY PRESSURESINFORMATION SYSTEMINSTRUMENTINTEREST PAYMENTINTEREST PAYMENTSINTEREST RATEINTEREST RATESINTERNATIONAL MARKETSINTERNATIONAL PRICEINTERNATIONAL PRICESINTERNATIONAL RESERVESINTERNATIONAL TRADEINVESTMENT DEMANDINVESTMENT INFLOWSISSUANCELABOR FORCELABOR MARKETLIQUIDITYLIVING STANDARDSMACROECONOMIC MANAGEMENTMARKET EXCHANGE RATESMARKET INTEREST RATESMARKET PARTICIPANTSMATURITIESMATURITYMATURITY PERIODMODEL CONTRACTMONETARY CONDITIONSMONETARY FUNDMONETARY POLICIESMONETARY POLICYMONEY MULTIPLIERMORTGAGEMORTGAGE LOANSMORTGAGESMULTIPLIERSNATIONAL BANKNET EXPORTSNOMINAL DEPRECIATIONNON PERFORMING LOANSOLD-AGE PENSIONSOPEN MARKETOPEN MARKET OPERATIONSPAYMENT SYSTEMPOPULATION GROWTHPOVERTY REDUCTIONPRICE DISCOVERYPRICE STABILITYPRIVATE CREDITPRIVATE CREDIT GROWTHPRIVATE LENDINGPRIVATE SECTOR CREDITPUBLIC DEBTPUBLIC EXPENDITUREPUBLIC INVESTMENTPUBLIC SPENDINGPURCHASING POWERPURCHASING POWER PARITYRAPID GROWTHRATE OF DEPRECIATIONRE-EXPORTSREAL EFFECTIVE EXCHANGE RATEREAL EFFECTIVE EXCHANGE RATESREAL EXCHANGE RATEREAL GDPREAL INVESTMENTRECURRENT EXPENDITURERELATIVE PRICEREPOSRESERVERESERVE MONEYRESERVE REQUIREMENTSRESERVESSAVINGS RATESECONDARY MARKETSHORTFALLSLOWDOWNSTOCKST-BILLT-BILL RATEST-BILLSTAXTAX COLLECTIONTAX REVENUESTAXATIONTOTAL EXPORTSTOTAL IMPORTSTRADABLE GOODSTRADE BALANCETRADE DEFICITTRADE SHOCKSTRADE STRATEGYTRADINGTRADING PARTNERTRADING PARTNERSTRANSPORTATION COSTSTREASURYTREASURY BILLSTREASURY-BILL RATESUNDERDEVELOPED FINANCIAL MARKETUPWARD PRESSUREVALUE ADDEDWAGESWEALTHWEALTH CREATION10.1596/16990