Bloomberg News

Rwandan Economic Growth May Slow to 7.6% Next Year, Gatete Says

December 28, 2011

Dec. 28 (Bloomberg) -- Rwandan economic growth may slow to 7.6 percent next year from an estimated 8.8 percent this year, Central Bank Governor Claver Gatete said.

Inflation in the East African nation is expected to remain below 7.5 percent, Gatete said in a phone interview on Dec. 26 from Kigali, the capital. Annual consumer-price growth is expected to be about 8 percent next month compared with 7.4 percent in November, he said.

Rwanda’s central bank last month raised its benchmark interest rate by half a percentage point, the second increase in as many months, to fight accelerating inflation. Price-growth has been stoked by higher food and fuel costs.

Rwanda’s economy, still recovering from the 1994 genocide that left about a million ethnic Tutsis and moderate Hutus slaughtered in 100 days, doubled in the nine years before 2010, according to the World Bank.

--Editors: Paul Richardson, Digby Lidstone.

To contact the reporter on this story: Heather Murdock in Kigali via Johannesburg at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net.


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