Rwanda’s economy will remain strong throughout 2020, with a predicted gross domestic product (GDP) growth of 8.1 percent, the country’s central bank said on Friday.
Rwanda’s real GDP grew by 10.9 percent on average in the first three quarters of 2019, higher than the 8.3 percent registered in the same period of 2018, governor of the National Bank of Rwanda, John Rwangombwa, told a media briefing in the Rwandan capital, Rwanda.
The briefing followed the bank’s quarterly meeting of the monetary policy committee and financial stability committee.
The strong performance continued in the fourth quarter of 2019, as indicated by the composite index of economic activities, with the momentum predicted to remain at an average 8.1 percent in 2020, Rwangombwa said.
He attributed the good performance to construction and service industries, conference tourism, and support by financial institutions.
The central bank predicted that annual average headline inflation will remain at 5 percent throughout 2020.