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African Economic Outlook 2013

Structural Transformation and Natural Resources

image of African Economic Outlook 2013

The African Economic Outlook is the only annual report that monitors in detail the economic performance of 53 individual countries on the continent, using a strictly comparable analytical framework.

The focus of the 2013 edition if structural transformation and natural resources in Africa. This edition draws lessons from Africa and elsewhere on how to accelerate structural change and amplify the positive force of natural resources. The report also features and overview of Africa's performance and prospects, country notes and a rich statistical annex.

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Rwanda

OECD Development Centre

Real gross domestic product (GDP) growth remained strong in 2012, largely driven by the service and industry sectors. Agriculture grew by a moderate 3.0% during the first three quarters of 2012 due to unfavourable weather conditions. The diversification of markets for tea and minerals, particularly coltan, boosted the export sector, which increased by 24.8% in 2012. Development assistance is key to the 2013 economic outlook. Assuming that aid, suspended by some development partners in 2012, resumes in 2013, GDP growth is projected to moderate to 7.1% in 2013. This projection takes into account other factors, including programmed fiscal consolidation, which prioritises public spending towards strategic investments, which, in turn, dampens aggregate demand, as well as a tight monetary policy that is a deterrant to the expansion of private sector credit. A protracted suspension of foreign assistance, however, could undermine Rwanda’s economic prospects including a further reduction in real GDP growth and reverse progress towards the MDGs.

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