Key View

• We hold an upbeat view on Rwanda's economic growth prospects over the next several years, with the economy set to benefit from strong private consumption growth and government investment in the infrastructure sector.

• Against this backdrop, we at Fitch Solutions forecast real GDP growth of 7.7% in 2019 and 8.4% in 2020, above the

Key View

• Rwanda has fallen out of the top ten most lucrative markets on our Telecoms Risk/Rewards Index for this quarter.
• The main factors which have weighed down its score are low GDP per capita and a large rural population.
• However the market still retains potential owing to factors such as consolidation in the mobile segment, proactive

Key View

• Rwanda's current account deficit will narrow only modestly in the coming quarters, as tailwinds from rising mining exports will be offset by stronger imports.
• At the same time, robust financial account inflows will comfortably fund the external account deficit, as broad political stability and government measures to improve the already

Key View

• Rwanda's economic activity is set to accelerate over the next two years, mainly on the back of an expansion in the services, manufacturing and construction sectors.
• The agriculture sector, however, will act as a drag on growth in the coming months, mainly on the back of lower demand for crop exports.

Forecast Changes

• We have

Key Views

• President Paul Kagame's power will remain predominant in Rwanda for the foreseeable future, despite an uptick in opposition representation in the legislature, ensuring that the policy-making process remains tightly centralised.
• While we think the election of two members of the opposition at Rwanda's last parliamentary elections

• After rebounding in the last quarter of 2017, Rwanda's economic growth is set to continue to accelerate over the next two years, mainly due to an expansion in services and agriculture.
• Moreover, increased government-led investment in key infrastructure projects focused on addressing the country's energy and transportation shortcomings will