Written by Saul Butera | From Bloomberg

Rwandan Finance Minister Claver Gatete said falling oil prices are positive for the East African nation’s economy and may help keep the rate of inflation low.

The economy expanded 7.8 percent in the third quarter and is projected to grow more than 6 percent for the entire year, Gatete told reporters today in the capital, Kigali. He said in October expansion is targeted to exceed 7 percent in 2015.

“We expect to have positive growth next year,” he said.

The landlocked nation imports all of the oil products that are used locally. Oil purchases account for 25 percent of the country’s total import bill and consumption of petroleum products, now at 5,600 barrels a day, is growing 10 percent a year, according to the Rwanda Utilities Regulatory Authority.

Oil prices have slumped about 45 percent this year as shale supplies have boosted U.S. output. Signs of recovery in the American economy and the absence of any major foreseeable risks are giving more reason for optimism about Rwanda’s economy, said Gatete.

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