The Bank of Tanzania headquarters in Dar es Salaam. PHOTO | FILE
By Reuters
Tanzania's central bank said on Tuesday it expects economic
growth to accelerate to 7.4 per cent in 2017 from an estimated 7.2 per
cent this year, driven by construction, communications and finance.
The Tanzanian economy, East Africa's second-biggest, grew 7 per cent last year.
"The macroeconomic objectives of the government aim at achieving
a real gross domestic product growth of 7.3 per cent in 2016/17 based
on the projected growth of 7.2 per cent in 2016 and 7.4 per cent in
2017, while maintaining inflation at single digits," the Bank of
Tanzania said in its latest monetary policy statement.
"The bank will continue pursuing prudent monetary policy in
2016/17 to keep inflation close to the medium-term target of 5 per cent,
while ensuring that the liquidity level is consistent with demands of
various economic activities."
Tanzania's year-on-year headline inflation rate edged up to 5.2
per cent in May from 5.1 per cent in April, as prices rose for non-food
items.
The government said it plans to increase spending by 31 per cent
in its 2016/17 fiscal year to $13.51 billion to finance infrastructure
and industrial projects.
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