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 percent in May from 5.1 percent in April,
as prices rose for non-food items. The government said it plans to
increase spending by 31 percent in its 2016/17 fiscal year to $13.51
billion to finance infrastructure and industrial projects. Tanzania has
maintained strong economic growth despite global economic headwinds.
International Monetary Fund (IMF)
preliminary estimates suggest that the economy grew by 7 per cent in
2015, with activity particularly buoyant in the construction,
communication, finance and transportation sectors. Growth is expected to
remain close to 7 per cent in 2016.
According to the National Bureau of
Statistics (NBS), the economy grew 7.1 per cent year-on-year in the
fourth quarter of last year compared with 4.1 per cent in the same
period a year before due to faster growth in communications, mining and
financial services.
The information and communications
sector grew 23 per cent in the final quarter, while public
administration and defence expanded 20 per cent. Financial services and
insurance grew 14 per cent and mining and quarrying grew by 11 per cent.
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