HakiPensheni

By DAILY NEWS Reporter 

TOURISM earnings have almost gone up by 640bn/- in a year ending April on the back of increasing number of visitors.

The earnings, according to the Bank of Tanzania, jumped up by over 640bn/- (291.8 million US dollars) in the period ended April this year compared by 330bn/- (154.1 million US dollars) registered on the corresponding period a year before.

The year under review showed that total tourism earnings surged to 5.25tri/- at the end of April against 4.61tri/- of similar period last year.

The central bank attributed the growth on the account of increased number of tourist arrivals.

The BoT ‘Monthly Economic Review’ for May shows that the earnings from tourist arrivals accounted for 60 per cent of the services receipts in the year under review.

Similarly, earnings from transport services that contributed 30.1 per cent of services receipts grew up by 8.6 per cent to 209bn/- (95.4 million US dollars) compared to 219bn/- (99.9 million US dollars), on account of increase in the volume of transit goods to and from the neighbouring countries.

During the year under review, services account improved by 17.7 per cent to 4.03tri/- (1,834.4 million US dollars), driven by increase in travel and transport receipts.

Service payments increased to 2,149.1 million US dollars from 2,079.9 million US dollars in the year to April largely explained by payments grouped under other business services category.

It is worth to note that travel and transport payments, which all together accounted for 76.4 per cent of foreign service payments decreased by 1.3 per cent and 10.2 per cent to 840.9 million US dollars and 800.4 million US dollars respectively. Decline in transport service payments was in tandem with the fall in goods imports.

The overall balance of payments improved to a surplus of 909.9 million US dollars in the year to April from a surplus of 655.5 million US dollars in the corresponding period a year before.

The improvement was due to increase in official current transfers in the form of project funds from development partners, as well as funds from external non-concessional loans.