Tanzania: GDP Increases to 129tri/-

 

THE Gross Domestic Product (GDP) has increased to 129.4tri/- in nominal terms in 2018 from 118.7tri/- registered in the previous year.

According to the Bank of Tanzania (B oT) annual report 2018/19 the income per capita earned per

person improved to 2.5m/- from 2.3m/- in 2017.

The Tanzania economy was among the fastest growing economies in sub- Saharan Africa with Real GDP growing by 7.0 per cent in 2018, up from 6.8 per cent in previous year.

The main drivers of growth were construction, agriculture and transport and storage activities, altogether accounting for more than half of the total growth.

During the reference period, construction sector contributed 26 .4 per cent to the GDP while agriculture, forestry and fishing contributed 19.7 per Agriculture, forestry and fishing compared to 26.4 per cent and 23 per cent for agriculture, forestry and fishing and construction, respectively.

High growth rates were recorded in construction, and transport and storage activities. Service related activities accounted for the significant share of GDP at 37.1 per cent, reflecting structural transformation of the economy.

The economy is ex- pected to sustain growth momentum in 2019, supported by investments, particularly fiscal outlays for public infrastructure projects and private investment in various economic activities including manufacturing industries.

In addition, growth is projected to be facilitated by accommodative monetary policy, improving business environment, and human capital development through investment in education and health.