Africa Economy Tanzania

Tanzania’s Economic Growth Slows to 6.6% in First Quarter

Tanzania’s economy continued to expand in the first quarter, albeit at a slower pace than a year ago, buoyed by construction, transport and mining, according to the country’s statistics bureau.

Gross domestic product grew 6.6% compared with 7.5% a year earlier, with construction advancing 13.2%, followed by transport and storage with 11.1%, and mining and quarrying at 10%, the Tanzania Bureau of Statistics said in a statement published on its website.

Mining rebounded from a contraction of 5.7% on increased production of coal, to 205,045 tons from 129,873 tons, the agency said.

Other Highlights:
Crop production expanded by 6% compared with 8.9% The information and technology sector expanded 9.6%, down from 14.9% Financial services rebounded, growing 5.6% after a contraction of 2.9%

Source: Bloomberg

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