Tanzania’s earnings from gold exports rose 34% last year, helped by increased output and higher prices, the Bank of Tanzania said in its latest monthly economic review.
Gold exports fetched US$2.95B, up from US$2.21B in 2019. This came as tourism earnings declined 59% to US$1.1B amid the coronavirus pandemic.
The current account deficit narrowed to US$662M from US$1.3B as imports declined. Oil imports fell 30% to US$1.25B, while exports of manufactured goods rose 13% to US$912M.
The central bank expects economic growth to have slowed to 5.5% in 2020, but said it may exceed 6% this year, driven by public infrastructure spending.