Tanzania’s economic outlook seems very impressive as the country registered a 4.3% expansion between April and June according to the country’s National Bureau of Statistics (NBS).
Compared to the country’s economic performance in the same period last year, there has been a 0.3% upward expansion.
Briefing the media on Friday, Daniel Masolwa NBS Director of Economics Statistics, said, “Real GDP increased to Shs 33.4trillion from Shs 32trillion in the corresponding period in 2020, an equivalent to a 4.3% growth,” he said.
During the second Quarter of 2020, Tanzania’s economy registered the lowest growth rate of 4.0% since 2017 mainly due to the devastating effects of Covid-19 pandemic following the introduction of lockdowns and many countries to mitigate spread of this pandemic.
Also read: Africa’s Energy & Agriculture roundup: Tanzania races to develop its natural gas reserves
However, Masolwa tried to cool down any skepticism saying, the annual economic growth in 2021 is projected at a 5.0% rate. In terms of economic activities, he said, during the period under review, information and communication attained the highest growth of 12.3%, followed by electricity generation at 12.1%.
Meanwhile, other services include arts and entertainment and households as employers (10.8%), accommodation and food services (10.1%), water (8.4%), and mining and quarrying (7.3%).
According to Masolwa, the expansion of economy by 4.3% during the second Quarter of 2021 was spearheaded by key drivers of growth which include Agriculture (13%), transport and storage (8.4%), trade and maintenance (8.1%), manufacturing (7.6%) and construction (7.1%).