Tanzania’s GDP expanded at a growth rate of 5.7% in the first quarter of 2017 compared to a revised growth rate of 6.8% observed in the first quarter of 2016.
The Gross Domestic Product at constant prices for the first quarter of 2017 in absolute terms was Tshs 12.7 trillion compared to Tshs 12.0 trillion for the similar quarter of 2016. The GDP at current prices (not accounting for inflation) in 2017 in absolute terms was Tshs 28.2 trillion compared to Tshs 25.8 trillion recorded in the corresponding quarter of 2016, according to the highlights by the National Bureau of Statistics (NBS).
During the period under review, Mining and Quarrying increased at the highest growth rate of 35.3 percent followed by Information and Communication (13.8 percent) and Construction (8.4 percent).
Public Administration increased at a negative growth rate of -4.2 percent followed by Administrative and Support Services, which increased at a growth rate of 1.1 percent. Other activities with significant growth rates were Financial and Insurance (8.1 percent), Manufacturing (7.8 percent) and Trade and Repairs (6.8 percent).
Economic activities that had a significant contribution to the overall growth during the first quarter of 2017 were Mining and Quarrying with 18.5 percent, Construction (15.9 percent), Trade and Repairs (11.8 percent), Agriculture (10.6 percent) and Information and Communication (10.5 percent). Economic Growth in East Africa The economic performance in the East Africa Region during the reference period showed that Kenya’s economy expanded by 4.7 percent compared to 5.3 percent in 2016. Rwanda’s economy increased by 1.7 percent compared to 8.9 percent in 2016.
Tanzania’s annual GDP growth rate averaged 7 percent over the past 5 years, making it one of the 20 fastest growing economies in the world and beating the Sub-Saharan Africa average GDP growth rate of 4.4 percent during the same period.
Comments
Post a Comment