Tanzania Economy Still on the Rise, Expected to Reach 7%

The Tanzanian economy grew at 6.9% in 2012, and according to the International Monetary Fund, it is projected to achieve an over 7% growth rate in 2014.

The National Bureau of Statistics announced yesterday that in the second quarter of 2013, Tanzania’s economy grew 6.7% (compared to 6.4% in the same period of 2012), and the highest jump, 15.2%, was between April 1st and September 30th. 

 The second quarter sectors that markedly grew when compared to 2012 included agriculture, electricity, construction, and transport and communication. 

Dr Honest Ngowi, business economist lecturer at Mzumbe University remarked that there are more indicators of growth than setbacks currently in Tanzania, and that at 6.1%, inflation is decreasing while oil and gas licensing may stimulate further growth.