World Bank Forecasts Tanzania GDP Growth at 7% in 2014

According to World Bank latest Tanzania Economic Update report, the country’s GDP is estimated to grow at 7% in 2013/14 and in 2014/15.

The report dated December 2014, indicates that throughout 2012 and in the first half of 2013, the Tanzanian economy has remained on the same growth trajectory as in the recent past, expanding by a rate of approximately seven percent per annum.

This growth has been driven by a number of capital intensive sectors whose activities are predominantly located in cities and a small number of growth centers, with most of the growth being driven by the communication, transportation, construction, and retail trade sectors.

Looking forward, the economy is likely to remain on its current growth trajectory into the near future, with the rate of growth averaging around seven percent per year.

Inflation should stabilize at around five percent, while the current account deficit should remain equivalent to a value of 13-15 percent of GDP, unless there are significant changes in global commodity prices and the demand for Tanzanian products.

This is the fourth edition of the World Bank Tanzania Economic Update. The full report is available on the following link: http://documents.worldbank.org/curated/en/2013/12/18620924/tanzania-economic-update-raising-game-can-tanzania-eradicate-extreme-poverty