Home Economy Tanzanian Economy Grew 4.7% in 1H 2021

Tanzanian Economy Grew 4.7% in 1H 2021

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By George Mwangi

Special to Dow Jones Newswires

Tanzania’s economy grew by 4.7% in the first half of this year, the country’s central bank said late Tuesday.

“The external sector is improving from the negative effects of the pandemic, sustaining a low current account deficit, as export proceeds of minerals, cash crops and tourism started to flow in,” the bank said in a monetary policy statement.

Currently, gold is Tanzania’s largest foreign-exchange earner after overtaking tourism, which has been hit by the Covid-19 pandemic since last year, according to the bank.

Revenue “performed satisfactorily,” with tax revenue at more than 90% of the target, the bank said.

However, the growth was lower than the 4.9% expansion recorded during the prior period.

Tanzania’s inflation remained within the target of between 3% and 5% during the period reviewed, the bank said.

The committee expects the economy to continue to recover and backed…

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