Tanzania GDP Growth Slows to 6.2% in Q3 2016
Tanzania’s GDP grew at a rate of
6.2% in Q3 2016 reaching TZS11.6tn at constant prices, compared to TZS10.8tn
and a growth rate of 7.3% in Q3 2015.
The results were included in a
report recently issued by the Tanzanian National Bureau of Statistics (NBS),
covering the country’s GDP performances Q3 2016 GDP.
NBS notes that in Q3 2016, the mining and
quarrying sector recorded the highest growth rate of 19.9%, followed by water
supply (14.5%), and information and communication (14.3%).
The overall GDP growth rate was also
attributed by significant increase in transport and storage (12.2%), generation
of electricity (11.8%), and financial and insurance services (8.8%).
However, agriculture and real estate
recorded lower growth rates of 0.3% and 2.3% respectively. GDP Growth in East
Africa In the East Africa Region, the economic performance observed during Q3
2016 shows that, Kenya’s economy expanded at a rate of 5.7% compared to 6% in
Q3 2015.
Rwanda’s GDP grew at a rate of 5.2%
in Q3 2016 compared to 5.9% in the corresponding quarter of 2015.
Uganda’s economy grew at a rate of negative
0.2% in Q3 2016, compared to a growth rate of 1% in Q3 2015.
Tanzania GDP Tanzania’s annual GDP growth rate
averaged 7% 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% during the same period.
According to the
International Monetary Fund (IMF) the economy of Tanzania will grow by
7.2% in 2016 and by 7.1% in 2017, while the World Bank (WB) estimates
for the same period are 6.8% and 7%.
During the same period the WB estimates that the Sub-Saharan region’s
GDP is projected to grow by 4% in 2016, and 5.1% in 2017.
The WB notes that in the coming years, Tanzania’s economic growth will
be driven by hospitality, construction, finance, and trade.
Read more at: http://www.tanzaniainvest.com/economy/gdp-growth-q3-2016 and follow us on www.twitter.com/tanzaniainvest
Read more at: http://www.tanzaniainvest.com/economy/gdp-growth-q3-2016 and follow us on www.twitter.com/tanzaniainvest
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