- The Tanzanian economy has recorded a 5.4 percent in the first quarter of 2022 with the clear possibility of hitting its 2022 growth target of 4.7 percent.
The Tanzanian economy has recorded a 5.4 percent in the first quarter of 2022 with the clear possibility of hitting its 2022 growth target of 4.7 percent. Earlier, the government had set itself a target of boosting economic output by 5.5 percent. Following the global developments resulting from the Ukraine war, leading to soaring prices of essential items like fuel, cooking oil, wheat and fertiliser, and disruption of supply chain, Tanzania revised its growth targets. Finance and Planning minister Mwigulu Nchemba in June announced that the country has revised its real GDP growth rate for 2022 to 4.7 percent.
The latest data by the National Bureau of Statistics (NBS) showed that, Tanzanian economic performance in the first quarter of 2022 has improved from a similar period in 2021 when the economy expanded by five percent.
Agriculture contributed the highest growth by 19.6 percent to GDP during the first quarter followed by Construction, manufacturing as well as mining, and quarrying with contributions of 14.1 percent, nine percent and 7.1 percent, respectively. About 6.7 percent came from Trade and repair , while finance and insurance activities injected 6.4 percent into the economy.
The economic experts are of the view that the positive momentum from the key economic activities as well as the government efforts to boost investment will ensure the 4.7 percent growth target.
Also read;
https://trendsnafrica.com/totalenergies-make-record-profit-tanzanians-operations-also-contribute/
https://trendsnafrica.com/tanzania-to-import-chinese-food-processing-machines/
