Tanzania’s economic growth slows in s ua as cons uc ion so ns
DAR ES SALAAM - percent year-on-year in same period a year earlier,
Sunday, weighed down by softer construction, agriculture and
A leaked report from the International Monetary Fund said earlier this year that Tanzania’s economy has not been expanding as fast as official figures suggest.
It said lower growth was partly due to President John Magufuli’s “unpredictable and interventionist” policies.
In the first quarter, construction, the biggest driver of GDP, grew 13.2 ABUJA - African nations will need to boost output of goods and services and integrate payment systems if they are to take
trillion economic initiative, according to the head of the African Development
A continental free-trade zone was launched this month in Niger which, if successful, will usher in a new era of development for percent, compared with 15.6 percent a year ago, state-run National Bureau of Statistics (NBS).
However, growth in the mining sector, which has been the target of repeated government interventions, rebounded to 10.0 percent from a 5.7 percent decline during the same period in 2018. Tanzania is Africa’s fourth-largest gold producer.
“The growth (of the mining sector) was mainly due to an increase in production of gold, coal and diamonds,” said NBS.
Magufuli embarked an ambitious program of industrialisation after coming to power in late 2015, investing billions of dollars in infrastructure, including a new rail line and a major an area with a population of 1.3 billion people.
It is hoped that the 55-nation African Continental Free Trade Area - the largest bloc since the creation of the World Trade Organisation in 1994 - will help unlock Africa’s longstymied economic potential by boosting intra-regional trade, strengthening supply chains spreading expertise.
Akinwumi Adesina, hydropower plant and reviving the national airline.
But critics say government intervention in mining and agriculture have discouraged investment. Foreign direct investment has slumped private sector lending growth dropped below four percent in 2018, from an average of 20 percent between 2013-16. Agriculture, which accounts for about a third of economic activity, also slowed in first quarter of this year, with crop production growing 6.0 percent compared to 8.9 percent in the same period last year, the statistics bureau said.
Last year the government sent the military to seize the cashew harvest, the Akinwumi Adesina main export crop, after complaints by farmers that prices offered by brokers were too low.
Manufacturing, another key GDP contributor, grew 4.8 percent in the first quarter compared with 5.3 percent a year earlier.
Tanzania’s economy grew 7 percent last year, according to the government which has forecast 7.1 percent growth in 2019.
Earlier this month, however, the World Bank released its own estimates that said Tanzania’s economy grew 5.2 percent in 2018. Following the World Bank report, Tanzania said it might revise its 2018 GDP growth rate after meetings in August.–
Tanzania’s economic growth slowed to 6.6
the first quarter of 2019 from 7.5 percent in the
official data showed on
president of the AfDB, said he expected industrial manufacturing capacity in Africa to increase, while financial markets would integrate and food production expands.
“Africa has to have its own industrial capacity ... it’s not just about moving raw materials, it’s about value added products,” Adesina told Reuters on the sidelines of an conference in Nigeria’s capital city of Abuja.
The bank chief said African countries need to mobilize more domestic resources, and encourage sovereign wealth and pension funds to invest in infrastructure.
He said nations need to provide the right incentives to boost local output while encouraging competition.
advantage of a new $3.4
LONDON - Huawei has cut more than 600 jobs at its