Informer
JF-Expert Member
- Jul 29, 2006
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Tanzania's Gross Domestic Product (GDP) grew by $4.5 billion last year compared to 2011, new economic data showed. The March 2013 figures, published by the Planning Commission, put the total market value of all goods and services produced in Tanzania last year at TSh44.7 trillion (about $27.95 billion).
This was 6.9 per cent above the TSh37.5 trillion level of 2011 as the economy braved a gloomy global growth outlook.
Much of the growth, according to the Planning Commission, came from the services sector which contributed 47.6 per cent to the economy last year.
Agriculture, the mainstay for the majority, contributed 26.8 per cent. A combination of manufacturing and construction took up 24 per cent. The fisheries sector trailed with a 1.6 per cent contribution to the economy. Economists however say it is too early to celebrate as the growth seems to be concentrated in sectors that do not employ a sizeable number of people.
This, therefore, makes it hard for the trickle-down effect to be easily felt.
"That the economy is growing is an open secret, but it will take time before that growth starts to positively affect a majority of the countrys population, said Prof Humphrey Moshi of the University of Dar es Salaam. This, he said, was because to yield meaningful gains, the growth is supposed to be above eight per cent continuously for a number of years.
That growth should also be stronger in sectors that employ huge numbers of the countrys population such as agriculture.
SOURCE: Tanzania economy returns 6.9pc growth in 2012: Business and Finance-africareview.com
This was 6.9 per cent above the TSh37.5 trillion level of 2011 as the economy braved a gloomy global growth outlook.
Much of the growth, according to the Planning Commission, came from the services sector which contributed 47.6 per cent to the economy last year.
Agriculture, the mainstay for the majority, contributed 26.8 per cent. A combination of manufacturing and construction took up 24 per cent. The fisheries sector trailed with a 1.6 per cent contribution to the economy. Economists however say it is too early to celebrate as the growth seems to be concentrated in sectors that do not employ a sizeable number of people.
This, therefore, makes it hard for the trickle-down effect to be easily felt.
"That the economy is growing is an open secret, but it will take time before that growth starts to positively affect a majority of the countrys population, said Prof Humphrey Moshi of the University of Dar es Salaam. This, he said, was because to yield meaningful gains, the growth is supposed to be above eight per cent continuously for a number of years.
That growth should also be stronger in sectors that employ huge numbers of the countrys population such as agriculture.
SOURCE: Tanzania economy returns 6.9pc growth in 2012: Business and Finance-africareview.com