msemakweli
JF-Expert Member
- Feb 20, 2014
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TANZANIA is inching closer to join the middle-income countries groups thanks to sustained economic growth that has lowered poverty rate and boosted peoples income.
The Minister for State in the Presidents Office (Relations and Coordination), Dr Mary Nagu, told Parliament here that the growth rate of the economy was seven per cent last year which boosted the total output of the economy to 79.1 tri/, equivalent to a per capita income of 1,724,416/- or 1,038 US dollars.
According to World Bank classifications, for the current 2015 fiscal year, low income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method of 1,045 US dollars or less in 2013.
Middle-income-economies are those with a GNI per capita of more than 1,045 US dollars but less than 12,746 US dollars.
The total output in 2013 was 70.9 tri/- which is equivalent to a per capita income of 1,582,797/- or 948 US dollars, she said.
Growth rate in the construction sector slowed to 14.1 per cent in 2014 down from 14.6 in the previous year while transport sector attained a 12.5 growth rate in 2014 up from 12.2 per cent of 2013, she said.
The Minister for State in the Presidents Office (Relations and Coordination), Dr Mary Nagu, told Parliament here that the growth rate of the economy was seven per cent last year which boosted the total output of the economy to 79.1 tri/, equivalent to a per capita income of 1,724,416/- or 1,038 US dollars.
According to World Bank classifications, for the current 2015 fiscal year, low income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method of 1,045 US dollars or less in 2013.
Middle-income-economies are those with a GNI per capita of more than 1,045 US dollars but less than 12,746 US dollars.
The total output in 2013 was 70.9 tri/- which is equivalent to a per capita income of 1,582,797/- or 948 US dollars, she said.
Growth rate in the construction sector slowed to 14.1 per cent in 2014 down from 14.6 in the previous year while transport sector attained a 12.5 growth rate in 2014 up from 12.2 per cent of 2013, she said.