Tanzania says to issue revised GDP data in November

[Koborer]

Tanzania will issue data on its rebased gross domestic product (GDP) in mid-November, with analysts estimating the size of the $33.26 billion economy could increase by about 20 percent.

The rebasing process allows statisticians to update their estimates to take account of technological innovations, giving investors a clearer view of the amount and types of activity in the economy.

The state-run National Bureau of Statistics (NBS) said it would release the new data in mid-November and not on Friday as it had previously said. It gave no reason for the postponement.

The agency said Tanzania, where farming is the country's economic mainstay, had updated the base year it uses to calculate economic output to 2007 from 2001. Tourism, mining, communications and financial services are the other key sectors.

Tanzania has made big natural gas discoveries, with revenues expected to give a boost to the economy by 2020.

The statistics office said the revised GDP for 2007 was 26.77 trillion shillings ($15.73 billion), a 27.8 percent increase from the 2001 economic output.

"I predict that the size of Tanzania's economy will likely increase by between 20 and 30 percent after the GDP rebasing," Humphrey Moshi, professor of economics at the University of Dar es Salaam, told Reuters.

"A bigger economy will attract more investors. But there is a need to make sure that the economy lowers inequalities, creates employment and reduces poverty - otherwise it just becomes a game of numbers."

Tanzania's economy grew 7 percent in 2013, up from 6.9 percent a year ago and the government expects it to expand 7.2 percent this year.

Nigeria this year overtook South Africa to become the continent's largest economy when it updated its base year to 2010 from 1990.

Kenya, East Africa's biggest economy, saw its GDP revised up by 25 percent to $53.4 billion in 2013 after rebasing, from $42.6 billion previously.

(1 US dollar = 1,702.0000 Tanzanian shilling)


Source: Reuters

http://af.reuters.com/article/investingNews/idAFKBN0IL2NH20141101?sp=true

 

[Geza Ulole]

Word in grapevine give estimation at around 28% way above the 20% Kenyans have predicted!

Tanzania's rebased GDP

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#Tanzania GDP has been rebased +27.8% . It was also the case for #Nigeria +89% , #Ghana +60% and #Kenya +25% . True size of #Africa economy

https://twitter.com/Diop_WB/status/529602829057814528

Very reliable considering his status but this rebased economy beats what Kenyan forumers projected it to be (20%)

He is the World bank vice president for Africa

Still searching for source but this could be a leak

https://twitter.com/Diop_WB/status/529602829057814528
Askari Kanzu, Kimweri, bagamoyo, NairobiWalker, lawmaina78, mwathai, kadoda11

 

[Geza Ulole]

Na hizo ni data za 2007, sasa wakija kurebase kwa data za 2013 sijui itakuwaje,reality is the economy using current data is north of $60B.
But even 2007 is not bad for a start, i am not sure if they will use $33.8 or $36B reported by IMF, but either way $43B is not a bad start,although it could easily be $46B, coupling with revised GDP based on the expanded data set, that means the economy will grow by at least 8.95% this year, probably same next year.so we are looking at a total of $11B added to the GDP for the next 3 years. as long as rate is kept around 8% yearly.

when another rebate using 2013/2014 data is done come 2020,we are surely hitting $100B.

CC: mwathai, lawmaina78, bagamoyo, Askari Kanzu, kadoda11, NairobiWalker,