Tanzanian Economy grows by 7.4 pct in three months this year

Tanzanian Economy grows by 7.4 pct in three months this year

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The economy grew by 7.4 percent in the first quarter – January through March this year- up by 0.3 percent, the National Bureau of Statistics (NBS) has said.

The rate is also higher than what the International Monetary Fund (IMF) projected last year. The fund had predicted that Tanzania's GDP would grow by between 6.5 percent and 7 percent from the 6.3 percent achieved in the first nine months of 2011.

The growth was largely contributed by the industrial sector.
This crucial sector recorded negative -1.8 percent in the corresponding quarter last year, but rose by over 100 percent to record 8.7 percent this year. The growth in the sector resulted from increased mining activities especially gold extraction.

Releasing the first quarter of Gross Domestic Product (Q1GDP) report in Dar es Salaam yesterday, NBS director of economic statistics Morrice Oyuke said another sector that registered higher performance during the same period are construction, agriculture and financial intermediation.

Morrice Oyuke said the quarterly GDP increased to 4.86trn/- in absolute terms compared to 4.52trn/- in the same period last year.

Agricultural activity (crops, livestock, forestry and hunting) recorded a growth of 1.4 percent in the first quarter compared to 0.6 percent recorded in a similar period last year.

Other sectors that registered high growth were hotels and restaurants, electricity, gas and water.

Quarterly GPD measures the value of all products and services produced within a country out of economic activities in consecutive three-month periods in a year.

Oyuke said during the period under review there was increased sale in gold minerals as moderate rains resulted to maximum agricultural productivity.
"In the overall, the economy has a smooth start this year," he said.

According to the Director, the current economy growth trend indicates that the government is addressing the challenges to increase improve people's income and boost development.

While communication sector also grew by 16.5 percent, informal sector (mechanics, trade) recorded poor performance, with growth rate dropping to 8.0 percent from 10.0 percent previously.

Other sectors which performed poorly were wholesale and retail trade, public administration, education, mining and quarrying, manufacturing, real estate and business services and health, social community and personal services.

Despite the increased growth rate, citizens still suffer from economic hardships due to fast growing population.

Dr Stephen Kirima, economist at the University of Dar es Salaam acknowledged that the positive growth rate in three sectors should be a challenge to policy and decision makers to overlook other sectors.

He said the authorities should come up with concrete ideas that can boost other sector to contribute more in the country's economy.
Click to expand...


Source: The Guardian

http://www.ippmedia.com/frontend/functions/print_article.php?l=72052

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MY TAKE
At what percent did Kenya grow in those past three months?
 
The economy grew by 7.4 percent in the first quarter – January through March this year- up by 0.3 percent, the National Bureau of Statistics (NBS) has said.

The rate is also higher than what the International Monetary Fund (IMF) projected last year. The fund had predicted that Tanzania's GDP would grow by between 6.5 percent and 7 percent from the 6.3 percent achieved in the first nine months of 2011.

The growth was largely contributed by the industrial sector.
This crucial sector recorded negative -1.8 percent in the corresponding quarter last year, but rose by over 100 percent to record 8.7 percent this year. The growth in the sector resulted from increased mining activities especially gold extraction.

Releasing the first quarter of Gross Domestic Product (Q1GDP) report in Dar es Salaam yesterday, NBS director of economic statistics Morrice Oyuke said another sector that registered higher performance during the same period are construction, agriculture and financial intermediation.

Morrice Oyuke said the quarterly GDP increased to 4.86trn/- in absolute terms compared to 4.52trn/- in the same period last year.

Agricultural activity (crops, livestock, forestry and hunting) recorded a growth of 1.4 percent in the first quarter compared to 0.6 percent recorded in a similar period last year.

Other sectors that registered high growth were hotels and restaurants, electricity, gas and water.

Quarterly GPD measures the value of all products and services produced within a country out of economic activities in consecutive three-month periods in a year.

Oyuke said during the period under review there was increased sale in gold minerals as moderate rains resulted to maximum agricultural productivity.
“In the overall, the economy has a smooth start this year,” he said.

According to the Director, the current economy growth trend indicates that the government is addressing the challenges to increase improve people’s income and boost development.

While communication sector also grew by 16.5 percent, informal sector (mechanics, trade) recorded poor performance, with growth rate dropping to 8.0 percent from 10.0 percent previously.

Other sectors which performed poorly were wholesale and retail trade, public administration, education, mining and quarrying, manufacturing, real estate and business services and health, social community and personal services.

Despite the increased growth rate, citizens still suffer from economic hardships due to fast growing population. Dr Stephen Kirima, economist at the University of Dar es Salaam acknowledged that the positive growth rate in three sectors should be a challenge to policy and decision makers to overlook other sectors.

He said the authorities should come up with concrete ideas that can boost other sector to contribute more in the country’s economy.


SOURCE: THE GUARDIAN
 
anybody at home? lawmaina78? We need Kenya`s growth here! :A S 11:

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[h=1]UPDATE 1-Kenya's GDP growth slows to 4.1 percent in first quarter[/h] Mon Jun 30, 2014 3:44pm GMT
(Adds security issues, balance of payments)
NAIROBI, June 30 (Reuters) - Kenya's economy expanded 4.1 percent year-on-year in the first quarter of 2014, slowing from 5.2 percent growth in the same period last year, the statistics office said on Monday.
The agency blamed significantly slower growth in the farming sector, which makes up about a quarter of the economy, and a 3 percent contraction in hotels and restaurant businesses.
The east African nation has been hit by a spate of gun and grenade attacks in recent months, blamed on Islamists from neighbouring Somalia, curbing tourist arrivals.
Some Western nations warned their citizens against travel to some destinations in Kenya earlier this year.
The decline in output of the hotels and restaurants sector was, however, better than the contraction of 12.8 percent in the first quarter of 2013, when many foreigners stayed away from the country ahead of elections in March.
Fears of a recurrence of violence seen in the wake of the previous election in 2007 proved to be misplaced.
The agriculture and forestry sector grew by 2.7 percent during the first quarter, slowing by more than half from 6.8 percent growth in the first three months of last year.
"The slowed growth was largely attributed to erratic weather and suppressed external demand," the statistics office said.
Tea, vegetables and cut flowers were some of the crops whose production and export volumes were affected.
Finance Minister Henry Rotich maintained the government's growth forecast of 5.8 percent for this year on June 12, but the World Bank cut its forecast by half a percentage point to 4.7 percent last week, citing the security concerns.
The overall balance of payments improved to a surplus of 8.1 billion shillings ($92.5 million) during the quarter from a deficit of 12.4 billion shillings a year ago, the statistics office said.
($1 = 87.5800 Kenyan Shillings) (Reporting by Duncan Miriri; Editing by Mark Potter)
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http://af.reuters.com/articlePrint?articleId=AFL6N0PB49620140630&channelName=kenyaNews
 
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