The Monetary Policy Committee (MPC) of the Central Bank has reported that the national income of mainland Tanzania has experienced satisfactory growth rates, reaching 5.4% and 5.2% in the first and second quarters, with an expectation of achieving an estimated growth rate of 5.3% for the year 2023. For Zanzibar, there was a remarkable growth...
The European Investment Bank (EIB) has shown interest in expanding its investment portfolio in Tanzania due to the government’s efforts to improve the business climate and stimulate investment in the country. Representatives from the EIB’s regional hub for Eastern Africa visited Tanzania’s Ministry of Finance and Planning, as well as other partners such as the...
External Sector Performance The economy’s external sector was still affected by the lingering impacts of previous shocks, such as the Ukraine war and the Covid-19 pandemic, which greatly affected global commodity prices. This resulted in a significant increase in the current account deficit due to high import costs. The balance of payments also showed a...
Tanzania has once again proven to be an attractive destination for investment, with the country receiving a total of $1.2 billion from 93 projects in the first three months of this year. This investment is expected to create over 16,400 job opportunities in the country. The Tanzania Investment Centre (TIC) reported that this investment represents...
Williamson Diamond mine in Tanzania a subsidiary of Petra Diamonds located 23 kilometers northeast of Shinyanga in Tanzania is scheduled to restart planned operations during the first quarter of the financial year 2024 its parent company Petra Diamond has said. Petra’s Williamson diamond mine’s operations in Tanzania remain suspended following a tailings dam breach on...
Tanzania’s economy grew at 5.2 percent in the third quarter of 2022 compared as 5.5 percent attained in the third quarter 2021, according to the latest National Bureau of Statistics (NBS) figures. The Third Quarter (July – September) Gross Domestic Product 2022 report released by the statistics body further shows that during the third quarter...
Urbanization, Industrialization, population, and job opportunities promote rapid growth in any place in the world. Similarly, as the population of Africa has increased over the years, cities with high levels of Industrialization, urbanization, and economic activities experience immigration and a fast-growing rate. According to Brahima Coulibaly, director of Brookings’ Africa Growth Initiative, “About half of...
he World Bank predicts Tanzania’s economy to expand between 4.5% to 5.5% this year compared to 4.3% in 2021, as a rollback of coronavirus-related restrictions in many countries boosts tourism and trade, its country director said on Tuesday. After initially downplaying the severity of the COVID-19 pandemic under the late President John Magufuli, Tanzania changed...