Tanzania’s economy grew by 5.2 pct in Q3, 2022 – NBS

Tanzania’s economy grew by 5.2 pct in Q3, 2022 – NBS

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 of 2022, the value of Quarterly Gross Domestic Product (QGDP) in an absolute term at current prices increased to 42.9trn/- from 38.4trn/- in the similar quarter in 2021.

“Further, the value of QGDP at 2015 constant prices also increased to 33.9trn/- in the third quarter 2022 from 32.2trn/- in the similar period in 2021 equivalent to growth rate of 5.2 percent.

Tertiary activities that include Trade and Repair; Accommodation and Food Services; Transport and Storage; Information and Communication; Financial and Insurance Services among others accounted for the largest share of 41.2 per cent to GDP in the third quarter 2022, followed by Primary activities (Crops, Livestock, Forestry, Fishing and Mining and Quarrying) that accounted for 32.9 per cent while secondary activities (Manufacturing, Electricity, Water Supply and Construction) accounted for 25.9 per cent. Note that, shares to GDP have been computed before adjustment for taxes.

During the period under review, Information and Communication recorded the highest growth at 13.7 percent; followed by Accommodation and Food services (percent 13.2); Financial and Insurance Service (12.0 percent); Mining and Quarrying (9.8 percent); and Electricity supply (9.7 percent).

“All economic activities undertaken in the economy in the reference period attributed to the growth of 5.2 per cent compared to 5.5 per cent recorded in the corresponding period in 2021,” the report said.

Economic activities that significantly contributed to the growth include: Transport and storage (14.2 per cent); Agriculture (12.4 per cent), Mining and quarrying (9.8 per cent); Construction (8.3 per cent), Financial and Insurance Service (8.3 per cent); and Manufacturing (7.9 per cent).

The report however shows that crop production grew at a slower rate of 2.7 per cent in the third quarter 2022 compared to 6.8 per cent in the corresponding quarter in 2021.

“The slow in growth was due to unfavourable rainfall received in areas of the production during the period of July to September 2022,” the report said.

It added that during the period of July to September 2022, livestock activities grew by 5.1 per cent, up from 5.0 per cent recorded in the corresponding period in 2021.

“The demand for livestock-based products attributed to the growth in line with a significant increase in per capita income, urbanization, taste and preference as well as increased awareness on food nutrition,” the report said.