Tanzania’s central bank has announced that the country’s economic growth in 2023 is projected to be higher than in the preceding year. The Bank of Tanzania said in a statement released Tuesday that the projected impressive economic growth will be reinforced by strong growth of credit to the private sector, public investment, rebound in tourism, improvement in the business climate and supportive fiscal and monetary policies.
“The apparently easing of global supply-chain constraints will also provide impetus to growth,” said the bank in the statement issued after its monetary policy committee meeting held Monday to assess the implementation of monetary policy and the performance of the economy. According to the statement, the economy in mainland Tanzania and Zanzibar performed satisfactorily in the first three quarters of 2022.
In mainland Tanzania, growth averaged 5.2 per cent compared with 4.8 per cent in a similar period in 2021, with the growth driven by agriculture, construction and manufacturing activities. In Zanzibar, growth was 5.3 per cent compared with 5.8 per cent in a similar period in 2021, which was mostly contributed by accommodation and food services, construction, manufacturing and real estate.