Tanzania’s GDP up by 7.9% in 2nd Quarter of 2015

Tanzania’s Gross Domestic Product (GDP) has grown by 7.9 percent during the second quarter of this year, compliments to rapid growth of the agriculture, electricity and mining sectors, among others.

The country’s National Bureau of Statistics (NBS) Director of Economic Statistics, Mr Morrice Oyuke, said yesterday that the growth was more than 10.1 per cent recorded last year during the similar period.

“Agriculture grew at 4.2 per cent against 3.8 per cent last year, the growth was attributed to favourable rain for crop production in major producing regions during the long rain season,” said Mr Oyuke.

He pointed out that electricity has been responsible for increased growth with increased generation from hydro, thermal and gas plants. The sector grew by 5.3 per cent in the second quarter compared to 2.0 per cent in the corresponding quarter of 2014.

Mining and quarrying sectors also grew dramatically by 8.3 per cent from 6.4 per cent in the similar quarter of 2014. Mr Oyuke said manufacturing activity recorded a growth of 6.9 per cent from 10.1 in the second quarter of 2014. The growth was attributed to a general increase in the production of industrial goods.

Noticeable increase was realised from non-food industries including textile and wearing apparel, chemical products, furniture, rubber and plastic products.

According to the NBS report, the value of GDP at current prices in absolute terms is 23.6 trillion compared to 20.4 trillion recorded in the corresponding period in 2014. However, the value of quarterly GDP at constant prices was 11.1 trillion in 2015 compared to 10.3 trillion for the corresponding quarter of 2014.

Source: Daily News Tanzania

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