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Tanzania’s economy grew 4.9% in 12 months to the end of July

By George Mwangi Special for Dow Jones Newswires

Tanzania’s economy grew 4.9% in the 12 months ended July 31, driven by construction, transportation, agriculture, manufacturing, and mining and quarrying activities, the country’s central bank said Tuesday.

The bank announced that growth was lower than the 5.9% growth recorded in the same period last year.

“The external economic sector continued to face challenges from Covid-19, particularly tourism.

The value of gold exports in Tanzania – one of Africa’s largest gold producers – rose from $ 2.73 billion in the same period last year.

The Committee expects the economy to continue to recover and supports the Bank of Tanzania’s proposal to maintain liquidity by easing monetary policy in September and October.

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