Zanzibar economy grew by 4.4 in 2016

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By Mnaku Mbani
Zanzibar economy real GDP grew at an average of 4.4 percent during the first three quarters of 2016, compared with 8.0 percent recorded in the corresponding period in 2015.The Bank of Tanzania Monetary Policy Statement 2017 published today has said the moderate growth was primarily attributed to decline in the growth rates of construction, and information and communication activities.

The strong growth rates were recorded in arts and entertainments, finance and insurance, professional, scientific and technical, mining and quarrying and administrative and support services. 
During the period, headline inflation slowed down to 2.3 percent in November 2016 before increasing slightly to 3.0 percent in December 2016, down from 9.3 percent recorded in June 2016. This decrease was largely driven by decline in food prices.
 During the first half of 2016/17, total domestic revenue amounted to TZS 250.2 billion, surpassing the target by 6.1 percent, due to improved collection in import taxes, VAT and excise duties.
Total expenditure amounted to TZS 282.1 billion, or 1.1 percent above the estimate, with recurrent expenditure accounting for 79.7 percent and development expenditure 20.3 percent.
Total grants amounted to TZS 22.1 billion compared with the projection of TZS 5.4 billion, owing to increased inflows of official development assistance.
During the first half of 2016/17, current account balance recorded a surplus of USD 35.4 million compared to a deficit of USD 40.9 million recorded in the corresponding period in 2015/16.
This development was largely explained by the increase in exports of goods and services, mainly tourism receipts, coupled with decline in imports of goods and services particularly oil.

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