Tanzania sees slow economic growth in Q4 of 2016


By Mnaku Mbani
Tanzanian economy grew by 6.2 percent, in the third quarter of 2016 compared with 7.3 percent in the corresponding quarter in 2015, the quarterly economic bulletin for the fourth quarter of last year published by the Bank of Tanzania has said.

Despite slow down, the growth was within its recent historical average rate. The growth was mostly driven by transport and storage, construction, information and communication, mining and quarrying, and wholesale and retail trade activities.
By contrast, economic activities that registered fast growth were mining and quarrying, information and communication, and electricity supply.
Output growth in mining and quarrying was a result of increase in production of natural gas and minerals; mostly tanzanite, salt, gold, copper, silver and coal. The growth in information and communication activity resulted from increase in airtime usage and data transmission services.
The growth in electricity was on account of increase in generation, particularly from gas sources. Growth in agriculture and real estate activities was the least at 0.3 percent and 2.3 percent, respectively. 
In the quarter ending December 2016, the value of gold and diamond produced by large scale miners amounted to USD 445.8 million compared with USD 295.0 million in the corresponding period 2015.
The volume of gold production increased to 12,025.6 kilograms from 10,511.9 kilograms, while production of diamond slowed down to 31,899.7 carats from 35,083.1 carat.
Twelve-month year-on-year headline inflation averaged 4.8 percent in the quarter ending December 2016, same as in the preceding quarter, but was lower than 6.6 percent in the corresponding quarter in 2015.
Food and nonalcoholic beverages inflation decreased to 6.4 percent from 6.9 percent and 10.9 percent recorded in preceding and corresponding quarter, respectively. Inflation for non-food consumer goods and services was 3.5 percent compared with 2.9 percent and 1.6 percent.

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