Business
Tanzania: Economy experiences 6.9% growth in 2012
The east African country of Tanzania’s Gross Domestic Product (GDP) grew by US$4.5 billion last year compared to 2011, new economic data showed.
The March 2013 figures, published by the Planning Commission, put the total market value of all goods and services produced in Tanzania last year at TSh44.7 trillion (about US$27.95 billion).
This was 6.9 percent above the TSh37.5 trillion (US$ 23.45 billion) level of 2011 as the economy braved a gloomy global growth outlook.
Much of the growth, according to the Planning Commission, came from the services sector which contributed 47.6 percent to the economy last year.
Agriculture, the mainstay for the majority, contributed 26.8 percent.
A combination of manufacturing and construction took up 24 percent. The fisheries sector trailed with a 1.6 percent contribution to the economy.
Economists however say it is too early to celebrate as the growth seems to be concentrated in sectors that do not employ a sizeable number of people.
