Tanzania Economy to Grow by 6% in 2021, Central Bank Say

Posted on : Monday , 3rd May 2021

In its latest Monetary Policy Statement, Mid-Year Review, of February 2021 the Bank of Tanzania projects that the country’s real GDP will grow by 5.5 % in 2020 and by 6.0 % in 2021.

The positive outlook is driven by expected value added in agriculture due to enough rains, public investment, increase in export earnings from mining contributed by high world market prices of gold, and private sector investment, coupled with supportive monetary and fiscal policies.

The measures implemented to improve the business environment and reform programs are also expected to add stimulus to the growth momentum.

In Zanzibar, the economy is projected to recover to around 5 %, as tourism related activities progressively resumed due to the relaxation of lockdown measures in many countries and the implementation of development blueprints.