Browsing: Tanzania post virus

The quarterly economic bulletin published by Bank of Tanzania (BoT) has provided promising prospects for Tanzania’s fast-growing economy.  

The Q2 report for the period ending June 2020 recorded satisfactory performance in a few sectors despite the coronavirus grip. 

In the reporting period, real gross domestic product grew by 5.7 per cent which is slower than 6.3 per cent in the corresponding quarter in 2019.  In the same period, Tanzania attained a lower-middle-income status as categorized by the World Bank. 

According to the central bank’s bulletin, construction, agriculture, transport and storage, mining and quarrying sectors all together were accountable for the 60 per cent mark on growth. 

As Tanzania keeps its mast strong amid fears of the virus, the BoT bulletin depicts inflation was sustained, while monetary policies and enhanced liquidity were responsible for cushioning the financial sector from COVID-19