Feb 23 Faster growth in the communications, mining and financial services sectors boosted Tanzania’s economic growth at the end of 2015, the statistics office said on Tuesday.
East Africa’s second-biggest economy grew 7.1 percent year-on-year in the fourth quarter compared with 4.1 percent in the same period a year before, the National Bureau of Statistics (NBS) said. Overall GDP growth for 2015 rose to 7.1 percent from 7.0 percent in the previous year.
The NBS said the information and communications sector grew 23 percent in the final quarter, while public administration and defence expanded 20 percent. Financial services and insurance grew 14 percent and mining and quarrying grew by 11 percent.
Tanzania is Africa’s fourth-largest gold producer after South Africa, Ghana and Mali and also has deposits of coal, uranium and gemstones.
The sectors that grew most slowly in October-December included electricity and gas at 0.1 percent and agriculture at 2.6 percent.
Tanzania’s gross domestic product was estimated to be 94.6 trillion Tanzanian shillings in 2015, up from 79.4 trillion shillings in 2014 after rebasing. Authorities changed the base calculation year in 2014 to 2007 from 2001.