Z'bar current account deficit widens

Zanzibar current account recorded a deficit of 84.8 million US dollars for the year ending November last year, compared with the shortfall of 57.9 million US dollars registered in the previous period due to an increase in current transfer outflows.

Bank of Tanzania (BoT) monthly economic review for November last year shows that export of goods and services made marginal increase to 188.9 million US dollars compared to 188.7 million recorded in the corresponding period.

The outturn was mainly due to an increase in volume of cloves exports by 12.1 per cent from the amount recorded in the preceding period, outweighing the effect of 7.1 per cent decline in unit export price.

Similarly, the value of imports of goods and services increased by 15.3 per cent to 317.1 million US dollars during the period ending November 2013, from 311.2 million US dollars registered in the year before.

This outturn was on account of an increase in the value of goods imports. During the period under review, services account recorded a surplus of 35.1 million US dollars, compared with a surplus of 29.6 million US dollars recorded in the corresponding period in 2012.

This outturn was mainly on account of increase in tourism related receipts. In the meantime, the year ending November last year saw the Zanzibar government budgetary operations recording an overall deficit of 0.8bn/-, which was exclusively financed by external sources.

Total resources amounted to 35.4bn/-, out of which 79.8 per cent was domestic revenue and the balance was grants.

The total expenditure during the month amounted to 34.9bn/- while revenue collection amounted to 28.3bn/- or 96.1 per cent of the target for the period under review with tax revenue amounting to 26.9bn/- or 96.1 per cent of the target.
Source: Daily News, reported from Dar es Salaam, Tanzania
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