Tanzania’s exports rise by 2%

Tanzania’s exports went up by 2.4 per cent to reach $8.539 billion in 2014, President Jakaya Kikwete said.

That was the case despite a fall in prices of the country’s major export products.

In 2013, Tanzania exported goods and services worth $8.332 billion, thanks to increased production which offset the impact of decreasing global prices of major exports on the value of East Africa’s second largest economy. 

“The economy is doing quite well…the macroeconomic fundamentals are doing well,” President Kikwete told members of the diplomatic community in Dar es Salaam at the weekend.

The gross domestic product (GDP) — the monetary value of all the finished goods and services produced within a country’s borders in a specific time period — which expanded by 32 per cent to reach Sh69.8 trillion after the December rebasing, was expected to grow by 7.4 per cent in 2014.

In 2013, the GDP grew by 7.3 per cent. Inflation went down from 6 per cent in January 2014 to 4.8 per cent in December 2014.

“Last year, we produced a surplus of 3.25 million tonnes of grains which is an increase of 31.4 per cent compared to a surplus of 2.23 million tonnes in 2013,” said Mr Kikwete who is constitutionally retiring from the presidency after the general elections slated for October this year.

Tanzania has rebased its GDP for five times now. It has done so in 1966, 1976, 1992, 2001 and in 2014.

With the 2014 rebasing, the base year will now be 2007 instead of 2001.  With the rebasing, per capita GDP now stands at $977 compared to $742 using 2001 figures.
Source: The Citizen, reported by Mkinga Mkinga, from Dar es Salaam, Tanzania
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