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Zanzibar current account for the year ending June 2012 improved with a
surplus of 11.3 million US dollars (over 18bn/-) compared to a deficit of 19.8
million US dollars (about 32bn/-) recorded in the corresponding last year,
thanks to an increase in export of goods and services.
Bank of Tanzania (BoT) monthly economic review for June this year shows
that the deficit in the trade account also narrowed to 83.4 million US dollars
(over 133bn/-) from 98.4 million US dollars (over 157bn/-) in the year ending
June 2011.
“The increase in the value of clove exports that
fetched premium price in the world market largely contributed to the
outstanding performance,” said the central bank report.
The average clove export price rose to 12,880.7 US dollars (over 20m/-)
per tonne from 3,638.8 (about 6m/-) in the year ending June 2011, stated the
report.
The value of imports of goods and services during the period under
review went up by 25.3 per cent to 272.5 million US dollars (about 436bn/-),
mainly because of the rise in the value of capital and consumer goods entering
the country.
In the meantime, the services account (Net) recorded a surplus of 48.2
million US dollars (77.12bn/-) during the year ending June 2012, compared to a
surplus of 33.7 million US dollars (53.92bn) recorded in the corresponding
period in 2011.
Total foreign receipts increased by 21.1 per cent to 166.8 million US
dollars (266.88bn/-) from 137.7 million US dollars (220.32bn/-) of the previous
year, reflecting increased tourism related activities. Meanwhile, foreign
payments also increased by 14 per cent to 118.6 million US dollars (about
190bn/-) from 104 million US dollars (over 166bn/-).
Furthermore, revenue collections amounted to 15.8bn/-, and were below
the target by 4.2 per cent.
Tax collections amounted to 15bn/-, below the target by 2.6 per cent
and accounted for 94.9 per cent of the total revenue collections. The BoT
report noted further that tax on imports surpassed target by 41.7 per cent due
to increased taxable imports during the month under review. Non-tax revenue
amounted to 0.8bn/-, or 20.0 per cent below the target.
The government expenditure during the month under review amounted to
26.7bn/-, out of which recurrent expenditure accounted for 76.4 per cent and
the balance was development spending. Out of total recurrent expenditure, wages
and salaries amounted to 11.2bn/-, slightly above estimate by 0.9 per cent,
while other charges amounted to 9.2bn/- as estimated.
Meanwhile, development expenditure amounted to 6.3bn/- and was below
the estimate by 36.4 per cent, mainly on account of low outturn of donor inflows
for development projects. Out of total development expenditure, foreign funded
component accounted for 68.2 per cent and the balance was local contribution.
Source: The Daily News, http://www.dailynews.co.tz, reported by
Sebastian Mrindoko
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