Tanzania GDP to grow 15.3% annually, central bank says

The governor of the Bank Of Tanzania (BOT) Prof Benno Ndulu announced that Tanzania’s GDP is expected to grow at annual rate of 15.3 per cent over the next 12 years, thanks to the current offshore natural gas discoveries.

The estimates are based on current global gas prices and production which would result in revenues in the region of USD3 to USD4 billion per year, BOT indicates.

The announcement was made during the “Preparing for Gas Economy" breakfast organized by Rex Attorneys.

Governor Ndulu also reminded that Tanzania natural gas resources are finite and for that the country needs to diversify its economy to achieve the aimed middle income level country by 2025.

Tanzania natural gas current reserves stand at 55 trillion cubic feet (tcf).

Source: TanzaniaInvest, reported from Dar es Salaam, Tanzania

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