GROSS DOMESTIC PRODUCT
THIRD QUARTER (JULY – SEPTEMBER), 2015
Gross Domestic Product (GDP) estimates in the third quarter (July – September) of 2015 show that, the economy has increased by 6.3 percent compared to 5.4 percent recorded in the corresponding quarter of 2014 as shown in Figure 1
Figure No. 1: Trends in the Third Quarter GDP Growth Rates, from 2006 – 2015
The economic activities that had increased at higher rates include Construction (17.6 percent); Transport and Storage (10.6 percent); Public Administration and Defence (10.6 percent) and Mining and Quarrying (8.0 percent). However, during the period under review, Agriculture; Manufacturing; Electricity; Trade and Repair, Information and Communication; Financial Intermediation and Insurance increased at lower rates compared to the third quarter of 2014.
During the third quarter of 2015, most macroeconomic indicators remained stable whereas the value of total exports of goods and services increased by 3.3. Goods and services that attributed to the growth include gold, diamond, other minerals and tourism. The value of total imports of goods and services decreased by 0.58 on account of decrease in imports of intermediate and consumer goods.
The cumulative GDP estimates at current prices for the period of January – September 2015 is TZS. 71.7 Trillion compared to TZS. 60.4 Trillion registered in the corresponding period of 2014. Similarly, the cumulative GDP estimates at 2007 prices for the period under review were TZS. 33.1 Trillion compared to TZS. 30.9 Trillion recorded in 2014 equivalent to a growth rate of 6.9 percent.
The annual GDP estimates at current prices for 2015 prepared by the Ministry of Finance and Planning is projected at TZS. 89.1 Trillion, while annual GDP estimates at 2007 prices is projected at TZS. 44.1 Trillion. In view of the GDP performance of the three quarter in 2015, in absence of negative economic shocks in the world, it is mostly likely that the projected estimates will be achieved.