- Ethiopia's new USD 120 Million Conference Center in Addis Ababa
- Govt set to construct Down UB market in Luapula Province, Zambia
- US$70m upgrade to be done at MOI international Airport
- Accra SkyTrain project contract of US $3bn signed by Ghana
- KONE Primed To Gear Up Global Trade Centre In Nairobi, Kenya
- Ethiopia construction industry bullish on growth
- Tanzanian economy expected to grow rapidly in 2018-19
- Construction of Ethiopia’s Berbera Port set to kick start this October
- East Africa infrastructure construction to grow sharply over next 5 years
- Tanzania open for investments, aims for an industry driven economy
Tanzania paints a bright outlook for 2018 - More opportunities in the pipeline
State-run National Bureau of Statistics (NBS) said that faster growth in mining, natural gas and construction activities propelled Tanzania’s economy higher in the last quarter of 2017. East Africa’s third-biggest economy grew 6.8 per cent year-on-year in the last quarter compared with 6.2 per cent in the same quarter in 2016.
Diamond output nearly doubled to 88,943 carats in the third quarter compared to 47,586 carats previously due to expansion in mining activities, while coal production rose to 129,781 tonnes from 68,302 tonnes. Offshore gas discoveries have attracted more investors, both in the energy industry and other sectors who are looking to find a foothold in an ever expanding market.
Despite having reserves of over 57 trillion cubic feet of natural gas, Tanzania faces a chronic power shortage due to its reliance on hydro-power dams in a drought-prone region which produces only about a third of its 1,570 MW of installed capacity. The government wants to add about 2,000 MW in gas-fired generation by 2018 to industrialize the economy.
The power demand in the nation of 50 million currently outpaces supply. Tanzania’s annual GDP growth rate averaged seven over the past five years, making it one of the 20 fastest growing economies in the world and beating the Sub-Saharan Africa average GDP growth rate of 4.4 per cent during the same period.
Posted on :17 Feb,2018