Tanzania’s central bank announced on Tuesday that the East African nation is on track to achieve the projected economic growth of 5.3 percent in 2023.
The Bank of Tanzania said that the growth in the first and second quarters of 2023 has been satisfactory, standing at 5.4 percent and 5.2 percent, respectively.
The statement also indicated that the economy of the semi-autonomous region, Zanzibar, grew by 6.2 percent in the first quarter of 2023 and is expected to reach an annual growth target of 7.1 percent in 2023. The decreasing inflation rate was attributed to declining food prices.
In Zanzibar, the inflation rate was 7.5 percent in September, up from 6.5 percent in June 2023, primarily driven by increased food prices. The statement projects that inflation will remain lower than the targets, despite the recent increase in oil prices.