Economy

Tanzania records second fastest growth in East Africa with Q2 GDP growth of 7.2%

Tanzania's second quarter GDP growth has risen to 7.2% versus 6.1% for the same period in 2018, recording the second fastest growth rate in the region for the second Quarter thus far.

Tanzania’s economy grew by 7.2% year-on-year in the second quarter of 2019, up from 6.1% from the same period a year ago, buoyed by growth in construction, mining and communications sectors, official data from the National Bureau of Statistics showed on Sunday.

In the first quarter of 2019, the East African nation’s GDP grew by 6.6%, according to the state-run National Bureau of Statistics, increasing to 7.2% in Q2 with the Construction sector recording the highest growth of 19.6%  followed by Mining and Quarrying (17.2%), and Information and Communication (10.3%).

In East Africa during the same period, Rwanda led the way expanding their economy by 12.2% (compared to 6.8% in 2018), Uganda’s economy recorded a growth rate of 5.4% (compared to 5.0% in 2018), and Kenya grew by 5.6% (compared to 6.4% recorded in Q2 of 2018), marking a continued stagnation and economic slowdown for East Africa's largest economy, largely due to delays in the harvest season, brought about by lack of rains.

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