27 December 2012

Tanzania: Zanzibar GDP Grows By 10 Per Cent

ZANZIBAR'S real Gross Domestic Product (GDP) grew by 10 per cent in the quarter ending September 2012 compared to a growth of 1.4 per cent of the corresponding period last year, mainly on account of good performance of the services sector valued 90.3bn/- compared with 82bn/- of the previous period.

According to the Bank of Tanzania (BoT) economic bulletin for the quarter ending Septembe, this year, services account registered a surplus of 20.6 million US dollars, (about 32.96m/-) compared with a surplus of 14.1 million US dollars (about 22.56m/-) of the previous quarter due to an increase in receipts associated with tourism related activities.

During the period under review, procurement of cloves declined to 105.7 tonnes from 1,057.9 tonnes procured in the corresponding quarter in 2011. This development was on account of late onset of cloves procurement season and a decline in producer prices.

Producer price for grade one cloves was 12,500/- per kilogramme compared with 15,000/- per kilogramme paid during the quarter ending September 2011. Seaweed procurement increased to 3,616.9 tonnes from 3,515.5 tonnes procured in corresponding period in 2011 on account of improvements in prices.

Furthermore, production of bakery products, soft drinks, mineral water and jewel increased mainly on account of increased demand, while production of clothes and video cassette decreased mainly due to increased competition from imports.

The value of total exports of goods and services rose to 64.1 million US dollars (about 102.56bn/-) from 39.4 million US dollars (about 63.04bn/-), recorded during the quarter ending June 2012 on account of an increase in earnings from clove exports and receipts from tourism related activities.

Goods worth 11.4 million US dollars (about 18.24bn/-) were exported during the quarter ending September 2012, up from 9.1 million US dollars (about 14.56bn/-) of the preceding quarter mainly on account of an increase in clove export proceeds.

Non-traditional exports, mainly seaweed, manufactured goods and other exports increased by 63 per cent during the quarter under review when compared with the levels recorded in the preceding quarter. During the quarter under review, total value of imported goods and services increased by 43 per cent to 90.1 million US dollars (about 144.16bn/-), from 63 million US dollars (about 100.8bn/-) recorded in the preceding quarter.

Value of goods import increased by 24.2 per cent to 58 million US dollars (about 92.8bn/-) and accounted for 64.4 per cent of total imports. The goods import bill increased mainly on account of a rise in the value of capital goods.

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