TANZANIA'S economy is on the right track and the government is doing the needful to keep inflation in check, hoping to achieve a single digit by June this year while overseeing stronger macro economic growth.
Addressing members of the diplomatic corps during the new year sherry party he hosted for them at the State House in Dar es Salaam on Monday, President Jakaya Kikwete said foreign trade continues to expand and exports of goods and services have increased reaching an all time high level of US dollars 8,531.7 million by November 2012, compared to 7,384.4 million dollars in November 2011.
Mr Kikwete said the economy continued to grow at a fast pace, noting that the rate was expected to reach 6.8 per cent compared to 6.4 per cent in 2011. "What is of interest to note is the increase in the contribution of the following sectors -- mining, tourism, manufacturing and agriculture in this equation.
Unfortunately, trade balance continued not to be in our favour as we imported more than we exported," President Kikwete explained.He however added that the bulk of the imports comprises of capital goods and petroleum products which signifies promotion of more growth in future.
He said last year recorded high investments flow into the country with projects worth USD 19.6 billion compared to USD 7.1 billion the year before.He noted that although last year's performance was better than expected, the country wished it would have done much better.
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