Road construction. The construction of Iringa-Mafinga, Mwenge–Tegeta, Puge–Tabora, Nzega–Tabora, Isaka–Ushirombo road and Iringa–Dodoma roads, which are expected to make it easier for the movement of individuals and goods also helped accelerate Tanzania's economic growth. Photo/FILE
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The agency said that growth in financial intermediation was as a result of increased levels of deposits and lending by commercial banks and the services by insurance companies.
Tanzania’s financial intermediation, transport and communication, and construction sectors grew the fastest in the second quarter of this year ended June, helping the regions second largest economy to expand by 6.7 per cent.
Tanzania’s National Bureau of Statistics (NBS) on Monday said that financial intermediation grew by 15.2 per cent between April and June 2013 compared to 11 per cent between April and June the previous year.
Transport and communication expanded by 14.8 per cent in the second quarter of this year compared to 13.2 per cent similar period last year, while the construction sector grew by 12.3 per cent compared to 4.3 per cent in 2012.
“During the period, the highest growth rate was attained by construction, financial intermediation and transport and communication sectors while the lowest growth rate was attained by the fishing sector,” said NBS in a statement.
The agency said that growth in financial intermediation was as a result of increased levels of deposits and lending by commercial banks and the services by insurance companies.
An increase in the number of passengers and volume of cargo handled at ports of entry and increased airtime used by mobile phone customers during the period helped lift growth in the transport and communication sector.
At the same time, construction projects such as Tabora airport and the Dar es Salaam Bus Rapid Transport network helped lift growth in the sector.
The construction of Iringa-Mafinga, Mwenge–Tegeta, Puge–Tabora, Nzega–Tabora, Isaka–Ushirombo road and Iringa–Dodoma roads, which are expected to make it easier for the movement of individuals and goods also helped accelerate the growth.
Manufacturing grew by 5.8 per cent in the quarter ended June compared to 8.2 per cent over a similar period the previous year due to low production of cement, processed food stuff and textiles products, while mining and quarrying recorded a growth rate of 4.3 per cent compared to a negative growth rate of 5.1 per cent in the similar quarter of 2012.
NBS said that 9.827 tonnes of gold were produced between April and June 2013 compared to 9.963 tonnes for the second quarter of 2012, while 41,304 carats of diamond was produced compared to 36,434 carats in the similar quarter of 2012.
Fishing activity recorded a growth rate of 2.4 per cent in the second quarter of this year compared to a growth of 6.5 per cent in the corresponding quarter last year.
