Tanzania Investment and Consultant Group Ltd

| Economic Research Centre

Tanzania Economic Updates August 2023
August 1, 2023  
  • Tanzania's inflation rate has dropped from 4% to 3.6%, although this has not resulted in lower costs for essential goods.
  • Although this has not yet resulted in lower prices for necessities and products. The pricing for essential items within one month has not decreased, while the cost for goods within one year has not yet decreased.
  • In one month, money circulation increased from 10.4% to 13.4%, while net foreign assets fell from -20.8% to -25.9%.
  • Although the Bank of Tanzania has not reduced or increased money circulation in a single month, the situation looks to have improved from -5.5% to -11.5 percent in a year.
  • In one-month, net domestic assets surged from 21% to 36%, while import rates increased by more than 1612% in one month but reduced by more than 629 percent in one year.
  • The rate of export of products and services climbed for the five year in a row, with gold and travel and transportation rates rising.
  • In one month, the national debt reduced by Tsh.40,360 million, yet climbed by Tsh.10,136,340 million in one year.
  • Government spending has continued to climb, resulting in a deficit of more than 49% of the year's planned budget.
  • Import taxes have been cut by more than 8% compared to the budget estimate, while other tax projections have been cut by more than 6%.

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