Tanzania Economic Updates

Tanzania's inflation rate fell from 4.7 percent in March to 4.32 percent in April, owing to a drop in the cost of living for a number of goods and services. This decrease is due to a decrease in the cost of living for transportation, housing, water, energy, gas, furniture, household equipment, and routes.

Money supply surged by 58.8% in the preceding month, up from 33.7% the previous month, while net foreign assets increased by -24.4%. Currency in circulation increased by 12.6 percent from 11.9 percent the previous month, but is 15.8 percent lower than last year. Net foreign assets increased by -26.4 percent, up from -40.1 percent previous month, while the same period last year gained by 4.5 percent.

The government should take steps to considerably reduce inflation while remaining genuine to daily life. Tanzania's economy grew by more than 1046% in a year, and import taxes increased by more than 3%.

The country's economy is propelled by export rates, and high export rates result in more foreign currency. In one year, imports of machinery and mechanical appliances climbed by more than 44%, but by 57% in one month. Fertiliser import rates increased by 88 percent in a year, despite a 17 percent fall in output.

In a year, food and beverage import rates for industrial use increased by 55%, but only by 33% in a month. Sugar import rates for industrial use increased 310 percent in a year, but only 304 percent in a month.

In the March-April budget, the government projected to spend 3097.1 billion shillings, but actually spent 2932.4 billion shillings, or 5% less.

The national debt has climbed by more than 7 trillion Tsh in a year and more than 800 million Tsh in a month, totaling more than 94 trillion Tsh.