Tanzania’s government expects the size of the economy to increase by 20 percent after rebasing the country’s gross domestic product data to factor in expanding industries such as mining and natural gas.
The revised figures will be released in September, Daniel Masolwa, a manager at Tanzania’s National Bureau of Statistics, said in an interview June 21 in Morogoro, about 170 kilometers (106 miles) west of the commercial hub of Dar es Salaam. The base year for computing economic output will be changed to 2007 from 2001, Masolwa said today in a text message.
Mining accounts for just 4 percent of Tanzania’s GDP even though the nation is Africa’s fourth-largest gold producer, with miners including Africa Barrick Gold Plc exporting the metal. It also has the only known deposit of the gemstone tanzanite at the foot of Mount Kilimanjaro.
Tanzania, which has natural-gas reserves estimated at 50.5 trillion cubic feet, is building a pipeline and plans to develop a liquefied-natural gas plant to become an exporter of the fuel. It already produces gas for domestic consumption.
Other African nations are recalculating their GDP figures, including Nigeria, which this year overtook South Africa as the continent’s biggest economy after the rebasing process. Kenya also expects the size of its economy to grow after updating GDP figures that are scheduled to be announced in September.
Tanzania’s 53.2 trillion-shilling ($32 billion) economy relies on agriculture to generate a quarter of its output and 85 percent of exports, according to the United Nations.