Tanzania’s earnings from gold exports rose 34% in 2020, fetching $2.95 billion. This compares to $2,21 billion that was recorded in 2019.
In its latest monthly economic review, the Bank of Tanzania attributes the rise to increased output and higher prices.
The current account deficit narrowed to $662 million from $1.3 billion as imports declined. Oil imports fell 30% to $1.25 billion, while exports of manufactured goods rose 13% to $912 million.
This came as tourism earnings declined 59% to $1.1 billion amid the global coronavirus pandemic.
The central bank expects economic growth to have slowed to 5.5% in 2020, but said it might exceed 6% this year, driven by public infrastructure spending.
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