Tanzania’s earnings from gold exports rose 34% last year, helped by increased output and higher prices, the Bank of Tanzania said in its latest monthly economic review.
Gold exports fetched $2.95 billion, up from $2.21 billion in 2019. This came as tourism earnings declined 59% to $1.1 billion amid the coronavirus pandemic.
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.
The central bank expects economic growth to have slowed to 5.5% in 2020, but said it may exceed 6% this year, driven by public infrastructure spending.