Credit to private sector goes up by 16.1% in Tanzania
The amount of credit issued to private sector bodies in Tanzania has continued to go up over the last year, new figures have revealed.The amount of credit issued to private sector bodies in Tanzania has continued to go up over the last year, new figures have revealed.
According to the Bank of Tanzania (BoT), growth of 16.1 per cent occurred during the 12 months to September 2012, reports the Tanzania Daily News.
Particularly strong growth was recorded in the building and construction industry during this time, although increases were subdued in sectors such as transport and communication.
Furthermore, BoT noted that a decline of 1.7 per cent occurred in the manufacturing industry throughout the year to September 2012.
This may explain why the overall rate of growth in the amount of credit issued to the private sector during this period was lower than it had been in the previous year.
Indeed, in the 12 months to September 2011, the headline figure went up by 29.4 per cent, nearly twice as much as the most recent statistic.