DAR ES SALAAM (Reuters) - Tanzania's economy grew 6.7 percent year-on-year in the second quarter of 2013 from 6.4 percent in the same period a year ago, but weakened compared with the first quarter, official data showed on Wednesday.
The economy grew by 7.5 percent in this year's first quarter, according to the state-run National Bureau of Statistics.
East Africa's second-largest economy is targeting GDP growth of 7 percent this year, slightly higher than the 6.9 percent achieved in 2012. Growth in the second quarter was driven by growth in financial services and communications sectors, while the fishing sector lagged, NBS said in a report.
Financial services grew fastest at 15.2 percent, from 11 percent in the same quarter in 2012.
Tanzania's economy has been growing at more than 5 percent a year for nearly a decade but infrastructure spending has lagged, with poor transport links and energy shortages blamed for uneven growth.
Transport and communication grew at 14.8 percent compared with 13.6 percent in the same period in 2012, but was at a slower rate than the 22.2 percent it attained in the first quarter of this year.
Construction grew by 12.3 percent, compared with 4.3 percent in the year-ago period, while mining and quarrying in Africa's fourth-largest gold producer rebounded to 4.3 percent from a negative growth rate of 5.1 percent a year ago.
Gold output fell to 9.827 tonnes in the second quarter of 2013 compared to 9.963 tonnes a year ago.
"The growth rate (of the mining sector) was attributed to increased production of diamonds and Tanzanite," NBS said.
Tanzanite is a blue/purple mineral found only in Tanzania.
Source: http://news.yahoo.com/tanzania-says-gdp-growth-rises-6-7-pct-120030022--sector.htmlCategory: james taylor US News college rankings tracy mcgrady school shooting kim zolciak
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